7/31/2019 Metlife Sales
1/113
A
PROJECT REPORT
ON
Potential of Life Insurance and motivational techniques in
Chandigarh
At
A Project Report Submitted In
Fulfillment of MBA Degree
Submitted By: -
Submitted To:-
Anoop Ohri
1
7/31/2019 Metlife Sales
2/113
CONTENTS
PARTICULARS Page No.
AcknowledgementExecutive Summary
45
Introduction
Introduction of the Industry
Life Insurance
Function of insurance
Players in Indian insurance industry
Seven ps of insurance industry
Various types of Life Insurance Policies
Introduction of the Company
Company Profile
Vision and mission
Values
Management
partners
Insurance Plans/Products
S.W.O.T analysis
(7-24)
7101316
23
25272829303250
Research Methodology
Objective
Scope of study
Sampling Methodology
Limitations
(54-59)55565759
Survey Graph Analysis & Data Interpretation
(60-81)61
Findings & recommendations
Findings & Recommendations
Growth Potential
Conclusion
(82-84)828384
Bibliography (85)
2
7/31/2019 Metlife Sales
3/113
Annexure
Questionnaire
(86-87)87
LIST OF GRAPHS
Particulars PageNo.
[Fig 1] No of People Having Insurance
[Fig 2] Types of Insurance Policy Respondents Have
61
62
[Fig 3]Preferance of Respondents of Insurance Cos
[Fig 4] Benefits of Insurance Perceived by Respondents
[Fig 5]Features of Insurance Policy That Attracted Respondents
[Fig 6] Peoples Perception About Insurance
[Fig 7] Persons Having Insurance For
[Fig 8] Reasons Behind Taking Insurance Policies
[Fig 9] Satisfaction of Respondents With Respect to Policies
[Fig 10] Satisfaction of Respondents With Respect to Agents
[Fig 11] No of Respondents Paying Tax
[Fig 12] Respondents Perception About Best Form of Investment
[Fig 13] Peoples Perception of Appropriate Age For Buying Insurance
[Fig 14] Peoples Opinion About Insurance Companies in India
[Fig 15] What People Look For in Insurance Companies
[Fig 16] People Interested In Going For Insurance Away From TheirCity
[Fig 17] People Planning For New Investment
63
64
65
66
67
68
69
70
71
72
73
74
76
77
78
3
7/31/2019 Metlife Sales
4/113
EXECUTIVE SUMMARY
In todays corporate and competitive world, I find that insurance sector has the
maximum growth and potential as compared to the other sectors. Insurance has the
maximum growth rate of 70-80% while as FMCG sector has maximum 12-15% of
growth rate. This growth potential attracts me to enter in this sector and MET LIFE
INDIA INSURANCE CO. LTD. has given me the opportunity to work and get
experience in highly competitive and enhancing sector.
The success story of good market share of different organizations depends
upon the availability of the product and services near to the customer, which
can be distributed through a distribution channel. In Insurance sector,
distribution channel includes only agents or agency holders of the company.
If a company like MET LIFE INDIA INSURANCE CO. LTD, MAX NEW
YORK LIFE, ICICI, TATA AIG, etc has adequate agents in the market they
can capture big market as compared to the other companies.
Agents are the best way for a company of Insurance sector through which
policies and benefits of the company can be explained to the customer.
4
7/31/2019 Metlife Sales
5/113
5
INTRODUCTION
Introduction of the Industry
Players in Indian insurance industry
7ps of Insurance industry
Introduction of the Company Company Profile
Vision and mission
Core value
Management
Insurance Plans
7/31/2019 Metlife Sales
6/113
THE HISTORY OF INDIAN INSURANCE INDUSTRY
The story of insurance is probably as old as the story of mankind. The same
instinct that prompts modern businessmen today to secure themselves against lossand disaster existed in primitive men also. They too sought to avert the evil
consequences of fire and flood and loss of life and were willing to make some sort
of sacrifice in order to achieve security. Though the concept of insurance is largely
a development of the recent past, particularly after the industrial era past few
centuries yet its beginnings date back almost 6000 years.
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 adopted by some of the players against the interests of the
consumers then led the Indian government to nationalize the industry. InSeptember 1956, nationalization was completed, merging all these companies into
the Life Insurance Corporation (LIC). It was felt that nationalization has lent the
industry fairness, solidity, growth and reach.
Insurance may be described as a social device to ensure protection of
economic value of life and other assets. Under the plan of insurance, a
large number of people associate themselves by sharing risks attached to
6
7/31/2019 Metlife Sales
7/113
individuals. The risks, which can be insured against, include fire, the perils
of sea, death and accidents and burglary. Any risk contingent upon these,
may be insured against at a premium commensurate with the risk involved.
Thus collective bearing of risk is insurance.
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. The term "risk" is used to
describe the possibility of adverse results flowing from any occurrence or
the accidental happenings, which produce a monetary loss.
Insurance is a pool in which a 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. The
sharing of risk among large groups of people is the basis of insurance. The
losses of an individual are distributed over a group of individuals.
Definitions:
General definition:
In the words of John Magee, Insurance is a plan by themselves which large
number of people associate and transfer to the shoulders of all, risks that attach to
individuals.
Fundamental definition:
In the words of D.S. Hansell, Insurance accumulated contributions of all
parties participating in the scheme.
7
7/31/2019 Metlife Sales
8/113
Contractual definition: In the words of justice Tindall, Insurance is a
contract in which a sum of money is paid to the assured as consideration of
insurers incurring the risk of paying a large sum upon a given contingency.
Characteristics of insurance
Sharing of risks
Cooperative device
Evaluation of risk
Payment on happening of a special event
The amount of payment depends on the nature of losses incurred.
The success of insurance business depends on the large number of
people insured against similar risk.
Insurance is a plan, which spreads the risk and losses of few people
among a large number of people.
The insurance is a plan in which the insured transfers his risk on the
insurer.
Insurance is a legal contract which is based upon certain principles of
insurance which includes, utmost good faith, insurable interest,
contribution, indemnity, causas proxima, subrogation, etc.
The scope of insurance is much wider and extensive.
8
7/31/2019 Metlife Sales
9/113
Functions of insurance:
Primary functions:
1. Provide protection:- Insurance cannot check the happening of the risk,
but can provide for the losses of risk.
2. Collective bearing of risk: - Insurance is a device to share the financial
losses of few among many others.
3. Assessment of risk: - Insurance determines the probable volume of risk
by evaluating various factors that give rise to risk.
4. Provide certainty: - Insurance is a device, which helps to change from
uncertainty to certainty.
Secondary functions:
1. Prevention of losses: - Insurance cautions businessman and individuals
to adopt suitable device to prevent unfortunate consequences of risk byobserving safety instructions.
2. Small capital to cover large risks: - Insurance relives the businessman
from security investment, by paying small amount of insurance against
larger risks and uncertainty.
3. Contributes towards development of larger industries.
.
Insurance companies have two sources of income for covering these
costs: Premiums and Investment income. The premiums are collected on
a regular basis and invested in Government Bonds, Gilt, stocks, mutual
funds, real estates and other conservative avenues. However, investment
income depends on market conditions, interest rates, economy etc. and
varies from year to year. Because of the uncertainty associated with the
9
7/31/2019 Metlife Sales
10/113
investment income, insurance companies must generate enough income
from premiums to cover the bulk of their expenses.
Some of the important milestones in the life insurance business in India are:
1818 : Oriental Life Insurance Company, the first life insurance company onIndian soil started functioning.
1870 : Bombay Mutual Life Assurance Society, the first Indian life 'Insurance
company started 'Its business,
1912 : The Indian Life Assurance Companies Act enacted as the first statute toregulate the life 'Insurance business.
1928: The Indian Insurance Companies Act enacted to enable the government toCollect statistical 'Information about both life and non life insurance businesses.
1938 : Earlier legislation consolidated and amended to by the Insurance Act withthe objective of protecting the 'Interests of the insuring pubic.
1956 : 245 Indian and foreign insurance and provident societies are 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 chores from the Government of
India.
Liberalization of Indian Insurance
10
7/31/2019 Metlife Sales
11/113
1994: Insurance sector invited private participation to induce a spirit of
competition amongst the various insurers and. to provide a choice to the
consumers.
