A SUMMER INTERNSHIP REPORT ON

COMPETITIVE ANALYSIS OF MAX NEW

YORK LIFE WITH DIFFERENT INSURANCE
COMPANY

MBA-2008-2010

UNDER THE GUIDANCE OF

2
DECLARATION

3
TABLE OF CONTENTS

4
INTRODUCTI
ON

5
6
Introduction

Indian Insurance industry is emerging rapidly after year 2000. To

survive in this highly competitive scenario, managers are being
pressured to improve quality, recruit quality, give the best training and
skilled people and eliminate inefficiency. The collective efforts of the
employer, managers and other relative people assume relevance in
this context. And this is where marketing management and human
resources play important role.

Recruitment and selection is very important in today’s scenario. But

still it is ignored and considered as a secondary aspect. In case of
insurance industry recruitment and recruitment only decide success or
failure of company.

I have made an attempt to study this aspect of Insurance industry in

my project. In this project, I have tried to learn, what is the impression
of recruitment in MNYL? I have tried to find out how exactly
recruitment is very important for this firm as well as this industry,
which are the different strategies firm use to train quality people and
so on. It is more qualitative rather than a quantitative data.

To get knowledge of above questions and to fulfill the requirements for

my project on “A Study on recruitment and selection at max new
york life for various levels’. I have worked in MNYL and searched
some internet sites.

7
1.1 Brief History of Insurance Sector in India

The insurance sector in India has come a full circle from being an open
competitive market to nationalization and back to a liberalized market
again.

Tracing the developments in the Indian insurance sector reveals the

360-degree turn witnessed over a period of almost 190 years.

The business of life insurance in India in its existing form started in

India in the year 1818 with the establishment of the Oriental Life
Insurance Company in Calcutta.

Some of the important milestones in the life insurance business in

India are:

1912 - The Indian Life Assurance Companies Act enacted as the first
statute to regulate the life insurance business.

1928 - The Indian Insurance Companies Act enacted to enable the

government to collect statistical information about both life and non-
life insurance businesses.

1938 - Earlier legislation consolidated and amended to by the

Insurance Act with the objective of protecting the interests of the
insuring public.

1956 - 245 Indian and foreign insurers and provident societies taken
over by the central government and nationalized. LIC formed by an Act
of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5
crore from the Government of India.

8
The General insurance business in India, on the other hand, can trace
its roots to the Triton Insurance Company Ltd., the first general
insurance company established in the year 1850 in Calcutta by the
British.

Some of the important milestones in the general insurance business in

India are:

1907 - The Indian Mercantile Insurance Ltd. set up, the first company
to transact all classes of general insurance business.

1957 - General Insurance Council, a wing of the Insurance Association

of India, frames a code of conduct for ensuring fair conduct and sound
business practices.

1968 - The Insurance Act amended to regulate investments and set

minimum solvency margins and the Tariff Advisory Committee set up.

1972 - The General Insurance Business (Nationalization) Act, 1972

nationalized the general insurance business in India with effect from
1st January 1973.

107 insurers amalgamated and grouped into four companies viz. the
National Insurance Company Ltd., the New India Assurance Company
Ltd., the Oriental Insurance Company Ltd. and the United India
Insurance Company Ltd. GIC incorporated as a company.

9
Indian Insurance Industry:

Learn About 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.

The risk, which can be insured against include fire, the peril of sea,
death, incident, & burglary. Any risk contingent upon these may be
insured against at a premium commensurate with the risk involved.

Insurance is actually a contract between 2 parties whereby one party

called insurer undertakes in exchange for a fixed sum called premium
to pay the other party happening of a certain event.

Insurance is a contract whereby, in return for the payment of premium

by the insured, the insurers pay the financial losses suffered by the
insured as a result of the occurrence of unforeseen events.

With the help of Insurance, large number of people exposed to a

similar risk make contributions to a common fund out of which the
losses suffered by the unfortunate few, due to accidental events, are
made good.

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Functions of Insurance

The functions of Insurance can be bifurcated into two parts:

• Primary Functions
• Secondary Functions
• Other Functions

The primary functions of insurance include the following:

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 a device to share the financial

loss of few among many others. Insurance is a 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 is paid.

Assessment of risk - Insurance determines the probable volume of risk

by evaluating various factors that give rise to risk. Risk is the basis for
determining the premium rate also

Provide Certainty - Insurance is a device, which helps to change from

uncertainty to certainty. Insurance is device whereby the uncertain
risks may be made more certain.

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The secondary functions of insurance include the following:

Prevention of Losses - Insurance cautions individuals and businessmen

to adopt suitable device to prevent unfortunate consequences of risk
by observing safety instructions; installation of automatic sparkler or
alarm systems, etc. Prevention of losses cause lesser payment to the
assured by the insurer and this will encourage for more savings by way
of premium. Reduced rate of premiums stimulate for more business
and better protection to the insured.

Small capital to cover larger risks - Insurance relieves the businessmen

from security investments, by paying small amount of premium
against larger risks and uncertainty.

Contributes towards the development of larger 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.

The other functions of insurance include the following:

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 other ways.

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Risk Free trade - Insurance promotes exports insurance, which makes
the foreign trade risk free with the help of different types of policies
under marine insurance cover.

The end of the year 2000 marks a significant change and growth of
'India Insurance' industry scenario. Monopoly of Public Sector
Insurance company marks an end and Private companies makes
inroad. Foreign companies, both Life and General flocked, collaborated
and helped astronomical growth of 'Insurance Industry in India'.

