Customer perception towards max newyork life insurance

TABLE OF CONTENTS
S. No.

Chapter Name

1.

Introduction of the topic

2.

Company Profile

3.

Objectives of the Market Survey Report

4.

Literature Review

5.

Research Methodology

6.

Data Analysis & Interpretation

7.

Findings of the study

8.

Conclusion

9.

Suggestions

10.

Limitations

11.

Bibliography

12.

Page No.

Annexure - Questionnaire

customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA

INTRODUCTION


INTRODUCTION
This market survey report is based on the survey, which has been done in the Moradabad city.
The main objective of the survey is to find out and to analyze the customer perception
towards Max Newyork Life Insurance. The data used for the analysis is primary data and
collected through the use of questionnaire. The respondents were the customer of Life
Insurance. The sample size of my research is 50, and the respondents are customers, a
questionnaire has been used to make this market survey report. The data have been tabulated
and shown in the form of a pie chart. Then it is interpreted and analyzed and further the
conclusion of the study is drawn. And I will also ask some questions to customers through
which I am avail to conduct this market survey report. I believe that this market survey report
will help to the reader for better understanding of the attitude of the customer.

ABOUT INSURANCE
“Insurance is a contract between two parties whereby one party called insurer undertakes in
exchange for a fixed sum called premiums, to pay the other party called insured a fixed
amount of money on the happening of a certain event.”
According to Patterson – “Insurance is an agreement between two parties under which one
party undertakes specified future risk of another party and compensates the loss from that
risk on payment of some consideration known as premium payable by the later.”
Insurance may be described as a social device to reduce or eliminate risk of life and property,
under the plan of insurance, a large number of people associate themselves by sharing risk,
attached to individual.
With the help pf insurance, large number of people exposed to a similar risk makes
contributions to a common fund out of which the losses suffered by the unfortunate few, due
to accidental events, are made good.

Insurance is a tool by which losses of a small number are compensated out of funds collected
from plenteous. Gradually as competition increased benefits given by industry to its
customers increased by leaps and bounds. Insurance is a basic form of risk management
which provides protection against possible loss to life or physical assets. Person who seeks
protection against such loss is termed as insured, and company promises to honor claim, in
case such loss is actually incurred by insured, is termed as Insurer. In order to get insurance,
insured is required to pay to insurance company a certain amount called premium. Premium
is collected by insurance companies which acts as trustee to poll created through
contributions made by persons seeking to protect themselves from common risk. Any loss to
the insured in case of happening of uncertain events is paid out of this poll.

INSURANCE PROVIDES:
● Protection to investors.
● Accumulation of savings.
● Channeling these savings into sectors needing huge long term investment.

FUNCTIONS OF INSURANCE:
● PROVIDE PROTECTION: The primary function of insurance is to provide protection
against future risk, accidents and uncertainty. Insurance cannot check the happening of the
risk, but can certainly provide for the losses of risk. Insurance is actually a protection against
economic loss, by sharing the risk with others.
● COLLECTIVE BEARING OF RISK: Insurance is an instrument to share the financial
loss of few among many others. Insurance is mean by which few losses are shared among
larger number of people. All the insured contribute the premiums towards a fund and out of
which the persons exposed to a particular risk paid.

● MEASUREMENT OF RISK: Insurance determines the probable volume of risk by
evaluating various factors that give rise to risk. Risk is a basis for determining the premium
rates also.
● PROVIDE CERTAINTY: Insurance is a device, which helps to change from uncertainty
to certainty. Insurance is a device whereby the uncertain risks may be made more certain.
● SMALL CAPITAL TO COVER LARGER RISKS: Insurance relieves the businessman
from security investments, by paying small amount of premium against larger risks and
uncertainty.
● CONTRIBUTES TOWARDS THE DEVELOPMENT OF INDUSTRIES: Insurance
provides development opportunity to those larger industries having more risks in their setting
up. Even the financial institutions may be prepared to give credit to sick industrial units
which have insured their assets including plant and machinery.
● MEANS OF SAVINGS AND INVESTMENT: Insurance serves as savings and
investment, insurance is a compulsory way of savings and it restricts the unnecessary
expenses by the insured’s. for the purpose of availing income tax exemptions also, people
invest in insurance.
● SOURCE OF EARNING FOREIGN EXCHANGE: Insurance is an international
business. The country can earn foreign exchange by way of issue of marine insurance
policies and various ways.
● RISK FREE TRADE: Insurance promotes exports insurance, which makes the foreign
trade free with the help of different types of policies under marine insurance cover.
IMPORTANCE OF THE LIFE INSURANCE:● PROTECTION AGAINST UNTIMELY DEATH: - Life insurance provides protection
to the dependents of the life insured and the family of the assured in case of his untimely


death. The dependents or family members get a fixed sum of money in case of death of the
assured.
● SAVING FOR OLD AGE: - After retirement the earning capacity of a person reduces.
Life insurance enables a person to enjoy peace of mind and a sense of security in his/her old
age.
● PROMOTION OF SAVINGS: - Life insurance encourages people to save money
compulsoBSLIy. When life policy is taken, the assured is to pay premiums regularly to keep
the policy in force and he cannot get back the premiums only surrender value can be returned
to him. In case of surrender of policy, the policyholder gets the surrendered value only after
the expiry of duration of the policy.
● INITIATES INVESTMENTS: - Life insurance corporation encourages and mobilizes the
public savings and channelizes the same in various investments for the economic
development of the country. Life insurance is an important tool for the mobilization and
investment of small savings.
● CREDIT WORTHINESS: - Life insurance policy can be used as a security to raise loans.
It improves the credit worthiness of business.
● SOCIAL SECURITY: - Life insurance is important for the society as a whole also. Life
insurance enables a person to provide for education and marriage of children and for
construction of house. It helps a person to make financial base for future.
● TAX BENEFIT: - Under the income tax act, premium paid is allowed as a deduction from
the total income under section 80C.
STAGES IN POLICY INSUANCE:
1. PROPOSAL: A Proposal stage is the first stage before the policy is issued at COPS.
At this stage, the application form is received by COPS, but it is pending for issuance
due to further clarifications required from the customer.

2. LOGIN: A Proposal which is complete i.e., duly filled with all necessary documents
attached to it and accepted by the branch cops is called a login.
3. REJECT: An Application gets rejected at the branch cops level due to necessary
details not filled in the form or necessary documents not submitted is a Reject. It is
then sent back to the advisor for completion.
4. ISSUANCE: Issuance means a policy that is issued to the customer central cops.
5. DECLINE STATUS: When a customer refuses to take a policy post login but before
issuance is called a Decline.
6. CANCELLATION: When the Cheque given by the customer bounces, it amounts to
the cancellation of the policy.
7. LAPSE: A Policy for which the customer fails to pay subsequent premiums is a
lapsed policy.
8. FREE LOOK: Post issuance of the policy, the policyholder has the option to turn
down the policy within 15 days from the date of issuance. This period of 15 days is
called Free look period.
9. SURRENDER: When a customer wants to discontinue with the policy.

Top Ten Insurance Company
Below is a list of the Top 10 insurance companies in India and their contact details zone wise.
Insurance Company

Products and Services

Contact Details

LIC Life Insurance
Corporation of India

Insurance Policies
Jeevan Anurag
Unit Plans
Samridhi Plus
Pension Plus
Special Plans
Jeevan Madhur
Jeevan Mangal
Group Schemes

East Zone: LIC of
India,P&GS Unit Jeevan
Prakash,Calcutta Metro
DO-I 16 Chittaranjan
Avenue Kolkata West
Bengal 700072
033-23346688
West Zone: Jeevan
Prakash GHB Complex,
2nd Floor,Opp.to Rupal Park,


Behind Ankur Bus stop,
Naranpura, Ahmedabad
Gujarat 380013
North Zone: Jeevan
Prakash Post Box No
102 25 Kasturba Gandhi
Marg New Delhi DELHI 110001
011-23762681
079-25502150
South Zone: LIC
Building 102 Anna Salai
Post Box No 324
Chennai TAMIL NADU
600002
044-28612871
ICICI Prudential Life
Insurance Co Ltd

Education insurance plans West Zone: A-32/B-32,
3rd Floor,
Smartkid New Unit-Linked Corporate house,
Regular Premium
Judges Bungalow Road,
Smart Kid Regular
Above Hotel Honest,
Premium
Off. S G Highway, SarkhejSavings (all ULIP)
Bodakdev,
Life Time Super
Ahmedabad - 380015
Premier Life Gold
Gujarat
Life Time Plus
South Zone: Plot No. 11,
Premium guarantee plans
1st & 2nd Floor,
Invest Shield Cash Back
K.R. Buildings,
protection plans (All
Lattice Bridge Road,
Traditional plans)
Above Pizza Corner,
Life Guard
Adyar, Chennai - 600020
Save 'n' Protect
Tamilnadu
Home Assure
9840877766
Health care plans
North Zone: ICICI
Crisis Cover
Prudential Life
Diabetes Care/ Diabetes
Insurance Co. Ltd.,
Care Plus
1 DLF Centre,
Cancer Care
Ground Floor, Opp Park Hotel,
Sansad Marg,
Connaught Place,
New Delhi - 110001.
Delhi
9818177766
East Zone: Plot No. C-653,
2nd Floor,
Epari Plaza,
Janpath,Unit-III,
Bhubaneshwar - 751001
600222020


Bajaj Allianz Life
Insurance Co Ltd

Insurance Policies
iGain III
Max Advantage
Health care plans Star
Package
Personal Guard
Silver Health
Travel Insurance
Student Elite Plan
BBSLIliant Minds

East Zone: # 338,
Calcutta Food Bazar,
2nd Floor, A Block, Lake Town,
Kolkata, 700055
+91-33-32575382
North Zone: C-32,
1st Floor & 2nd Floor,
Connaught Place,
New Delhi - 110 002,
011 - 41490500