1997: Insurance regulator IRDA was set up as there felt the Feed:
To set up an independent regulatory body, that provides greater autonomy toinsurance companies in order to improve their performance, In the first year of
insurance market liberalization (2001) as much as 16 private sector companies
including joint ventures with leading foreign insurance companies have entered the
Indian insurance sector. Of this, 10 were under the life insurance category and six
under general insurance. Thus in all there are 25 players (12-life insurance and l3-
general insurance) in the Indian insurance industry till date.
PLAYERS IN INDIAN INSURANCE INDUSTRY
6.1 LIFE INSURERS
Insurance industry, as on 1.4.2000, comprised mainly two players: the state
insurers:
Life Insurance Corporation of India (LIC)
6.2 GENERAL INSURERS:
11
7/31/2019 Metlife Sales
12/113
General Insurance Corporation of India (GIC) (with effect from
Dec'2000, a National Reinsure)
GIC had four subsidiary companies, namely ( with effect from Dec'2000,
these subsidaries have been de-linked from the parent company and made
as independent insurance companies.
1. The Oriental Insurance Company Limited
2. The New India Assurance Company Limited,
3. National Insurance Company Limited
4. United India Insurance Company Limited.
12
7/31/2019 Metlife Sales
13/113
Yr: 2000-2007: Insurance Industry in the year 2000-2001 had 15 new
entrants, namely:
Life Insurers:
S.No. Name of the Company
1 Max New York Life Insurance Co. Ltd.
2 HDFC Standard Life Insurance Company Ltd.
3 ICICI Prudential Life Insurance Company Ltd.
4 Om Kotak Mahindra Life Insurance Co. Ltd.
5 Birla Sun Life Insurance Company Ltd.
6 Tata AIG Life Insurance Company Ltd.
7 SBI Life Insurance Company Limited
8 ING Vysya Life Insurance Company Private Limited
9 Allianz Bajaj Life Insurance Company Ltd.
10 Metlife India Insurance Company Pvt. Ltd.
11 Reliance Life Insurance Company Ltd.
12 Shriram Life Insurance Company Ltd.
13 Sahara India Life Insurance Company Ltd.
14 Bharti AXA Life Insurance Company Ltd.
15 Aviva Life Insurance Company Ltd.
General Insurers:
S.No. Name of the Company
13
7/31/2019 Metlife Sales
14/113
1 Royal Sundaram Alliance Insurance Company Limited
2 Reliance General Insurance Company Limited.
3 IFFCO Tokio General Insurance Co. Ltd
4 TATA AIG General Insurance Company Ltd.
5 Bajaj Allianz General Insurance Company Limited
6 ICICI Lombard General Insurance Company Limited.
14
7/31/2019 Metlife Sales
15/113
SEVEN Ps OF INSURANCE SECTOR:
7 Ps Of Insurance Sector
Product PricingPromotions
Place
People Process
PhysicalEvidence
Wherever there is uncertainty there is risk. We do not have any control over
uncertainties which involves financial losses. The risks may be certain events like death,
pension, retirement or uncertain events like theft, fire, accident, etc.
Insurance is a financial service for collecting the savings of the public and providing
them with risk coverage. The main function of Insurance is to provide protection against
the possible chances of generating losses. It eliminates worries and miseries of losses by
destruction of property and death. It also provides capital to the society as the funds
accumulated were invested in productive heads. Insurance comes under the service
sector and while marketing this service, due care is to be taken in quality product andcustomer satisfaction. While marketing the services, it is also pertinent that they think
about the innovative promotional measures. It is not sufficient that you perform well
but it is also important that you let others know about the quality of your positive
contributions. The creativity in the promotional measures is the need of the hour. The
advertisement, public relations, word of mouth communication needs due care and
personal selling requires intensive care.
15
7/31/2019 Metlife Sales
16/113
INSURANCE MARKETING: The term Insurance Marketing refers to the marketing of
Insurance services with the aim to create customer and generate profit through customer
satisfaction. The Insurance Marketing focuses on the formulation of an ideal mix for
Insurance business so that the Insurance organisation survives and thrives in the right
perspective.
MARKETING --MIX FOR INSURANCE COMPANIES: The marketing mix is the
combination of marketing activities that an organisation engages in so as to best meet
the needs of its targeted market. The Insurance business deals in selling services
and therefore due weight-age in the formation of marketing mix for the Insurance
business is needed. The marketing mix includes sub-mixes of the 7 P's of marketing i.e.
the product, its price, place, promotion, people, process & physical attraction. The above
mentioned 7 P's can be used for marketing of Insurance products, in the following
manner:
1.Product:
A product means what we produce. If we produce goods, it means tangible product and
when we produce or generate services, it means intangible service product. A product is
both what a seller has to sell and a buyer has to buy. Thus, an Insurance company sells
services and therefore services are their product.
In India, the Life Insurance Corporation of India (LIC) and the General Insurance
Corporation (GIC) are the two leading companies offering insurance services to the
users. Apart from offering life insurance policies, they also offer underwriting and
consulting services. When a person or an organisation buys an Insurance policy from theinsurance company, he not only buys a policy, but along with it the assistance and
advice of the agent, the prestige of the insurance company and the facilities of claims
and compensation. It is natural that the users expect a reasonable return for their
investment and the insurance companies want to maximize their profitability. Hence,
while deciding the product portfolio or the product-mix, the services or the schemes
should be motivational. The Group Insurance scheme is required to be promoted, the
Crop Insurance is required to be expanded and the new schemes and policies for the
16
7/31/2019 Metlife Sales
17/113
villagers or the rural population are to be included. The Life Insurance Corporation has
intensified efforts to promote urban savings, but as far as rural savings are concerned, it
is not that impressive. The introduction of Rural Career Agents Scheme
has been found instrumental in inducing the rural prospects but the process is at infant
stage and requires more professional excellence. The policy makers are required to
activate the efforts. It would be prudent that the LIC is allowed to pursue a policy of
direct investment for rural development. Investment in Government securities should be
stopped and the investment should be channelized in private sector for maximizing
profits. In short, the formulation of product-mix should be in the face of innovative
product strategy. While initiating the innovative process it is necessary to take into
consideration the strategies adopted by private and foreign insurance companies.
2. Pricing:
In the insurance business the pricing decisions are concerned with:
i) The premium charged against the policies,
ii) Interest charged for defaulting the payment of premium and credit facility, and
iii) Commission charged for underwriting and consultancy activities. With a view of
influencing the target market or prospects the formulation of pricing strategy
becomes significant. In a developing country like India where the disposable income in
the hands of prospects is low, the pricing decision also governs the transformation of
potential policyholders into actual policyholders. The strategies may be high or low
pricing keeping in view the level or standard of customers or the policyholders. The
pricing in insurance is in the form of premium rates. The three main factors used fordetermining the premium rates under a life insurance plan are mortality, expense and
interest. The premium rates are revised if there are any significant changes in any of
these factors.
Mortality (deaths in a particular area): When deciding upon the pricing strategy the
average rate of mortality is one of the main considerations. In a country like South
Africa the threat to life is very important as it is played by host of diseases.
Expenses: The cost of processing, commission to agents, reinsurance companies as
17
7/31/2019 Metlife Sales
18/113
well as registration are all incorporated into the cost of installments and premium sum
and forms the integral part of the pricing strategy
Interest: The rate of interest is one of the major factors which determines people's
willingness to invest in insurance. People would not be willing to put their funds to
invest in insurance business if the interest rates provided by the banks or other financial
instruments are much greater than the perceived returns from the insurance premiums.
3. Place:
This component of the marketing mix is related to two important facets --
i) Managing the insurance personnel, and
ii) Locating a branch. The management of agents and insurance personnel is found
significant with the viewpoint of maintaining the norms for offering the services. This is
also to process the services to the end user in such a way that a gap between the
services- promised and services -- offered is bridged over. In a majority of the service
generating organizations, such a gap is found existent, which has been instrumental in
making worse the image problem. The transformation of potential policyholders to the
actual policyholders is a difficult task that depends upon the professional excellence of
the personnel. The agents and the rural career agents acting as a link, lack
professionalism. The front-line staff and the branch managers also are found not
assigning due weight-age to the degeneration process. The insurance personnel if not
managed properly would make all efforts insensitive. Even if the policy makers make
provision for the quality upgrading the promised services hardly reach to the end users.