'India Insurance' growth was long overdue. Within 1st 12 months of

liberation of 'Indian Insurance Industry' 10 licenses for selling life
insurance products and 6 licenses for selling non-life products were
issued to private companies. The Public sector giant LIC started losing
its market share at the cost of stupendous growth of private players.
Now 'India Insurance' industry has more than a dozen private life
insurance players and 9 private general insurance companies.
Aggressive and penetrative marketing strategy coupled with wide
product bandwidth was an instant success among the ignorant
masses. Most of the private companies registered more than 100%
growth till then and are still continuing with such monstrous growth
figures. Although, 'Insurance in India' is not regarded as a basic need
but it is getting popular among semi urban to rural masses. Top rank
private companies like ICICI Prudential Life Insurance, Tata AIG, Bajaj
Allianz etc are aggressively researching and innovating products for
huge untapped rural 'India Insurance' market. Collaboration with micro
finance companies, post offices, rural banks and village management
authorities for selling insurance is doing wonders.

Life insurance products covers risk for the insurer against eventualities
like death or disability. Non-life insurance products covers risks against
natural calamities, burglary, etc. They are not as popular as life

13
products in the ' Insurance India's' portfolio. Until very recently it had
only corporate buyers, but with natural disasters like, earth quakes,
tsunamis, storms and floods becoming more frequent and damaging
there has been a sudden spurt in sales of general insurance amongst
individuals. Consumerism of life style goods and modern amenities has
also contributed to its growth. With more awareness and wide
bandwidth of insurance product portfolio the growth for 'India
Insurance' story will only get more competitive and more affordable to
all sections of Indian society.

Present Scenario

The Government of India liberalised the insurance sector in March

2000 with the passage of the Insurance Regulatory and Development
Authority (IRDA) Bill, lifting all entry restrictions for private players and
allowing foreign players to enter the market with some limits on direct
foreign ownership. Under the current guidelines, there is a 26 percent
equity cap for foreign partners in an insurance company. There is a
proposal to increase this limit to 49 percent.

The opening up of the sector is likely to lead to greater spread and

deepening of insurance in India and this may also include restructuring
and revitalizing of the public sector companies. In the private sector 12
life insurance and 8 general insurance companies have been
registered. A host of private Insurance companies operating in both life
and non-life segments have started selling their insurance policies
since 2001.

Insurance companies:

IRDA has so far granted registration to 12 private life insurance

companies and 9 general insurance companies. If the existing public

14
sector insurance companies are included, there are currently 13
insurance companies in the life side and 13 companies operating in
general insurance business. General Insurance Corporation has been
approved as the "Indian reinsurer" for underwriting only reinsurance
business.

15
1.2 Company profile of MAX NEWYORK LIFE :

Max New York Life Insurance

“Max New York Life wants people to view insurance as a financial

protection and wealth creation instrument and not just a tax-saving
tool.”

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.

New York Life is a Fortune 100 company that has over 160 years of
experience in the life insurance business. Max India Limited is a multi-
business corporate dealing in Clinical Research, IT and Telecom
Services, and Specialty Plastic Products businesses.

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Max New York Life Insurance started its operations in India in 2000. It
is the first life insurance company in India to be awarded the IS0
9001:2000 certification. Max New York offers customized products
tailored to suit individual's needs. With its various Products and Riders,
there are more than 400 product combinations to choose from. Today,
Max New York Life Insurance has a network of 57 offices spread over
37 cities all over India.

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. 657 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
recruitment.

Max New York Life invests significantly in its recruitment program 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. Recruitment is a continuous process for agents at Max
New York Life and ensures development of skills and knowledge
through a structured program spread over 500 hours in two years. This
focus on continuous quality recruitment 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.

It has established a wide agency distribution network with 172 offices

and representatives across 120 cities in India. The company has

17
established additional channel with 22 bancassurance relationships,
corporate tie-ups and a strong Direct Sales Team. Through its wide
network of highly competent life insurance agent advisors, flexible
product solutions and strong customer focus, Max New York life is
creating a partnership for life with its customers in India.

Max New York Life, one of India’s leading life insurance companies,
expanded its presence in the southern region by opening its first
general office in the city of Mysore. Max New York Life now has
established a countrywide network of 172 offices and representatives
across 120 cities in India.

Max New York Life, which has till date sold over 1.53 million policies
and recorded a sum assured of over Rs. 46,000 crore, has positioned
itself on the quality platform. The company has developed a strong
corporate governance model based on defined core values of caring,
knowledge, excellence and honesty. Its strategy is to establish itself as
a trusted life insurance specialist on the bedrock of quality of advice.
The company has over 25,300 agent advisors, who are widely
considered the best in the business.

Max New York Life aspires to be the "life insurance brand of first
choice" amongst Indian consumers. To achieve this the company will
draw on New York Life's demonstrated competence in developing and
managing a superior personal sales network. For the last 46 years
consecutively, the largest number of agents qualifying for membership
to the Million Dollar Round Table (MDRT) have been from New York
Life. The MDRT is the industry's most prestigious organization
comprising the world's most successful insurance agents. Max New
York Life, a merit oriented and equal opportunities employer, is looking
for a few good men and women who will spearhead the effort to realize
this vision.

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“Max New York Life wants people to view insurance as a financial
protection and wealth creation instrument and not just a tax-saving
tool. Since the launch of our operations, our focus has always been on
providing risk protection and long-term wealth creation solutions to our
customers. With a diverse product portfolio to meet customer
requirements, it is evident that we are setting benchmarks in the
marketplace and are well on course of realizing our vision to become
India’s most admired Life Insurance Company.”

“An ever expanding presence of Max New York Life offices across India
reinforces our commitment to serving the nation. We are extremely
pleased with our progress in the region and feel that opening an office
in Mysore would help us educate people about the true potential and
benefits of life insurance. As life insurance specialists, Max New York
Life will continue to help consumers make the right choices to meet
their financial goals, both for the short and long-term, through sound
quality advice offered by our agent advisors and a right mix of product
offerings.” he added.

Max New York Life has been instrumental in changing the paradigm of
life insurance in India. It is the first life insurance company in India to
introduce cause related marketing.