SBI Life Insurance Co
Ltd

Individual Plans
SBI Life - Unit Plus Super
SBI Life - Smart Wealth
Assure
Group Plans
Group Micro Insurance
Plans
Group Loan Protection
Products

West Zone: SBI life
insurance company ltd,
1st floor akshar arcade
opp memnagar fire station ,
memnagar , ahmedaba 380014
079 -66103333
North Zone: SBI life insurance
company ltd, 116, hargovind
enclave,opp karkardooma
community centre
011-40758700
East Zone: SBI LIFE
INSURANCE
company ltd, jeevandeep building
ground
floor,1 middleton street
033-22882323 / 22
South Zone: SBI LIFE
INSURANCE
company ltd, 2 nd floor,
96/04, south end road,basavangudi
080 26575460

Max Newyork Life
Insurance Insurance Co
Ltd

Protection Plans
Max Newyork Life
Insurance Insurance Money
Multiplier Plan
Reliance Special Term Plan
Child Plan
Reliance Child Plan
Savings & Investment
Plans
Max Newyork Life
Insurance Insurance Pay
Five Plan

West Zone: 201, Viva Complex,
42, Parimal Co-oprative Housing
Society,
Perimal Cross
RoadAhmedabadGujarat,380009
079-30075191
South Zone: No.2940/E-5,
GG Arcade,3rd floor,
Service Road, West Of Chord,
Opp Maruthi Mandir,
Vijay
Nagar,BangaloreKarnataka,560040


Max Newyork Life
Insurance Insurance Classic
Plan - Limited Premium
Max Newyork Life
Insurance Insurance
Highest NAV Advantage
Plan
Max Newyork Life
Insurance Insurance Money
Multiplier Plan
North Zone: Level - II, C 45,
Agrawal Cyber Plaza,Netaji

080-39826566
East Zone: 206, A.P.C,
Bose Road, 2nd floor,
Shyambazar (Opp-CESC Regional
Office),
Kolkata West Bengal,700004
033-30610530

Subhash Place,DelhiDelhi,
110092 011-32229807
HDFC Standard Life
Insurance Co Ltd

Protection Plans
HDFC Premium Guarantee
Plan
Savings and Investment
Plans
HDFC SL ProGrowth Flexi
ClassicAssure Insurance
Plan
HDFC SL ProGrowth
Maximiser

North Zone: HDFC
SLIC, B-3/6,Ground Floor
Asaf Ali Road, Delhi - 110002
011-43591300
South Zone: 2nd floor,
Block 2 A, Esquire Centre,
No. 9, M. G. road, Bangalore
- 560 001 "
080-42791234
West Zone: HDFC Standard Life
Insurance Co. Ltd.,2nd Floor,
'Shivalik Plaza', Opp Amam, IIM
Road,
Ahmedabad - 380 015
079 - 66101500
East Zone: 30SA/2, Block-B,
New Alipore, Kolkata-700053
033-66125406

Max Newyork Life
Insurance Insurance Co
Ltd

Health and Wellness
Solutions
BSLI Saral Health Plan
BSLI Bachat Money
Retirement Solutions
BSLI Dream Life Plan
BSLI Immediate income
Plan
Rural Solutions
Max Newyork Life
Insurance Insurance Bima
Dhan Sanchay
Max Newyork Life
Insurance Insurance Bima
Kavach Yojana

North Zone: 1St Floor,
Sco-14, Sector - Ii ,
Central Market, Punjabi Bagh,
, New Delhi, Delhi 110026 Delhi
011-45062639 / 40 / 37
South Zone: Site No 70 , 2nd
floor, Grace Towers,Above BMW
Showroom, Old miller Road,
Cunningham Road(Cr) Bangalore
560046 Karnataka 080 65398701 / 25 East Zone: 1St
Floor, 110,
Bose Pukur Para,
, Kolkata- South, Kolkata
700042 West Bengal 033 -


66331915/16
West Zone: Pancharatna Upper
Ground Floor,
C. G. Road, Opp White House,
Ahmedabad , Ahmedabad 380009
Gujarat 079-26409741
Max New York Life
Insurance Co Ltd

Life Plans
20 year Endowment
Max New York Life
Platinum Protect
Life Gain™ Plus 25
Growth Plans
Max New York Life Flexi
Fortune
Max New York Life Shubh
Invest
Health Plans
LifeLine MediCash™ Plus
LifeLine Safety Net™

West Zone: 3rd Floor,
Unit No.301 to 307,
Aashth Mangal, Shahi Bagh,
Near Rajasthan Hospital,
Opposite Resham Bai Fertility
Hospital, Ahmedabad-380004
Gujarat
Tel: 079-40215433
North Zone: 2 & 3 rd Floor,C-6,
Local Shopping Centre,
Vasant Vihar, New Delhi,
110057
Delhi
Tel: 011-46086900
South Zone: Vimal
Chambers, No.70 & 70/1
4th Floor M.G.Road, Bangalore560001
Karnataka
Tel: 080-66965700
East Zone: La Vida Mall, 2nd
Floor,
CK-III, Sector-II, Nr. Tank No.
9, Salt Lake City,
Kolkata-700 091
Tel: 033-44079303 /04/05/01.
033-44079313-01

Kotak Mahindra Old
Mutual Life Insurance
Ltd

Protection Plans
Kotak eternal Life Plans
Saving and Investment
Plans
Kotak ace investment Plan
Kotak surakshit Jeevan
Child Plans
Kotak headstart Child
Assure

West Zone: Kotak
Mahindra Old Mutual
Life Insurance Ltd.
Unit nos. 901 & 902, 9th floor,
Wing A & B, Godrej Coliseum,
Lokmanya Pan Bazar,
Behind Evrard Nagar,
Sion (E), Mumbai - 400 022
Tel : +91 22 6621 5999
East Zone: 190b Satin Sen Sarani
Kankurgachi, Kolkata, West
Bengal 700054
033 23648610
North Zone: Lower Ground Floor,


974/1 Dakha Plaza,
Arya Samaj Road, Karol Bagh,
New Delhi-110005,
Beadonpura, Karol Bagh,
New Delhi
South Zone: RELCON
PLAZA,FIRST FLOOR
PATTOM,
Kollam Road, Pattom
Trivandrum, Kerala 695004
0471 6615600
Aviva Life Insurance
Company India Ltd

Protection Plans
Aviva LifeShield Platinum
Aviva LifeShield
Advantage
Fund Management
Rural Plans
Aviva Anmol Suraksha
Aviva Grameen Suraksha
Savings
Aviva Dhan Vriddhi
Aviva LifeBond Advantage

North Zone: 2nd Floor,
Prakashdeep Bldg.,
Tolstoy Marg,New Delhi
Delhi I, Delhi
110001
Phone: 011-23462548
East Zone: 45 Bhupen Bose
Avenue
,3rd flr, ShyambazarKolkata
Kolkata 4, West Bengal
700004
Phone: 025304610
South Zone: Shubharam Complex
4th Floor,No 144 M G Road ,
Bangalore 560001
Bangalore, Karnataka
Phone: 080 -25580777
West Zone: Mordern Centre,
A Wing, 2nd Floor, Sane Guruji
Marg,
Mahalaxmi (E), Mumbai -11
Mumbai I, Maharashtra
Phone: 02266207777


IRDA
In 1999, the insurance regulatory and development authority (IRDA) was constituted as an
autonomous body to regulate and develop the insurance industry. The IRDA was
incorporated as a statutory body in ApBSLI, 2000.The key objectives of the IRDA include
promotion of competition so as to enhance customer satisfaction through customer choice
and lower premiums, while ensuring the financial security of the insurance market. The
IRDA opened up the market in August 2000 with the invitation for application for
registrations. Foreign companies were allowed ownership of up to 26%. The authority has
the power to frame regulations under section 114A of the Insurance Act, 1938 and has from
2000 onwards framed various regulations ranging from registration of companies for
carrying on insurance business to protection of policyholder’s interests. IRDA is regulated or
controlled under the chairmanship of SHRI. J. HARI NARAYAN chairmam@irda.gov.in.
ROLE OF IRDA:
● Protecting the interests of policyholders.
● Establishing guidelines for the operations of insurers, and brokers.
● Specifying the code of conduct, qualifications, and training for insurance intermediaries
and agents,
● Promoting efficiency in the conduct of insurance business.
● Regulating the investment of funds by insurance companies.
● Specifying the percentage of business to be written by insurers in rural sectors.
● Handling disputes between insurers and insurance intermediaries.


COMPANY
PROFILE


COMPANY PROFILE

Max New York Life Insurance Company Ltd. is a joint venture between New York Life, a
Fortune 100 company and Max India Limited, one of India's leading multi-business
corporations. The company has positioned itself on the quality platform. In line with its
vision to be the most admired life insurance company in India, it has developed a strong
corporate governance model based on the core values of excellence, honesty, knowledge,
caring, integrity and teamwork. The strategy is to establish itself as a trusted life insurance
specialist through a quality approach to business.
In line with its values of financial responsibility, Max New York Life has adopted prudent
financial practices to ensure safety of policyholder's funds. The Company's paid up capital is
Rs. 907.4 crore, which is more than the norm laid down by IRDA.
Max New York Life has identified individual agents as its primary channel of distribution.
The Company places a lot of emphasis on its selection process, which comprises four stages screening, psychometric test, career seminar and final interview. The agent advisors are
trained in-house to ensure optimal control on quality of training.
Max New York Life invests significantly in its training programme and each agent is trained
for 152 hours as opposed to the mandatory 100 hours stipulated by the IRDA before
beginning to sell in the marketplace. Training is a continuous process for agents at Max New
York Life and ensures development of skills and knowledge through a structured programme
spread over 500 hours in two years. This focus on continuous quality training has resulted in

the company having amongst the highest agent pass rate in IRDA examinations and the
agents have the highest productivity among private life insurers.
337 agent advisors have qualified for the Million Dollar Round Table (MDRT) membership
in 2007. MDRT is an exclusive congregation of the world’s top selling insurance agents and
is internationally recognized as the standard of excellence in the life insurance business.
Having set a best in class agency distribution model in place, the company is spearheading a
major thrust into additional distribution channels to further grow its business. The company is
using a five-pronged strategy to pursue alternative channels of distribution. These include the
franchisee model, rural business, direct sales force involving group insurance and
telemarketing opportunities, bancassurance and corporate alliances.
Max New York Life offers a suite of flexible products. It now has 43 life insurance products
and 8 riders that can be customized to over 800 combinations enabling customers to choose
the policy that best fits their need.
VISION
To become one of the most admired life insurance company of India.
MISSION
•

Become one of the top quartile life insurance companies in India

•

Be a national player

•

Be the brand of first choice

•

Be the employer of choice

•

Become principal of choice for agents


VALUES
Knowledge:
Knowledge leads to expertise; and our expertise is in helping people protect themselves.
Perfectly combining global expertise with local knowledge, we are India's life insurance
specialist. Max New York Life believes that for knowledge to be of value it must be focused,
current, tested and shared.