It is also essential that they have rural orientation and are well aware of the lifestyles of
the prospects or users. They are required to be given adequate incentives to show their
excellence. While recruiting agents, the branch managers need to prefer local persons
and provide them training and conduct seminars. In addition to the agents, the front-line
staff also needs an intensive training program to focus mainly on behavioral
management. Another important dimension to the Place Mix is related to the location of
18
7/31/2019 Metlife Sales
19/113
the insurance branches. While locating branches, the branch manager needs to consider a
number of factors, such as smooth accessibility, availability of infrastructural facilities
and the management of branch offices and premises. In addition it is also significant to
provide safety measures and also factors like office furnishing, civic amenities and
facilities, parking facilities and interior office decoration should be given proper
attention. Thus the place management of insurance branch offices needs a new vision,
distinct approach and an innovative style. This is essential to make the work place
conducive, attractive and proactive for the generation of efficiency among employees.
The branch managers need professional excellence
to make place decisions productive.
4. Promotion:
The insurance services depend on effective promotional measures. In a country like
India, the rate of illiteracy is very high and the rural economy has dominance in the
national economy. It is essential to have both personal and impersonal promotion
strategies. In promoting insurance business, the agents and the rural career agents play
an important role. Due attention should be given in selecting the promotional tools for
agents and rural career agents and even for the branch managers and front line staff.
They also have to be given proper training in order to create impulse buying.
Advertising and Publicity, organisation of conferences and seminars, incentive to
policyholders are impersonal communication. Arranging Kirtans, exhibitions,
participation in fairs and festivals, rural wall paintings and publicity drive through the
mobile publicity van units would be effective in creating the impulse buying and the
rural prospects would be easily transformed into actual policyholders.
5. People:
Understanding the customer better allows to design appropriate products. Being a
service industry which involves a high level of people interaction, it is very important to
use this resource efficiently in order to satisfy customers. Training, development and
strong relationships with intermediaries are the key areas to be kept under consideration.
19
7/31/2019 Metlife Sales
20/113
Training the employees, use of IT for efficiency, both at the staff and agent level, is one
of the important areas to look into.
6. Process:
The process should be customer friendly in insurance industry. The speed and accuracy
of payment is of great importance. The processing method should be easy and
convenient to the customers. Installment schemes should be streamlined to cater to the
ever growing demands of the customers. IT & Data Warehousing will smoothen the
process flow. IT will help in servicing large no. of customers efficiently and bring down
overheads. Technology can either complement or supplement the channels of
distribution cost effectively. It can also help to improve customer service levels. The use
of data warehousing management and mining will help to find out the profitability and
potential of various customers product segments.
7. Physical evidence:
Distribution is a key determinant of success for all insurance companies. Today, the
nationalized insurers have a large reach and presence in India. Building a distributionnetwork is very expensive and time consuming. If the insurers are willing to take advantage
of India's large population and reach a profitable mass of customers, then new distribution
avenues and alliances will be necessary. Initially insurance was looked upon as a complex
product with a high advice and service component.
Buyers prefer a face-to-face interaction and they place a high premium on brand names
and reliability. As the awareness increases, the product becomes simpler and they become
off-the-shelf commodity products. Today, various intermediaries, not necessarily insurance
companies, are selling insurance. For example, in UK, retailer like Marks & Spencer sells
insurance products. The financial services industries have successfully used remote
distribution channels such as telephone or internet so as to reach more customers, avoid
intermediaries, bring down overheads and increase profitability. A good example is UK
insurer Direct Line. It relied on telephone sales and low pricing. Today, it is one of the
largest motor insurance operator.
Technology will not replace a distribution network though it will offer advantages like
better customer service. Finance companies and banks can emerge as an attractive
distribution channel for insurance in India. In Netherlands, financial services firms provide
an entire range of products including bank accounts, motor, home and life insurance and
pensions. In France, half of the life insurance sales are made through banks. In India also,
20
7/31/2019 Metlife Sales
21/113
banks hope to maximize expensive existing networks by selling a range of products. It is
anticipated that rather than formal ownership arrangements, a loose network of alliance
between insurers and banks will emerge, popularly known as bancassurance.
Another innovative distribution channel that could be used are the non-financial
organizations. For an example, insurance for consumer items like fridge and TV can beoffered at the point of sale. This increases the likelihood of insurance sales. Alliances with
manufacturers or retailers of consumer goods will be possible and insurance can be one of
the various incentives offered
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 onlyduring 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. Inthis 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.
21
7/31/2019 Metlife Sales
22/113
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).
COMPANY PROFILE
22
http://showpdf%28%27downloads/Media%20Kit/MetLife-White-on-Blue-Logo.zip')7/31/2019 Metlife Sales
23/113
MetLife Begins
Organized by a group of New York City businessmen in 1863, the National Union Life and Limb Insurance
Company began business in July 1864 insuring Civil War sailors and soldiers against wartime-related
disabilities. It was a difficult beginning. By the end of 1864, National Union had written only 17 life and 56accident policies, and was in last place among the 27 life companies operating in New York State and was
running a deficit of $1,400.
After five difficult years in business and several reorganizations and name changes, President James R.
Dow, (a medical doctor) and the board of directors decided to drop the casualty business and focus solely
on life insurance business. And so began Metropolitan Life Insurance Company.
When MetLife opened for business on March 24, 1868 (selling a small number of policies on that date) the
telephone had not yet been invented and electric lights were still uncommon. The population of the United
States was approximately 37 million, and there were 37 states in the country. The companys first home
office consisted of two rooms enough space for its six employees.
This new venture also faced difficulties. A severe business depression that began in the early 1870s rapidly
put half of the 70 life insurance companies operating in New York State out of business. Only very large,
long-established ordinary life insurance companies remained strong. Policy lapses over successive years
forced the company to contract until it reached its lowest point in the late 1870s.
In 1879, MetLife President Joseph F. Knapp turned his attention to England, where "industrial" or
"workingmen's" insurance programs were widely successful. American companies had not bothered to
pursue industrial insurance up to that time because of the expense involved in building and sustaining an
agency force to sell policies door to door and to make the weekly collection of five- or ten-cent premiums.
By importing English agents to train an American agency force, MetLife quickly transferred successful
British methods for use in the United States. By 1880, the company was signing up 700 new industrial
policies a day. Rapidly increasing volume quickly drove down distribution costs, and the new program
proved immediately successful.
The MetLife agent became an important person in the lives of these striving families. Manuals instructed
agents to call at a home at the same time each week to ensure familiarity and contact. In the process of
collecting premiums, insurance agents listened to the problems, concerns, and hopes of their clients. So
successful was this approach that by 1909, MetLife became the nation's largest life insurer in terms of
insurance in force, a leadership position we continue to hold today in North America
Helping and Healing People
In 1909, MetLife Vice President Haley Fiske announced that "insurance, not merely as a business
proposition, but as a social program," would be the future policy of the company. As a first step, Fiske hired
the pioneering industrial social worker Lee Frankel to work at MetLife. Frankel envisioned insurance as a
powerful means toward improving the lot of the underprivileged. To this end, he established MetLife's
Welfare Division.
23
7/31/2019 Metlife Sales
24/113
Frankel's early work centered on the prevention of tuberculosis, the 'white plague'
responsible for 20 percent of all death claims. Public education was the key. In 1909, 10,000 MetLife agents
delivered Frankel's pamphlet 'A War Upon Consumption' to millions of urban poor, whowere most at risk
for tuberculosis. This document was the first of an ongoing series of MetLife health publications; by 1929,
the company was distributing more than 50 million such brochures and pamphlets a year.
The Welfare Division's most visible and memorable program was the Metropolitan Life Visiting NurseService. Lillian Wald, noted social reformer and director of the Henry Street Settlement on Manhattan's
Lower East Side, had issued a challenge to Frankel to integrate MetLife's business objective - to insure
America's workers - with a larger humanitarian perspective. He responded with a program that mobilized
Henry Street nurses to visit acutely ill industrial policy holders. The service began in 1909 with a three
month experiment on New York City's West Side that was later extended throughout the five boroughs.
Insurance agents, who had day-to-day contact with the insured, urged policyholders to report illnesses at
the earliest possible opportunity and left cards with information identifying the closest visiting nurse. The
New York City program became a model for urban health reform, which MetLife then expanded to 13 other
cities.
The company's vigorous public health campaign, conducted through its agents, was the largest such
endeavor launched by a public or private entity. For nearly a half century, approximately 20 million
policyholders in more than 7,000 cities and towns in the U.S. and Canada received free nursing care. At its
peak of service in 1935, 35 out of 1,000 policyholders were treated for illnesses such as diphtheria,
influenza, smallpox, and tuberculosis.
