MAX NEW YORK LIFE INSURANCE, Lower & Ground Floor, A1/172, Janak Puri, New Delhi, 110058

Near Metro Pillar No. 614 Tel: 011-45632800 www.maxnewyorklife.com -mail Us

Prospect/Customer To know more about our policies or for any comments, queries or suggestions about our services and products, please write to

Prospect/Group Customer To know more about our policies or for any comments, queries or suggestions about our services and products, please write to

service.helpdesk@maxnewyorklife.com

Prospect Advisor To become an Advisor with Max New York Life, individuals who have completed Class XII successfully and are over 18 years of age can e-mail their resumes to

group.ref@maxnewyorklife.com

becomeanagentadvisor@maxnewyorklife.com Max New York Life Insurance has multi-channel distribution spread across the country. Agency distribution is the primary channel complemented by partnership distribution, bancassurance, alliance marketing and dedicated distribution for emerging markets. The Company places a lot of emphasis on its selection process for agent advisors, 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. The company currently has more than 71,000 agent advisors at 676 offices across 389 cities. The company also has 50 tie-ups with banks, 30 partnership
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distribution relationships Max New York Life has put in place a unique hub and spoke model of distribution to deepen our rural penetration. This is the first time such a model has been put in place for rural marketing of insurance. The company has 139 offices dedicated to rural areas.

Max New York Life Customer Care Toll Free: 1800 180 5577 (BSNL/MTNL) Toll Free: 1800 200 5577 Max New York Life Email service.helpdesk@maxnewyorklife.com (general enquiries) group.ref@maxnewyorklife.com (for group-related enquires) Max New York Head Office Max New York Life Insurance Company Limited, Max House, 3rd Floor, 1 Dr. Jha Marg, Okhla, New Delhi 110020 Tel: (011) 6933610

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COMPANY PROFILE

MAX NEW YORK LIFE

Max New York Life is a joint venture between Max India Limited and New York Life International, MAX .New York Life is a Fortune 100 company and Max India Limited is one of the Indias leading multiPage 3 of 65

business corporations. First Indian Life Insurer to be given ISO 9001:2001 certification. Sold Life Insurance cover of over Rs 49,800 crore. Secured financial future of 1.64 million policy holders. Operating in 120 cities with nearly 350 branches across the country. A strong foot prints of over 30,000 Agent Advisors. The companys strategy is to establish itself as a trusted life insurance specialist through a quality approach to business. It has developed a strong corporate governance model based on the core values of excellence, honesty, knowledge, caring, integrity and teamwork. The AAs are trained in-house to ensure optimal control on quality of training.201 agent advisors have qualified for the Million Dollar round Table (MDRT) membership in 2005.MDRT is an exclusive congregation of the worlds top selling insuring agents and is internationally recognized as the standard of excellence in the life insurance 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 and corporate alliances. Max New York Life offers a suite of flexible products. It now has 26 life insurance products and 8 riders that can be customized to have more than 400 products. 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. 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,
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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 worlds top selling insurance agents and is internationally recognized as the standard of excellence in the life insurance business
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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. COMPANYS VISION AND MISSION 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

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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",
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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. PRODUCT RANGE OF THE COMPANY INSURANCE PLANS Protection Plans: Five Year Renewable and Convertible Term Insurance 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. Level Term (Non Participating) Policy 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
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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. Children Plans: Children's Endowment to 18 (Par) Plan 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 childs future needs in case of spiraling costs.

Children's Endowment to 24 (Par) Plan Max New York Lifes 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 childs 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. Stepping Stones (Par) Plan Max New York Lifes Stepping Stones is a smart way to plan your childrens education and their future irrespective of whether you are there or
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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 Lifes regular premium unit linked life insurance childrens 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 Lifes 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

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Max New York Lifes 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
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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
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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).
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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. LifeLine-Wellness Plan 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, and permissible tax benefit under an Income Tax Act. 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.