Caring:
Max New York Life is redefining the life insurance paradigm by focusing on customers first.
The service process is responsive, personalized, humane and empathetic. Every individual
who represents the company is for us our brand champion.

Honesty:
Honesty is the heart of the life insurance business. It is all about trust. Transparency, integrity
and dependability form the cornerstones of the Max New York Life experience. The
company ensures that everyone who represents the brand carries a promise : we care — in
word as well as deed.

Excellence:
Excellence at Max New York Life implies the ability to perform at a consistently high level.
Focused on the value of continuous improvement in people, processes and the organization,
the company strives for the highest standards of quality in every aspect of its business.


ACHEIVEMENTS
Max New York Life is the first life insurance company in India to be awarded the IS0
9001:2000 certification.
Max New York Life was among the top 25 companies to work with in India, according to
2003 Business World magazine, "Great Workplaces In India", Max New York Life was
ranked at the 20th position. This survey is the local version of the "Great Places To Work"
survey carried out every year in 22 countries.
Been among top five most respected private life insurance companies in India according to a
2004 and 2006 Business World survey.
Have truly built an enviable sales force. With 345 agents becoming members of the MDRT in
2006, Max New York Life has moved up to 21st rank in MDRT global list.

Promoters
Max New York Life Insurance Company Ltd. is a joint venture between New York Life, a
Fortune 100 company and Max India Limited, one of India's leading multi-business
corporations. Since its inception in 2000, the organization has progressed and positioned
itself on the quality platform. In line with its vision to be the most admired life insurance
company in India, it has developed a strong corporate governance model based on the core


values of excellence, honesty, knowledge, caring, integrity and teamwork. The strategy is to
establish itself as a trusted life insurance service provider through a quality approach to
business.
MANAGEMENT
BOARD OF DIRECTORS:
Analjit Singh
Chairman,
Max India Limited

Gary R. Bennett
Managing Director and CEO,
Max New York Life Insurance
Anuroop 'Tony' Singh
Vice Chairman,
Max New York Life Insurance

MANAGEMENT TEAM:
Gary Bennett
Managing Director and CEO,
Max New York Life

Anil Mehta
Director, Group Business

Sunil Sharma
Chief Operating Officer and
Executive Director

Sunil Kakar
Director and Chief Financial Officer

John Poole
Chief Actuary

MAX NEW YORK LIFE INSURANCE BRND AAMBASSADOR
Amitabh Bachchan to endorse Max New York Life's Max Vijay
Life insurance company Max New York Life has appointed veteran actor Amitabh Bachchan
as the ambassador for its product, Max Vijay, that was launched towards the end of 2008.

Max Vijay is a product designed to meet the investment and insurance needs of the investor,
particularly the underprivileged strata of society.


The policy offers stable investment returns, with insurance and
savings at low entry level premiums of Rs 1,000, Rs 1,500 and Rs
2,500. Investors have the convenience to pay amounts between Rs
10-2,500 per day.
The policy does not lapse as long as there is sufficient value in the
policy account to cover charges, even if no subsequent premiums are paid.

On choosing Bachchan as the ambassador, Anisha Motwani, executive vice-president,
marketing and chief marketing officer, new markets, Max New York Life Insurance, tells
afaqs!, "This is a low ticket product and we launched the product with the large objective of
providing financial independence to the masses. When the objective is as large, one needs a
celebrity ambassador who has a stature that could reach out to a large mass of the
population."
Motwani says that the product was launched in the retail channel earlier
with below-the-line activities and a more aggressive campaign will be
launched in mid-September.

The launch will be in a phased manner, beginning from Uttar Pradesh, where the business
model

of

the

product

will

be


tested.

"We are targeting people in the annual income bracket of Rs 60,000-1,00,000.

PRODUCT PROFILE
INSURANCE PLANS
LIFE PLANS:
Five Yr Renewable and Convertible™ Plan (Non - Par)
UIN 104N001V01


Life with its fascinating moments also has its share of uncertainties and planning ahead is
extremely important to face all these uncertainties that may arise from time to time. That's the
reason you need a protection plan, which would serve your protection needs and safeguard your
family from any financial insecurity at times of crisis or at the unfortunate event of your demise.
Max New York Life's Five Year Renewable and Convertible Term Insurance (Non-Participating)
plan not only provide you with a low cost insurance cover during its tenure of five years, it also
helps you plan in advance for various future needs and your family's financial security, should
anything unfortunate happen to you. Offering a guaranteed Death Benefit, this plan is particularly
useful as a short-term protection plan. An important feature of this policy is that it allows the
insured to convert the policy to a regular policy during the tenure of the policy.
Eligibility Criteria
Eligibility
Age at Entry
Maximum Age at Maturity
Term
Sum Assured
Premium Payment Options

Criteria
20 to 60 years
65 years
5, 10, 15, 20 or 25 years or to Age 60 years
Rs. 2,50,000 to Rs. 5 Crore
Annual, Semi-annual, Quarterly, Monthly

Benefits
On death of life insured: In case of the unfortunate death of the life insured during the term of
the plan, an amount equal to the Sum assured is paid to the beneficiary.
Tax benefits:
You are entitled to the following tax benefits under Income Tax Act 1961:
• Your premiums are eligible for deduction u/s 80C up to Rs.1,50,000/- every year.
• Your DD rider premiums are eligible for an additional deduction u/s 80D up to
Rs.15,000/- every year.
• Your claim amounts (from death) are eligible for tax exemption u/s 10(10D).
Unique Features in This Policy:
This plan can be renewed every five years and is convertible to any permanent plan at any time
during the tenure of the plan.

Five Year Renewable and Convertible Term Insurance (Non-Participating) provides you with
a low cost insurance cover during its tenure of five years. It is also convertible any time into any
permanent life insurance policy from MNYL, so that you are able to take advantage of increasing
your savings when your responsibilities increase viz. on marriage, or on child birth
Dread Disease Rider Personal Accident Benefit Rider


Age

Expiry Age

20 – 50 Years (depending upon Term)
Incase Insured is diagnosed with any of the below
mentioned diseases, an additional benefit will be
paid to the insured.
Pick-a-Term:
Minimum 10 Years
Maximum 40 Years
60 Years

Minimum Face Amount

Rs 1 lac

Benefits
Tenors Available:

Maximum Face Amount

Benefit Features

The lower of base face amount or Rs. 10 lacs
Gives an additional benefit upon diagnosis of any of
the 10 diseases – Heart Attack, Cancer, Stroke,
CABG, Multiple Sclerosis, Kidney Failure, Major
Organ Transplant, Paralysis, Coma, Heart Valve
Replacement/Repair
For each frequency, multiply by the appropriate
factor:

Calculation of Modal Premiums for
Annual,Semi Annual, Quarterly, Monthly Annual
Semi Annual
Modes
Quarterly
Monthly

1.000
0.520
0.265
0.090


Level Term Policy (Non - Par/Non – Con)
In the exciting journey of life, there will be uncertainties, and there will be various occasions
when you have to play or assume added responsibilities being the head of the family. The
much-anticipated arrival of a new member in the family, the purchase of your dream house,
the wonderful event of your marriage, your children's higher education or their marriage may
all be described as planned life events, but they bring their own share of uncertainties. It is
important to be financially secured and prepared to meet these uncertainties and make your
family feel fully protected, should something unfortunate happen to you.
Max New York Life's Level Term (Non Participating) Policy is a plan that covers your life at
a very low cost and reduces the consequent hardship your family may have to bear in the
unfortunate event of your death. Incase of the unfortunate death of the policy holder during
the term of the plan, an amount equal to the sum assured is paid to the nominee.
"For more details on risk factors, terms and conditions please read sales brochure carefully
before concluding a sale".
Eligibility
Criteria
Age at Entry
18 years to 55 years
60 Years
Term
5,10,15,20 or 25 years or to Age 60 Years
Sum Assured
Rs. 2,50,000 to Rs. 5 Crore
Premium Payment Options
Annual, Semi-annual, Quarterly, Monthly, Single
Benefits
On death of life insured: In case of the unfortunate death of the life insured during the term
of the plan, an amount equal to the Sum assured is paid to the beneficiary.
Tax benefits:
You are entitled to the following tax benefits under Income Tax Act 1961:
• Your premiums are eligible for deduction u/s 80C up to Rs.1,50,000/- every year.
• Your DD rider premiums are eligible for an additional deduction u/s 80D up to
Rs.15,000/- every year.