MetLife Today
MetLifes corporate vision to build financial freedom for everyone guides the companys response to
peoples growing need for first-rate financial products and services through various life stages and economic
cycles. MetLifes trusted brand, capital strength, and existing relationships with millions of individual and
institutional customers around the globe uniquely position MetLife among its competitors.
The "everyone" in MetLifes vision took on added meaning in 2000 as the company welcomed an important
new constituency: shareholders. MetLife transformed itself from mutual to stock ownership in April of that
year through a demutualization and initial public offering that was completed in just 18 months after Board
authorization.
24
7/31/2019 Metlife Sales
25/113
The year 2001 was a true test of the qualities that define MetLife. The companys core values, brought to life
in what MetLife does every day, were no more evident than in MetLifes response to the tragic events that
shook our nation on September 11. MetLife responded quickly. The company served its customers,
communities and employees during this difficult time. At the same time, MetLife invested $1 billion in a
broad array of publicly-traded common stocks.
In 2001, MetLife was the first insurance company to establish a financial holding company with a nationally
chartered bank. Leveraging its unparalleled distribution channels, MetLife entered the retail-banking arena
with the launch of MetLife Bank, making it an easy and convenient way for MetLifes customers to realize
their financial goals.
MetLife announced in 2002 that it would be continuing its long-standing relationship with Snoopy and the
rest of the PEANUTS characters. The company signed a new contract that would allow the characters to
appear in MetLifes domestic and international advertising for the next 10 years.
The sale of State Street Research & Management Company to BlackRock, Inc. was announced in 2004. In
line with MetLifes strategy to focus on core business growth, the sale benefited many of the companys
Individual and Institutional Business clients who held investments through State Street Research, as it
became part of one of the largest publicly traded investment management firms in the U.S.
The companys stated long-term goal is to become the recognized leader throughout the world for
relationship building, connectedness and caring in financial services in the "giant league" with over 100
million people as MetLife customers by the year 2010.
MetLife took a major step toward realizing this goal in 2005, when it acquired Travelers Life & Annuity and
substantially all of Citigroups international insurance businesses for $12 billion. Completed on July 1, 2005,
the Travelers acquisition made MetLife the largest individual life insurer in North America based on sales,
the second largest provider of retail annuities and the largest provider of institutional annuities.
Working Mothermagazine honored MetLife in 2005 by naming the company one of the "100 Best
Companies for Working Mothers," for the seventh consecutive year. In 2005, the company was named toDiversityInc.s list of the Top 50 Companies for Diversity. In early 2006, MetLife was also named to the
National Association for Female Executives annual list of Top 30 Companies for Executive Women.
In 2006, MetLife appointed C. Robert (Rob) Henrikson chairman of the board of directors, president and
chief executive officer of MetLife, Inc. Henrikson was appointed CEO on March 1, 2006 and chairman of the
board on April 25, 2006.
Henrikson has been the architect of an aggressive growth strategy that included double-digit organic
growth, the divestiture of non-core businesses, and an M&A strategy which resulted in market leadership in
MetLifes core product lines. Before it was commonly talked about, Henrikson recognized the opportunities
presented by the changing demographics in a global marketplace and set the company on a course for
continued success by developing innovative products and services and strengthening the companysdistribution power in the U.S., Japan, Latin America, Asia Pacific, Europe and the Middle East.
Today, a time when consumers are feeling a greater financial burden than ever before, MetLife is helping
millions of customers create their own personal safety net. At no time in the companys history has MetLife
been as well positioned to capitalize on its history, its reputation for security and stability, and its innovative
products and services as it is today.
In the future, MetLife will continue to grow its business with focus, innovation and profitability. This will be
accomplished by drawing on the reservoir of history that has produced an enduring set of corporate values
based on more than 140 years of integrity, social responsibility, strong leadership and financial strength.
25
7/31/2019 Metlife Sales
26/113
MetLife India Insurance Company Limited (MetLife) is an affiliate of MetLife,
Inc. and was incorporated as a joint venture between MetLife International
Holdings, Inc., The Jammu and Kashmir Bank, M. Pallonji and Co. Private
Limited and other private investors. MetLife is one of the fastest growing life
insurance companies in the country. It serves its customers by offering a range of
innovative products to individuals and group customers at more than 600 locations
through its bank partners and company-owned offices. MetLife has more than
50,000 Financial Advisors, who help customers achieve peace of mind across the
length and breadth of the country.
MetLife, Inc., through its affiliates, reaches more than 70 million customers in the
Americas, Asia Pacific and Europe. Affiliated companies, outside of India, include
the number one life insurer in the United States (based on life insurance enforce),
with over 140 years of experience and relationships with more than 90 of the top
one hundred FORTUNE 500 companies. The MetLife companies offer life
insurance, annuities, automobile and home insurance, retail banking and other
financial services to individuals, as well as group insurance, reinsurance and
retirement and savings products and services to corporations and other institutions.
26
7/31/2019 Metlife Sales
27/113
MetLife Inc.:-
Celebrating 140 years, MetLife, Inc. is a leading provider of insurance and
financial services with operations throughout the United States and the Latin
America, Europe, and Asia Pacific regions. Through its domestic andinternationalsubsidiaries and affiliates, MetLife, Inc. reaches more than 70 million customers
around the world and MetLife is the largest life insurer in the United States (based
on life insurance in-force).
The MetLife companies offer life insurance, annuities, auto and home insurance,
retail banking and other financial services to individuals, as well as group
insurance and retirement & savings products and services to corporations and other
institutions.
FACT SHEET
Founded 2001
Started Operation FY 2001-02
Headquarters Bangalore, India
World Wide Web Address www.metlife.co.in
Managing Director Rajesh Relan
Employees 7688
Financial Advisors 56,072
Bancassurance Tie-Ups 5 (J&K Bank/Axis
Bank/Dhanalakshmi Bank/Karnataka
Bank/Barclays)
Number Of Products Over 20 products
Presence Through MetLife Offices 192 offices in 131 cities
Presence Through Bank Partners 1910 offices in 686 cities
27
7/31/2019 Metlife Sales
28/113
Vision and Mission
Build financial freedom for all through leadership in providing financial advice and
building long-term relationships through innovative protection, accumulation and
retirement products, robust underwriting processes and creating world-class
customer service experience for our customers
.
We want to provide customers in India with world-class solutions for financial
security, and in the process add significant value to our shareholders, associates
and society.
28
7/31/2019 Metlife Sales
29/113
Our Core Values
We lead through Innovation to offer world class and competitive products toour customers
We build Long Term Relationships with our customers by creating a worldclass service experience through operational excellence and the innovativeuse of technology
We create a Customer Centered and Result Focused Vision that inspires eachone of our Associates and has their buy-in
We are committed to creating a High Performance Organization by creatingan environment that allows each one of our Associates to perform at their
peak. As a result we will also be recognized as an Employer of Choice
We are committed to Partnering with our internal and external Customers for
mutual success
We work with Integrity, Fairness and Financial Prudence in all our dealingskeeping the interests of our Shareholders, Customers and Associates
paramount
29
7/31/2019 Metlife Sales
30/113
Rajesh Relan
Managing Director
MSVS Phanesh Murthy
Appointed Actuary
Shilpa Vaid
Deputy Director- Human Resources
Gaurav SharmaDirector - Customer Service and Operations
Girish Malhotra
Director- Agency
KR Anil Kumar
Director - Financial Planning& Controller
KS RaghavanChief Administrative Officer
Preetinder Chadha
Deputy Director - Corporate Sales & Training
P. S. Sankaran
Director Business Support
Sameer Bansal
Director- BA & BP
Vijay Raghavan
Director - Marketing & Strategy
30
http://www.metlife.co.in/MetLifeAboutus_MgtTeam.aspx#%23http://www.metlife.co.in/MetLifeAboutus_MgtTeam.aspx#%23http://www.metlife.co.in/MetLifeAboutus_MgtTeam.aspx#%23http://www.metlife.co.in/MetLifeAboutus_MgtTeam.aspx#%23http://www.metlife.co.in/MetLifeAboutus_MgtTeam.aspx#%23http://www.metlife.co.in/MetLifeAboutus_MgtTeam.aspx#%23http://www.metlife.co.in/MetLifeAboutus_MgtTeam.aspx#%23http://www.metlife.co.in/MetLifeAboutus_MgtTeam.aspx#%23http://www.metlife.co.in/MetLifeAboutus_MgtTeam.aspx#%23http://www.metlife.co.in/MetLifeAboutus_MgtTeam.aspx#%23http://www.metlife.co.in/MetLifeAboutus_MgtTeam.aspx#%23http://www.metlife.co.in/MetLifeAboutus_MgtTeam.aspx#%23http://www.metlife.co.in/MetLifeAboutus_MgtTeam.aspx#%23http://www.metlife.co.in/MetLifeAboutus_MgtTeam.aspx#%23http://www.metlife.co.in/MetLifeAboutus_MgtTeam.aspx#%23http://www.metlife.co.in/MetLifeAboutus_MgtTeam.aspx#%23http://www.metlife.co.in/MetLifeAboutus_MgtTeam.aspx#%23http://www.metlife.co.in/MetLifeAboutus_MgtTeam.aspx#%23http://www.metlife.co.in/MetLifeAboutus_MgtTeam.aspx#%23http://www.metlife.co.in/MetLifeAboutus_MgtTeam.aspx#%23http://www.metlife.co.in/MetLifeAboutus_MgtTeam.aspx#%23http://www.metlife.co.in/MetLifeAboutus_MgtTeam.aspx#%237/31/2019 Metlife Sales
31/113
Partners:-
Corporate Social Responsibility:-
31
7/31/2019 Metlife Sales
32/113
MetLife has always been committed to making a positive difference in the
lives of the individuals and communities. Today, that commitment drives
volunteer work and philanthropy across the globe. Working with non-profit
organizations, MetLife supports programs that provide young people with the
skills they need to succeed in life and create opportunities for people of all
ages.