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:
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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

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 Capital Builder

Max Amsure Future Builder Family Money Back Bonus Builder Business Builder Secure Returns builders

MARKET SHARE OF THE COMPANY

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Various types of life insurance policies:-

Endowment policies: This type of policy covers risk for a specified period, and at the end of the maturity sum assured is paid back to policyholder with the bonuses during the term of the policy. Money back policies: This type of policy is for periodic payments of partial survival benefits during the term of the policy as long as the policy holder is alive. Group insurance: This type of insurance offers life insurance protection under group policies to various groups such as employersemployees, professionals, co-operatives etc it also provides insurance coverage for people in certain approved occupations at the lowest possible premium cost. Term life insurance policies: This type of insurance covers risk only during the selected term period. If the policy holder survives the term, risk cover comes to an end. These types of policies are for those people who are unable to pay larger premium required for endowment and whole life policies. No surrender, loan or paid up values are in such policies. Whole life insurance policies: This type of policy runs as long as the policyholder is alive and is covered for the entire life of the policyholder. In this policy the insured amount and the bonus is payable only to nominee on the death of policy holder. Joint life insurance policies: These policies are similar to endowment policies in maturity benefits and risk cover, but joint life policies cover two lives simultaneously such as married couples. Sum assured is
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payable on the first death and again on the death of survival during the term of the policy. Pension plan: a pension plan or annuity is an investment over a certain number of years but does not provide any life insurance cover. It offers a guaranteed income either for a life or certain period. Unit linked insurance plan: ULIP is a kind of insurance plan which provides life cover as well as return on premium paid over a certain period of time. The investment is denoted as units and represented by the value called as net asset value (NAV).

MANAGEMENT

BOARD OF DIRECTORS:
Analjit Singh Chairman, Max India Limited Ted Mathas President & Chief Operating Officer, New York Life Insurance Gary R. Bennett Managing Director and CEO, Max New York Life Insurance Anuroop 'Tony' Singh Vice Chairman, Max New York Life Insurance

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MANAGEMENT TEAM:
Gary Bennett Managing Director and CEO, Max New York Life Sunil Sharma Chief Operating Officer and Executive Director

Rajit Mehta Executive Director, Human Resources, Training and Internal Communications

Rajesh Sud Executive Director, Distribution

Anil Mehta Director, Group Business

Sunil Kakar Director and Chief Financial Officer

Ajay Seth Director, Legal & Compliance Debashis Sarkar Director - Marketing, Product Management and Corporate Affairs

John Poole Chief Actuary

THEORATICAL CONCEPT On the one hand, human life is subject to various risksrisk of death or disability due to natural or accidental causes. Humans are also prone to diseases, the treatment of which may involve huge expenditure. On the other hand, property owned by man is exposed to various hazards, natural and manmade.