Your claim amounts (from death) are eligible for tax exemption u/s 10(10D).
In the exciting journey of your life, there will be uncertainties. Additionally there may be
•

times and occasions when you have to assume additional responsibilities as the head of the
family. Max New York Life's Level Term (Non Participating) Policy insures your life at a
very low cost and reduces any hardship your family may have to bear in the unfortunate event
of your death.
Dread Disease Rider Personal Accident Benefit Rider Waiver of Premium
Age

Expiry Age

Incase insured is diagnosed with any of the below
Pick-a-Term: Minimum 10 Years
Maximum 40 Years
60 Years

Minimum Face Amount

Rs 1 lac

Benefits
Tenors Available:

Maximum Face Amount

Benefit Features

Annual, Semi Annual, Quarterly,
Monthly Modes

The lower of base face amount or Rs. 10 Lacs
Gives an additional benefit upon diagnosis of any
of the ten diseases viz – Heart Attack, Cancer,
Stroke, CABG, Multiple Sclerosis, Kidney
Failure, Major Organ Transplant, Paralysis,
COMA, Heart Valve Replacement/Repair
For each frequency, multiply by theappropriate
factor:
Annual
Semi Annual
Quarterly
Monthly

1.000
0.520
0.265
0.090


Whole Life Participating Plan
With an insurance cover till age 100, Whole Life Participating Plan is designed to provide
you a lifetime of security. The good times that you and your family lead should last a
lifetime. However one cannot avoid unpleasant surprises and misfortunes in life. The Whole
Life Plan provides you with the comfort that your near and dear ones will continue to live
their lives in comfort without financial worries even when you are not around.
The Whole Life Plan provides an insurance cover that is guaranteed for life. The policy also
builds cash value, which you can use to fund any unforeseen needs. In addition, the policy is
also eligible for bonuses. Max New York Life’s savings plans are designed to provide the
customer the dual benefits of protection along with the potentially higher returns. This plan
also allows you to purchase additional benefits in the form of bonuses that will be paid on
maturity of the Base policy or in the unfortunate event of the death of the Life Insured.
Additionally, you can also continue to invest more funds without having to provide any
further evidence of insurability.
Criteria
Entry age
Maximum Maturity Age
Premium Payment Term
Minimum Sum Assured
Maximum Sum Assured

Eligibility
91 days to 70 years
100 years
Regular
Rs. 100,000
Rs. 5 Crore

Benefits
Maturity Benefit
We will pay an amount equal to Sum Assured along with accrued bonus (if any)


Death Benefit
• We will pay an amount equal to Sum Assured along with accrued bonus (if any)
If death occurs before life insured reaches age 10 , the company will refund all the
premiums paid along with interest
Option to Participate in Progressive Bonuses
It allows you to top up your premiums to purchase additional Sum Assured towards your
existing policy. It also generates further bonuses.
•

Bonus Options
• Paid in Cash
• Premium Offsett
Paid up Additions
Non-Forfeiture Options
In case you are unable to pay your premiums, your policy will lapse and we will utilize your
cash value to buy you insurance coverage in one of the following ways:
Reduced Paid Up: A lower Sum Assured for the remaining term of your policy
Extended Term Insurance: The same Sum Assured is for part of the remaining term of your
policy
In case , you do not want either of the above, you can choose to take the cash value by cheque
•

Key Benefits :
• Insurance cover up to age 100
•

Option to Participate in Progressive Bonuses

•

Tax benefits on premiums and maturity proceeds

•

Additional protection through riders

•

Bonus declared every year from 3rd policy year onwards

Dread Disease Rider Personal Accident Benefit Rider Term Rider Waiver of Premium
(WOP) Guaranteed Insurability Option (GIO) Rider Term R&C Rider Payor Rider


Age

Expiry Age

Incase Insured is diagnosed with any of the below
Pick-a-Term: Minimum 10 Years
Maximum 40 Years
60 Years

Minimum Face Amount

Rs 1 lac

Benefits
Tenors Available:

Maximum Face Amount

Benefit Features

Annual, Semi Annual, Quarterly ,
Monthly Modes

The lower of base face amount or Rs. 10 Lacs
Gives an additional benefit upon diagnosis of any
of the ten diseases viz – Heart Attack, Cancer,
Stroke, CABG, Multiple Sclerosis, Kidney
Failure, Major Organ Transplant, Paralysis,
COMA, Heart Valve Replacement/Repair
For each frequency, multiply by theappropriate
factor:
Annual
Semi Annual
Quarterly
Monthly

1.000
0.520
0.265
0.090

Children Plans:

Children's Endowment to 18 (Par) Plan
Life has innumerable surprises stored for us. Parenthood is wonderful and it is one such
stage, when you experience various emotions you never thought you had. But parenthood
also brings its own set of apprehensions and worries. What will your child grow up to be in
the future? Will his/her future be as secure as you want it to be? Or more importantly what
can you do to make sure his/her future is hassle-free and secure? So, planning ahead for your


child’s future needs such as higher education is extremely important and ensuring that you
have the ability to fulfill those needs is even more critical.
Max New York Life presents Children's Endowment Participating Insurance to age 18 with
an option to buy a permanent life insurance policy without medical underwriting (irrespective
of his/her health at that time). This policy which is especially designed to enable you to
provide for higher education of your child and take care of your child’s future needs in case
of spiraling costs.
Eligibility
Age at Entry
Maturity Age
Minimum Face Amount
Maximum Face Amount
Banding Structure
Higher Face Amounts offer lower
Premiums. These are the various Bands.
There are different Premium tables for
each band. Please refer to the relevant
Premium table to find the exact premium
Premium

Criteria
91 days to 13 years
18 years
Rs. 100,000/Rs. 5,000,000/-

Band 1: Rs. 1,00,000 - Rs. 2,49,999
Band 2: Rs. 2,50,000 - Rs. 4,99,999
Band 3: Rs. 500,000 and above
Regular

Benefits
Maturity Benefit: Face Amount plus Accrued bonus (if any) on life insured's survival to
maturity
Death Benefit (Life Insured): Refund of Premiums plus Interests plus Accrue bonus (if any)
On Surrender of Policy: Cash value as built in the policy will be paid at the time of
surrender of policy. There is no cash value till 3 years premiums have been paid in full. Bonus
Options: Bonus is not declared for the first 3 years of the policy.
At the time of Bonus declaration the following Bonus Option is available:
Paid in Cash - Bonus declared by the company will be paid out to the policy holder


Non-Forfeiture Options:
Reduced Paid Up: A lower Sum Assured for the remaining term of your policy. In case you
do not want the above, you can choose to take cash value by cheque.
Upon your child attaining the age of 18, he/she will have the option to buy a permanent life
insurance policy without medical underwriting (irrespective of his/her health at that time).
On maturity of the policy, the benefits payable under the policy shall automatically vest with
your child – so that your child receives the benefits.
Children's Endowment Participating Insurance to age 18 with whole life option
enables you to provide for higher education of your child.
•

On death of life insured: Refund of premiums plus interest

•

On Maturity: Sum Assured

•

On Surrender of Policy: Surrender value

•

Bonus: From 3rd policy year, we will declare bonuses every year

Payor Rider
Age

Benefits

20 - 45 Years (Whole
20 - 55 Years (All other plans)

Life

Participating)

A variant of the WOP rider, this rider covers the life of
the proposer of the policy. A wonderful add-on to
children products, this will ensure the policy continues
even if the proposer were to be disabled or is no longer
there to pay the premiums. The rider covers all the
disability benefits under the WOP along with the
Death. “Total Disability” or Totally Disabled” refers to
the proposer becoming permanently and totally
disabled as a result of injury or sickness and thereby
totally incapable of engaging in any gainful activity or
carry out any work, occupation, or profession to earn
or obtain any wages, compensation, remuneration or
profit. This is ideally suited for Children’s Endowment
product issued by Max New York Life Insurance.

Individual/Group

Individual

Expiry Age

55
Years
(Whole
60 Years (All other plans)

Face Amount Range

Life

Participating)

Linked to base and relevant rider premiums subject to
underwriting



Level
Multiply by the appropriate factor:

Annual
Calculation of Modal Premiums Semi Semi Annual
Annual, Quarterly and Monthly Modes Quarterly
Monthly

1.000
0.520
0.265
0.090

Children's Endowment to 24 (Par) Plan
Parenthood is wonderful. However, this is a phase in life when you are expected to fulfill
various responsibilities, which grows as your child gets older. It’s important that you plan in
advance to meet your child’s future needs and be financially prepared. It’s important that you
plan in advance to meet your child’s future needs and be financially prepared.
Max New York Life’s Children's Endowment Participating Insurance to age 24 provides an
option to buy a permanent life insurance policy without medical underwriting (irrespective of
his/her health at that time). This policy enables you to provide for various events in your
child’s life such as a grand wedding of your child. This excellent plan is a participating plan,
which is also eligible for bonuses and Max New York Life may declare these bonuses from
time to time and from the third policy year. An important feature of this plan is that the entire
sum assured is paid out on maturity and the plan automatically vests when the child turns 18.
Criteria
Age at Entry
Maturity Age
Minimum Face Amount
Maximum Face Amount

Eligibility
91 days to 13 years
24
Rs. 100,000/Rs. 5,000,000/-


Banding Structure
Higher Face Amounts offer lower
Premiums. These are the various Bands.
Band 1: Rs. 1,00,000 - Rs. 2,49,999
There are different Premium tables for each Band 2: Rs. 2,50,000 - Rs. 4,99,999
band. Please refer to the relevant Premium Band 3: Rs. 500,000 and above
table to find the exact premium
Premium
Regular
Benefits
Maturity Benefit: Face Amount plus Accrued bonus (if any) on life insured's survival to
maturity
Death Benefit (Life Insured): Refund of Premiums plus Interests plus Accrue bonus (if any)
On Surrender of Policy: Cash value as built in the policy will be paid at the time of
surrender of policy. There is no cash value till 3 years premiums have been paid in full. Bonus
Options: Bonus is not declared for the first 3 years of the policy
.
At the time of Bonus declaration the following Bonus Option is available:
• Paid in Cash – Bonus declared by the company will be paid out to the policy holder
Non-Forfeiture Options:
• Reduced Paid Up: A lower Sum Assured for the remaining term of your policy. In
case you do not want the above, you can choose to take cash value by cheque.
Upon your child attaining the age of 24, he/she will have the option to buy a permanent life
insurance policy without medical underwriting (irrespective of his/her health at that time).
On maturity of the policy, the benefits payable under the policy shall automatically vest with
your child – so that your child receives the benefits.
Key Benefits:
•

On death of life insured: Refund of premiums plus interest.