MetLifes core values are personal responsibility, people count, partnership,
integrity and honesty, innovation and financial strength. These values also
shape the responsibility to the communities where the organization conducts its
business.
Child Plan:-
Met Bhavishya
MetLife offers 'Met Bhavishya' - a guaranteed money back plan that pays out funds
to help to meet the education and career milestones of children. With this plan, the
Life Insured is that of the parent. The plan also has inbuilt guaranteed additions to
add value to the policy over its term.
There are two options to choose from and fixed term benefits, periodic additions &
terminal additions are payable based on the option that select. The policy is
suitable for parents with children between the ages 0-12 and parents in the age
group of 20-50 years old.
Met Junior Endowment
32
http://www.metlife.co.in/MetLifeIndPlans_Childplan_landing.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Child_MetBhavishya.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Child_MetJuniorEndowment.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Childplan_landing.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Child_MetBhavishya.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Child_MetJuniorEndowment.aspx7/31/2019 Metlife Sales
33/113
MetLife offers 'Met Junior'- a flexible endowment plan that combines savings and
security. Children's well-being is our highest priority. So MetLife offer a plan
which offers both timely and efficient return on investment. All with a guarantee.
Met Junior - Non ParOn attaining maturity, the Person Insured will receive the Sum Assured.
Met Junior - Par
On attaining maturity, the Person Insured will receive the Sum Assured, the
Reversionary Bonus and the Terminal Bonus, if any.
Met Little Star
When child is born, a star is born in family. And, parents would like to provide
their star with all the building blocks that could develop his or her potential to the
fullest. This could mean special instruction sessions for talented children, uniquetraining gear for exceptional athletes or qualified training for born singers to
provide that extra-edge.
To ensure this, parents would need an investment and protection package that is
exclusively designed to help you plan for financial security, no matter what
uncertainties life brings.
'Met Little Star', aUnit-Linked, regular premium, child insurance plan helps parentsdo just that. It secures finances for child's educational needs and ensures that plans
go as planned, no matter what the circumstances.
\Met Junior Money Back
MetLife offers 'Met Junior Money Back' - a money back plan that combines
savings and security. Child's well-being is our highest priority. So MetLife offer a
money back plan which provides guaranteed periodic survival benefits at the end
of 5, 10 & 15 years, along with guaranteed growth of savings.
A plan which offers both timely and efficient return on investment with payouts at
different milestones.
Survival Benefit
At the end of 5 years 20% of Sum Assured
At the end of 10 years 20% of Sum Assured
33
http://www.metlife.co.in/MetLifeIndPlans_Child_MetLittleStar.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Child_MetJuniorMoneyBack.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Child_MetLittleStar.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Child_MetJuniorMoneyBack.aspx7/31/2019 Metlife Sales
34/113
At the end of 15 years 20% of Sum Assured
Upon survival to
maturity
40% of Sum Assured plus total
Guaranteed Additions
Met Magic
MetLife offers 'Met Magic', a Unit-Linked (non-medical, regular premium) life
insurance plan (Non Par).
Parents always want their little angel to have the best, in every sphere of life. You
don't want your child to have to compromise. No matter what the circumstances.
Met Magic, a unique life insurance plan, helps you secure the future of your lovedone!
(IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THEPOLICY HOLDER )
Retirement:-
Met Growth
MetLife offers 'Met Growth' - a Unit-Linked solution to help in golden years. It is
specially designed to provide financial security for future requirements. This plan
allows to start planning immediately by ensuring the safety of first year
premiums. It also helps create retirement fund faster by giving you 100%
allocation from the second year onwards, coupled with attractive loyalty additions
into fund. Guaranteed.
34
http://www.metlife.co.in/MetLifeIndPlans_Childplan_MetMagic.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Retirement_landing.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Retirement_MetGrowth.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Childplan_MetMagic.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Retirement_landing.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Retirement_MetGrowth.aspx7/31/2019 Metlife Sales
35/113
Entry Age (in completed years) Min 0 years (3 months to be completed)
Max 60 years
Maturity Age Min 18 years
Max 75 years
Coverage Term 15 / 20 / 25 / 30 years
Premium Payment Term Regular
Minimum Annualized Premium Rs. 12,000
Basic Sum Assured Min - 5 times the Annualized Premium ***Other Sum
Assured multiples - 10 times & 20 times the Annualized
Premium.
Premium Paying Modes Monthly, Quarterly, Half-yearly, Yearly
Benefit
Death Benefit
In the unfortunate event of death, the higher of the Sum Assured or the
Fund Value would be payable.
If death of the Person Insured occurs before age 7, the Fund Value plus
the regular premium received by us in the first policy year is payable.
Maturity Benefit
On maturity, you will receive the Fund Value including the Guaranteed
Loyalty Addition or you can opt for the settlement options.
Loyalty Additions
You get the guarantee of enhancing your wealth creation through
guaranteed loyalty additions (up to 120% of the first year annual
premium) at the end of the 10th & 15th year plus Guaranteed Additions
as a % of the Fund Value.
At the end of the 10th year: 50% of the first year annualized premium
At the end of the 15th year:
Met Advantage Plus
35
http://www.metlife.co.in/MetLifeIndPlans_Retirement_MetAdvantagePlus.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Retirement_MetAdvantagePlus.aspx7/31/2019 Metlife Sales
36/113
MetLife offers 'Met Advantage Plus' - a Unit-Linked Pension Plan that allows to
effectively and efficiently accumulate retirement needs. As the name suggests, it
comes with many advantages.One can choose from eight annuity options, two life
cover options and get tax benefits under Section 80 C and 10 (10 A). One can buy
the plan without any hassles and invest more as you approach retirement by using
the top-up functionality. All in all, its a plan which works harder when one stop
working. For one, it ensures that you lead a comfortable lifestyle post retirement.
Entry Age (in completed years) Min 20 yearsMax 55 years
Minimum Term 10 years
Minimum Vesting Age 45 years
Maximum Vesting Age 65 years
Minimum Premiums Single Pay: Rs. 1,00,000Regular Premium: Rs. 10,000
Premium Paying Term Single Pay & Regular Pay
Benefits
Death BenefitIn case of death during the accumulation period, the death benefit payable is:Under Option A: A guaranteed amount of 110% of the Fund Value is payable to thenominee.Under Option B: 100% of the Fund Value is payable to the nominee.
Vesting BenefitOn the vesting date, i.e. at the end of the accumulation term,you can take one-thirdof your retirement kitty as a tax-free lump sum and utilize the balance to buy
annuities. Or you can use the entire retirement kitty to buy annuities.
Met Pension-Par
'Met Pension (Par)' serves as a friendly helping hand so one can stay financiallyindependent even after retirement. It helps to build up a fund for golden years.
With this plan,one can ensure his\her enjoy retirement as a happy new chapter.