Children are at the very heart of Max New York Life's strategy. SOS
Children's Villages of India is internationally recognized for its work in
giving underprivileged children a wholesome life. The mission of SOS is
"to help orphaned and abandoned children, by providing them with a
family, a permanent home, education and strong foundation for an
independent life." It's mission ties in with Max New York Life's
philosophy of helping people secure the future of their near and dear
ones.

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Vision:

Vision statement is "Most Admired Life Insurance Company in

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

Max New York Life Values and Beliefs

Excellence

"In every aspect of work. Ranging from the in-house training institute
to the detailed Personal Insurance Plan. Max New York Life is focused
on achieving the highest standards of quality in every aspect of their
business".

Honesty
"Is the heart of the Life Insurance business. Max New York believes
that above all, Life Insurance is based on trust. Transparency,
Dependability and Integrity will form the cornerstones of the Max New
York Life experience."

Knowledge
"Is what makes experts. Max New York Life is focused on the Life
Insurance business. Perfectly combining global expertise with local
knowledge, Max New York Life is the Indian Life Insurance specialist."

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Caring

"For the customer. Max New York Life is redefining the Life Insurance
paradigm to focus on the needs of the customers. The Max New York
service process is responsive, personalized, humane and empathetic."

Culture:

Our "in house culture recipe" has some of the finest ingredients going
into its making. Some of the more prominent aspects of our culture are
stated below:

• Customer comes first

• Do it right the first time
• Bias for result oriented action
• Financial strength and discipline
• Clarity of purpose
• International quality standards
• Inclusive Meritocracy
• Learning opportunities
• Fun at work
• Commitment to published value system

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Products of Max New York Life

Max New York Life Insurance offers an inangible product that is an

insurance cover. 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. The products that are offered by
Max New York Life are broadly divided into:

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
employers-employees, 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

22
 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 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).

The products offered by Max New York are :

 Life Partner Plus Plan  20 year Endowment (Par) Plan

 Life Gain Plus 20  Life Gain Plus 25 Participating
Participating Plan Plan

 Life Gain Endowment Plan  Endowment to Age 60 (Par)

Plan
 Children Plan  Whole Life Participating Plan

 SMART Invest Pension Plan  Five Yr Renewable and

Convertible Plan (Non - Par)

 Level Term Plan  LifeLine MediCash Plus Plan

 LifeLine Wellness Plan  LifeLine MediCash Plan

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  LifeLine-Safety Net Plan  Life Pay Money Back

 Life Maker Gold Plan  Smart Assure

 Smart Assure  Life Invest Plan

 Life Maker Premium  SMART EXPRESS

Investment Plan

The latest product that MNLY has come up with is known as the SMART
EXPRESS where the minimum premium is 50,000 but the benefit of
this policy if taken on a yearly mode is since it being a ULIP product
and the markets trend not looking too great the value of the fund
freezes when the stock price increases hence it to an extent offers a
fixed return it can say that one who invest in this plan is assured of a
positive return. This product was introduced since it had to discontinue
its very famous product Life Invest again this was due to the guidelines
of IRDA when it says if the plan crosses a certain limit of sum assured
offered it has to close the product.

ACHEIVEMENTS

Max New York Life is the first life insurance company in India to be
awarded the IS0 9001:2000 certifications.

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.

24
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.

Benefits

A career at Max New York Life has innumerable advantages. With low
start up investment you can become a part of a world-class
organization and make a positive difference to people’s lives.

Our agents sell more policies and make more money than agents of
any other life insurance company. The financial rewards are in the
form of

• Commissions on new sales

• Ongoing renewal commissions
• Performance linked bonus
• Referral commissions
• Training reimbursement

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1.3 SWOT ANALYSIS

A scan of the internal and external environment is an important part of

the strategic planning process. Environmental factors internal to the
firm usually can be classified as strengths (S) or weaknesses (W), and
those external to the firm can be classified as opportunities (O) or
threats (T). Such an analysis of the strategic environment is referred to
as a SWOT analysis.

Strengths

 The intense competition brought about by deregulation has

encouraged the industry to innovate in all areas; from
underwriting, marketing, policy holder servicing to record-
keeping.
 Aggressive marketing strategies by private sector insurers will
buoy consumer awareness of risk and expand the markets for
products.
 Competition in a deregulated environment will allow market
forces to set premiums that are appropriate for exposures and
push insurers to differentiate their products and services.

Weaknesses

 Premiums rates will remain under pressure due to intense

competition on the more profitable lines.
 Falling premium income without a corresponding reduction in
claims is likely to drive down profits.

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  Reinsurance is likely to cost more as treaty reinsurers reduce
ceding commissions to compensate for the lower rates following
deregulation.

Opportunities

 Innovations in distribution and improvements in market

penetration will follow as public and private insurers compete to
market their products.
 Allowing insurers to issue their own policy wordings and set their
own rates will enable underwriters to tailor products to meet
client needs.
 The existence of stringent licensing requirements ensures that
only adequately capitalized and professionally managed
companies are eligible to carry out insurance and reinsurance.

Threats

 Public and private sector insurers‟ greater reliance on their

investment portfolios to generate sufficient income and gains for
net profits would subject them to the volatility of the financial
markets.
 Private insurers need to raise more capital; otherwise growth
could be constrained since reliance on reinsurance for capital
relief is not always viable or available.
 Traditional distribution channels, especially tied agents, need to
be improved to match the new product offerings.

27
 Like all developing economies on a fast track, the shortage of
trained insurance professionals and technicians at all levels
cannot be remedied in the short term.

28
OBJECTIVE AND
METHADOLOGY

29
2.1 SIGNIFICANCE

This study was undertaken to identify which type of insurance plans

MNYL should market to beat other LIC in India. A survey was
undertaken to understand the preferences of Indian consumers with
respect to insurance. While marketing policies the sole duty of an
advisor/ agent is to provide insurance plans as per customer
requirements.