•

On Maturity: Sum Assured.

•

On Surrender of Policy: Surrender value.

•

Bonus: From 3rd policy year, we will declare bonuses every year

•

Tax Benefit

Payor Rider


Age

Benefits

20 - 45 Years (Whole Life Participating)
20 - 55 Years (All other plans)
A variant of the WOP rider, this rider covers the
life of the proposer of the policy. A wonderful
add-on to children products, this will ensure the
policy continues even if the proposer were to be
disabled or is no longer there to pay the premiums.
The rider covers all the disability benefits under
the WOP along with the Death. “Total Disability”
or Totally Disabled” refers to the proposer
becoming permanently and totally disabled as a
result of injury or sickness and thereby totally
incapable of engaging in any gainful activity or
carry out any work, occupation, or profession to
earn or obtain any wages, compensation,
remuneration or profit. This is ideally suited for
Children’s Endowment product issued by Max
New York Life Insurance.

Individual/Group

Individual

Expiry Age

55 Years (Whole Life Participating)
60 Years (All other plans)

Face Amount Range

Linked to base and relevant rider premiums
subject to underwriting
Level
Multiply by the appropriate factor:

Calculation of Modal Premiums Semi Annual
Annual, Quarterly and Monthly Modes Semi Annual
Quarterly
Monthly

1.000
0.520
0.265
0.090

GROWTH PLAN
Stepping Stones™ (Par) Plan
Max New York Life’s Stepping Stones™ is a smart way to plan your children’s education
and their future irrespective of whether you are there or not. It provides you with regular
money when it is required. This policy also builds cash value, which you can use during your
lifetime to fund any unforeseen needs by surrendering accumulated PUAs. This policy also
entitles you to make partial withdrawals for various unplanned expenses in the future.


SMART Steps™ Plan
Introducing Max New York Life’s regular premium unit linked life insurance children’s plan
– SMART Steps™, which will help you plan for your child's future in a SMART way and
takes your worries away. This plan offers the required financial protection for your loved
ones if you are not alive and provides an unmatched investment opportunity by way of well
managed investment funds. This policy also entitles you to make partial withdrawals for
various unplanned expenses in the future.

SMART Steps ™ Plus
A regular premium unit linked life insurance plan, Max New York Life’s SMART Steps™
Plus will help you plan for your child's higher education, marriage, and financial security.
This plan offers no-compromise 360 degree protection to your children even if you are not
alive and provides an unmatched investment opportunity by way of well managed investment
funds. This policy also entitles you to make partial withdrawals for various unplanned
expenses in the future.

SMART Steps ™ Single Premium Plan
Max New York Life’s SMART Steps™ Single Premium policy will help you plan for your
child's future in a SMART and organized manner. Apart from offering 360 degree protection
to your child if you are not alive, this plan also provides an unmatched investment
opportunity by way of well managed investment funds. This policy also entitles you to make
partial withdrawals for various unplanned expenses in the future.


Investment Plans:
Life Maker™ Premium Investment Plan
The latest Life Maker™ Premium Investment Plan gives you a lot of choices - especially
when you are looking for Great life style, Big Home, your own well established Business and
top of all - Protection for your family. Our Unit linked Life Insurance plan can be the
financial cornerstone for your objectives. Max New York Life Insurance provides you a
powerful investment-cum-insurance plan where you can direct your investments in the
customized unit linked funds such as equities, money market instruments, investment grade
corporate bonds, and government securities. These funds offer a wide range of returns basis
market returns. You can choose to invest your premiums in one or more of these funds, basis
your risk taking ability.

Life Maker™ Platinum - a Unit Linked Investment Plan
With the Life Maker™ Platinum - a Unit Linked Investment Plan, you can meet all your
financial needs, without the tedium of managing multiple products. In this plan, you can
direct your investments in the customized unit linked funds such as equities, money market
instruments, investment grade corporate bonds, and government securities. These funds offer
a wide range of returns basis market returns. You can also choose to invest your premiums in
one or more of these funds, basis your risk taking ability.

Life Maker™ Gold Plan
This plan enables you to choose an attractive investment fund, enjoy free loyalty units and tax
benefits on premiums and maturity value. Life Maker™ Gold Plan also provides you
insurance cover, in which, your nominee will get the Sum Assured plus the Fund Value to
your nominee(s), in case of unfortunate event of your death. Our Plan also offers you the


flexible investment feature, where you can choose one out of four attractive funds options and
also change your risk return profile of your existing investments by switching across funds
with our high customization feature.

Life Invest™ Plan
This policy will provides you comprehensive protection from 3 Ds i.e. Death, Disease and
Disability. Apart from loyalty units and tax benefits, the maturity feature of this policy will
also pay you the fund value. Flexible Investment with choice of four attractive fund options,
lump sum investment in your plans through top ups as per your cash flow, increasing death
benefits, flexibility to choose premium payment terms are few of the benefits you can enjoy
through this policy.

SMART Assure Plan
Our smart assure plan also enables you to make partial withdrawals at the time of unexpected
expenses. The switching feature of this policy provides you the facility to change the
investment pattern by moving from one fund to other fund(s) amongst the funds offered
under this contract

Retirement Plans:
Easy Life™ Retirement (Par) Plan
Catering to the diverse set of needs of various customers looking for retirement planning,
Max New York Life offers some splendid retirement plans, which would suit their budget


and lifestyle. Max New York Life's Easy Life™ Retirement Plan Regular Premium/Single
Premium (Participating) Policy is designed to help you save money for your retirement. It
also provides you with an opportunity to take home a regular retirement income (i.e.
pension).

SMART Invest™ Pension Plan
Offering competitive returns to secure the golden years of your life, Max New York Life's
SMART Invest™ Pension Plan is a comprehensive unit linked pension plan to meet your post
retirement financial needs, ensuring you complete peace of mind. One-third of the corpus can
be commuted at vesting age the amount commuted are eligible for tax exemption u/s 10A.

HEALTH PLANS

LifeLine MediCash™ Plan
Max New York Life's Lifeline-MediCash™ health Insurance plan provides you support by
giving you hospital cash benefit, whenever you are hospitalized. Through this plan you will
get a fixed benefit towards hospitalization, ICU and recuperation (post hospitalization).
Today, the lifestyles of individuals are such that they suffer from great stress on regular basis.
The long hours at the workplace, inadequate or very little exercise, and improper diet
weakens the immune systems to such an extent that people are at an increased risk of
contracting various illnesses. Illnesses such as obesity, heart attacks, and high blood pressure


are quite common these days among young people especially those living in urban areas.
Thus, heath insurance has become more and more a necessity today.
Max New York Life offers various Health Plans have been designed to take into account the
diverse set of needs at times of an individual's ill health. They insure you against various
illnesses and guarantee financial security should you ever require any kind of treatment. Max
New York Life's Lifeline-MediCash™ health Insurance plan provides you support by giving
you hospital cash benefit, whenever you are hospitalized. Through this plan you will get a
fixed benefit towards hospitalization, ICU and recuperation (post hospitalization).
Criteria
Minimum / Maximum Age At Entry
Policy Term
Premium Guarantee
Premium Table (Sample*)

Eligibility
18 years to 55 years (Age At Last Birthday)
10 years
65 years
5 years
Units
3
Age (yrs)
Male
Female
20
30
40
50

Premium Payment Frequency
Reinstatement after Lapse

Waiting Period

Daily Hospital Cash
Daily ICU Cash
Recuperating Cash
(Lump-Sum)

4179
4638
6288
8562

Half Yearly and Yearly
Allowed only till 180 days from Lapse Date
Minimum: Rs. 2,500 (Yearly Mode)
and Rs. 1,300 (Half Yearly Mode)
90 days from policy commencement apart
from hospitalization due to accidents

Premium Limits

Benefits

4824
5082
6105
8652

Number Of Units Bought
1
2
3
1000
2000
3000
2000
4000
6000

4000
8000

5000
10000

3000

12000

15000

6000

9000

4

5


Annual Limit (Days)
(Aggregated for all the
benefits)
Policy Term Limit
(Days) (Aggregated
for all the benefits

50 days of Hospitalization
250 days of hospitalization

LifeLine-MediCash™ Plus Plan
Presenting Lifeline - MediCash™ Plus health Insurance plans from MNYL that provide you
support by giving you hospital cash benefit, whenever you are hospitalized. Through this plan
you will get a fixed benefit towards hospitalization, ICU and recuperation (post
hospitalization). And the surgical expenses of a fixed Lump-sum amount will be paid under
LifeLine – MediCash™ Plus for more than 400 listed surgeries that you may undergo.
In your long and interesting journey of life, it's always better to be prepared to face any
unforeseen incidents that may take place in one's life. People normally insure their home,
child's education, car, and even their retirement. However, many a times they forget to insure
their health. It's a proven fact that illnesses strike without warning, which again can affect
one's finances. Thus, it's important to have a good health cover that would take into account
the diverse set of needs at times of an individual's ill health. Sound health insurance planning
ensures that you receive direct medical expenses and indirect expenses, as soon as the
situation arises.