Entry Age (in completed
years)
Min 18 years
Max 60 years
36
http://www.metlife.co.in/MetLifeIndPlans_Retirement_MetPension%20-%20Par.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Retirement_MetPension%20-%20Par.aspx7/31/2019 Metlife Sales
37/113
Minimum Term 10 years
Minimum Vesting Age 45 years
Maximum Vesting Age 70 years
Minimum Sum Assured Rs. 50,000
Maximum Sum Assured No Limit
Minimum Annual
Premium
Rs. 4000 p.a. for Regular Pay
Premium Payment Term Single Pay, Limited Pay (3 or 5 Pay) & RegularPay
Benefits
Death Benefit
In case of death while one is saving for retirement, the death benefit payable
is:
1. Return of premiums.
2. Accrued reversionary bonus, if any.3. Any insurance on the life of the Insured that may be provided by riders to
this policy.
Vesting BenefitOn the vesting date, you can take one third of your retirement kitty as a tax-
free lump sum and utilize the balance to buy annuities or you can use the
entire retirement kitty to buy annuities. The retirement fund on the date of
vesting is equal to the Sum Assured plus Guaranteed Additions plus thecompounded reversionary bonuses plus the terminal bonus, if any.
Guaranteed Additions
Savings:-
37
http://www.metlife.co.in/MetLifeIndPlans_Savings_landing.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Savings_landing.aspx7/31/2019 Metlife Sales
38/113
Met Sukh
MetLife offers 'Met Sukh'- a guaranteed money-back policy which providesguaranteed periodic survival benefits at the end of 5, 10, 15 & 20 years andguaranteed additions of 10% of the Sum Assured for the entire term. It not onlycovers your life, but also guarantees you cash payments at various milestones alongwith guaranteed growth of your savings.
Entry Age Min - 15 yearsMax - 55 years
Coverage Term 20 years
Premium Payment Term Regular
Minimum Sum Assured Rs. 75,000
Maximum Sum Assured No Limit
Benefits
Death Benefit
In the unfortunate event of death of the Person Insured, the Sum
Assured along with the Guaranteed Additions are payable.
The policyholder is entitled to Guaranteed Additions of Rs. 100 per Rs.
1,000 of the Sum Assured for each completed year.
38
http://www.metlife.co.in/MetLifeIndPlans_Savings_MetSukh.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Savings_MetSukh.aspx7/31/2019 Metlife Sales
39/113
Maturity Benefit
On maturity, the life insured will receive the Survival Benefits plus the
Guaranteed Addition.
Survival Benefits
Met Suvidha
'Met Suvidha' is a flexible Endowment Plan that combines savings and security. In
addition to providing you protection till the maturity of the plan, it helps you save
for your specific long term financial objectives. This long term savings-cum-
protection plan comes to a customer at affordable premiums.
Met Suvidha is available in both participating as well as non-participating versions.
Minimum Entry Age Par: 15 years - 60 years
Non-Par: 15 years - 70 years
Term Par: - 15 years - 30 years
Non-Par: 5 years - 30 years
Premium Paying Terms Single Pay, Limited Pay (5 or 10) &
Regular Pay
39
At the end of 5 years 20% of the Sum Assured
At the end of 10 years 20% of the Sum Assured
At the end of 15 years 20% of the Sum Assured
Upon survival to
maturity
40% of the Sum Assured
plus Total Guaranteed
Additions
http://www.metlife.co.in/MetLifeIndPlans_Savings_MetSuvidha.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Savings_MetSuvidha.aspx7/31/2019 Metlife Sales
40/113
Minimum Annual Premium Amount Rs. 2,500
Minimum Sum Assured Rs. 75,000
Maximum Sum Assured No Limit
Met Saral
MetLife presents 'Met Saral' - a non- participating endowment plan. As the name
suggests, its a simple savings plan which gets customer into the savings habit
without any medical tests. All need to do is fill in a simple application form and are
ensured a guaranteed maturity amount of Rs 100,000, even in the case of death
during the term. Take the first step towards a better financial future for customer
and his family. Ensure and insure the first Lakh.
Met 100
'Met 100' - a whole life policy where customer pay premiums for 15, 20 or 25
years.
It helps create a legacy for the children, leaving money for a dependant spouse and,
more importantly, provides insurance cover at affordable rates.
Met 100 is available in participating as well as non- participating versions.
Non-Par Par
Minimum Entry Age 15 yrs 0 yrs
Maximum Entry Age 70 yrs for ppt of 15 yrs
65 yrs for ppt of 20 yrs
60 yrs for ppt of 25 yrs
70 yrs for ppt of 15
yrs
65 yrs for ppt of 20
yrs
60 yrs for ppt of 25yrs
40
http://www.metlife.co.in/MetLifeIndPlans_Savings_MetSaral.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Savings_Met100.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Savings_MetSaral.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Savings_Met100.aspx7/31/2019 Metlife Sales
41/113
70 yrs for life ppt
Premium Paying
Terms
15, 20, 25 yrs 15, 20, 25 yrs
Minimum Sum
Assured
Rs. 50,000 Rs. 50,000
Maximum Sum
Assured
No limit (subject to UW) No limit (subject to
UW)
Minimum Annual
Premium
Rs. 1,000 for issue age of < 15
yrs
Rs. 2,500 for issue age of > = 15
yrs
Met 100 Gold: Rs.
2,500
Met 100 Platinum:
Rs. 7,500
Death Benefit
Met 100 - Par
In the event of death, the
Sum Assured plus the
Reversionary Bonus and
Terminal Bonuses, if any,
are payable.
Met 100 - Non-ParIn the event of death, theSum Assured is payable.
Maturity Benefit
Met 100 - Par
On maturity of the policy, theSum Assured plus theReversionary Bonus andTerminal Bonuses, if any, are
payable.
Met 100 - Non-Par
On maturity of the policy, the
Sum Assured is payable
41
7/31/2019 Metlife Sales
42/113
Protection:-
Met Suraksha
MetLife offers 'Met Suraksha - Term Assurance (TA)', a non
participating term assurance plan which provides life cover at a
nominal cost. To put it simply, it is a life insurance plan that
gives complete protection to enjoy life to the fullest. Customer
can further customize plan with two riders Accidental Death
Benefit and Critical Illness.
Met Suraksha TROP
MetLife offers 'Met Suraksha - Term with Return of Premium
(TROP)', a non participating term assurance plan which provides
life cover at a nominal cost. To put it simply, it is a life insurance
plan that gives complete protection to enjoy life to the fullest.
You can further customize your plan with two riders Accidental
Death Benefit and Critical Illness.
Met Mortgage Protector
This plan which provides life cover for home loans taken for any
period above 5 years. It is a decreasing term insurance with single
and limited premium options. The plan covers an amount equal to
the outstanding amount as per the policy schedule.
It ensures the assets that have created stays with family.
42
http://www.metlife.co.in/MetLifeIndPlans_Protection_landing.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Protection_MetSuraksha.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Protection_MetSurakshaTROP.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Protection_MortgageProtector.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Protection_landing.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Protection_MetSuraksha.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Protection_MetSurakshaTROP.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Protection_MortgageProtector.aspx7/31/2019 Metlife Sales
43/113
Rural :-
None of us can be sure what tomorrow will bring. Shield your
families against the unknown. MetLifes rural plans protect your
loved ones against financial liabilities and help you save for
tomorrow. All at affordable premiums
Met Vishwas
'Met Vishwas', - a single premium, micro insurance, non-
participating term assurance plan which provides life cover at a
nominal cost. On survival, customers get 110% or 125% of the
premium.
Minimum Entry Age 18 years
Maximum Entry Age 60 years
Maximum Maturity Age 70 years
Minimum Sum Assured Rs. 5,000
Maximum Sum Assured Rs. 50,000
Policy Term 5 or 10 years
Premium Paying Terms Single Pay
Met Suvidha-Rural
Met Suvidha (Rural) is a participating flexible Endowment Plan
that combines savings and security. In addition to providingprotection up to maturity, it helps to save for specific long term
43
http://www.metlife.co.in/MetLifeIndPlans_Rural_landing.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Rural_MetVishwas.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Rural_MetSuvidha.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Rural_landing.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Rural_MetVishwas.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Rural_MetSuvidha.aspx7/31/2019 Metlife Sales
44/113
financial objectives. This long term savings-cum-protection plan
comes at affordable premiums.
Benefits:
Met Suvidha - Par
In the event of death
during the term of the
policy, the beneficiary will
receive the base Sum
Assured, the accrued
reversionary bonus and
terminal bonus if any.
