max new york insurance project(alok)

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CHAPTER-1

INTRODUCTION

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OVERVIEW OF INDUSTRY AS A WHOLE

The insurance sector has a long history in India. It began in the early years of the 19 th

century. The 1st legal enactment was made in 1870. The 1st Indian Insurance Act was

passed in 1938 and amended in 1950, when it was nationalized. However, the sector wasonce again thrown open to the private sector on December 2007, followed by the

establishment of the Insurance Regulatory and Development Authority (IRDA) in April

2008.

Though the Insurance Sector is now open for private players as a consequence of the

new liberalization policies of the Government, the existing government owned Insurance

companies will, nevertheless, continue to be in the government sector. These existing

companies will, however, have to strive for better realization of their corporate

objectives and goals to meet the demands and expectations of the public.

Quality of service and product that an industry offers must move forward with progress

in the state of the economy. As the quantum and quality of service change over time, the

levels at which customers continue to remain satisfied with the services provided, also

keep on increasing. Ultimately, the success of any industry depends upon its positioning

in the state of economy and on meeting the expectations of the service users.

(ref.bibliography)

With competition, the performance level of individual companies is expected to

increase. Segmentation is taking place within the economy with a need for socially

responsive service sector.

Globalization is the new economic reality, which is here to stay, heralding a new era of

insurance in India. With the opening of the insurance industry, India stands to gain with

the following major advantages:

• Globalization will provide improved opportunities to the customer for better

products, with more reasonable and affordable pricing.

• The customer will get faster servicing.

• It will enhance the savings rate.

• Long-term funds for infrastructure development will be available to the Country.

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• It will secure for India larger inflows of foreign capital needed to sustain our GDP

growth.

INSURANCE- WHAT IS IT?

Man has always been in search of security and protection from the beginning of

civilization. This urge led him to the concept of insurance. The basis of insurance was

the sharing of the losses of a few amongst many. Insurance provides financial stability

and strength to the individuals and organization by the distribution of loss of a few

among many by many by building up over a period of time.

The legal definition of insurance is that, “it is a contract between the insurer and

insured whereby, in consideration of payment of premium by the insured the

insurer agrees to make good any financial loss the insured may suffer due to

consideration of an insurance peril.”

Insurance means Spreading of Losses or Sharing of Risks. Life is full of risks. For

property, there are fire risks; for shipment of goods, there are perils of sea; for human

life there are risks of death or disability; so on and so forth. The risks are uncertain-may

or may not occur. People facing common risks come together and give their small

contribution to the common fund. While it may not be possible to tell before, which

persons will suffer, but it is possible to tell how many persons on an average out of the

group will suffer loss. If any case risk occurs, loss is made good out of common fund. Inthis way, all shares common risk. Insurance, thus broadly can be understood as the

process of spreading of losses of an individual, over the group of individuals or the

process of sharing of risk by those who face common risk. People who suffer loss get

relief because their loss is made good out of common fund. People who do not suffer

loss get relief because they are free of any worry of loss. Following 2 e.g. explain the

above concept of insurance.

Insurance as a social security toolAny progressive state is expected to take care of the well being of its people. The

economic needs of the people will include food, Clothing, housing, education, medical

care and security in the event of unemployment. Sickness etc. this has been recognized

by the united Nation Declaration of Human Rights and Article 41 of the Indian

constitution. Within the financial resources, The government have extended the concept

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of social security specially to the weaker sections through the mechanism of group

insurance.

Of late the governments all over the world have realized that the resources are quite

limited to meet all the needs of the people as a described above. In this context, the

importance of commercial insurance, particularly its group insurance variant, as a socialsecurity tool is being recognized. Without life insurance, economic condition life

insurance in this sense serves a social purpose.

INSURANCE OPPORTUNITIES IN INDIA

• Not even 25% of the insurable population has been extended the insurance

cover. Market penetration is quite low and hence the potential to exploit is very

high.

Insurance premium per capita is very low ($4).

• Lack of a comprehensive social security system/state benefit and welfare means

that demand for pension products should be high.

• There is a huge middle class section of approximately 300 million.

• Existing insurance companies score very low on the customer service front

THE INSURANCE REFORMS ROUTE

So, its clear that the insurance was in private hands before 1971 and was nationalized in

1972 with all private companies merged into General Insurance Corporation of India as

the parent company with 4 subsidiaries as National Insurance Company Ltd. with Head

Office at Calcutta, New India Assurance Company Ltd. with Head Office at Bombay,

Oriental Insurance Company Ltd. with Head Office at New Delhi and United India

Insurance Company Ltd. with Head Office at Madras.

In 1993 the need for Private Insurance Companies and Multinational Companies was

felt and beginning of liberalization process started.

April 1993 R N Malhotra Committee an Insurance Sector reforms & deregulation set up.

January ‘94 Malhotra Committee submits report to Finance

Ministry.January ‘96 An interim INSURANCE REGULATORY

AUTHORITY set up thru a resolution.

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September ’96 INSURANCE REGULATORY AUTHORITY Bill

drafted.December ’96 The INSURANCE REGULATORY AUTHORITY

Bill introduced in the Parliament and referred to a

standing committee.

August ’97 The INSURANCE REGULATORY AUTHORITY

Bill is withdrawn following opposition to foreign

participation in the domestic insurance sector.November ‘97 Union government gives greater autonomy to LIC,

GIC and its 4 subsidiaries.

June ‘98 Union Budget announces opening up of the insurance

sector.

January ‘99 Notification of IRA is statutory authority and

amendments LIC & GIC Acts.March ‘99 INSURANCE REGULATORY AUTHORITY sets

the procedure for filing applications.

April–July ‘99 3 months open window for receipt of application.

December ‘99 In principal approvals to be granted.

2000 Private Insurance products hit the market.

After a long wait, however, there was light at the end of the tunnel when the Union

Cabinet first gave its nod for 26% direct foreign equity in any insurance JV, and later

allowed foreign institutional investors (FIIs) to hold 14% stake in such ventures

effectively pushing up the foreign equity proportion to 40%.

THE ROADMAP TO PRIVATIZATION

• Insurance Regulatory Authority Bill was placed before Parliament. New act to

grant statutory powers to Insurance Regulatory Authority to issue guidelines and

regulate industry.

• GIC and LIC Acts were amended. Such an amendment was crucial as the Acts

disallows any other entity to issue policies.

• Guidelines for new private insurance companies were announced by Insurance

Regulatory Authority, which would include capital requirement, solvency margins

etc.

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• Legislation was framed to permit institution of brokers to operate in the country.

What is life insurance?

Life insurance is an agreement or a contract between you (the insured) and an

insurer. Under the terms of a life insurance contract, the insurer promises to pay a

certain sum to someone (a beneficiary) when you die, in exchange for your premium

payments.

Why would you need life insurance?

The most common reason for buying a life insurance is to replace the income lost

when one dies.

For e.g., say that you work, and that your income is used to support yourself and

your family. When you die, and your paychecks stop, the life insurance proceeds

can be used to continue to support the family members you've left behind.

Another common use of life insurance proceeds is to pay off any debts you leave

behind. For e.g., mortgages, car loans, medical bills, and credit card debts are often

left unpaid when someone dies. These obligations must be paid from the assets left

behind. This can deplete the resources that your family needs. Life insurance can be

used to pay off these debts, leaving your other assets intact for your family to use.

Life insurance provides liquidity to your estate. When you die, you may leave some

liquid assets (such as cash, CDs, and savings bonds), and some illiquid assets (such

as real estate, an automobile, and stocks). Your liquid assets may not be enough to

pay all the debts that you leave behind, plus all the expenses that arise because of

your death (such as funeral expenses and estate taxes). Your illiquid assets may

have to be sold in order to meet these obligations when they come due. This may

cause a financial loss if the assets must be sold cheaply in order to get the money on

time. Life insurance can avert this situation, because the proceeds are available

almost immediately upon your death.

Finally, life insurance can be an investment vehicle. Some types of life insurance

policies may actually make money for you, as well as provide the benefits described

above. This can help you with long-term financial goals.

LIFE INSURANCE NEEDS AT VARIOUS LIFE STAGES

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Your need for life insurance changes, as your life moves ahead. When you're young,

you typically have no need for life insurance, but this changes as you take on more

responsibility, and as your family grows. Then, as your responsibilities once again

begin to diminish, your need for life insurance drops off. Let's look at how your life

insurance needs change throughout your lifetime.School days

Childhood is typically a time of no worries, no cares, and no responsibilities. A

child depends on others to take care of them, not the other way around. Although it

would be tragic, a child's death would likely have little financial impact on the

child's family. Thus, there is generally no need for life insurance at this point in an

individual's life.

A child's death does create one short-term financial problem: funeral expenses. But

buying a life insurance policy just for that purpose doesn't really make sense.

Alternatively, a burial policy provides enough money for funeral expenses, at a

much lower cost than a typical life insurance policy.

Your growing family

When you have young children, your life insurance needs reach a climax. In most

any situation, life insurance for both parents is appropriate.