Max New York Life health insurance schemes can act as a catalyst in safeguarding your
peace of mind and eliminating all worries about your future treatment expenses. Presenting
Lifeline - MediCash™ Plus health Insurance plans from MNYL that provide you support by
giving you hospital cash benefit, whenever you are hospitalized. Through this plan you will
get a fixed benefit towards hospitalization, ICU and recuperation (post hospitalization). And


the surgical expenses of a fixed Lump-sum amount will be paid under LifeLine –
MediCash™ Plus for more than 400 listed surgeries that you may undergo.
Criteria
Minimum / Maximum Age At Entry
Policy Term
Premium Guarantee
Premium Table (Sample*)

Eligibility
18 years to 55 years (Age At Last Birthday)
10 years
65 years
5 years
Units
3
Age (yrs)
Male
Female
20
30
40
50

5886
6429
8424
13194

5328
6078
8169
11922

Premium Payment Frequency

Half Yearly and Yearly
Allowed only till 180 days from Lapse Date
Premium Limits
90 days from policy commencement apart
Waiting Period
from hospitalization due to accidents
Benefits
Number Of Units Bought
1
2
3
4
5
Daily Hospital Cash 1000
2000
3000
4000
5000
Daily ICU Cash
2000
4000
6000
8000
10000
Recuperating Cash
3000
6000
9000
12000
15000
(Lump-Sum)
Annual Limit (Days)
Policy Term Limit
(Days)
Surgical Cash
50,000
100000
150000
200000
250,000
( Lump-Sum Upto Rs)
Minor (10%)
5,000
10,000
15,000
20,000
25,000
Intermediate (15%) 7,500
15,000
22,500
30,000
37,500
Major (35 %)
17,500
35,000
52,500
70,000
87,500
Supra major (100%) 50,000
100,000
150,000
200,000
250,000
Upto
Upto
Upto
Upto
Upto
Others
10,000
10,000
10,000
10,000
10,000


•

Cashless hospitalization available in over 4000+ network hospitals across the
country . Fixed daily hospitalization benefit available irrespective of amount of actual
billing.

•

Benefits are Payable in addition to any other health insurance cover that you may
have with us or any other insurer.

•

The premiums are guaranteed for five years from the effective date. After five years,
the Company may revise the premium rates based upon the actual review of the
claims experience subject to prior approval of IRDA.

•

Guaranteed Long-Term coverage for 10 years subject to payment of premium made
by you.

•

Premium discount incase policy is claim-free for first 5 years.

•

Tax benefit on the premium paid upto Rs.15, 000 under section 80 D of the Income
Tax Act.

LifeLine-Wellness™ Plan
Max New York Life's LifeLine-Wellness™ is a health plan, which would provide you 360degree benefit in terms of long tenure of coverage, coverage for 10 critical illnesses, and
permissible tax benefit under an Income Tax Act.
The key to enjoying a health life consist of healthy or nutritious food, regular exercise, and
personal care. Due to the change in lifestyles today, Individuals are prone to stress, and
various forms of health problems or illnesses. Everyone aims to lead a long a healthy life and
this has become possible with the emergence of innumerable modern medical facilities and
technologies that effectively treat almost all the diseases contracted by individuals. Today,
there are many health insurance providers too to ease the tensions of people undergoing
various treatments for illnesses.


Max New York Life offers an array of health insurance plans especially designed to meet
your financial needs at times of health problems. Max New York Life's LifeLine-Wellness™
is a health plan, which would provide you 360-degree benefit in terms of long tenure of
coverage, coverage for 10 critical illnesses, permissible tax benefit under an Income Tax Act.
Criteria
Age At entry
Option for policy term
Maximum age at maturity
Premium Guarantee
Premium Limits
Waiting Period
Waiting Period after Reinstatement
Scale of Benefits
Coverage Choice
Number of Units
Sum Assured (in lacs)

Eligibility
10, 15 or 20 years
75 years
5 Years i.e subject to the revision with IRDA
approval. Premium is renewed every 5 years
through the term of your plan
180 days from policy commencement
Allowed only till 6 months based on declaration
of good health
90 days from policy revival date

Life Line - Wellness™ & Wellness Plus™ Plans
1 2 3 4
5
6
7
8
9
2 4 6 8
10
12
14
16
18

10
20

Example: If you take 5 units of wellness you have bought yourself a sum assured of 10 lacs
as per the table above.
List of Covered Critical Illness Conditions under LifeLine- Wellness™ Plan are given below:
•

Cancer

•

Coma

•

Kidney failure


•

Multiple sclerosis

•

Heart attack

•

Paralysis / paraplegia

•

Stroke

•

Major organ transplant

•

Coronary artery bypass surgery

•

Heart valve surgery

Benefits under LifeLine- Wellness™ Plan
You can avail benefits on the happening of any of the above events and fulfilling the
following three conditions:
• Confirmed by a registered medical practitioner, including a relevant specialist
acceptable to the company (the cost of which shall be borne by the policyholder)
• Provided the life insured has survived for at least 28 (Twenty eight) days after the
happening of the insured event
The life insured filing with the company all the required claim documents within 60
days of the date of the happening of the insured event
The benefit will be payable
• On the diagnosis of any of the critical illnesses as defined in serial number 1 to 7 in
the list of conditions.
•

On the actual undergoing of the surgery of any of the critical illnesses as defined in
serial number 8 to10 in the list of conditions.
On the payment of the above benefit, the policy shall terminate.
•

LifeLine-Wellness™ Plus Plan
Max New York Life's LifeLine-Wellness™ Plus health plan provides a wonderful benefit
system in terms of long tenure of coverage, coverage for 38 critical illnesses and tax benefit.
All of us aim for a long and illness-free life. However, as human beings we are prone to
various illnesses and may contract various diseases. Though there are innumerable medical
facilities and technologies available today to cure almost every illness, the cost attached to it
quite high. These are the times you may need the assistance of a health insurance plan to
manage these unforeseen situations and expenses. Illnesses strike without prior warning and


that's the reason why you should possess a good health cover, which would insure you
against various illnesses and guarantee financial security should you require any treatment.
The health covers would provide you peace of mind and allow you to focus your time energy
on other important things in life.
Max New York Life's LifeLine-Wellness™ Plus health plan provides a wonderful benefit
system in terms of long tenure of coverage, coverage for 38 critical illnesses and tax benefit.
Criteria
Age At entry
Option for policy term
Maximum age at maturity
Premium Guarantee
Premium Limits
Waiting Period
Waiting Period after Reinstatement
Scale of Benefits
Coverage Choice
Number of Units
Sum Assured (in lacs)

Eligibility
10, 15 or 20 years
75 years
5 Years i.e subject to the revision with IRDA
approval. Premium is renewed every 5 years
through the term of your plan
180 days from policy commencement
Allowed only till 6 months based on declaration
of good health
90 days from policy revival date

Life Line - Wellness Plus™ Plan
1 2 3 4
5
6
7
2 4 6 8
10
12
14

8
16

9
18

10
20

Example: If you take 5 units of Wellness Plus you have bought yourself a sum assured of 10
lacs as per the table above.

List of Covered Critical Illness Conditions under LifeLine- Wellness™ Plan


The list of covered conditions are divided into 3 groups
Group 1
Group 2
Claim - 25% of SA.
Claim - 50% of SA.
Policy Continues with the Policy Continues with the Balance
Balance Sum Assured
Sum Assured
Alzheimer’s Disease
Angioplasty and other Invasive
Blindness
Treatment for Coronary Artery
Deafness
Disease
Loss of Speech
Benign Brain Tumor
Medullary Cystic Disease Cardiomyopathy
Motor Neuron Disease
End Stage Lung Disease
Muscular Dystrophy
Heart Attack
Heart Valve Surgery
Major Burns
Multiple Sclerosis
Multiple Trunk Avulsions of the
Brachial Plexus
Necrotizing Fascitiis
Paralysis or Paraplegia
Parkinson’s Disease
Primary Pulmonary Hypertension
Poliomyelitis
Systemic Lupus Erythematosus

Group 3
Claim - 100% of Sum
Assured
Policy discontinued
Apallic Syndrome
Aplastic Anaemia
Brain Surgery
Cancer
Coma
Coronary Artery Bypass Surgery
Kidney Failure
End- Stage Liver
Disease
Loss of Independent
Existence
Loss of Limbs
Major Head trauma
Major Organ
Transplant
Stroke
Surgery of Aorta
Terminal Illness
Total Permanent
Disability(to Age 65)

Benefits under LifeLine - Wellness™ Plan
You can avail benefits on the happening of any of the above events and fulfilling the
following 3 conditions
• Confirmed by a registered medical practitioner, including a relevant specialist
acceptable to the company (the cost of which shall be borne by the policyholder).
• Provided the life insured has survived for at least 28 (Twenty eight) days after the
happening of the insured event..
• The life insured filing with the company all the required claim documents within 60
days of the date of the happening of the insured event.
•

A claim with respect to any particular critical illness, if paid, shall not be payable
again.

LifeLine-Safety Net™ Plan
Recognizing the need for a complete all round financial protection for you and your family,
Max New York Life Insurance Company offers you a term cum health insurance - LifeLine-


Safety Net™ , the new age insurance covering death, disability, disease and accident under
one single plan.

SOME OF THE OTHER PLANS ARE:
SAVINGS PLANS:
 W hole Life Participating
 20 Year Endowment (Par)
 Endowment to Age 60 (Par)
 Life Gain Plus 20 (Par)
 Life Gain Plus 25 (Par)
 Life Pay Money Back
 Life Gain Endowment
 Life Partner
RURAL PLANS:
 Max Suraksha
 Easy Term Policy

STRATEGIC PRODUCTS PLANS:
 Bancassurance
 Super Saver Bond
 Capital Builder
 Additional Distribution

 Max Mangal
 Max Vriksha
 Capital Builder
 Max Amsure
 Future Builder
 Family Money Back
 Bonus Builder
 Business Builder


Secure Returns builders


OBJECTIVES
OF THE
MARKET SURVEY
REPORT


OBJECTIVES OF THE MARKET SURVEY REPORT
 To check the popularity of the company among the people
 To study the various products offered by Max Newyork Life Insurance
 To study the consumer perception for policies of Max Newyork Life Insurance


LITERATURE
REVIEW


LITERATURE REVIEW
(BCG, 2003) Life insurance has become the most widely used means of family financial
security planning. Apart from that, it can help ensures the financial security of family, pay the
support of dependents and meet outstanding financial obligations when the policyholder dies.
Furthermore individuals and families need to become aware of the benefits, issues and
differences in various life insurance plans.
Life insurance programs are an important part of an individual’s financial plan. The
traditional view of life insurance as a commodity – simply underwriting coverage,
differentiated by price and little else evolving as communication, education, and benefit
enhancements are added. Research and trends support the evolution of employer - based life
insurance programmes from merely providing a benefit to beneficiaries at the point of claim
to a programme that is an important, vent critical components to an individual’s overall
financial plan (metlife, 2001).
There are three main types of life insurance polices in actuarial literature (Back, 2000)
including (a) whole life insurance – which provides a death benefit for lifetime (b) term life
insurance - that provide a death benefit for a limited number of years and, (c) environment
life insurance – which is a term life insurance with a saving component. In general terms, life
insurance is a way of dealing with risk and a saving medium for consumers. It also plays
important psychological and social roles. As (Hofstede, 1995) stated, the major function of
life insurance is to protect against financial loss from loss of human life. Besides covering the
risk of death, it also covers the risks of disability, critical illness, etc. Life insurance is
therefore developed on the concept of human life value (Saying, 2003). Human life value
approach focuses on the economic component of human life. Any event affecting an
individual’s earning capacity, retirement or unemployment (Black, 2000). The human life


value concept provides the philosophical basis for thee life insurance, which is a product
deigned to protect the individual against two distinct risks Premature death and
superannuating (Browne, 1993).