In effect plans (insurance products) should be flexible to suit individual

requirements. This research tries to analyze some key factors which
influence the purchase of insurance like the term of the policy, the
type of company, the amount of annual premium payable (capacity
and willingness to spend), risk taking ability and the influence of
advertising. Solutions and recommendations are made based on
qualitative and quantitative analysis of the data.

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2.2 OBJECTIVES

 To analysis the product details of MNYL and other life

Insurance Company Limited.

 To find ‘Points of Parity’ and ‘Points of Difference’ of MNYL

and other Life Insurance Company Limited.

 To find out factors that influence customers to purchase

insurance policies and give suggestions for further
improvement.

31
2.3 Research Methodology:

TYPE OF DATA COLLECTED

There are two types of data used. They are primary and secondary
data. Primary data is defined as data that is collected from original
sources for a specific purpose. Secondary data is data collected from
indirect sources. (Source: Research Methodology, By C. R. Kothari)

PRIMARY SOURCES

These include the survey or questionnaire method, telephonic

interview as well as the personal interview methods of data collection.

SECONDARY SOURCES

These include books, the internet, company brochures, product

brochures, the company website, competitor’s websites etc,
newspaper articles etc.

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 SAMPLING

Sampling refers to the method of selecting a sample from a given

universe with a view to draw conclusions about that universe. A
sample is a representative of the universe selected for study.

SAMPLE SIZE

The sample size for the survey conducted was 270 respondents. This

sample size was taken on 95% confidence level and 6 significant level.

Data universe for this sample is 10,00,000 which is approx population

of Delhi excluding people below age of 18 years.

SAMPLING TECHNIQUE

Random sampling technique was used in the survey conducted.

PLAN OF ANALYSIS

Tables were used for the analysis of the collected data. The data is
also neatly presented with the help of statistical tools such as graphs
and pie charts. Percentages and averages have also been used to
represent data clearly and effectively.

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2.4 LIMITATIONS

Every study has certain limitations. In my study, also there were certain
limitations, which I could not able to solve.

1. The research was conducted in a very small area.

2. Time factor was also important for me. I had only 60 days to complete
my research, for which a full-fledged report was insufficient for me.
3. The respondents filled the questionnaire mostly in careless manner, so
it was difficult to make them hold for time.
4. The sample size is also very small which represent my research on
behavior

My study is not recognizable in whole INDIA as well as outside Delhi due

to the above limitations and less area coverage.

34
Literature
Review

35
 COMPETITIVE ANALYSIS

LIFE INSURANCE CORPORATION OF INDIA (LIC)

LIC has an excellent money back policy which provides for periodic payments
of partial survival benefits as long as the policy holder is alive. 20% of the
sum assured is payable after 5, 10, 15 and 20 years and the balance 40% is
payable at the 20th year along with accrued bonus. (www.lic.com)

For a 25 years term , 15% of the sum assured becomes payable after 5,10,15
and 20 years and the balance 40% plus the accrued bonus becomes payable
at the 25th year. An important feature of these types of policies is that in the
event of the death of the policy holder at any time within the policy term the
death claim comprises of full sum assured without deducting any of the
survival benefit amounts which have already been paid. The bonus is also
calculated on the full sum assured.

HDFC SLIC does not have a money back policy. It could offer a money back
plan and capture some portion of this market. While marketing insurance
products I found that many customers wanted to purchase these plans.

LIC offers 66 different plans; plans are formulated for specific occasions –
whole life plans, term assurance plans, money back plan for women, child
plans, plans for the handicapped individuals, endowment assurance plans,
plans for high worth individuals, pension plans, unit linked plans, special
plans, social security schemes – diversified portfolio of products. HDFC SLIC
could diversify its product portfolio. It could add more plans for high worth
individuals and women.

36
ICICI PRUDENTIAL

ICICI Prudential is a stiff competitor for HDFC SLIC. The company is a merger
between ICICI Bank which is the biggest private bank in India and Prudential
Plc which is a global life insurance company.

The company has an investment plan which is market related – Invest Shield
Life. In this plan even if the market falls, the premium will be returned to
investors. It is a guaranteed plan which ensures the company carefully
invests your money. The stock market performance of ICICI Prudential is
much better than HDFC SLIC. The returns on the growth fund were 46.28%
compared to the 42.70% offered by HDFC SLIC. Customers are attracted by
higher returns and this is a plus point for Prudential.

The company is very well advertised. The advertisements are showcased in

movies, television, newspapers, magazines, bill boards, radio etc. The
company has an excellent brand ambassador – Mr. Amitabh Bacchan. His
promotion of the company builds trust and faith in the minds of our people.

However the charges are very high in the plans offered by ICICI Prudential. It
is 35% during the first year, 15% in the next year and 3% from the third year
onwards. Also a higher minimum premium of Rs. 8000 is charged. Hence the
policies are not accessible to the lower strata of the society. (Source:
www.iciciprulife.com)

37
BIRLA SUN LIFE

Birla Sun Life Insurance Company Limited is a joint venture between The
Aditya Birla Group, one of the largest business houses in India and Sun Life
Financial Inc., a leading international financial services organization. The
local knowledge of the Aditya Birla Group combined with the expertise of Sun
Life Financial Inc., offers a formidable protection for your future. (Source:
www.birlasunlife.com)

The Aditya Birla Group has a turnover close to Rs. 33000 crores with a
market capitalization of Rs. 53400 crores (as on 31st March 2007). It has
over 72000 employees across all its units worldwide. It is led by its Chairman
- Mr. Kumar Mangalam Birla. Some of the key organizations within the group
are Hindalco and Grasim.

Sun Life Financial Inc. and its partners today have operations in key markets
worldwide, including Canada, the United States, the United Kingdom, Hong
Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. It had
assets under management of over US$343 billion, as on 31st March 2007.
The company is a leading player in the life insurance market in Canada.