Single-income families are completely dependent on the income of the breadwinner.

If he or she dies without life insurance, the consequences could be disastrous. The

death of the stay-at-home spouse would necessitate costly daycare expenses. If one

spouse dies, it is unlikely that the surviving spouse will be able to keep up with the

household expenses and pay for childcare with the remaining income.

Single again

Unfortunately, divorce has become a fact of life in our society. You'll have to make

many financial decisions during this stressful time, including the decision of what to

do about your life insurance. Divorce raises both beneficiary issues and coverage

issues. And if you have children, these issues become even more complex.

If you and your spouse have no children, it may be as simple as changing the

beneficiary on your policy and adjusting your coverage to reflect your newly single

status. The custodial and no custodial parent will need to work out the details of this

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complicated situation. If you can't come to terms, the court may make the decisions

for you.

The golden years

Once your children are grown, your life insurance needs decrease. You'll live off

your retirement savings, and hopefully you have accumulated assets that can bepassed on to your heirs when you die. Not only is life insurance expensive at this

point, but also it's probably unnecessary.

One exception: if you will be leaving a large estate when you die, your heirs may be

stuck paying a hefty estate tax bill. Consider obtaining cash value life insurance

policy, because you don't actually know when you're going to die. Your heirs can

then use the death benefit to pay the IRS. If the policy is held by a trust, the

proceeds won't be included in your estate

INDIAN INSURANCE INDUSTRY: A PERSPECTIVE

A. Life Insurance

Life insurance in its existing form came in India from United Kingdom (UK) with the

establishment of a British firm, Oriental Life Insurance Company in 1818 followed by

Bombay Life Assurance Company in 1823, the Madras Equitable Life Insurance Society

in 1829 and Oriental Life Assurance Company in 1874. Prior to 1871, Indian lives were

treated as sub-standard and charged an extra premium of 15% to 20%. Bombay Mutual

Life Assurance Society, an Indian insurer that came into existence in 1871, was the first

to cover Indian lives at normal rates. The Indian Life Assurance Companies Act, 1912

was the first statutory measure to regulate life insurance business. Later, in 1928 the

Indian Insurance Companies Act was enacted, inter alia, to enable the government to

collect statistical information about life and non-life insurance business transacted in

India by Indian and foreign insurers, including the provident insurance societies.

In 1938, with a view to protecting the interest of insuring public, earlier legislation was

consolidated and amended by Insurance Act, 1938 with comprehensive provisions for

detailed and effective control over the activities of insurers. The actuarial and

operational matters relating to the insurance industry were looked after by an attached

office in Shimla, headed first by Actuary to the Government of India, then by

Superintendent of Insurance and finally by the Controller of Insurance. The act was

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amended in 1950, making far-reaching changes such as requirement of equity capital for

companies, carrying on life insurance business, ceilings on shareholdings I such

companies, stricter control on investment of life insurance companies, submission of

periodical returns relating to investments and such other information to the Controller as

he may call for, appointments of administrators for mismanaged companies, ceilings onexpenses of management and agency commission, incorporation of the Insurance

Association of India and formation of councils and committees thereof.

On 19th January 1956 the management of life insurance business of 245 Indian and

foreign insurers and provident societies, then operating in India, was taken over by the

Central Government and then nationalized on 1st September 1956. An Act of Parliament,

viz. LIC Act, formed LIC in September 1956, with capital contribution of Rs. 5 crore

from the Government of India.

The then Finance Minister, Shri S.D.Deshmukh, while piloting the bill for

nationalization, outlined the objectives of LIC thus: to conduct the business with utmost

economy, in a spirit of trusteeship; to charge premium no higher than warranted by strict

actuarial considerations; to invest the funds for obtaining maximum yield for the policy

holders consistent with safety of the capital; to render prompt and efficient service to

policy-holders, thereby making insurance of recommendations of the Administrative

Reforms Commission as under:

a. To spread life insurance much more widely and in particular to the rural areas and to the

socially and economically backward classes

b. To making mobilization of people’s savings by making insurance linked savings

adequately attractive.

c. To bear in mind, in the investment of funds, the primary obligation to its policyholders,

whose money it holds in trust without losing sight of the interest of the community as a

whole

d. To conduct business with utmost economy and with the full realization that money

belongs to the policyholders.

e. To act as trustees of the insured public in their individual and collective capacities.

B. General Insurance

General Insurance developed in India with industrial revolution in the West and

consequent growth of seafaring trade and commerce in the 17 th century. It came to India

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India. The most obvious comparison one could make is with the banking sector

liberalization that took place a few years ago. Unlike the RBI, the IRDA has been

transparent, efficient and adequately cautions in its process of granting licenses. The

hectic lobbying and 'loophole exploitation' that firms indulged in have been thankfully

absent in the insurance business, thus far.At a broader level, the government maintains its bullish outlook for insurance reforms,

reflected by its willingness to ensure a level playing field for private insurer vis-à-vis

LIC (e.g. similar tax treatment to all life insurers, similar paid up capital requirement

etc) and to minimize its intervention in operational and commercial issues. Private

players in other recently liberalized sectors (especially telecom and banking where

industry regulator and industry government disputes have severely constrained

development) could scarcely consider themselves as lucky.

Perhaps the only major issue is the cap on foreign investment, which the government is

not keen on increasing in the near future. For the longer term, it may reconsider its

stand, depending among other things, on the Indian partner's ability to continue

contributing financially and technically to the joint venture. (ref.bibliography)

Taxation policy for life insurance firms

After prolonged debate, the Finance Ministry had expressed its desire to accord similar

tax treatment to LIC and private insurers.

Co-operative Banks excluded from Insurance

Based on the strict requirements set out by the RBI for banks entry into insurance,

cooperative banks would be unable to apply for direct insurance at this stage. However,

the norms for participating in non-equity insurance activities (such as marketing and

distribution) are slightly easier and may allow some cooperative banks to enter.

The RBI requires banks to possess a net worth of Rs. 500 crores, a capital adequacy

ratio of 10, a ‘reasonable’ level of non-performing assets (NPAs), continuos net profit

for the last 3 years, and a 'satisfactory' track of subsidiaries. While capital adequacy

norms do not apply to cooperative banks, they are likely to fail on the grounds of net

worth and NPAs.

The Kerala State Cooperative Banks (KSCB) and the Maharashtra State Cooperative

Bank (MSCB) had earlier declared their interest in entering the insurance sector. Based

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on RBI guidelines, however, they may have to limit their exposure to marketing and

distribution only.

Competitive developments existing insurers

Expectedly, private companies that have commenced operations have done so with a

'soft launch'. This is presumably in realization of the fact that long term resources arebetter spent in consistent and well targeted promotional efforts rather than in 'big-bang'

exercise - especially for non - impulse purchase, long term financial products such as

life insurance. Treading new round carefully by patiently establishing one's credibility

and competence appears to be the preferred strategy over one that involves a head on

battle with LIC.

The other important observation based on industry developments, pertains to the role of

banks. With most banks resigning themselves to the fact that obtaining a license to sell

insurance will be difficult to come by (due to strict RBI norms), they have chosen to

participate in the industry through the banc assurance, route instead. In the Indian

context, this is significant. In the interiors of the country, public sector banks have built

up excellent penetration and enjoy the public's confidence-2 important prerequisites for

selling insurance. On the other hand, in the bigger cities, private banks, which are

constantly looking for ways to enhance customer value and profitability (e.g. through

cross selling), are likely to incorporate insurance in their portfolio of offerings.

(ref.bibliography)

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2 Chapter

Profile and Organisation Structure

PROFILE OF THE ORGANISATION

A Brief History of Max New York Life

Overview

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

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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.

Incorporated in 2000, Max New York Life started commercial operation in 2001. In line

with its values of financial responsibility, Max New York Life has adopted prudentfinancial practices to ensure safety of policyholder's funds. The Company's paid up is

Rs. 1,432 crore.

Having set a Best in Class Agency Distribution Model in place, the company is

spearheading a major thrust into additional distribution channels to further grow its

business. The company has multi-channel distribution that includes the agency

distribution, partnership distribution, bancassurance, distribution focused on emerging

markets and alliance marketing through employed sales force. The company currently

has 33 bancassurance relationships, 14 corporate agency tie-ups and direct sales force at

14 locations. Max New York Life has put in place a unique hub and spoke model of

distribution to deepen rural penetration. The company has 39 (9 hub office 30 spoke

offices) offices dedicated to emerging markets in Punjab and Haryana. Max New York

Life offers a suite of flexible products. It now has 35 products covering both life and

health insurance and 8 riders that can be customized to over 800 combinations enabling

customers to choose the policy that best fits their need. Besides this, the company offers

6 products and 4 riders in group insurance business.