Maturity Benefit
Met Suvidha - Par
On maturity of the policy,
you will receive the base
Sum Assured, the accrued
reversionary bonus and
terminal bonus if any.
It is an Endowment plan that offers both savings and lifeinsurance.
Flexible premium paying options to suit various incomecycles.
A plan which participates in the bonuses declared by thecompany.
Customization possible with Accident Death Benefit,
Critical Illness, Term, Waiver of Premium Riders forcomprehensive protection.
Investment:-
44
http://www.metlife.co.in/MetLifeIndPlans_Inv_landing.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Inv_landing.aspx7/31/2019 Metlife Sales
45/113
MetLifes Unit-Linked Insurance Plans ensure systematic
enhancement of wealth. Be it higher returns or the right blend of
protection and wealth optimization, they help to ensure the right
choice and peace of mind.
(IN THESE POLICY, THE INVESTMENT RISK IN
INVESTMENT PORTFOLIO IS BORNE BY THE POLICY
HOLDER )
Met Easy
A simplified unit-linked plan which offers an opportunity to
systematically build wealth and protection for you and yourfamily.
45
10 years 15 years 20 years
Minimum Age
at Entry
8 3 0 (3 months to be
completed)
Maximum Age
at Entry
55 50 50
Minimum
Premium
20,000 15,000 12,000
Maximum
Premium
6,00,000 4,00,000 3,00,000
Sum Assured 5 times the
annualized regularpremium
7.5 times the
annualized regularpremium
10 times the
annualized regularpremium
Premium
payment modes
Yearly, Half-yearly,
Quarterly, Monthly
Yearly, Half-yearly,
Quarterly, Monthly
Yearly, Half-yearly,
Quarterly, Monthly
http://www.metlife.co.in/MetLifeIndPlans_Inv_MetEasy.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Inv_MetEasy.aspx7/31/2019 Metlife Sales
46/113
(The maximum Sum Assured available in this product is based on age, at thetime of buying the policy.)
Benefits-
Death BenefitIn the event of
death:
In the 1st PolicyYear: Higher of50% of the Sum
Assured or the
Fund Value is
payable.
After the 1stPolicy Year :Higher of 100%
of the Sum
Assured or
Fund Value. If
death of the
Person Insured
occurs beforeage 7, the Fund
Value plus the
Regular
Premium
received by us
in the first
policy year is
payable.
Maturity
Benefit
On maturity, youwill receive theFund Valueincluding theLoyalty Addition
or you can optfor the settlementoptions.
Loyalty
Additions
With Met Easy,you get the
benefit of
potentiallyenhancing yourwealth creationwith loyaltyadditions that areadded to your
policy onmaturity.
Met Smart Gold
MetLife offers 'Met Smart Gold'- a Unit-Linked wealth creationcum protection plan for the well-heeled. It's specially conceivedso that one can get a plan to match his specific financialrequirements.
If you are keen on investing lump sum amounts over a shorter
horizon, this is the ideal plan for you.
Met Smart Plus-Regular Pay
'Met Smart Plus' a Unit-Linked Whole life plan that matures at
age 100. If you want to protect your family from lifes
uncertainties; at the same time, you wish insurance would yield
46
http://www.metlife.co.in/MetLifeIndPlans_Inv_SmartGold.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Inv_SmartPlus_RegularPay.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Inv_SmartGold.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Inv_SmartPlus_RegularPay.aspx7/31/2019 Metlife Sales
47/113
higher returns on your investments. You want your insurance
policy to help realize all your dreams. Its a right plan to go with.
Entry Age (in completed
years)
Min 0 years (3 months to be completed)
Max 70 years
Maturity Age 100 years
Premium Payment Term Regular
Minimum Annualized
Premium
Rs. 12,000
Minimum Basic Sum
Assured
Rs. 60,000
Premium Payment Modes Monthly, Quarterly, Half-yearly, Yearly
Met Smart Plus- Single Pay
Same as Met Smart Plus Regular but premium is payable in a
single term or at the time of policy taken.
Met Smart Premier- Regular Pay
MetLife offers 'Met Smart Premier' a Unit-Linked Whole life
plan that matures at age 100. You want to protect your family
from lifes uncertainties; at the same time, you wish insurance
would yield higher returns on your investments. You want your
insurance policy to help realize all your dreams.
Met Smart Premier- Single Pay
Payable lump sum at the time of policy taken.
47
http://www.metlife.co.in/MetLifeIndPlans_Inv_SmartPlus_SinglePay.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Inv_SmartPremier_RegularPay.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Inv_SmartPremier_SinglePay.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Inv_SmartPlus_SinglePay.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Inv_SmartPremier_RegularPay.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Inv_SmartPremier_SinglePay.aspx7/31/2019 Metlife Sales
48/113
Health:-
Met Health Care
UIN no: 117N048V01
Health problems strike unexpectedly. In addition to causing ill
health, it can also scar financial health. One need to protect
himself against such a situation through a health insurance plan.
In order to ensure you are well protected to face any health
condition that could befall you, MetLife presents - Met Health
Care, a simple health insurance policy with unique and smart
advantages for you and your family#.
(# Family means spouse and two children. Every additionalfamily member shall be underwritten as per the underwritingconditions laid by the Company from time to time.)
Met Health Care is a long term health insurance plan fromMetLife. This plan covers
1. Hospitalization expenses by providing a Daily Cash benefit as
chosen by you.2. 10 major Critical Illnesses by providing a lump sum benefit.3. Total & Permanent Disability due to accident by providing alump sum benefit.
All the above benefits can be availed without the hassle ofundergoing any medical examination. Just fill up the simpleapplication form and start enjoying the unmatched benefits ofMet Health Care.
Minimum/Maximum age
of entry
18 years-55 years (At first entry, for thePrincipal insured)3 months-55 years (For Secondary Insured lives)
Cover ceasing age 65 years
Maturity/Death Benefit No Maturity/Death Benefit payable
Benefits Offered (a) Daily Hospitalisation Cash Benefit
48
http://www.metlife.co.in/MetLifeIndPlans_Health_MetHealthCare.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Health_MetHealthCare.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Health_MetHealthCare.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Health_MetHealthCare.aspx7/31/2019 Metlife Sales
49/113
(b) Daily ICU Cash Benefit(c) Recuperation Benefit(d) Critical Illness Benefit(e) Accidental Total & Permanent Disability
Benefit
Premium paying frequency Yearly. Half-Yearly mode is avaiable only ifeach of the persons insured choose a daily cash
benefit of Rs. 3000 or more.
Illustration
Benefit Option 1 Option 2 Option 3 Option 4 Option 5
Daily Hospitalisation
Cash Benefit
Rs. 1000 per day Rs. 2000 per day Rs. 3000 perday
Rs. 4000 perday
Rs. 5000 perday
Daily ICU Cash Benefit Rs. 2000 per day Rs. 4000 per day Rs. 6000 perday
Rs. 6000 perday
Rs. 6000 perday
Recuperation Benefit Rs. 3000 Rs. 6000 Rs. 9000 Rs. 10000 Rs. 10000
Critical Illness Benefit Rs. 1 Lakh Rs. 2 Lakh Rs. 3 Lakh Rs. 3 Lakh Rs. 3 Lakh
Accidental Total &
Permanent Disability
Benefit
Rs. 1 Lakh Rs. 2 Lakh Rs. 3 Lakh Rs. 3 Lakh Rs. 3 Lakh
Benefits
Death/Maturity Benefit
There is no Death/Maturity Benefit under Met Health Care.
Tax Benefits
The premium paid (excluding the service tax) under this plan is
eligible for Tax Benefits under Section 80 D of the Income Tax Act,
1961 as per the provisions and conditions given therein and are
subject to any changes made in the tax laws in future.
Reasons to Buy
1. Coverage for the entire family.
49
7/31/2019 Metlife Sales
50/113
2. No Claim Discounts.
3. Guaranteed Cover* till age 65.
4. Payouts in addition to other Insurance Plans.
5. Multiple Claims.
S.W.O.T ANALYSIS OF METLIFE INDIA INSURANCE
STRENGTHS
50
7/31/2019 Metlife Sales
51/113
With over139 years of experience Metlife have
approximately US $ 3.3 trillion of life insurance in
force.
Brand Image , Business Experience and
Innovative products..
Large number of young workforce .The 40K agents
which are very selectively chosen .
Service quality which is the crux of their mission.