Being a customer centric company, BSLI has invested heavily in technology

to build world class processing capabilities. BSLI has covered more than a
million lives since inception and its customer base is spread across more
than 1000 towns and cities in India. All this has assisted the company in
cementing its place amongst the leaders in the industry in terms of new
business premium income. The company has a capital base of 520 crores as
on 31st July, 2007.

Its Flexi Life Line Plan offers life long insurance cover till the policy holder is
100 years of age. There are guaranteed returns of 3% p.a. net of policy
charges after every 5 years from the eleventh policy year onwards. However
the charges are very high. The initial charges for the first year are 65%.
Hence the fund value is greatly reduced.

38
BAJAJ ALLIANZ

Bajaj Allianz is a joint venture between Allianz AG with over 110 years of
experience in over 70 countries and Bajaj Auto, a trusted automobile
manufacturer for over 55 years in the Indian market. Together they are
committed to offering you financial solutions that provide all the security you
need for your family and yourself. Bajaj Allianz is the number one private life
insurer for the year 2005 – 2006. It is leading by 78 crores. It has
experienced a whopping growth of 216% in the last financial year.

The company has sold 13, 00,000 policies and is backed by 550 offices
across India. It offers travel insurance, motor insurance, home insurance,
health and corporate insurance. The mortality charges are lower than HDFC
SLIC. The entry age could be zero years which allow even new born babies to
be insured. (Source: www.bajajallianz.com)

39
TATA AIG

Tata AIG Life Insurance Company Limited (Tata AIG Life) is a joint venture
company, formed by the Tata Group and American International Group, Inc.
(AIG). Tata AIG Life combines the Tata Group’s pre-eminent leadership
position in India and AIG’s global presence as the world’s leading
international insurance and financial services organization. The Tata Group
holds 74 per cent stake in the insurance venture with AIG holding the balance
26 percent. Tata AIG Life provides insurance solutions to individuals and
corporate. Tata AIG Life Insurance Company was licensed to operate in India
on February 12, 2001 and started operations on April 1, 2001.

THE TATA GROUP

The Tata Group is one of India's largest and most respected business
conglomerates, with revenues in 2004-05 of $17.8 billion (Rs. 799,118
million), the equivalent of about 2.8 per cent of the country's GDP. Tata
companies together employ some 215,000 people. The Group's 32 publicly
listed enterprises - among them standout names such as Tata Steel, Tata
Consultancy Services, Tata Motors and Tata Tea - have a combined market
capitalization that is the highest among Indian business houses in the private
sector, and a shareholder base of over 2 million. The Tata Group has
operations in more than 40 countries across six continents, and its
companies export products and services to 140 nations.

AIG
American International Group, Inc. (AIG), world leaders in insurance and
financial services, is the leading international insurance organization with
operations in more than 130 countries and jurisdictions. AIG companies serve
commercial, institutional and individual customers through the most
extensive worldwide property-casualty and life insurance networks of any
insurer. In addition, AIG companies are leading providers of retirement
services, financial services and asset management around the world. AIG's
common stock is listed on the New York Stock Exchange as well as the stock
exchanges in London, Paris, Switzerland and Tokyo.

40
Tata AIG has strong brand name and recall factor which most of its
competitors lack in. Other than the public behemoth Life Insurance
Corporation (LIC) of India which has a major hold in the market share (of
approximately 79%), the private players too are having more and more
opportunities to tighten their hold of the market. Of the private players, ICICI
Prudential comes first with an almost 4.50% of the market share followed by
Tata AIG with about 2.10% of the pie. The private players have everything to
work for, especially with LIC not meeting the needs of its clientele with
respect to the services they need. This provides a prospect for the private
sector players to increase their share of the market. Companies with a
familiarity such as Tata AIG can especially achieve their targets due to the
brand image that the Tata group has.

(Source: www.tata-aig-life.com)

A recent survey conducted by the Voluntary Organization in Interest of

Consumer Education (VOICE) revealed Tata AIG Life Insurance Company
(Tata AIG Life) as the clear winner in terms of customer satisfaction in
the life insurance category. This is India's first-ever customer satisfaction
study for the insurance sector.

The survey also revealed that Tata AIG Life had a high recall as a reputed
brand name. The ability to provide innovative and customer-focused service
such as allowing the maximum grace period for premium payment has not
only further distinguished Tata AIG Life from other life insurance companies
but also appealed to consumers.

41
 MARKETING PROBLEMS

The old and out dated technique of tele marketing is used to prospect
customers. More modern techniques must be adopted. The company must
sponsor shows and give presentations in corporate houses. The financial
health check must be performed for every prospect to assess his/her true
financial position and needs. Some of the advisors skip this vital step and the
prospect ends up with a plan they do not appreciate and soon surrender or
discontinue.

Some of the main problems in marketing the policies are:

 Large amount of competition (18 players in the market)

 Other brands are well advertised and have higher recall value

 LIC is considered a safer option

 Face competition from banks and mutual funds

 High premium policies are difficult to market

 Incorrect perception about insurance

 Interested prospects might have a lack of time and postpone

investments

 Customers get defensive if you cold call

 Short term plans are available only at large premium

 Customers do not have risk appetite to invest in shares

 Some prospects have already invested and are not interested in

further investments

 Consumers don’t want to undertake medical examinations

 Large amount of documentation

42
  Customers do not like their money locked up for many years

 Lack of awareness about the unit linked funds in the market

 No money back plan present in the product portfolio

SUGGESTIONS FOR IMPROVEMENT

 Advertise about the company and its products – it motivates

individuals to purchase insurance

 Create a positive perception about insurance

 Speak about the good features a plan offers like high returns, life

cover, tax benefits, indexation, accident cover while prospecting

customers

 Try to sell the product/plan which the consumer requires and not the

plan where the advisors benefit is higher

 Improve the efficiency in operations

 Bring out policies with small premiums payable for short periods of

time – Rs. 5000 – Rs. 10000 per annum for 10 years

 Attract the youth of India with higher returns on investment as returns

are the motivating factor which influence purchase of insurance

 Promote insurance in colleges and corporate houses

 Promote MNYL as an Indian Company to build trust

 MNYL could have a brand ambassador or a mascot to promote its

services

 Should have partial withdrawals from the first year onwards

 Tap the rural market where there is large potential

43
 Diversify product portfolio

 Make products more straight forward – reduce complexities

DATA
ANALYSIS
44
45
 ANALYSIS & INTERPRETATION

“A SURVEY ON THE LIFE INSURANCE INDUSTRY IN INDIA”