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When human life is lost or a person is disabled permanently or temporarily, there is a loss of income to the household. The family is put to hardship. Sometimes survival itself is at stake for the dependants. When it comes to property, loss or damage to property results in either whole or partial loss in income to the person or entity. Risk has the element of unpredictability. Death/disability or loss/damage could occur at anytime. Losses can be mitigated through insurance. Insurance is a commodity which offers protection against various contingencies. Insurance products available for life and non-life are many. In non-life, apart form personal covers such as accident covers and health insurance, there are products covering liabilities under a particular law and or common law. The various products are designed to cater to different needs of an individual or industry such as fire insurance policy on multi-storeyed building, householders policy. An insurance contract promises to make good to the insured a certain sum in consideration for a payment in the form of premium from the insured. Human life cannot be valued. Hence the sum assured ( or the amount guaranteed to be paid in the event of a loss ) is by way of a benefit in the case of life insurance. Life insurance products provide a definite amount of money to the dependants of the insured in case the life insured dies during his active income earning period or becomes disabled on account of an accident causing reduction/complete loss in his income earnings. An individual can
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also protect his old age when he ceases to earn and has no other means of income by purchasing an annuity product. A Personal Accident cover is also for protection. In the event of death or disability, permanent or temporary, of the insured, it provides for compensation which is either the whole or a percentage of the Capital Sum Insured depending on the kind of loss. In the case of Health Insurance, the policy seeks to cover expenses towards of treatment of diseases and or injury up to the Sum Insured opted for by the insured. In respect of insurance relating to property, there are many products available. Property may be covered against fire and perils of nature including flood, earthquake etc. Machinery may be insured for breakdown. Goods in transit can be insured under a marine cargo insurance cover. Insurance covers are also available for ships and other vessels. A motor insurance policy covers third party damage as well as damage to the vehicle. Insurance of property is based on the principle of indemnity. The idea is to bring the insured to the same financial position as he /she was before the loss occurred. It safeguards the investment in the property. Where there is no insurance, losses can mar a project or an industry. General Insurance offers stability to the economy and to the society. Insurance offers security and so peace of mind to the individual. The concept of insurance is that the losses of a few are made good by contribution from many. It is based on the law of large numbers. It stemmed from the need of
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man to find a solution for mitigation of losses. It also reflects the nature of man to find a solution collectively. It is important for all to understand the various products that life and general insurance companies offer before they make a choice as to the product they want to buy. As per regulations, insurers have to give the various features of the products at the point of sale. The insured should also go through the various terms and conditions of the products and understand what they have bought and met their insurance needs. They ought to understand the claim procedures so that they know what to do in the event of a loss. Life Insurance In 1818 the British established the first insurance company in India in Calcutta, the Oriental Life Insurance Company. First attempts at regulation of the industry were made with the introduction of the Indian Life Assurance Companies Act in 1912. A number of amendments to this Act were made until the Insurance Act was drawn up in 1938. Noteworthy features in the Act were the power given to the Government to collect statistical information about the insured and the high level of protection the Act gave to the public through regulation and control. When the Act was changed in 1950, this meant far reaching changes in the industry. The extra requirements included a statutory requirement of a certain level of equity capital, a ceiling on share holdings in such companies to prevent dominant control (to protect the public from any adversarial policies from one single party), stricter control on investments and, generally, much tighter control. In 1956, the market contained 154 Indian and 16 foreign life insurance companies. Business was heavily concentrated in urban areas and targeted the higher echelons of society. Unethical practices
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adopted by some of the players against the interests of the consumers then led the Indian government to nationalize the industry. In September 1956, nationalization was completed, merging all these companies into the so-called Life Insurance Corporation (LIC). It was felt that nationalization has lent the industry fairness, solidity, growth and reach. General Insurance The General insurance business in India started with the establishment of Triton Insurance Company Limited in 1850 at Calcutta. In 1907, the first company, The Mercantile Insurance Ltd. Was set up to transact all classes of general insurance business. General Insurance Council, a wing of the Insurance Association of India in 1957, framed a code of conduct for ensuring fair conduct and sound business practices. In 1968 the Insurance Act was amended to regulate investments and to set minimum solvency margins. In the same year the Tariff Advisory Committee was also set up. In 1972, The General Insurance Business (Nationalization) Act was passed to nationalize the general insurance business in India with effect from 1stJanuary1973. For these 107 insurers was amalgamated and grouped into four companys viz.,

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OBJECTIVE Main objective of the research is to have an analysis of life insurance industry in New Delhi. To accomplish this objective it has been divided into five. To determine reasons behind opting for an insurance. To know the most preferred policy.

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To determine customers perception towards private insurance companies and their expectation form private insurance companies.

To determine the feedback on services provided by an insurance agent. To study the types of benefits provided by insurance services.

RESEARCH METHODOLOGY Research can be defined as the search for knowledge or as any systematic investigation to establish facts. The primary purpose for applied research is discovering, interpreting, and the development of methods and systems for the advancement of human knowledge on a wide variety of topics. Research Methodology is a way to systematically solve the research problem. It may be termed as a science of studying how research is done scientifically. In methodology, we study not only methods or techniques in studying research problem but also the logic behind them. A researcher not only needs to know how to develop certain indices or tests, how to calculate the mean, the mode and the median, but also he/she also needs to know which of the method /technique is relevant and which are not, and what would the mean and indicate and why. The researcher has to specify very clearly and precisely what decisions he selects and why he selects them so that they can be evaluated by others also. There is a difference between research method and methodology. While research method refers to those methods/techniques that are used for conduction of research, research methodology includes the logic behind the methods used in studying the research problem. Methodology explains why a particular method/technique is used and why others are not used so that
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research results are capable of being evaluated either by the researcher himself or by others. DATA COLLECTION Data can be collected in two forms. 1. Primary Data:Primary data are those which are collected afresh for the first time and thus happen to be original in character. Several method of collecting primary data are: Observation Method Through Schedules Others a) Warranty card b) Consumer Panel c) Mechanical Devices d) Projective Techniques e) Content Analysis f) Different documents

2. Secondary Data:Page 26 of 65

Secondary data are those which have already been collected by someone else & which have already been passed through the statistical process. Source of secondary data are Published data

Newspaper Articles Web Sites Text Books Statistics Etc..