J Rajesh C Jampala and B Venkiteswara Rao( insurance marketing ,ApBSLI 2005) in his
article “Sales promotion in Insurance sector (A study of LIC) asserts that, sales promotion
helps in maximizing sales volume and value besides keeping competitors at bay. Sales
promotion is generally broken into 3 major categories such as consumer oriented, trade
oriented and sales force oriented activities.
The consumer oriented promotions are a part of the promotional pull strategy. These
promotions include tax benefits, payment of bonus, provision of accidental benefits and
higher non medical limits. Tax benefit is one of the major weapons in the arsenal of strategies
at the disposal of the corporation to promote sales. The tax saving measure is the greatest
mobilize for business for the corporation. Even the Indian consumer has traditionally looked
at life insurance as an instrument for tax saving, rather than as a prudent investment decision,
or even as a protection device. Another important consumer oriented promotion of LIC is
provision of accident and disability benefits offered to the insured.
Trade promotional measures of LIC include salary saving scheme besides bringing more
occupations under insurance cover, including hazardous occupations. Salary saving scheme is
a very successful trade promotion strategy launched by the corporation to tap business from
the salaried class. LIC makes an arrangement with the employer to deduct the insurance
premium from the employee’s salary and remit it to the corporation. The basic advantage that
the corporation waives 5% additional charge on the scheme, resulting in a great benefit to the
policy holders.


Sales force promotions offer incentives to agents to work with more and more vigor. Sales
force promotion steps of the LIC include commission, gifts, advances for the purchase of the
cars, club memberships etc. LIC has instituted a system of club membership for its agents.
The club membership also enjoys certain privileges such as telephone, provision of
stationery, secretarial allowance, concessional loans etc. However sales promotion alone
cannot achieve the results for the corporation.
(Source: Insurance chronicle, The ICFAI University Press, ApBSLI 2006)
Walter de Oude and Rajagopalan Krishnamurthy (health insurance, Feb 2006) in their
article

“The health insurance industry in India & its growing potential” emphasis that

ensuring public health is the principal responsibility lay down by the Indian constitution. The
central government provides about 15% of the funding needs mostly for national health
programs. The family planning and healthcare initiatives of the government have so far
effective in reducing birthrates and improving mortality rates. According to the WHO report
published in 2002 India ranked 13th from the bottom in terms of public spending on health.
Although India’s public spending is low, overall health spending improved due to higher
private spending. Currently less than 15% of the Indian population has some kind of health
insurance cover.
Health insurance remains vastly underdeveloped in India. The state owned companies had
little focus upon the developing line of business on a systematic and profitable basis. The
health portfolio that had a loss ratio of about 78% in 2003 deteriorated to 98% in the
following year.
Anyway the Third Party Agreement (TPA) has however given rights to some tension between
the healthcare providers and the health insurance companies.
(Source: Insurance Chronicle The ICFAI University Press -Feb 2006)


Jack Burke (Insurance marketing, July 2004) in his article “CROSS SELLING”emphasis
that people depend on insurance agents or brokers for the selection of and buying of policies
related to life, health, automobiles etc. but it has been found that most agents or brokers
specialize in selling policies related only to particular field. The statistics showed that the
average American had 7.2 insurance policies i.e., selling more than one policy to their client.
This can be specified as cross selling or multiline marketing. More policies per client mean
lower acquisition cost, higher client retention and greater profit.
(Source: Insurance chronicle The ICFAI University Press, July-2005)
A.Srujan (Insurance marketing July 2004) in his article “Rural insurance market in India”
States that the growth in the insurance sector is higher than the GDP growth rate of the
country. A careful analysis of postal liberalization period suggest that new insurance players
made a good start while the existing one maintained consistent growth level. The two
segments of Indian insurance market i.e., Urban and Rural have their own characteristic
features. The economic growth of the two has not been the same. But there is a fact that most
of the new insurance companies started operating from metros and urban. So they got more
opportunity to cover by several types of insurance. Moreover due to the better educational
status they got awareness about several financial and insurance products. Still there are many
opportunities in rural insurance market.
Gigantic population, growth in income level of rural population, high saving habits etc. are
some plus areas and if we exploit these areas, there in a very good scope for the growth.
Government of India makes steps to improve the conditions of the rural area. Janasree Bima
Yojna, LALGI etc. are some examples. Government made a tie with LIC and made several
scheme for rural people like Siksha Sahayog Yojna, Krishi Shrimik Samajik suraksha Yojna
etc. Anyway it is the opportunities not compulsions which would drive the old and new
players to rural India and the outcome will be steady and secured economic growth.


Rachana Parihar (Insurance marketing, july2004) in her article “Bancassurance:
challenges & opportunities in India” emphasis that Bancassurance symbolizes the
convergence of banking & insurance. The term involves distribution of insurance products
through a bank’s branch work. While the bancassurance has become a successful story in
Europe, it is relatively a new concept in Asia. The motive behind this also varies. For banks,
it is a means of product diversification & a source of additional fee income. Insurance
companies see it as a tool for increasing their market penetration and premium turnover. The
customer sees it as a bonanza in terms of reduced price, high quality products and delivery at
the doorsteps. But, when we think about India there is a huge pool of skilled professionals
whether it is banks or insurance companies who may be easily relocated for any
bancassurance venture.
Most large retail banks engender a greater deal of trust in broad segments of consumers,
which they can leverage in selling them personal line insurance Products. Another advantage
banks have over traditional insurance distributors is the lower cost per sales lead made
possible by their sizable and loyal customer base. Banks also enjoy significant brand
awareness within their geographical regions. Banks proficiency in using Technology has
resulted in improvement in transaction processing and customer service. But there are also
some short comings. The most obstacles to success are the poor human resource
management, lack of sales culture within the bank, no involvements by the branch manager,
insufficient product promotions etc.
Anyway to move beyond products oriented cross selling to customer focused crossed buying
requires a holistic approach to bancassurance. Success of a bancassurance requires change in
approach, thinking and work culture on the part of everybody involved.
(Source: The ICFAI University Press, July-2004)


Brian D Baetz (Insurance marketing, July 2003) in his article “Term insurance sales
techniques”

States that today people need term insurance more than ever, so one should

learn to be efficient in its sale. Term insurance enables even those people who could
otherwise not be able to afford a sufficient amount of life insurance, to ensure that their
family will not suffer financially should they die.
He says that he point out to clients the importance of adequate coverage to protect their
families. If their income permits, he encourages them to make a coverage permanent life
insurance.
Scott Menta, ChFC,CFP,CLU, a Met Life agent from Elmsford,NYbelieves term insurance
will continue to be sold as a commodity unless the producer can demonstrate that he /she
delivers additional value . He works to help buyers understand the products convertibility
period, and the kinds of permanent products to which their term insurance can be converted.
He believes producers should recommend the appropriate amount of coverage.


RESEARCH
METHODOLOGY


RESEARCH METHODOLOGY
Data sources

:

Primary and Secondary.

Data approaches

:

Questionnaire.

Sample size

:

50

Sample procedure :

Convenience sampling.

Research Design

Descriptive.

:

Research design: Research design is simply the framework or plan for a study, Used guide
in collecting and analyzing data.
For the study: for conducting that research I selected the Descriptive research design.

Descriptive research design: Descriptive research is also called Statistical Research. The
main goal of this type of research is to describe the data and characteristics about what is
being studied. The idea behind this type of research is to study frequencies, averages, and
other statistical calculations. Although this research is highly accurate, it does not gather the
causes behind a situation. Descriptive research is mainly done when a researcher wants to
gain a better understanding of a topic. That is, analysis of the past as opposed to the future.
Descriptive research is the exploration of the existing certain phenomena. The details of the
facts wont be known. The existing phenomena’s facts are not known to the persons.

1. Sampling design:
I. Sample Unit:
Customers of Life insurance.
II. Sample size:
The sample size of the report is 50 in numbers.

Data collection method:
Primary data:
The primary data are those which are collected afresh and for the first time, and thus
happened to be original in character. There are several methods of collecting primary data
particularly in surveys.
For the study: Questionnaire method is used for collecting the data while conducting the
research.

Secondary data:
The secondary data are those which have already been collected by someone and which have
already been passed through the statistical process. Secondary data may either be published
data or un- published data.
For the study: Internet is used for collecting the data while conducting the research.


DATA ANALYSIS
&
INTERPRETATION


DATA ANALYSIS & INTERPRETATIONS
Q1. Are you aware about the max New York life insurance policy?
a) Yes
38
b) No
12

24%
Yes
76%

No

INTERPRETATION:
This chart shown that out of 50 respondents 76% respondents said that they aware about the
Max New York Life Insurance policy 24% respondents said that they don’t aware about the
Max New York Life Insurance policy.