AGE GROUP OF SURVEYED RESPONDENTS

TABLE 1:

Age group No. of Respondents

18 - 25 years 127

26 - 35 years 67

36 - 49 years 46

50 - 60 years 24

More than 60 years 6

CHART 1:

46
Analysis:

From the chart above we find that 47% of the respondents fall in the age
group of 18 – 25 years, 25% fall in the age group of 26 – 35 years and 17%
fall in the age group of 36 – 49 years.

Therefore most of the respondents are relatively young (below 26 years of

age). These individuals could be induced to purchase insurance plans on the
basis of its tax saving nature and as an investment opportunity with high
returns.

Individuals at this age are trying to buy a house or a car. Insurance could
help them with this and this fact has to be conveyed to the consumer. As of
now many consumers have a false perception that insurance is only meant
for people above the age of 50. Contrary to popular belief the younger you
are the more insurance you need as your loss will mean a great financial loss
to your family, spouse and children (in case the individual is married) who
are financially dependent on you.

47
 GENDER CLASSIFICATION OF SURVEYED RESPONDENTS

TABLE 2:

Particulars No. of Respondents

Male 193

Female 77

CHART 2:

48
 CUSTOMER PROFILE OF SURVEYED RESPONDENTS

TABLE 3:

Customer profile No. of respondents

Student 62

Housewife 5

Working Professional 116

Business 49

Self Employed 24

Government service employee 14

CHART 3:

Analysis:

49
From the chart above it can clearly be seen that 43% of the respondents are
working professionals, 23% are students and 18% are into business.
Therefore the target market would be working individuals in the age group of
18 – 25 years having surplus income, interested in good returns on their
investment and saving income tax.

50
NO. OF RESPONDENTS WHO HAVE LIFE INSURANCE POLICY IN THEIR
NAME

TABLE 4:

Person who have life insurance policy

Yes 103

No 167

CHART 4:

ANALYSIS:

This graph shows that out of total 270 respondents only 103 or 38%
respondents have life insurance policy in their name. Rest all don’t have a
single policy in their name. So there is a very big scope for life insurance
companies to cover these people. So in future business of life insurace will
gro further.

51
 MARKET SHARE OF LIFE INSURANCE COMPANIES

TABLE 5:

LIFE INSURER NUMBER OF POLICIES

HDFC STANDARD LIFE 4

BIRLA SUN LIFE 3

AVIVA LIFE INSURANCE 6

BAJAJ ALLIANZ 7

LIC 55

TATA AIG 6

ICICI PRUDENTIAL 12

ING VYSYA 6

BHARTI AXA 2

OTHERS 2

52
CHART 5:

Analysis:

In India, the largest life insurance company is Life Insurance Corporation of

India. It has been in existence in India since 1956 and is completely owned
by the Government of India. Today the organization has grown to 2048
offices serving 18 crore policies and has a corpus of over 340000 crore INR.

53
 ANNUAL PREMIUM PAID BY INDIVIDUALS FOR LIFE INSURANCE

TABLE 6:

Premium paid (p.a.) No. of respondents

Rs. 5000 - Rs. 10000 40

Rs. 10001 - Rs. 15000 26

Rs. 15001 - Rs. 24900 18

Rs. 25000 - Rs. 50000 10

Rs. 50001 - Rs. 60000 4

Rs.60001 - Rs. 80000 2

Rs. 80001 - Rs. 100000 3

CHART 6:

ANNUAL PREMIUM PAID BY INDIVIDUALS FOR LIFE INSURANCE

54
Analysis:

From the chart above we find that, 39% of the respondents surveyed pay an
annual premium less than Rs. 10001 towards life insurance. 25% of the
respondents pay an annual premium less than Rs. 15001 and 17% pay an
annual premium less than Rs. 25000. Hence we can safely say that HDFC
SLIC would be able to capture the market better if it introduced
products/plans where the minimum premium starts at Rs. 5000 per annum.

Only 19% of the respondents pay more than Rs. 25000 as premium and most
products sold by HDFC SLIC have Rs.12000 as the minimum annual premium
amount. They should introduce more products like Easy Life Plus and Safe
Guard where the minimum premium is Rs.6000 p.a. and Rs. 12000 p.a.
respectively. This would definitely increase their market share as more
individuals would be able to afford the policies/plans offered.

55
 POPULAR LIFE INSURANCE PLANS

TABLE 7:

Type of Plan No. of Respondents

Term Insurance Plans 105

Endowment Plans 122

Pension Plans 16

Child Plans 8

Tax Saving Plans 19

CHART 7:

POPULAR LIFE INSURANCE PLANS

56
Analysis:

From the chart given above we can clearly see that 45% of the respondents
hold endowment plans and 39% of the respondents hold term insurance
plans. Endowment plans are very popular and serve two purposes – life cover
and savings.

If the policy holder dies during the policy term the nominee gets the death
benefit that is, sum assured and accumulated bonus. On survival the policy
holder receives the survival benefit with a bonus.