Unpublished Data : The data which is already collected before but is not published any where

LIMITATIONS

Time constraint: The duration of the training was only for 45 days.so there was a shortage of time which was a hurdle in making this training project

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 No access to confidential data: there was no access to confidential data of the company so I am not able to provide full details about the distribution channel Limited work exposure: we had a limited work exposure during our training so were not able to see the major work of the company

STRENGTHS Cost effectiveorganization

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Persuasiveness of customer servicerepresentative to address the problems. Effective customer Personal consulting for customized policy. Perceived financial loyalty programmes. Customized policies that cover the specific terminal disease.

WEAKNESSES Less Brand Awareness Time consuming ( in picking advisors) Process Oriented( process are too lengthy) Fewer suggestions in terms of precautionary measures for avoiding perils. Are pulled by the engine of powerful brands like TATA AIG and BajajAllianz.

OPPORTUNITIES It can enter in the General insurance sector. Opportunity in the rural sector as there is a under-penetrated insurancemarket in rural sector. Relative market potential in not only the rural markets but also the semiurban markets. Knowledge based being quality oriented rather than quantity oriented
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Provide in- house training to advisors. Better customer services like utmost promptness in issuance of thepolicy, giving cheque pick up facilities and not making customers notwaiting for months. Making more loyal customers and attracting other customers with better service.

THREATS With players like SBI Life and ICICI inadvertisements, it may take away the market. Sometimes more focus on innovative products may affect the mainfruitful products. Stiff competitions due to new companies are entering day by day Prudential spending lot

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My Recruitment Funnel

Description :

1. 2. 3. 4. 5. 6.

Name Gathering Initial Screening Numerical Ability Test Competency Based Interview Career Seminar Administer P-200 & 10 Market Surveys 7. Career Interview

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NAME GATHERING IN P-200

Name gathering in P200 consists of people whom you know from natural market and references you get from their sources. As a management trainee I was given a task to gather 200 names. P200 format in which the database is created is as follows:

Name of the prospective Agent Address of the Contact Age Marital Status Qualification Number of years in the city Financial Status Profession Annual Income Natural Market.

SHORT LISTING Candidates are shortlisted from the P200 as per the eligibility criteria laid down by the company. Only eligible candidates are considered for the next process.

CONTACTING Candidates are called either as nominator, CoI, Prospective Agents and a meeting is fixed with them according to the convenience of both the party. Here script plays a vital role in fixing appointment with the prospect.

INITIAL SCREENING Initial screening is taken if candidate is found eligible using 4 point model. In initial screening a sales manager first gives the introduction about the company. Then several questions such as his family background, his natural market, traits for a sales person, and his present and past experiences of his jobs are questioned. Every candidate is required to get at least 3 points in eligibility model the company. The eligibility standards for AA selection are as follows. In case of score less than 3 special zonal head approval is required.

FIVE POINT SYSTEM

Less than 25/more than 25 years of age

1/2 point

UN/ Graduate

1/2 point

UN/Married

1/2 point

Male/Female

2/3 point

Living in city for past 5 years

1/2 point

NEUMERICAL ABILITY TEST Neumerical Ability Test is taken in which the passing score is 50%. CAREER SEMINAR & P200 All the prospects are required to attend career seminar at MNYL which provides broader aspects of growth as an Agent Advisor. P200 is a worksheet which is given to each prospect to judge his natural market. The prospects are required to mention at least 120 contacts from their natural market. CAREER INTERVIEW P200 is evaluated in career interview. If candidates natural market is found worth, he is selected to attend the training and development programme.

FCS All the selected candidates are required to undergo 15 day training session for receiving the license from IRDA to become an Agent Advisor.

STATUS REPORT ACTIVITY CHART PARTICULARS STATUS

1. Initial Screening 2. Career Seminar 3. P200 4. Career Interview 5. Final Recruitment

16 13 06 03 02

The above activity chart represents the work done by me in accordance with the expansion of distribution network at Max New York Life NUMBER OF PEOPLE HAVING INSURANCE RESPONSE NO. OF RESPONDENT S Yes No Total 70 30 100 70% 30% 100% SHARE (%)

INTERPRETATION Of the sample size of 100 surveyed respondents 70% of the respondents are having Insurance policy. 30% of the respondents are either not having any Insurance policy at present or their policy is already matured. And at present 100% of the respondents are with the view that Insurance is a tool to protect your family. TYPES OF INSURANCE POLICY RESPONDENTS HAVE POLICY TYPE NO. OF RESPONDENTS LIFE POLICY NON LIFE POLICY BOTH 75 25 45 75 25 45 SHARE (%)

INTERPRETATION 75% of the respondents have only Life Insurance Policy. while 45% of the respondents have both.