Achievements and Awards Some of the Industry FirstsFirst company to provide

Freelook period of 15 days to the customer. This was later made mandatory by the

regulator First company to start toll free line for agent services First and the only life

insurance company in India to implement Lean methodology of service excellence in

service industry First life insurance company in India to provide various services to the

agents and customers over phone First Indian life insurance company to start service

center at the regional level First life insurance company in India to be awarded ISO

9001:2000 certification

Awards

Among the top 25 companies to work for in India, according to Businessworld 2003

‘Great Workplaces of India’

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Among the top five most respected insurance companies in India as per Businessworld

2004 & 2006 survey Won Indo-American Corporate Excellence Award for Best Indo-

US company in Financial Services Category in 2006

Received ‘Best Six Sigma Project’ award at Sakal Six Sigma Excellence Awards – 2006

Among top 3 in Asia Life Insurance Company of the Year Award 2007 instituted byAsia Insurance Review Received the Amity Corporate Excellence Award – 2007

Received the ‘Outlook Money Award’ for being “among the best new insurers in the

country”.

Max India Ltd.

Founded in 1985, Max India Limited is a Public Limited company listed on the NSE and

BSE of India with over 26,000 shareholders. Today, Max India Limited is a multi-

business corporate, driven by the spirit of Enterprise, focused on Knowledge, People and

Service oriented businesses of:

Healthcare (Max Healthcare)

Life Insurance (Max New York Life Insurance)Clinical Research (Neeman Medical International)

Max also Maintains Interests in:

Specialty Plastic Products for the packaging industry (Max Speciality Products)

Healthcare Staffing (Max Health Staff)

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Prominent shareholders are Mr Analjit Singh and a leading private equity firm, Warburg

Pincus which accounts for 28.7% of the total shareholding. The balance shareholding is

held by the public and Institutional Investors.

Till 1999, The Company’s Main Interests and Partnerships were the following:

BusinessBulk Active Pharmaceuticals

Electronic Component Distribution

Mobile Telephony

V-SAT Communications

Plating Chemicals

Information Technology

Partners

DSM Gist Brocades

Motorola, USA

Avnet Inc., USA

Hutchison Telecom Ltd. Hong Kong

Comsat Investment Inc., USA & Lockheed Martin, USA

Atotech, Germany

Mind Crossing, USA

In 2000, the Company reinvented and restructured itself to focus on the businesses of

‘Life’ under the them, Life…Our Focus.

Max New York Life Insurance, founded as a Joint Venture between Max India Limited

and New York Life, a Fortune 100 company, is one of the leading private life insurers in

India.

Max Healthcare, a subsidiary of Max India Limited is India’s first provider of

comprehensive, standardized, seamless, and integrated world-class healthcare services.

Neeman Medical International (NMI) is an International Clinical Research provider

operating across three locations spanning North America, Asia and Latin America. Each

location is backed by comprehensive infrastructure and highly skilled and experienced

personnel.

New York Life

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New York Life Insurance Company,(www.newyorklife.com) a Fortune 100 company

founded in 1845, is the largest mutual life insurance company in the United States and

one of the largest life insurers in the world. Headquartered in New York City, New York

Life’s family of companies offer life insurance, annuities and long-term care insurance.

New York Life Investment Management LLC provides institutional asset managementand retirement plan services. Other New York Life affiliates provide an array of

securities products and services, as well as institutional and retail mutual funds.

The mission of New York Life is to maintain its superior 'financial strength', adhere to

the highest standards of 'integrity' and demonstrate 'humanity' by treating its customers,

agents and employees with compassion, consideration and respect.

New York Life is one of the largest and strongest life insurance companies in the world

with more than USD$215 billion assets under management and has received among the

highest ratings for financial strength from the life insurance industry's principal rating

agencies: A.M. Best (AA+), Standard & Poor's (AA+), Moody's (Aa1), Fitch (AAA).

According to Moody's, "New York Life's rating reflects the company's good quality

investment portfolio, ample liquidity, and sound capitalization, as well as the good

growth potential of its international business.”

As a leader in the insurance industry, New York Life continues to bring to its operations

new management concepts, advanced technologies, new distribution and training

systems and innovative insurance products.

MAX INDIA LIMITED

Max New York Life Insurance Company is a partnership between Max India Limited,

and New York Life, a fortune 100 company. MNYL is a 74:26 partnership between Max

India and New York Life Insurance Co.

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New York Life 26% MAX India 74%

Max India Limited is a multi-business corporate, driven by the spirit of Enterprise

focused on Knowledge, People and Service oriented businesses of Healthcare and Life

Insurance. Max also maintains interests in Clinical Research, Specialty Plastic Products

businesses and Telecom services.

Founded in 1985, Max India Limited is a Public Limited company listed on the NSE and

BSE of India with over 26,000 shareholders. Today, Max India Limited is a multi-

business corporate, driven by the spirit of Enterprise, focused on Knowledge, People and

Service oriented businesses of:

• Healthcare (Max Healthcare)

• Life Insurance (Max New York Life Insurance)

• Clinical Research (Neeman Medical International)

Max also maintains interests in:

• Specialty Plastic Products for the packaging industry (Max Specialty Products)

• Healthcare Staffing (Max Health Staff)

• Prominent shareholders are Mr. Analjit Singh and a leading private equity firm,

Warburg Pincus which accounts for 28.7% of the total shareholding. The balance

shareholding is held by the public and Institutional Investors.

Till 1999, the company’s main interests and partnerships were the following:

Business

18



• Bulk Active Pharmaceuticals

• Electronic Component Distribution

• Mobile Telephony

• V-SAT Communications

• Plating Chemicals

• Information Technology

Partners

• DSM Gist Brocades

• Motorola, USA

• Avnet Inc., USA

• Hutchison Telecom Ltd. Hong Kong

• Comsat Investment Inc., USA & Lockheed Martin, USA

• Atotech, Germany

• Mind Crossing, USA

In 2000, the Company reinvented and restructured itself to focus on the businesses of

‘Life’ under the them, Life…Our Focus.

New York Life

New York Life Insurance Company a Fortune 100 company founded in 1845 is the

largest mutual life insurance company in the United States and one of the largest life

insurers in the world. Headquartered in New York City, New York Life’s family of

companies offer life insurance, annuities and long-term care insurance. New York Life

Investment Management LLC provides institutional asset management and retirement

plan services. Other New York Life affiliates provide an array of securities products and

services, as well as institutional and retail mutual funds. .

New York Life is one of the largest and strongest life insurance companies in the world

with more than USD$215 billion assets under management and has received among the

highest ratings for financial strength from the life insurance industry's principal rating

agencies: A.M. Best (AA+), Standard & Poor's (AA+), Moody's (Aa1), Fitch (AAA).

According to Moody's, "New York Life's rating reflects the company's good quality

investment portfolio, ample liquidity, and sound capitalization, as well as the good

growth potential of its international business.”

19



As a leader in the insurance industry, New York Life continues to bring to its operations

new management concepts, advanced technologies, new distribution and training

systems and innovative insurance products.

MAX NEW YOR LIFE INSURANCE

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.

Incorporated in 2000, Max New York Life started commercial operation in 2001. 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 is

Rs. 1032 crore.

Having set a best in class agency distribution model in place, the company is

spearheading a major thrust into additional distribution channels to further grow its

business. The company currently has 33 banc assurance relationships, 14 corporate

agency tie-ups and direct sales force at 14 locations. Max New York Life has put in

place a unique hub and spoke model of distribution to deepen rural penetration. The

company has 39 (9 hub office 30 spoke offices) offices dedicated to emerging markets

in Punjab and Haryana. Max New York Life offers a suite of flexible products. It now

has 38 products covering both life and health insurance and 8 riders that can be

20



customized to over 800 combinations enabling customers to choose the policy that best

fits their need. Besides this, the company offers 6 products and 4 riders in group

insurance business.

The company currently has more than 7500 employees.

Graphical re-presentation of sales preformance for last 5 years

Vision

To become the most admired life Insurance Company in India.

Mission

To become one of the top quartile life Insurance companies in India.

Be a national player.

Be the brand of the first Choice.

Be the Employer of the Choice.

Become principal of choice for agents.

Values

This vision to become India's most admired life insurance company will be

realized through our unique set of values, which are as follows:

1. Knowledge

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Knowledge leads to expertise; and our expertise is in helping people protect

themselves. Perfectly combining global expertise with local knowledge, we are

India’s Life Insurance specialist. Max New York Life believes that for

knowledge to be of significance it must be focused, up to date and shared.

2. Honesty

Honesty is the core of all life insurance business. Transparency, integrity and

dependability form the cornerstones of Max New York Life experience. The

company ensures that everyone who represents the brand carries a promise: we

care in word as well as in actions.

3. Excellence

Excellence at Max New York Life implies the ability to perform consistently at

the highest level. Focused on the value of continuous improvement in people,

processes and the organization, the company strives for maximum standards of

quality in every aspect of its business.

Specialist in the business since 1845. Over US $225 billion assets under Management

and over US $12 billion in surplus and reserves (2006). Ranks#2 on Fortunes Global

List of “Most admired Life Insurance Companies” (2006). Has never failed to deliver to

its policyholders in spite of world wars, famine, drought and 9/11.