Has tie up with banks like Axis , J&K , Barclays ,Karnatka Bank and Dhanalakshmi bank.
Paidup capital ofRS 1500 cr as on 2008 which
shows company dependability.
Very less charges on ULIP plans as compare to
other insurance players .
WEAKNESS
Many competitors in the market ofsame products
by the title and difference in premium and offerings.
Sustainable to riskassociated with investments in
money market.
Very less network branches due to which its
difficult for customer to make payment easily.
51
7/31/2019 Metlife Sales
52/113
Not focusing on consumer awareness mainly
concentrating on personal selling .
More focusing in urban areas not touching rural
area which has a very good potential market for
insurance sector.
Lacking in advertisement due to which they are
not able to cover a large area or large no of
customer.
OPPORTUNITY
Huge market is literally untapped. Out of
estimated 320 millions insurable markets only 20%
of the population is insured.
Health insurance and pension schemes, an
estimated marketpotential of approximately $ 15
billion.
52
7/31/2019 Metlife Sales
53/113
Nearly 70% of the Indian population is without
Life , Health , and Non-Life insurance.
Per Capita life insurance premium in India in 2004
was $16 as compared to the world average of $ 292.
Strong economic growth with increase in affluence
and rising risk awareness leading to rapid growth in
the Insurance sector.
THREATS
Players like bajaj and birla sunlife offersame plans
with low premiums.
Entry of many other private companies withequally strongexperience and financial strength
of foreign partners making the competition difficult
and saturating the urban markets (example ; idbi fortis
insurance , bharti axa insurance and more.)
Current govt. policies do not encourage gross
domestic savings. if the tax liability of the sevice
53
7/31/2019 Metlife Sales
54/113
class rises, the customer will have little money to
invest.
Lic has woken up from sleep and is following
competitive strategies. its huge surplus in life fund
gives a capability to lodge price war.
MAN Concept:
This concept means that before selling, the seller should make sure that the
suspect should have the Money, Authority and Power to buy the product, and then
only the prospect will become a Suspect. Before deciding suspect a person should
identify that they should have enough money to buy that service, prospect should
have authority and power of taking decision, he should also have need of buying
the product. If a person have all these things than only he can become suspect ofthe product.
54
7/31/2019 Metlife Sales
55/113
55
RESEARCH METHODOLOGY
Objective
Scope of study
Sampling methodology
Limitations
7/31/2019 Metlife Sales
56/113
56
7/31/2019 Metlife Sales
57/113
RESEARCH METHODOLOGY
TITLE:
To Study Potential of Life Insurance Industry and motivational
technique used by METLIFE in Chandigarh.
TITLE JUSTIFICATION:
The above title is self explanatory. The study deals mainly with
studying the buying pattern and also the motivational technique
used in the insurance industry with a special focus on MetLife
India Insurance Co. Ltd. The various segments of the markets
divided in terms of Insurance Needs, Age groups, Satisfaction
levels etc will also studied.
OBJECTIVE
Main objective of the research is to have an analysis of life
insurance industry . To accomplish this objective it has been
divided into six.
To determine reasons behind opting for an insurance.
To know the most preferred policy.
To determine customers perception towards private
insurance companies and their expectation form private
insurance companies.
57
7/31/2019 Metlife Sales
58/113
To determine the feedback on services provided by an
insurance agent.
To study the types of benefits provided by insurance
services.
To study the motivational techniques used by metlife
insurance
SCOPE OF THE STUDY
A big boom has been witnessed in Insurance Industry in recent
times. A large number of new players have entered the market
and are trying to gain market share in this rapidly improving
market. The study deals with reliance in focus and the varioussegments that it caters to. The study then goes on to evaluate and
analyze the findings so as to present a clear picture of trends in
the Insurance sector.
SIGNIFICANCE TO THE INDUSTRY:
This is a limited study which takes into consideration the
responses of 40people and 10 employees. This data can be
explorated to take in the trends across the industry. The
significance for the industry lies in studying these trends that
emerge from the study. It is a rapidly changing and evolving
58
7/31/2019 Metlife Sales
59/113
sector. People are only beginning to wake up to its vast
possibilities. A study like this can attempt to guide the future of
the industry based on current trends.
SIGNIFICANE FOR THE RESEARCHER:
To facilitate and provide useful information for the study of thecompany and the insurance industry and also providerecommendations forMetLife India Insurance Co. Ltd
RESEARCH DESIGN
EXPLORATORY & DISCRIPTIVE
EXPERIMENTAL RESEARCH
The research is primarily both exploratory as well as descriptive
in nature. The sources of information are both primary &
secondary.
A well-structured questionnaire was prepared and personal
interviews were conducted to collect the customers perception
and buying behavior, through this questionnaire.
SAMPLING METHODOLOGY
59
7/31/2019 Metlife Sales
60/113
Sampling Technique:
Initially, a rough draft was prepared keeping in mind the
objective of the research. A pilot study was done in order to know
the accuracy of the Questionnaire. The final Questionnaire was
arrived only after certain important changes were done. Thus my
sampling came out to be judemental and convinent
Sampling Unit:
The respondents who were asked to fill out questionnaires are the
sampling units. These comprise of employees of MNCs, Govt.
Employees, Self Employed etc.
Sample size:
The sample size was restricted to only 40 people and 10
employees, which comprised of mainly peoples from different
regions of Ahmedabad due to time constraints.
Sampling Area:
The area of the research was Chandigarh, India.
60
7/31/2019 Metlife Sales
61/113
LIMITATIONS OF THE RESEARCH
1. The research is confined to a certain parts of Chandigarh
and does not necessarily shows a pattern applicable to all of
Country.
2. Some respondents were reluctant to divulge personal
information which can affect the validity of all responses.
61
7/31/2019 Metlife Sales
62/113
3. In a rapidly changing industry, analysis on one day or in
one segment can change very quickly. The environmental
changes are vital to be considered in order to assimilate the
findings.
62
7/31/2019 Metlife Sales
63/113
63
SURVEY
Graph Analysis
Data Interpretation
7/31/2019 Metlife Sales
64/113
DATA ANALYSIS & INTERPRETATION
NUMBER OF PEOPLE HAVING INSURANCE
RESPONSE NO. OF
RESPONDENTS
SHARE (%)
Yes 28 70%
No 12 30%
Total 40 100%
[Fig 1]
12
28
INTERPRETATION
Of the sample size 40 of 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.
64
7/31/2019 Metlife Sales
65/113
TYPES OF INSURANCE POLICY RESPONDENTS HAVE
POLICY TYPE NO. OF
RESPONDENTS
SHARE (%)
LIFE POLICY 21 75
NON LIFEPOLICY
7 25
BOTH 12 45
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.
65
7/31/2019 Metlife Sales
66/113
[Some of the respondents opted for two or more than two items]
PREFERENCE OF RESPONDENTS OF INSURANCE
COMPANIES
COMPANYS NAMENO.OF
RESPONDENTSHARE (%)
L.I.C. 22 55
Metlife India Ins.Co.Ltd
3 7.5
Bajaj Allianze 2 5
HDFC Insurance 6 15
Others 7 17.5
TOTAL 100 100
66
7/31/2019 Metlife Sales
67/113
Sales
LIC
MetLife
Bajaj allianceHDFC
Others
INTERPRETATION
55% 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
BENEFITSNO.OF
RESPONDENTSSHARE (%)
Cover Future Uncertainty 22 55
67
7/31/2019 Metlife Sales
68/113
Tax Deductions 8 20
Future Investment 10 25
TOTAL 40 100
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
68
Cover Future
Uncertainty55%
TaxDeductions
20%
Future
Investment25%
[Fig 4]
7/31/2019 Metlife Sales
69/113
FEATURE NO.OF
RESPONDENTS
SHARE (%)
Money Back Guarantee 6 15
Larger Risk Coverage 15 37
Easy Access to Agents 3 7
Low Premium 12 30
Companys Reputation 4 11
TOTAL 40 100
MONEYBACK
GUAARENTEE
15%
LARGERRISK
COVERAgE37%
EASYACCESS TO
AGENTS7%
LOWPREMIUM
30%
REPUTATIO
N OFCOMPANY
11%
[Fig 5]
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
69
7/31/2019 Metlife Sales
70/113
RESPONSE NO. OF
RESPONDENTS
SHARE
(%)
A saving tool 22 55
A tax saving device 8 20
A tool to protect your family 10 25
INTERPRETATION
55% of the respondents have perception of Insurance
being a sav