25% of the respondents have only Non- life Policy.

[Some of the respondents opted for two or more than two items] PREFERENCE OF RESPONDENTS FOR INSURANCE COMPANIES COMPANYS NAME L.I.C. RELIANCE INSURANCE LIFE NO.OF RESPONDENT 78 3 SHARE (%) 78 3

ICICI PRUDENTIAL SBI LIFE Max New York Life TOTAL

10 7 2 100

10 7 2 100

INTERPRETATION 78% of the people contacted prefer LIC policy to any other and therefore it is ranked no.1 by that percent of respondents.

BENEFITS OF INSURANCE PERCEIVED BY RESPONDENTS NO.OF BENEFITS RESPONDENT S SHARE (%)

Cover Future Uncertainty Tax Deductions Future Investment TOTAL

55 20 25 100

55 20 25 100

[Fig 4] F uture Inves tm ent 25 % Cover F uture Uncertainty 5 5%

T ax D eductions 20%

INTERPRETATION 55% of the respondents believe that covering future uncertainty is the biggest benefit of an insurance policy. Whereas, 20% and 25% of them believe that the other benefits are Tax deduction and future investments respectively.

FEATURES OF INSURANCE POLICY THAT ATTRACTED RESPONDENTS FEATURE Money Back Guarantee Larger Risk Coverage Easy Access to Agents Low Premium Companys Reputation TOTAL NO.OF RESPONDENTS 15 37 7 30 11 100 SHARE (%) 15 37 7 30 11 100

INTERPRETATION Majority of the respondent (37%) found larger risk coverage as the most attracted feature of the all.

 Minimum respondents (7%) opted for easy access to agents. PEOPLE PERCEPTION ABOUT INSURANCE RESPONSE NO. OF RESPONDENTS A saving tool A tax saving device A tool to protect your family 81 74 100 SHARE (%) 81% 74% 100%

INTERPRETATION 81% of the respondents have perception of Insurance being a saving tool. And 74% of the respondents have perception of Insurance being a tax saving device.

But 100% of the respondents are with the view that Insurance is a tool to protect your family.

[Some of the respondents opted for two or more than two items] PERSONS HAVING INSURANCE FOR Response self spouse children parents all No of respondents 40 28 21 18 11

INTERPRETATION Among that 42% people who having insurance, they have insurance 40% for self, 28%for spouse ,21% for children and 18% for their parents and 11% for all family member.

REASONS BEHIND TAKING INSURANCE RESPONSE NO. OF RESPONDENTS Tax saving Saving / Investment Family protection 80 80 100 50% 50.% 100% SHARE (%)

INTERPRETATION

80% of the Respondents opted for Insurance for tax saving benefits and saving/investment both.

But all of them, i.e. 100% of the respondents have opted for insurance for their family protection.

[Some of the respondents opted for two or more than two items]

SATISFACTION OF RESPONDENTS WITH RESPECT TO POLICY RESPONSE NO. OF RESPONDENT S Satisfied Not satisfied Not Responded Total 60 40 0 100 60% 40% 0.0% 100% SHARE (%)

INTERPRETATION 60% of the respondents are more or less satisfied with their existing policy. 40% of the respondents are not satisfied with their existing policy. In this case all of those who have taken a policy have responded.

SATISFACTION OF +VE RESPONDENTS WITH RESPECT TO SERVICE AGENT RESPONSE NO. S Satisfied Not satisfied Not Responded Total 45 55 0 100 45% 55% 0.0% 100% OF SHARE (%)

RESPONDENT

INTERPRETATION 45% of the respondents are satisfied with their existing service agent. 55% of the respondents are not satisfied with their existing insurance agent. All of those who have taken a policy have responded. NUMBER OF RESPONDENTS PAYING TAX RESPONSE NO. OF RESPONDENTS Paying tax Not paying tax Total 100 0 100 100% 0% 100% SHARE (%)

INTERPRETATION Of the sample size of 100 respondents, all the respondents are paying tax.