• India and China are among New York Life top two priority International

markets.

• It has 25% market share of NRI life insurance market in the US.

• The company has been ranked 78th in Fortune 500 list beating big names like

Mc Donald’s , Coco Cola, Xerox and Cisco System.

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’spaid up capital is Rs.657 crore, which is more than the norm laid down by IRDA.

Max New York Life invests significantly in its training programme and each agent is

trained for 152 hours as opposed to its mandatory 100hours stipulated by the IRDA

before beginning to sell in the marketplace. Training is a continuous process for

agents at Max New York Life and ensures development of skills and knowledge

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through a structured programme spread over 500 hours in two years .This focus on

continuous quality training has resulted in the company having amongst the highest

agent pass rate in IRDA examination and the agents have the highest productivity

among private life insurers..

201 agent advisors have qualified for the Million Dollar Round Table (MDRT)membership in 2005. MDRT is an exclusive congregation of the worlds top selling

insurance agents and is internationally recognized as the standard of excellence in the

life insurance business. Having set a best in class agency distribution channels to further

grow its business. The company is using a five-pronged strategy to pursue alternative

channels of distribution. These include the franchisee model, rural business direct sales

force involving group insurance and telemarketing opportunistic, bank assurance and

corporate alliances.

Max New York Life offers a suite of flexible products. It now has 26 life insurance

products and 8 riders that can be customized to over 400 combinations enabling

customers to choose the policy that best their need.

Max New York Life- Growing Presence

Number of cities – 180

Number of offices – 200+

Number of Agents – 25,000+

Number of Policies – 15, 00,000+

MAJOR MILESTONES ACHIEVED BY MAX NEWYORK LIFE INSURANCE

• First life insurance Company in India to have IS0 9001:2000 certifications.

• Top five most respected private life insurance in India according to Business

World survey.

• Continuous presence in Top 50 MDRT global list.

• First company to provide free look period of 15 days to the customer. This waslater made mandatory by the regulator

• First company to start toll free line for agent services

• First life insurance company in India to provide various services to the agents

and customers over phone

23



• First Indian life insurance company to start service center at the regional level

Some of the industry firsts

• First company to provide free look period of 15 days to the customer. This was

later made mandatory by the regulator • First company to start toll free line for agent services

• First and the only life insurance company in India to implement Lean

methodology of service excellence in service industry

• First life insurance company in India to be awarded ISO 9001:2000 certification

Awards

• Among the top 25 companies to work for in India, according to Business world

2003 ‘Great Workplaces of India’

• Among the top five most respected insurance companies in India as per Business

world 2004 & 2006 survey

• Won Indo-American Corporate Excellence Award for Best Indo-US company in

Financial Services Category in 2006

• Received ‘Best Six Sigma Project’ award at Sakal Six Sigma Excellence Awards

– 2006

• Among top 3 in Asia Life Insurance Company of the Year Award 2007 instituted

by Asia Insurance Review

• Received the Amity Corporate Excellence Award – 2007

• Received the ‘Outlook Money Award’ for being “among the best new insurers in

the country”.

CSR

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

24



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.

The company donates a part of the total money collected on all policies sold, to SOS

Children's Villages of India at the end of the year.

Chapter 3

PROBLEMS AND COMPETATION OF

THE ORGANISATION

25



PROBLEMS OF THE ORGANISATION

The problem is to find The Need of Insurance for the Corporate and the Merchant Sector

All organizations face changes in their environment with resultant changes in their

markets and in this ability to satisfy their markets. Each organization is faced with new

marketing problems and opportunities in their existing and potential market.

26



COMPETITION INFORMATION

Life Insurance

HDFC Standard Life Insurance Company Ltd.

Max New York Life Insurance Co. Ltd.

ICICI Prudential Life Insurance Co. Ltd.

Om Kotak Mahindra Life Insurance Co. Ltd.

Birla Sun Life Insurance Co. Ltd.

Tata Aig Life Insurance Co. Ltd.

SBI Life Insurance Co. Ltd.

ING Vysya Life Insurance Co. Pvt. Ltd.

Allianz Bajaj Life Insurance Co. Ltd.

Metlife India Insurance Co. Pvt. Ltd.

Aviva Life Insurance Company Ltd.

27



Chapter 4

S.W.O.T ANALYSIS

28





⇒ RLI very big player.

Chapter 5

OBJECTIVES OF STUDY

30



OBJECTIVES

•

To provide the company with information of customer's Insurance policy if theyhave any and reasons for opting for that particular policies.

• To know the most preferred policy.

• To determine customers perception towards private insurance companies and

their expectation form private insurance companies.

• To determine the feedback on services provided by any other insurance agent.

• To know the impact of privatization of insurance sector on public.

•

To understand the customers buying behavior of insurance products with a focuson market segmentation.

SCOPE OF STUDY

The initial step was to understand the process of how to go about the project itself. The

aim was to understand better vision, mission objectives & culture of the organization. So

as to ensure that the work done is in the consonance with the main goal of the company.

In this regard various magazines, journals and newspapers were gone through. Various

Internet sites were also looked upon which provide me with valuable input into the

Insurance Sector.

31



Chapter 6

METHODOLOGY ADOPTED

32



METHODOLOGY

The research is both explanatory as well as descriptive in nature. The source of information is both primary and secondary. A well-structured questionnaire was

prepared and personal interviews were conducted to collect the customer’s perception

and buying behavior, through this questionnaire.

SAMPLING

• Sampling method followed was judgmental sampling. The customer was selected on

a random basis from different parts of Delhi.

• The population comprised of mainly people from different parts of Delhi.

• Data collection method-survey method was employed.

• Data collection instruments- structured questionnaire was prepared.

RESEARCH BRIEF

The first stage involved initial discussion between the various team members and the

company in order to identify the research objectives (Rationale of the research), which is

the most difficult step in the research process.

RESEARCH DESIGN:

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 customer’s perception and buying behavior, thru this questionnaire.

DATA COLLECTION METHOD:

a. Preparation of Questionnaire:

33



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.

b. Sampling Method:

Sampling method followed was judgmental sampling. The customer was selected on a

random basis from different parts of Delhi.

c. Sample size: -

The sample size was restricted to only 100, which comprised of mainly peoples from

different regions of Delhi due to time constraints.

34



Chapter 7

INTERPRETATION OF RESULT

35



INTERPRETATION OF RESULT

PRODUCT OF MAX NEW YORK LIFE INSURANCE

Products & Services

Protection Plans

Life is full of surprises. Unexpected events that strike without warning can disrupt the

smooth rhythm of life. You must be prepared at all times. As the primary earning

member, you need to make sure that your family is never lacking in anything even if

you are taken away from them forever. Do your best today to ensure that your family

can always enjoy a comfortable lifestyle. In double income families, both spouses

should get adequate life covers especially if there are dependent children involved.

We have plans that guarantee maximum protection at a low cost.

Children Plans

Your parenting is perfect but is your planning adequate? Are you thinking beyond the

immediate to the future, about higher education and professional courses, in India and

36





health is wealth. The health of every member of the family is precious and you need

to safeguard it as a priority. Use our Health Plans to make sure your family stays fit

and fine.

LifeLine MediCash™ LifeLine Wellness™ Plus

LifeLine MediCash™ Plus LifeLine Safety Net™LifeLine Wellness™

Savings Plans

Is your money working for you? Clearly not, if it is lying idle in multiple bank

accounts. We will instill the discipline of investment through force of habit as you

park your money for protection and growth to meet your needs over your lifetime.

Choose a plan that matches your needs and budget. Our dual benefit saving plans

recognize your need for all round financial protection, and include a life cover that

will protect you till the last day.

Whole Life Participating Life Gain™ Plus 25 (Par)

20 year Endowment (Par) Life Pay™ Money Back

Endowment to Age 60 (Par) Life Gain™ Endowment

Life Gain™ Plus 20 (Par) Life Partner™

Rural Plans

We are conscious of our social responsibility to serve the financially vulnerable

sections of society. We have created specialized Rural Plans to meet the particular

needs of customers in rural areas. The ticket size has been kept low, the premiums are

affordable and the procedures are simple. Customers in rural areas can now find a

plan to meet their unique requirements.

Easy Term Policy

Strategic Products Plans

Most people desire a carefree life. They want to be happy and comfortable at all

times. But needs keep evolving and you must always be one step ahead. Our Strategic

Products Plans will meet your special needs and are available through additional

distribution channels. You can choose a plan to meet the planned events and

unforeseen incidents in your life.

Bancassurance Additional Distribution

Capital Builder Max Mangal™

38



Capital Builder

Max Vriksha™

Max Amsure

Future Builder Business Builder

Bonus Builder Secure Returns Builder At Max New York Life Insurance, life insurance plans are created keeping in mind

the changing needs of you and your family. Our life insurance plans are designed to

provide you with flexible options that meet both protection and savings needs.