A term plan is a pure risk cover plan wherein the insured pays a lower
premium for a higher sum assured. Term insurance is the cheapest form of
insurance and helps the policy holder insure himself for a relatively low
premium. For the returns sensitive investor term plans do not find favor as
they do not offer a return in case the individual does not die during the policy
term.

57
 AWARENESS OF UNIT LINKED INSURANCE PLANS

TABLE 8:

Awareness of Unit Linked Plans No. of Respondents

Yes 154

No 116

CHART 8:

AWARENESS OF UNIT LINKED INSURANCE PLANS

58
Analysis:

From the chart given above we find that 57% of the respondents are aware
of unit linked life insurance plans and 43% are not aware of such plans.
These plans should be promoted through advertising. The company can
advertise through television, radio, newspapers, bill boards and pamphlets.
This would increase awareness and arouse curiosity in the minds of the
consumer which would enable the company to market its products more
effectively.

Unit – linked plans are those where the benefits are expressed in terms of
number of units and unit price. They can be viewed as a combination of
insurance and mutual funds. The number of units a customer would get
would depend on the unit price when they pay the premium.

When the policy matures the individual gets his fund value. The value of his
fund is calculated by multiplying the net asset value and number of units
held by them on that day.

59
 CONSUMER WILLINGNESS TO SPEND ON LIFE INSURANCE PREMIUM

TABLE 9:

No. of
Willingness to spend on premium respondents Percentage

Less than Rs. 6,000 41 15%

Rs. 6,001 - Rs. 10,000 73 27%

Rs. 10,001 - Rs. 25,000 110 41%

Rs. 25,001 - Rs. 50,000 41 15%

Rs. 50,001 - Rs. 1,00,000 5 2%

CHART 9:

CONSUMER WILLINGNESS TO SPEND ON LIFE INSURANCE PREMIUM

60
Analysis:

From the graph above, we can clearly see that 41% of the respondents would
be willing to spend between Rs. 10001 – Rs. 25000 for life insurance. 27 %
would be willing to spend between Rs. 6001 – Rs. 10000 per annum. Only
15% would be willing to spend more than Rs. 25000 per annum as life
insurance premium.

We could say that the maximum premium payable by most consumers is less
than Rs. 25000 p.a. This is further reduced as most customers have already
invested with LIC, ICICI Prudential, Birla Sun Life, Bajaj Allianz etc.

HDFC SLIC is faced with a large amount of competition. There are 18

insurance companies in India inclusive of LIC. Hence to capture a larger part
of the market the company could introduce more reasonable plans with
lesser premium payable per annum.

61
 CHART SHOWING IDEAL POLICY TERM

TABLE 10:

Ideal policy term No. of respondents

3 - 5 years 51

6 - 9 years 41

10 - 15 years 95

16 - 20 years 38

21 - 25 years 24

26 - 30 years 5

More than 30 years 3

Whole life Policy 13

CHART 10:

CHART SHOWING IDEAL POLICY TERM

Analysis:

62
From the chart given above it can be seen that 35% of the respondents
prefer a policy term of 10 – 15 years, 19% prefer a term of 3 – 5 years and
15% prefer a term of 6 – 9 years. This means that HDFC SLIC could introduce
more plans wherein the premium paying term is less than 15 years.

The outlook of insurance as a product should be changed from something

which you pay for your whole life (whole life policy) and do not receive any
benefit (the nominee only receives the benefit in case of your death) to an
extremely useful investment opportunity with the prospects of good returns
on savings, tax saving opportunities as well as providing for every milestone
in your life like marriage, education, children and retirement.

63
FACTORS THAT MOTIVATE RESPONDENTS TO PURCHASE INSURANCE

TABLE 11:

Parameter No. of Respondents

Advertisements 35

High returns 84

Advice from friends 46

Family responsibilities 89

Others 16

CHART 11:

64
Analysis:

From the chart above it can be seen that 33% of the respondents purchase
life insurance to secure their families, 33% take life insurance to get high
returns, 17% purchase insurance on the advice of their friends and 13%
purchase insurance because of the influence of advertisements.

The main purpose of insurance is to cover the financial or economic loss that
occurs to the family in case of the uncertain death of the policy holder. But
now a days this trend is changing. Along with protection (life cover), a
savings element is being added to insurance.

With the introduction of the new unit linked plans in the market, policy
holders get the option to choose where their money will be invested. They
can invest their money in the equity market, debt market, money market or a
combination of these. The debt and money markets usually have low risk
attached whereas the equity market is a high risk investment option.

65
 PREFERRED COMPANY TYPE OF THE RESPONDENTS

TABLE 12:

Type of Company No. of Respondents Percentage

Government Owned
Company 127 47%

Public Limited Company 62 23%

Private Company 49 18%

Foreign Company 32 12%

CHART 12:

PREFERRED COMPANY TYPE OF THE RESPONDENTS

Analysis:

From the graph above we find that 60% of the respondents preferred to
purchase insurance from a government owned company, 29% of the
respondents preferred to purchase insurance from a public limited company
and only 4% of the respondents preferred a foreign based company. Heavy
advertising through television, newspapers, magazines and radio is required.

66
 MINIMUM EXPECTED RETURN ON INVESTMENT

TABLE 13:

Expected Returns No. of respondents

Less than 5% 5

5% - 10% 39

11% - 15% 46

16% - 20% 49

21% - 25% 46

26% - 30% 27

31% - 40% 22

41% - 50% 14

More than 50% 22

CHART 13:

67
Analysis:

From the chart above it can clearly been seen that 18% of the respondents
would like 16 – 20% returns, 17% would like returns between 21 – 25% and
17% would like returns of 11 – 15% on their investments. Therefore the
average return on investment should be at least 16 – 20 %.