RESPONDENTS PERCEPTION ABOUT BEST FORM OF INVESTMENT FOR SECURING THEIR FUTURE NO. S OF SHARE (%)

RESPONDENT

Fixed Assets Bank deposits Jewellery Securities i.e. bonds, MFs Shares Insurance

75 11 25 40. 10 70

33% 5% 11% 17% 4% 30%

INTERPRETATION 75% of the respondents are with the view that Fixed Assets is the best form of investment for securing their future. 70% of the respondents are with the perception that Insurance is the best form of investment for securing their future, which is 2nd highest and this shows that insurance is an important key for securing your future.

[Some of the respondents opted for two or more than two items]

PEOPLES PERCEPTION ON APPROPRIATE AGE FOR BUYING INSURANCE RESPONSE After 25 years After 35 years After 45 years Anytime NO. RESPONDENTS 29 10 0 61 29% 10% 0% 61% OF SHARE (%)

INTERPRETATION

29% of the respondents are with the view that insurance should be bought after the age of 25 years.

10% of the respondents are with the view that insurance should be buyed after the age of 35 years.

Whereas, 61% of the respondents are with the view that buying of insurance do not have any thing to do with age i.e. there is no age limitations. It can be purchased any time according to the need.

PEOPLES OPINION ABOUT INDIAN INSURANCE COMPANIES RESPONSE Rigid plans Non user friendly Unsatisfactory services Non Aggressive Satisfactory Good Very good NO. OF RESPONDENTS 67 29 26 35 24 10 0 67% 29% 26% 35% 24% 10% 0% SHARE (%)

INTERPRETATION 67% of the respondents have the opinion that Indian Insurance Companies have Rigid plans. 29.5% feel that Indian Insurance companies are Non-user friendly. 26.5% feel that services of Indian Insurance companies are Unsatisfactory. 35.75% of the respondents are with the view that Indian Insurance companies are Non-aggressive. 24% of the respondents feel that products and services of Indian Insurance companies is Satisfactory. Whereas only 10.25% feel that it is Good enough. And according to the data, no single person has felt that it is very good.

[Some of the respondents opted for two or more than two items]

WHAT PEOPLE LOOK FOR IN AN INSURANCE COMPANY RESPONSE NO. OF RESPONDEN TS A trusted name Friendly service & responsiveness Good plans Accessibility 81 49 81% 49% 82 71 82% 71% SHARE (%)

INTERPRETATION 82% customers look for a Trusted name in a company for insurance. 81.5% customers look for a good plan in a company for insurance. Friendly service & responsiveness and Accessibility are also important factors looked by customers in a company. [Some of the respondents opted for two or more than two items]

PEOPLE INTERESTED IN GOING FOR INSURANCE IF A SERVICE PROVIDER PRODUCTS RESPONSE NO. OF RESPONDENT S Yes No Uncertain Total 43 44 13 100 43% 44% 13% 100% SHARE (%) AWAY FROM THE CITY OFFERS BETTER SERVICE &

INTERPRETATION The interested customers i.e. 43% are ready to go for insurance even away from a city if services and products are worthwhile, which again is a good prospect (potential) for Max New york Life Insurance to take them on their favor.

PEOPLE PLANNING FOR NEW INVESTMENTS RESPONSE NO. OF RESPONDENTS Planning Not planning Total 87 13 100 87% 13% 100% SHARE (%)

INTERPRETATION Only 13% of the customers contacted are not planning for new investments presently. Whereas, 87% of the customers are still planning for new investments this can be a great potential for Max New York Life Insurance to take them on their favor.

CONCLUSION

The project has various facets and the tenure in my SIP has been the best part in my life as there were moments of happiness, sorrow and stress. At the end the summer is True Manager and one who has control on his emotions. I have learned to live the hard way and I came to know my strength and weaknesses. It was really valuable for me as I got a project, which could test my skills in various areas, and this helped me a lot to decide the field I am most confident and successful. The Indian Insurance Industry has suddenly witnessed a major boom. Being a globalize market, the customer seeks and demand world-class products. In global market everything is bench marked and compared. The market for Insurance business is found vast; the p So, the study on life insurance business with the reference to quality becomes more important, this quality-based strategy called as service sigma. Six sigma is a management philosophy. It is a customer based approach realizing the defects are expensive. It is considered to be a way or path to achieve strategic business results. Fewer defects in the operation mean lower costs and improved customer loyalty. It is not a single activity, it is a continuous process. Potential policyholders are in a very good number. And their needs and requirements are not identical. The market share of life insurance business is comparatively superior to general insurance business. Free markets and globalization have increased competition in the changed scenario; life insurance business has to reengineer its approaches and strategies on quality basis.