We offer our customers a full range of transparent, flexible and value for money

products that include whole life (LifeLong), endowment (LifeSaver, EasyLife Plus),

child policy (Young Achiever) single premium (LifeBond, LifeBond Plus), Pension

(PensionPlus), Term (LifeShield), fixed term protection plan (Freedom LifePlan) and

a 5 year recurring premium investment cum protection plan (LifeBond5). Max New

York Life Insurance products are modern and contemporary unitised products that

offer unique customer benefits like flexibility to choose cover levels, indexation and

partial withdrawals.

Secure Fund: The investment objective of this fund is to provide progressive return on

your investment with a minimum guarantee on maturity. The fund comprises of debt

securities in the range of 50-100%, equities in the range of 0-20% and money market

and cash in the range of 0-20%. Initially the equity exposure will be 10 %.

Growth Fund: The investment objective of this fund is to provide high capital growth

by investing higher element of assets in the equity market. The fund will comprise of

debt securities in the range of 0-50%, equities in the range of 0-85% and money

market and cash in the range of 0-20%. Initially the equity exposure will be 75%.

Balanced Fund: The investment objective of this fund is to provide capital growth by

availing opportunities in debt and equity markets and providing a good balance

between risk and return. The fund comprises of debt securities in the range of 50-

90%, equities in the range of 0-45% and money market and cash in the range of 0-

10%.

Individual

39



At Max New York Life Insurance we are dedicated to helping you make the most out

of your life, and that includes all your savings and protection requirements. We're

here when you need to make informed financial decisions - for you, and for your

loved ones.

We offer products under the following three categories for individuals-Unit value (Rs/unit) as on 1/8/2008

Product Name Product Type Bid Offer

Life SaverUnit Linked 31.4 33.053

Unitised with profit 12.697 13.365

LifeBondUnit Linked 31.4 31.4


EasyLifePlus Unit Linked 31.4 33.053Unitised with profit 12.697 13.365

Young AchieverUnit Linked 31.4 33.053


Treasure PlusUnit Linked 13.27 13.968

Unitised with profit

Life Bond 5 SecureUnit Linked 13.27 13.27

Unitised with profitLife Bond 5

Growth

Unit Linked 28.374 28.374


SaveGuard SecureUnit Linked 13.27 13.968


SaveGuard

Balanced



Pension Plus -Growth

Unit Linked 16.089 16.936Unitised with profit

Pension Plus -

Secure



Freedom LifePlan - Unit Linked 31.4 32.041

40



Balance Unitised with profit

Freedom LifePlan -

Secure



LifeLongUnit Linked 31.4 33.053


Pension PlusUnit Linked 23.555 24.795


Life Bond 5

Balanced



SaveGuard

Growth



Freedom LifePlan -

Growth



Unit value (Rs/unit) as on 1/8/2008

Product NameNAVs

Balance Growth Secure Protector UWP

LifeLong 30.976 27.849 N/A 10.777 12.559

LifeSaver 30.976 27.849 N/A 10.777 12.559

LifeBond 30.976 27.849 N/A 10.777 12.559

EasyLife Plus 30.976 27.849 N/A 10.777 12.559

Pension Plus 23.252 15.823 11.910 N/A 12.222

Young Achiever 30.976 27.849 N/A 10.777 12.559

Treasure Plus 30.976 27.849 13.058 10.777 12.559

LifeBond 5 30.976 27.849 13.058 10.777 12.559

Save Guard 30.976 27.849 13.058 10.777 12.559

Freedom Life Plan 30.976 27.849 13.058 10.777 12.559

16 Dec 2003

41



'Unit-linked Plans are the Future'

Stuart Purdy, Managing Director, Max New York Life Insurance India

Narayan Krishnamurthy and Udayan Ray

Ever since the insurance sector was opened up, private players have been trying to

entice the Indian customer with new and innovative policies. But is the customer ready for innovations--such as unit-linked plans? These plans are popular in

developed and other developing markets, but India has so far had only one such

product from LIC.Stuart Purdy, managing director, Max New York Life Insurance

India, told Narayan Krishnamurthy and Udayan Ray that most of Max New York Life

Insurance’s offerings here are unit-linked and he is betting on these products being

successful.

You have been operating here for a year now and your company’s portfolio is tilted

towards unit-linked products. How successful have these products been?

Are Indian consumers educated enough to understand the nuances of such a product?.

What do unit-linked products actually offer in terms of value-addition?

When you are looking at a long-term plan, there are always factors that will change

from time to time to meet any challenges.

While all these options do come with caps to follow the regulatory framework, they

definitely offer value-addition to the customer. And, with the NAV (net asset value)

of the fund calculated at the end of the day, the customer knows the value of his

funds. I must add that that in case of death, the beneficiary gets the sum assured or the

NAV of the fund, whichever is higher. So, there is no reduction in protection in these

plans.

Although insurance is specific to the individual, most companies offer uniform

In order to cater to customers with very low risk appetite we also offer a Unitised,

with-profit plan across our products, where the bonus rate is declared in advance for

the year. This is a conservative approach, but it has its takers. With this option, at the

end of the policy the policyholder gets a share of the bonus that the company earns. In

this case, there is an assured return that is benchmarked to the current bond rates (5

per cent last year).

What has been the performance of unit-linked plans in other emerging markets?

42





eleventh of the best places to work in India. The survey was conducted amongst more

than 120 companies in India.

In a short span of time Max New York Life Insurance has been able to extend its

presence to 25 branches and over 100 locations including Banc assurance

sites, covering the full geographical spread of the country. Max New York LifeInsurance has also opened four rural branches in Faridkot, Udaipur, Nasik and

Nagpur. These branches will cater specifically to the rural populace of the districts

around these locations. Max New York Life Insurance has a strong sales force of over

2000 financial planning advisers.

Max New York Life Insurance offers one of the most flexible products that are

available in the market today. Products offered by Max New York Life Insurance are

LifeLong (whole life), PensionPlus (regular savings personal pension plan), LifeBond

(single premium savings plan), EasyLifePlus (simple endowment savings plan),

LifeSaver (flexible endowment savings plan), YoungAchiever (child policy),

LifeShield (pure term insurance), LifeBond5 (5 year recurring premium investment

plan) and rural products like Amar Suraksha, Anmol Suraksha and Jana Suraksha.

http://www.domain-b.com/finance/insurance/Max New York Life

Insurance_life_insurance/20040617_achieves.html

http://203.200.89.96/scripts/IIH021C1.asp?

sectionid=11&categoryid=121&articleid=4663&NoCache=3%2F27%2F2007+2%3A

10%3A25+AM

What does your ULIP portfolio reveal?

June 24, 2006 15:16 IST

The popularity of unit linked insurance plans (ULIPs) has increased considerably over

the past few years. Not surprisingly, this has coincided with the attractive returns

posted by the stock markets over this period.

ULIPs, being market-linked, mirror to a large extent, the gains/losses of the stock

markets. That is why it's important for investors to evaluate a ULIP portfolio

objectively before considering investing in it.

Nevertheless, in our view, such a study will help individuals select ULIPs that suit

their profile and needs better.

44





* Not Available; ** As on March 31, 2006; *** Please refer to the article for

further details. For the purpose of our study, we have considered the most

aggressive plans with the regular premium option from the said insurers. In

case of HDFC, the most aggressive ULIP 'Growth' option is compulsorily

invested in 100% equities. For other Aggressive ULIPs, the investment mandateis flexible.

For the purpose of our study, we have considered the most aggressive plans with the

regular premium option from the said insurers. In case of HDFC, the most aggressive

ULIP 'Growth' option is compulsorily invested in 100% equities. For other

Aggressive ULIPs, the investment mandate is flexible. 1. Allocation to Equities The

allocation to equities differs across the four companies under study. True to its

investment mandate, HDFC Standard Life (HDFCSL) had invested 100.0% of its

corpus in equities. Kotak Life Insurance (KLI) had invested 62.2% of its corpus in

equities against a mandate to invest upto 80.0% of its assets in equities.

The other two companies, ICICI PruLife and Max New York Life Insurance, have

adhered to the limits set out for them with 94.8% (mandated to invest upto100% in

equities) and 80.8% (mandated to invest up to 85%), respectively.

In terms of market capitalisations, we have observed that the ULIPs under review

invest predominantly in large cap companies. However, Max New York Life

Insurance is an exception; it invests liberally in mid caps. This can be gauged from

the fact that close to half of its equity portfolio (i.e. approximately 42%) is invested in

midcap companies.

Opt for a plan that suits your risk profile and expectation of return over the life of the

policy.

Top 10 Stocks

At Personalfn, we have always maintained that a diversified stock portfolio should

hold no more than 40.0% of its assets in the top ten stocks. This helps the portfolio

counter turbulence in stock markets more effectively. Concentrated stock portfolios

can be sitting ducks during stock market volatility and their wayward performance

can be very upsetting for investors.