Most consumers are willing to adapt to some amount of risk but still want
some guaranteed returns. Therefore the bulk of investment should be made
in the balanced fund with 50% debt and 50% equity. The returns on the
Secure Fund are guaranteed as these involve investment is government
securities and the debt market. But the returns on these instruments are low
(8 – 10%). If the company invests in shares, returns are higher (39%) but
correspondingly risk borne by the policy holder is also higher. Therefore a
good combination of the two instruments is often a wise choice.

68
 FUTURE LINE OF RESEARCH

The future topics for research in the organization could be setting up of an

appropriate ad campaign. It is very vital to the companies’ success that the
people of India know about MNYL, its products and their special features and
how insurance in general can help them in their future. The advertisements
have to be emotionally appealing. They might also include a celebrity. The
brand name of MNYL could be used to give a push to MNYL and its products.
The general perception of insurance as “inauspicious” should be done away
with and individuals and corporations accept insurance on power with other
investment opportunities.

The other area of research could be in the management of funds MNYL

possesses and how it can maximize returns for its investors. A research
project could be undertaken on how to ensure that the money gets invested
in the right companies and earns a medium – high return on investment.
Another area of research could be an analysis of the sales and marketing
techniques used by MNYL. A large number of changes could be introduced
and this would help in saving operating costs and improving the efficiency of
the firm.

69
FINDINGS

70
5.1 FIDINGS

HDFC standard life insurance is first life insurance company in India. It has
businesses spread out across the globe. It was registered on 23rd December
2000. It currently ranks number 4 amongst the insurers in India (Source:
annual premium provided by the company)

The company faces a large amount of competition. To sustain itself it must

promote its products through advertising and improve its selling techniques.
Consumers must be aware of the new plans available at HDFC SLIC. The
medium of advertising used could be television since most of its competitors
use this tool to promote their products. The company must be promoted as
an Indian company since consumers seem to have more trust in investing in
Indian firms.

The unit linked concept must be specifically promoted. The general

perception of life insurance has to change in India before progress is made in
this field. People should not be afraid to invest money in insurance and must
use it as an effective tool for tax planning and long term savings.

HDFC SLIC could tap the rural markets with cheaper products and smaller
policy terms. There are individuals who are willing to pay small amounts as
premium but the plans do not accept premiums below a certain amount. It
was usually found that a large number of males were insured compared to
females. Individuals below the age of 30 (mostly male) were interested in
investment plans. This was a general conclusion drawn during prospecting
clients.

71
BIBLIOGRAPHY

• www.maxnewyorklife.com
• www.google.com
• www.encylopedia.com
• IC 33 book of max newyork life
• Lynton, R.P. and Pareek, U. “Training for development”, 2nd Ed.,
New Delhi: Vistaar publication, 2002.
• Bhatnagar, O.P. “Evaluation methodology for training”, New
Delhi: Oxford and IBH publishing co.pvt.ltd.
• Rae, L. “The art of training and development, effective
planning”. Vol. 1, New Delhi.
• Tannenbaum, S. “A strategic view of organizational training and
learning”.
• A hand book of human resource management practice, 8th ed.,
2001.

72
Annexure

73
 A SURVEY ON ‘INSURANCE INDUSTRY’

Dear Sir/Madam,

I am a student of Management. As part of the requirements for my Post

Graduation Diploma in Management I am required to do a research based
project. Kindly spend a few minutes of your valuable time and fill in this
questionnaire.

Do you have a life insurance

policy/investment plan in your name?

o Yes o No

If yes which company’s insurance policies do

you hold?

o Aviva Life
Insurance
o HDFC Standard o Bajaj Allianz Life
Life Insurance Insurance
o Birla Sun Life o LIC
Insurance
o Tata AIG Life o ING Vysya Life
Insurance Insurance
o ICICI Prudential o Bharti Axa Life
Life Insurance Insurance
o Others (specify name)

What is the approximate premium paid by you

annually (in Rupees)?

o Rs. 5,000 – Rs. o Rs. 25,001 – Rs.

10,000 50,000
o Rs. 10,001 – Rs. o Rs. 50,001 – Rs.
15,000 60,000
o Rs. 15,001 – Rs. o Rs. 60,001 – Rs.
25,000 80,000

74
 o Rs. 80,001 – Rs.
1,00,000
o More than Rs. 1,00,000 (specify premium)

What kind of insurance policy would suit you

best in your current stage of life?

o Life Insurance o Pension Plans

o Life Insurance o Child Plans
and Investment
Plans
o Tax saving plans

Are you aware of the new unit linked

insurance plans in the market?

o Yes o No

How much would you be willing to spend per

annum if you were to go for an
investment/insurance plan?

o Less than Rs. o Rs. 25,001 – Rs.

6,000 50,000
o Rs. 6,001 – Rs. o Rs. 50,000 – Rs.
10,000 1,00,000
o Rs. 10,001 – Rs. o More than Rs.
25,000 1,00,000
Which according to you is an ideal policy
term? (Number of years you would be willing
to pay premium)

o 3 to 5 years o 21 to 25 years
o 6 to 9 years o 26 to 30 years
o 10 to 15 years o More than 30
o 16 to 20 years years
o Whole life policy

75
What motivates you to purchase
insurance/investment plans?

o Advertisements o Advice from

o High Returns friends
o Family
responsibilities
o Others (specify)

In which kind of company would you prefer to

make a purchase of insurance?

o Government o Private
owned Company
company o Foreign based
o Public Limited company
Company

Typically what kind of returns would you look

at from your investments? (Please note:
Higher returns involve greater risk)

o Less than 5% o 26% - 30%

o 6% - 10 % o 31% - 40%
o 11% - 15 % o 41% - 50%
o 16% - 20 % o More than 50%
o 21% - 25%

Personal Details:

Name:

76
Address:

Age: Contact No. :

Profile of
respondent:

• Student • Business
• Housewife • Self – Employed
• Working • Government
Professional Service
Employee

Date

77