SUGGESTIONS

Advertising of the insurance product should stress on the need of security. Insurance should be popularized as the means of securing future rather than saving tax. New entrants should come out with innovative riders. Policies should be issued quickly and with less formalities Other service should also be improved. Newspaper/Magazines and television are the most effective medium of advertising life insurance. Insurance agents should be well trained.

BIBLIOGRAPHY Max New York Life NEW EMPLOYEE GUIDE IRDA JOURNAL http://www.maxnewyorklife.com/ http://www.google.com/ http://www.wikipedia.com/ http://www.irdaindia.org / http://www.scribd.com/ http://www.maxindia.com/

ANNEXURE

QUESTIONNAIRE NAME:_________________________ ADDRESS:______________________ ______________________________OCCUPATION:___________________ 1. ARE YOU EMPLOYED? YES NO

If YES, only then proceed

2. DO YOU HAVE ANY INSURANCE POLICY? YES NO

3. WHICH INSURANCE POLICY DO YOU HAVE? LIFE NON-LIFE BOTH

4. WHICH COS INSURANCE POLICY YOU PREFER THE MOST? (RANKTHEM) a) LIC c) SBI LIFE INSURANCE VYSYA LIFE e) MAX NEW YORK LIFE INSURANCE AIG LIFE g) ANY OTHER ________( Specify) f) TATA b) ICICIPRUDENTIAL d) ING

5. WHAT DO YOU THINK ARE THE BENEFITS OF INSURANCE PLAN? (RANK THEM) a) COVER FUTURE UNCERTAINITY DEDUCTIONS c) FUTURE INVESTMENT OTHER _________ (Specify) d) ANY b) TAX

6. WHICH FEATURE OF YOUR POLICY ATTRACTED YOU TO BUY IT? (RANK THEM) a) LOW PREMIUM COVERAGE c) MONEY BACK GUARNTEE OF COMPANY e) EASY ACCESS TO AGENTS _________ (Specify) f) ANY OTHER d) REPUTATION b) LARGER RISK

7. WHATS YOUR PERCEPTION ABOUT INSURANCE? (RANK THEM)

a) A SAVING TOOL b) A TAX SAVING DEVICE c) A TOOL TO PROTECT FUTURE 8. ARE YOU SATISFIED WITH THE POLICY? a) SATISFIED SAVING TOOL c) NOT RESPONDING 9. ARE YOU SATISFIED WITH THE SERVICE AGENT? a) SATISFIED SAVING TOOL c) NOT RESPONDING 10. DO YOU PAY TAXES? YES NO b) NOT SATISFIED b) NOT SATISFIED

11.WHICH IS THE BEST FORM OF INVESTMENTS? (RANK THEM) a) FIXED ASSETS b) BANK DEPOSITS

c) JEWELLERY e) SHARES

d) SECURITIES, i.e. Bonds, MFs f) INSURANCE

12. . WHAT DO YOU INTENT TO GAIN FROM INVESTMENTS? a) SAVING & RETURNS c) TAX BENIFITS 13.WHATS THE RIGHT AGE TO BUY INSURANCE? a) AFTER 25 Yrs c) AFTER 45 Yrs b) AFTER 35 Yrs d) ANYTIME b) SECURITY

14.HOW WOULD YOU RATE INDIAN INSURANCE COs? a) RIGID PLANS c) UNSATISFATORY SREVICES e) SATISFACTORY g) VERY GOOD b) NON-USER FRIENDLY d) NON-AGGRESSIVE f) GOOD

15. WHAT WOULD YOU LOOK FOR IN AN INSURANCE COs? (RANK THEM) a) A TRUSTED NAME RESPONSIVENESS c) GOOD PLANS d) ACCESSIBILITY b) FRIENDLY SERVICE &

16.WOULD YOU GO FOR INSURANCE IF A SERVICE PROVIDER AWAY FROM THE CITY OFFERS BETTER SERVICE & PRODUCTS? a) YES b) NO c) UNCERTAIN

17.ARE YOU PLANNING FOR NEW INVESTMENTS?

PLANNING

NOT PLANING