46



With respect to holdings in the top 10 stocks, HDFCSL is well diversified. It holds

42.7% of its assets in its top 10 stocks. However, in terms of number of stocks held, it

remains the most concentrated with a total of 34 stocks in its portfolio.

ICICI PruLife had the most concentrated portfolio with 50.4% in its top 10 stocks.

The total number of stocks it held (51 stocks) was the highest in its peer group.KLI comes across as the most diversified ULIP portfolio with only 25.7% of its total

holdings in the top 10 stocks. Likewise, Max New York Life Insurance with an

allocation of 28.0% is well diversified. Given that KLI and Max New York Life

Insurance have an equity cap in the 80%-85% range, their top 10 stock holdings are

very well diversified.

Sectoral Allocation

In terms of sectoral allocation, ICICI PruLife emerges as the most concentrated one

with 65.0% of its assets in the top 5 sectors. So too is the case with HDFCSL which

holds 64.2% of its assets in 5 sectors.

Both Max New York Life Insurance and KLI fare better as compared to HDFCSL and

ICICI PruLife with 41.6% and 30.6% of assets in the top 5 sectors respectively.

Again, this comparison has to be seen in light of the lower equity allocation for both

these insurers.

Like with stock allocations, we believe that sectoral concentration can expose a

portfolio to above-average volatility. While such a strategy can help the ULIP clock

attractive returns during a market rally, it is likely to expose investors to higher

volatility when the markets witness a downturn.

With respect to the concentration in the portfolios, insurance seekers need to

appreciate that insurance companies invest monies from a very long-term perspective.

Fund Management Charges (FMC)

Charges play an important role while calculating the returns on a portfolio - higher the

charges, lower is the value of the investments. Over the long term (over 15 years),

charges have the potential to significantly impact the returns generated by the ULIP

portfolio.

HDFCSL with an FMC of 0.80% surfaces as the most cost effective ULIP. ICICI

PruLife (FMC 1.50%) fails to redeem itself on this front. KLI (FMC 1.50%) and Max

47



New York Life Insurance (FMC 1.00%) with additional expenses in the form of a

buy-sell spread fare poorly compared to the others alongside it. Simply put, the buy-

sell spread is the difference between the buying price and the selling price at which

the life insurance company buys and sells its units.

For KLI, the administration charges are levied as a percentage of the annual premium-for the first year, the charges are 7% for premium upto Rs 20,000 pa and 3% for that

portion of premium exceeding Rs 20,000 pa. Second year onwards, these charges

drop to 4% (for premium upto Rs 20,000 pa) and 2% (for premium exceeding Rs

20,000 pa). KLI too fails to impress on this parameter.

Policy Returns

HDFCSL with a return of 86.7% for FY06 (financial year ending March 2006),

towers head and shoulders over the competition. It has also managed to outperform its

benchmark, the BSE 100 (up 66.2%), by a wide margin. Such a performance is not

surprising given that the policy invests its entire corpus in equities vis-à-vis peers.

ICICI PruLife too fared well on this front with 68.2% returns over FY06, although it

just about managed to outperform its benchmark, (BSE 100).

Kotak with 49.2% returns over the said period fared poorly as compared to its peers

as well as its benchmark, the S&P CNX Nifty (up 64.6%). One reason for the under-

performance could be the 'controlled' equity exposure (62.2% as on March 31, 2006)

as compared to its mandate (up to 80%).

Max New York Life Insurance (61.1%) managed to post reasonable returns vis-à-vis

peers. Despite our best efforts, we failed to solicit information about the policy's

benchmark from the insurance company.

Our evaluation of ULIP portfolios throws up some interesting learnings:

1. The quality of data and its presentation need to improve significantly, if

investors, both existing and potential, are to be able to study portfolios and make

intelligent decisions.

2. ULIP portfolios need to be disclosed regularly. The reason you are seeing only

four ULIP portfolios is because others either don't disclose it or disclose it only

'selectively'.

Mainly for Protection

Mainly for Savings

48



• Max New York Life Insurance – Life Saver

• Endorsement request form

• Reinstatement request forms

• Life Long, Life Saver or Young Achiever

• Pension Plus, EasyLife Plus, Treasure Plus, SaveGuard or Life Bond5

Mainly for Protection

We offer the following policies to take care of your protection needs-

Max New York Life Insurance – Life Saver

Policy details:

This plan is a unitized fixed term, protection cum savings plan designed to meet long-

term savings needs such as education and wedding costs, of the insured’s family in

case of his unfortunate death before the policy matures.Eligibility:

Minimum age: 18

Maximum age: 65 years not exceeding 70 years of age at maturity.

The maximum entry age with rider cover is 55 years.

Policy Charges:

All policy charges are in the form of unit deductions and does not involve any

payment other than the stipulated premium.

The allocation rate is the proportion of the premiums used to purchase units. An

allocation rate of 100 percent means the entire premium is used to purchase units.

Less than 100 percent means that there has been a charge and above 100 percent

means that there has been an additional benefit given to you.

The allocation rate will be 99 percent for an annual premium of less than Rs 7500,

100 percent for an annual premium of Rs 7500 to Rs 9999 and 101 percent for an

annual premium of Rs 10,000 and above.

Any additional single premiums will have an allocation rate of 101 percent.

There will be a selling/purchase price spread of 5 percent

There will be an initial management charge of 5 percent per annum on the initial units

(units purchased with the first two years’ regular premium or two years’ incremental

regular premium) of the policy.

49



An administration charge of Rs 55 per month will be applied which shall be adjusted

annually for inflation.

There will be a regular management charge of 1 percent per annum on both initial and

accumulation units.

Risk charges will vary by age, sex level of life cover and the riders opted.Charges are subject to review at the discretion of the company.

Survival benefits:

The sum insured can be increased at policy anniversary subject to the evidence of

good health and approval of the underwriters.

Offers protection through the optional addition of one or both of the two riders -

Accidental Death and Dismemberment (protection from the risk of death or

dismemberment due to an accident).

Offers two investment fund options - a With Profits fund and a unit Linked Fund.

In case of joint life, policy terminates after making benefit payments on first death or

first contraction of CI and PTD on any life.

In case of partial dismemberment (if you have chosen the Ad and D rider), 50 percent

of the sum insured is paid and the policy continues for the balance sum insured.

A final bonus if any, may also be payable on death or surrender in case of a With

Profits policy.

Death benefits:

In case of accidental death or complete dismemberment (if the AD rider is chosen) an

additional sum insured is paid.

If the insured dies, or contract a critical illness or become permanently disabled (if the

Critical Illness and PTD rider is chosen) a lump sum equivalent to the higher of the

policy value in respect of regular premium or sum insured is paid.

Bonus:

Two types of Bonuses will be offered:

Regular

A regular bonus rate will be declared annually for that year in the form of increases in

the unit price.

50



The unit price will be increased daily in line with the latest declared regular bonus

rate, equivalent to bonus rate for the year. Once added, regular bonuses cannot be

removed.

Final bonus:

A final bonus may be added when benefits are taken on maturity, death or unitcancellation to ensure full smoothing over the period of the policy.

The rate payable will depend on when the units were bought and are applied to the

value of the cashed units.

Investment Fund Options:

Units:

Premiums paid to purchase units, are used to pay for policy benefits (such as death

cover) and also to invest in units. The value of the investment at anytime is the

number of units in the unit account multiplied by the unit price.

With Profits fund

This is a modern unitized With Profits Fund designed to provide capital growth.

The money is invested in a range of assets, with a government securities bias, to

provide solid returns without exposing with-profits investors to undue risk. The aim

of the With Profits fund is to provide good returns by participating in the profits of the

fund.

LifeLong.

LifeShield

LifeLong.

LifeLong is designed to suit your individual requirements, no matter which life stage

you are at, and changes as your needs change during your entire life. For the same

premium, you can opt for a higher life cover (protection) and lower savings or lower

life cover and higher savings. The choice of protection-savings mix is yours, and the

decision can be based on your priorities and age. You can also cover your spouse

under the same policy without any additional expense through a joint life policy (first

death basis).

51



LifeLong offers a With Profits or 3 Unit Linked investment fund options, which give

you the flexibility of choosing how your money should be invested in terms of the

risk and the security of the return on the investment. You can invest 100% of your

premiums either in With Profits Fund or in any of the Unit Linked Funds. The

minimum allocation in each selected unit linked fund must be 10%.Life Shield

Pure Term Insurance

LifeShield is a low cost life insurance plan which guarantees to pay a lump sum

amount in case of your death during the term of the policy.

LifeShield can be purchased for any life between 18 to 55 years of age. However, the

maximum age of the life insured at expiry of the policy is 65 years.

The minimum and maximum policy terms are 5 years and 40 years, respectively. The

minimum annual premium is Rs.2,000 and the minimum sum insured is Rs.500,000.

The sum insured of the policy can be increased (only upto 40 years of age) once by

50% (subject to maximum increase of Rs.1,000,000) during the term of the policy,

without submitting any evidence of good health, if:

- You decide to increase the sum insured within three months of your marriage.