Q2. Why would you choose max New York life insurance?
a) Saving tool
22
b) A tax saving device
12
c) Tool to perfect future 14

29%

Saving tool
46%
A tax saving device

25%

Tool to perfect
future

INTERPRETATION:
This chart shown that out of 50 respondents 44% respondents said that Saving tool, 24%
respondents said that A tax saving device & 24% respondents said that tool to perfect future
choose Max New York Life Insurance.


Q3. According to you what is the right age to buy insurance?
a) After 25 years 28
b) 35 years
2
c) 45 years
1
d) Any time 19

After 25 years

38%
56%

35 years
45 years
Any time

2%

4%

INTERPRETATION:
This chart shown that out of 50 respondents 56% respondents said that after 25 years, 4%
respondents said that 35 years, 2% respondents said that 45 years & 38% respondents said
that any time is the right age to buy insurance.


Q4. Are you satisfied with the service provided by services agent?
a) Satisfied
38
b) Not responding
8
c) Not satisfied 4

16%

8%
Satisfied
76%

Not responding
Not satisfied

INTERPRETATION:
This chart shown that out of 50 respondents 76% respondents satisfied, 16% respondents not
responding & 8% respondents not satisfied with the service provided by services agent.


Q5. Which features of Max New York life insurance policy attracted you to buy it?
a) Low premium 18
b) large risk cover
8
c) Many back guarantee 10
d) reputation of company 8 e) easy access to agent 6

Low premium
12%

large risk cover

16%

16%
20%

36%

Many back
guarantee
reputation of
company
easy access to agent

INTERPRETATION:
This chart shown that out of 50 respondents 36% respondents said that low premium, 16%
respondents said that large risk cover, 20% respondents said that many back guarantee, 16%
respondents said that reputation of company & 12% respondents said that easy access to
agent features of Max New York Life Insurance policy attracted.


Q6. What do you intent to fain from investment?
a) Saving & Return 20 b) Security 22
c) Tax benefit
8

16%

44%

40%

Saving & Return
Security
Tax benefit

INTERPRETATION:
This chart shown that out of 50 respondents 40% respondents said that saving & return, 44%
respondents said that security & 16% respondents said that tax benefit intent to fain from
investment.


Q7. What are the benefits of Max New York Life Insurance Cover?
a) Cover future uncertainty
28
b) Tax dedication
10
c) Future investment
11
d) Any other
1

2%

Cover future
uncertainty

22%
20%

Tax dedication
56%

Future investment
Any other

INTERPRETATION:
This chart shown that out of 50 respondents 56% respondents said that cover future
uncertainty, 20% respondents said that tax dedication, 22% respondents said that future
investment & 2% respondents said that any other benefits of Max New York Life Insurance
Cover.


Q8. Which insurance policy you prefer the most?
a) LIC
8
b) ICICI
9
c) SBI life insurance 8 d) HDFC
10
e) Max New York life insurance 15

LIC
30%

ICICI

16%
18%

20%

16%

SBI Life insurance
Max New York life
insurance
easy access to agent

INTERPRETATION:
This chart shown that out of 50 respondents 16% respondents preferred LIC, 18%
respondents preferred ICICI, 16% respondents preferred SBI Life Insurance, 20%
respondents preferred HDFC & 30% respondents preferred Max New York Life Insurance.


Q9. Are you satisfied with different types of money back policies of Max Newyork?
a) Yes
38
b) No 10
c) Not clear
2

4%
20%

Yes
76%

No
Not clear

INTERPRETATION:
This chart shown that out of 50 respondents 76% respondents satisfied with different types of
money back policies of Max Newyork, 20% respondents dissatisfied with different types of
money back policies of Max Newyork & 4% respondents not clear.


Q10. Are you satisfied with extra protection plan or life partner plus policy?
a) Life gain endowment
21
b) Life pay Money back
12
c) Life gain plan 20
13
d) Life gain plan 25
4

Life gain
endowment

8%
42%

26%
24%

Life pay Money back
Life gain plan 20
Life gain plan 25

INTERPRETATION:
This chart shown that out of 50 respondents 42% respondents said that life gain endowment,
24% respondents life pay money back, 26% respondents said that life gain plan 20 & 8%
respondents said that life gain plan 25, satisfied with extra protection plan or life partner plus
policy.


Q11. Where have you invested for tax saving?
a) LIC
28
b) NSE
10
c) PPF
8
d) EPF
4

16%

8%

20%

LIC
56%

NSE
PPF
EPF

INTERPRETATION:
This chart shown that out of 50 respondents 56% respondents have invested for tax saving in
LIC, 20% respondents have invested for tax saving in NSE, 16% respondents have invested
for tax saving in PPF & 8% respondents have invested for tax saving in EPF.


Q12. How would you buy insurance?
a) Customer approached insurance Companies / Agent
b) Insurance Companies approached customer

46
4

Customer
approached
insurance
Companies / Agent

8%

92%

Insurance
Companies
approached
customer

INTERPRETATION:
This chart shown that out of 50 respondents 92% respondents said that they would buy
insurance through Customer approached insurance Companies / Agent & 8% respondents
said that they would buy Insurance Companies approached customer.


FINDINGS


FINDINGS
o Most of the respondents said that they aware about the Max New York Life
Insurance policy
o Most of the respondents satisfied with the service provided by services agent.
o Most of the respondents said that security
o Most of the respondents said that cover future uncertainty
o Most of the respondents satisfied with different types of money back policies
of Max Newyork
o Most of the respondents said that life gain endowment
o Most of the respondents have invested for tax saving in LIC
o Most of the respondents said that they would buy insurance through Customer
approached insurance Companies / Agent


o

CONCLUSION


CONCLUSION
Future is always uncertain and full of risk. It is not certain that what is going to happen
tomorrow. Therefore a man is always worried about security of property and life. Insurance
is a means of meeting out loss caused by future risks and uncertainties. This project report is
based on the survey-based analysis of the policies of Max Newyork
Life insurance is the necessary and considerable factor for any person for covering the risk of
life and for future security.
The conclusion of this project report is that the policies of Max Newyork are very good and
up to mark on the basis of consumer perception. Policies are providing very good returns and
investment security against the investors money.


SUGGESTIONS


SUGGESTIONS
1. Max Newyork Life Insurance should not mislead to customer to provide wrong
information about own policy.
2. Rural area in India lacks this facility so the Max Newyork Life Insurance should
spread their business in rural area also.
3. Max Newyork Life Insurance should make personal contact with customer or own
client for improve brand promotion.
4. Most of person does not know about the full knowledge about insurance policy so the
companies should try to provide the complete knowledge about insurance policy to
the customer.
5. Some more facilities should be provided by the company to attract more customers
like discount and gifts.


LIMITATIONS


LIMITATIONS
Although the study was carried out with extreme enthusiasm and careful planning there are
several limitations, which handicapped the research viz,

1.

Time Constraints: The time stipulated for the project to be completed is less and thus
there are chances that some information might have been left out, however due care is taken
to include all the relevant information needed.

2.

Sample size: Due to time constraints the sample size was relatively small and would
definitely have been more representative if I had collected information from more
respondents.

3.

Accuracy: It is difficult to know if all the respondents gave accurate information; some
respondents tend to give misleading information.

4.

Availability: It was difficult to find respondents as they were busy in their schedule, and
collection of data was very difficult


BIBLIOGRAPHY


BIBLIOGRAPHY
Books:
•

Kothari, C.R., Research Methodology, New Age Publications.

•

Malhotra, Naresh K., Marketing Research, An Applied Orientation, Fourth Edition,
Pearson Prentice Hall, 2005, Part II, pp. 71-340.

•

Chisnall, P.M. (1985). Marketing: A Behavioural Analysis. 2nd edn. McGraw-Hill.

•

Zeithaml, V.A. and Bitner, M.J. (1996), Services Marketing,
international edition, McGraw Hill, New York, NY and London.

Magazines:
•

Business Today, November 21, 2007 issue

•

Business Today, November 21, 2007 issue

Newspapers
•

Times Of India

•

Financial Express

•

Economic Times

WEBLIOGRAPHY
•

http://en.wikipedia.org/wiki/Life_insurance

•

http://www.economywatch.com/indianeconomy/india-insurance-sector.html

•

http://www.economywatch.com/insurance/?page=full

•

http://www.economywatch.com/world-industries/insurance/

•

www.maxnewyorklife.com


ANNEXURE


QUESTIONNAIRE
Dear respondent,
I am the student of …………………conducting a market survey report.
Kindly spare few minutes to fill up this questionnaire. Any information provided by you will
be used for academic purpose only.
Name
:
Age
:
Occupation :
Mobile No. :
Email
:
Q1. Are you aware about the max New York life insurance policy?
a) Yes
b) No
Q2. Why would you choose max New York life insurance?
a) Saving tool
b) A tax saving device
c) Tool to perfect future
Q3. According to you what is the right age to buy insurance?
a) After 25 years
b) 35 years
c) 45 years
d) Any time
Q4. Are you satisfied with the service provided by services agent?
a) Satisfied
b) Not responding
c) Not satisfied
Q5. Which features of Max New York life insurance policy attracted you to buy it?
a) Low premium
b) large risk cover
c) Many back guarantee d) reputation of company
e) easy access to agent
Q6. What do you intent to fain from investment?
a) Saving & Return
b) Security
c) Tax benefit
Q7. What are the benefits of Max New York life insurance cover?
a) Cover future uncertainty
b) Tax dedication
c) Future investment
d) Any other
Q8. Which insurance policy you prefer the most?
a) LIC
b) ICICI
c) SBI life insurance
d) HDFC
e) Max New York life insurance
Q9. Are you satisfied with different types of money back policies of Max Newyork?
a) Yes
b) No
c) Not clear

Q10. Are you satisfied with extra protection plan or life partner plus policy?
a) Life gain endowment
b) Life pay Money back
c) Life gain plan 20
d) Life gain plan 25
Q11. Where have you invested for tax saving?
a) LIC
b) NSE
c) PPF
d) EPF
Q12. How would you buy insurance?
a) Customer approached insurance Companies / Agent
b) Insurance Companies approached customer


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