- You decide to increase the sum insured within three months of the birth of your

child.

This option to increase the sum insured is available if the policy has been accepted on

standard rates. It can be exercised only when outstanding term of the policy is at least

5 years and the policy is inforce for full sum insured.

Mainly for Savings

We offer the following savings policies-

• Easy Life Plus

Easy Life Plus is a simple, unit-linked endowment plan with the benefit of life

protection. By choosing an appropriate premium level and term, you can match the

maturity date of the plan to a specific savings need such as your child’s education,

wedding or any other financial need.

EasyLife Plus offers a With Profits or 3 Unit Linked investment fund options, which

give you the flexibility of choosing how your money should be invested in terms of

52



the risk and the security of the return on the investment. You can invest 100% of your

premiums either in With Profits Fund or in any of the Unit Linked Funds. The

minimum allocation in each selected unit linked fund must be 10%.

•Young Achiever

Child PolicyYoung Achiever is a regular premium life insurance product designed to meet the

financial needs of your children- be it higher education, marriage, establishing

themselves while starting a career or a business, or any other need. Through this

policy, you save regularly to meet your children's needs, and at the same time their

financial needs are taken care of should something unfortunate happen to you. Young

Achiever can be purchased on the life of any one of the parents with the child as the

nominee.

Young Achiever offers a With Profits or 3 Unit Linked investment fund options,

which give you the flexibility of choosing how your money should be invested in

terms of the risk and the security of the return on the investment. You can invest

100% of your premiums either in With Profits Fund or in any of the Unit Linked

Funds. The minimum allocation in each selected unit linked fund must be 10%.

•Life Bond 5

LifeBond 5 is an investment plan where you pay premiums only for 5 years and get

investment returns with maximum tax benefits. This unit-linked plan gives you the

flexibility that you, as a smart investor, seek both at the time of investment and at

maturity.

LifeBond 5 offers 3 Unit Linked investment fund options, which give you the

flexibility of choosing how your money should be invested in terms of the risk and

the security of the return on the investment. You can invest your premiums in any one

fund or in a combination of funds. The minimum allocation in each selected fund

must be 10%.

•Life Bond

LifeBond is a unit linked, Single Premium Whole Life plan, designed to provide you

the maximum benefit of investment returns and tax benefits. You can gift LifeBond to

your newborn and provide financial security when he/ she needs it. Also, you can

53



cover your spouse under the same policy without any additional expense through a

joint life policy (second death basis).

•Life Saver

Life Saver is a unit linked endowment plan designed to meet your specific long-term

savings needs such as education and wedding costs for your children, with the addedreassurance of a life cover to meet those costs in the unfortunate event of your death

before the policy matures. You can take LifeSaver on single life or jointly with your

spouse (first death basis).

Life Saver can be purchased on any life between 18 to 65 years. However, for any

rider cover the maximum entry age is 55 years.

You can invest 100% of your premiums either in With Profits Fund or in any of the

Unit Linked Funds. The minimum allocation in each selected unit linked fund must be

10%.

•Pension Plus

PensionPlus is a tax efficient, personal pension plan that is designed to help you earn

a regular income, even after you stop working. Through this plan, you build a fund

till you retire which provides you financial security after retirement.

PensionPlus can be purchased for any life between 18 to 65 years of age. The

minimum age at maturity is 40 years and the maximum age at maturity is 70 years.

You have the option of either paying regular premiums or paying a single premium.

The minimum annual premium is Rs. 6,000 for regular premium and Rs 1,00,000 for

a single premium option. The minimum policy term is 5 years.

A With Profits Fund or 3 unit linked funds; Secure, Growth and Balanced Funds.

•Save Guard

PensionPlus is a tax efficient, personal pension plan that is designed to help you earn

a regular income, even after you stop working. Through this plan, you build a fund

till you retire which provides you financial security after retirement.

PensionPlus can be purchased for any life between 18 to 65 years of age. The

minimum age at maturity is 40 years and the maximum age at maturity is 70 years.

You have the option of either paying regular premiums or paying a single premium.

The minimum annual premium is Rs. 6,000 for regular premium and Rs 1,00,000 for

a single premium option. The minimum policy term is 5 years.

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•Life Bond Plus

LifeBond Plus is a unit linked, Single Premium Endowment plan, designed to provide

you the maximum benefit of investment returns and tax benefits.The entry age is 18 to 65 years (last birthday) and in case rider is opted, the maximum

entry age is 55 years. The policy terms is 5 to 25 years (maximum age at maturity 70

years).


•Save Guard Junior

Save Guard Junior is a simplified, unit-linked endowment plan, which covers your

child’s life. It is specially designed to help you save for important milestones in your

child’s life like education, setting up a business or marriage. SaveGuard Junior offers

an investment opportunity as well as life insurance without requiring you to undergo

any medical examinations.

Save Guard Junior offers entry ages from 0 to 17 years, a choice of policy terms, from

10 to 30 years as well as an option of investing in any or a combination of 3 unit-

linked funds. Save Guard Junior also offers a guarantee that the units invested in the

Secure Fund will not be less than the price they were bought at plus 3% interest

compounded annually.

•Life Saver Plus

Life Bond Plus is a unit linked, Single Premium Endowment plan, designed to

provide you the maximum benefit of investment returns and tax benefits.

The entry age is 18 to 65 years (last birthday) and in case rider is opted, the maximum

entry age is 55 years. The policy terms is 5 to 25 years (maximum age at maturity 70

years).


•Max New York Life Insurance DhanVriddhi

An insurance plan that guarantees the money you planned for.

•Max New York Life Insurance Little Master

Today your child wants to be a chef. Yesterday, he dreamt of becoming a cricketer.

Tomorrow he might want to be a pilot. You never know where your child's dreams

55



will take him. Max New York Life Insurance Little Master helps you go that extra

mile to ensure that your child realizes his dreams, whatever they may be.

Max New York Life Insurance Little Master is a comprehensive, unit-linked

endowment plan which covers the life of the parent as well as the child. It has several

firsts which make it an extremely competitive product; a waiver of premium in theevent of the parent's death, a comprehensive health benefit (CHB) rider which covers

18 critical illnesses, up to 4 partial withdrawals per year in the last 5 years of the

policy and guaranteed additions of up to 7% of the units at maturity.

•Freedom Life Plan

Freedom LifePlan is a unit-linked limited premium paying endowment plan with

guaranteed loyalty additions. This unit linked plan gives you the flexibility to

customise the plan to suit your individual needs and alter it subsequently with your

changing needs. You can take Freedom LifePlan on single life or jointly with your

spouse (first death basis).

Freedom Life Plan offers 3 Unit Linked investment fund options, which give you the

flexibility of choosing how your money should be invested in terms of the risk and

the security of the return on the investment. You can invest your premiums in any one

fund or in a combination of funds. The minimum allocation in each selected fund

must be 10%.

• Group

Our Group products are designed keeping in mind the special requirements of

organizations and large groups

• Corporate Life

CorporateLife is a product designed primarily for organisations to provide life cover

to their employees. This is a group term insurance product which provides cover

against risk of death. Additional covers against accidental death and permanent

disability are also available, if opted for by you.• Credit Net

Credit Net is a product specially designed by us for banks, finance companies and

financial institutions like you, which offer credit cards, auto loans, consumer durable

loans and/or personal loans to their customers (members).

• Group Gratuity

56



Group Gratuity product, a unit-linked product designed primarily for the corporate

sector to help employers plan and create a fund to fulfil their future obligations in a

systematic manner. This product aims to provide a well-planned fund giving tax

benefits to the employer and above all financial security to employees at retirement or

at the time of leaving the employment.• Credit Plus

Loan Suraksha

Credit Plus is a product specially designed by us for Micro Finance Institutions like

you who provide loans to individuals in the rural and social sectors and who would

also like to provide some financial security to the families of these individuals

(members).

This is a yearly renewable group term insurance scheme which provides death cover

on group basis.

• GroupShield

LoanSuraksha is a single premium product designed primarily for the Banks and

other Financial Institutions to provide life cover to their housing loan and car loan

customers. This is a group term insurance product, which provides cover against risk

of death. The Bank/Financial Institution is the master policyholder.

• GroupShield

GroupShield is a product specially designed by us for institutions, co-operatives and

NGOs like you, who are operating in the rural and social sectors and who would like

to provide some financial security to your members’ families.

Rural

At Max New York Life Insurance we have specially designed products for the rural

sector

Amar SurakshaTerm Insurance with Premium Back

Amar Suraksha is a life insurance plan which guarantees to pay a lump sum amount in

the unfortunate event of your death during the term of the policy. On survival through

the duration of the policy, you are returned the entire premium amount without

interest.

57





• Policyholder has the option to either choose the sum assured or

premium he wishes to pay. Further he has to choose the level of cover -

Minimum, Standard, Maximum

• Premiums are payable till the age of 85 years or till death which ever is

earlier. However risk cover expires at age 70 years. One can pay the premiumsin yearly, half-yearly, quarterly or at monthly (direct debit only) intervals.

• Benefits under the policy can be enhanced by opting for rider. Riders

available under the policy are:

1. Accidental Death & Dismemberment (AD&D)

2. Critical Illness & Permanent Total Disability (CI&PTD

3. Hospital Cash Benefit (HCB)

• Charges applicable under the policy are made by the way of

deductions. Charges applicable are:

1. Initial management charge of 5% per annum on the initial units

(units purchased with the first two years' regular premium or two years'

incremental regular premium) of the policy

2. An administration charge of Rs.55 per month( this shall be

adjusted annually for inflation).

3. A regular management charge of 1% per annum on both initial

and accumulation units.

4. Risk charges based on age, sex, level of life cover and the

rider(s) opted.

Benefits

• There is no maturity for the policy. Full withdrawal of the policy is

permitted after two policy years and partial withdrawal is permitted after three

policy years. Policyholder will get back the number of units surrendered

multiplied by their selling price, less early redemption charges, if any.

• The minimum amount one can withdraw at any one time in case of

partial cash-in of units is Rs. 5000/-, increasing from time to time (as

59



stipulated by the Company). The minimum balance (value of units) in the

account at any time should not be less than Rs. 10,000.

On Death:

• Lump sum equivalent to the higher of the value of units in respect of

regular premiums or the sum insured is paid. This apart, the value of units inrespect of lump sum investments through additional single premiums will be

paid.

• A final bonus, if any, may also be payable in case of a With Profits

policy.

• In the case of joint life insurance, death benefit is paid on the first

death only and thereafter the policy will terminate.

• If AD&D has been selected and death occurs from an accident, an

additional sum equal to the sum insured is paid.

• If death occurs after 70 years of age, only the policy value is paid.

Riders

Riders can be attached to the base coverage at inception only and rider cover expires

at 60 years of age.

Accidental Death & Dismemberment (AD&D)

• This rider pays an additional 100% sum assured or 50% sum assured in

case policyholder or his/her spouse (if insured jointly) meets with a an

accident leading to complete dismemberment or partial dismemberment

respectively. Maximum amount payable is limited to Rs.50 lacs(subject to

indexation increases).

• The benefit under this rider is paid if death or dismemberment happens

within 90 days of the date of accident.

• If the total benefit payment since inception has not reached 100% of

the sum insured, the rider coverage will remain in force for the balance

amount. The risk cover under the base policy will remain unaffected.

Critical Illness & Permanent Total Disability (CI&PTD)

60



• In the event of policyholder or his/his spouse(if insured jointly),

contract any of the covered critical illnesses or become permanently and

totally disabled, a lump sum equivalent to the higher of the value of units in

respect of regular premium or the sum insured (subject to a maximum of Rs.20 lacs), is paid and policy comes to an end.

• The value of units in respect of additional single premium will be paid

in addition to the above benefit without any deductions

• Maximum benefit under this rider is subject to Rs. 20 lacs(subject to

indexation increases).

Hospital Cash Benefit (HCB)

• Fixed amount of cash is paid for each day of hospitalisation in case

policyholder or his/his spouse(if insured jointly) is hospitalised for more than

48 hours.

• This benefit will be restricted to a maximum 30 days over a policy year

and 180 days over the whole term of the risk cover.

• This benefit will be available under those policies only where regular

annual premium is at least Rs. 10,000.

Other Conditions

• Minimum entry Age: 18 years

• Maximum entry Age: 60 years

• Maximum entry age for rider cover: 55 years.

Secure life - Max New York Life Insurance Life

61



Suitability

• Secure Life is an ideal life insurance plan suitable for people who want

to have insurance protection at low cost at the same time expect some return from

the policy.Salient Features

• Secure Life is a low cost term insurance plan with the benefit of return

of premium on survival to maturity.

• Premium can be paid at yearly, half-yearly, quarterly or at monthly

(direct debit only) intervals.

• Full sum assured is paid on death with in the term.

• On survival to maturity entire premiums paid, excluding rider premium

and extra premiums, if any, is paid.

• Policy holder has the option to increased the sum assured by 50%

(subject to maximum increase of Rs. 1,000,000) during the term of the policy,

without submitting any evidence of good health, if:

1. He/she decides to increase the sum insured within three months

of his/her marriage.

2. He/she decides to increase the sum insured within three months

of the birth of his/her child.

3. The premium for the increased sum insured will be calculated

on the basis of the age at the time of exercising this option.

4. This option to increase the sum insured is available to standard

lives only and can be exercised when the outstanding term of the policy is at

least 5 years.

• The premiums paid are eligible for a tax rebate on premium paid as per

Section 88 of the Income Tax Act and the tax proceeds are tax free under Section

10(10D) of the Income Tax Act.

Benefits

On Death

62



• Full sum assured is paid on death within the term.

On survival

• On survival to maturity entire premiums paid, excluding rider premium

and extra premiums, if any, is paid.

RidersAccidental Death and Dismemberment (AD&D) rider

• In case of accidental death or complete dismemberment an additional

amount equal to the basic sum insured is paid.

• In case of partial dismemberment due to an accident 50% of sum

insured is paid and the rider continues to be in force for the balance of the sum

insured.

• The rider cover expires on life assured attaining 60 years of age.

Other Conditions

• Minimum Entry Age: 18 years

• Maximum Entry Age 55 years.

• Maximum maturity age : 65 years.

• Minimum policy term :5 years

• Maximum policy term: 25 years

• Minimum sum insured: Rs. 300,000/- (subject to a minimum premium

of Rs. 2,000/- per annum)

• Maximum sum insured: of Rs. 5,000,000/-.

Amar Suraksha - Max New York Life Insurance Life

Suitability

• Policy is suitable for people who wish to provide financial security for

the family at low cost and at the same time expect some return on the

investment.

Salient Features

• Amar Suraksha is a term insurance plan with certain benefits of a

savings plan.

63



• Policy guarantees to pay a lump sum amount on death during the term

of the policy and on survival to the term of the policy, the entire premium

amount is returned.

• During the first three policy years, no surrender value on the policy is

payable.• In case of death in a paid-up policy, only guaranteed surrender value

would be payable.

• The sum insured cannot be changed during the term of the policy.

• Policy offers a free look period of 15 days wherein policyholder can

cancel the policy and the premium paid will be refunded after adjusting for

stamp duty.

Benefits

On death

• Sum assured is payable

On Survival

• The entire premiums paid are returned.

Other Conditions

• Minimum Age at entry : 18 years

• Maximum Age at entry : 45 years

• Maximum Age at maturity : 50 years

• Policy terms : 5,10,15 or 20 years.

• Minimum Sum assured : Rs. 20,000

• Maximum sum insured : Rs. 100,000

• Minimum annual premium: Rs.500

Exclusions

• No benefit will be payable if the death of the life insured is caused

directly or indirectly by suicide within one year of the date of commencement

of the policy.

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Easy life plus - Max New York Life Insurance Life

Suitability

• Easy Life Plus is a simple endowment savings plan along with the

benefit of life protection. It is suitable for people who wish to save for aspecific need such as your children's education, wedding, etc

Salient Features

• Easy Life Plus is a unitized, fixed term, protection cum savings plan.

• The policy provides cover against death as well as accidental death/

permanent total disability due to an accident.

• The sum insured is calculated by multiplying the chosen annual

premium with the cover level. The cover level is 10 times the annual premium

for all ages. For example, if the annual premium is Rs. 10,000, then the sum

insured will be Rs. 100,000.

• Policyholder has the option of cashing-in the policy or making it paid-

up after two policy years if at least two years premium has

• The premiums paid are eligible for a tax rebate on the premium paid

been paid.

• as per Section 88 of the Income Tax Act and the tax proceeds are tax

free as per the provisions of Section 10 (10D) of the Income Tax Act 1961.

• Various charges applicable under the policy are made by the way of

unit deductions. Some of the charges applicable under the policy are:

a. An initial management charge of 5% per annum on the initial

units (units purchased with the first year's premium) of the policy.

b. A regular management charge of 1% per annum on both initial

and accumulation units.

c. An administration charge of Rs.35 per month will be applied,

which shall be adjusted annually for inflation.

d. Risk charges will vary by age and sex.

• In case of surrender, different levels of early redemption charges will

be deducted, depending upon the duration of the policy.

65



Benefits

Survival

• On survival to maturity the policy value is paid.

Time frame Untoward incidents What you get

Year One Non-Accidental death 110% of premium paid

Year One Accidental death Sum insured x 2

Year OnePermanent disability due

to an accidentSum insured x 2

Year two onwards Non-Accidental deathSum insured or accu-mulated

policy value,whichever is higher

Year two onwards Accidental death At least twice the sum insured

Year two onwards Permanent disability due

to an accidentAt least twice the sum insured

Other Conditions

• Minimum Age at entry : 18 years

• Maximum Age at entry : 50 years

• Maximum Age at maturity : 60 years

• Terms available:-10, 15, 20 or 25 years.

• Minimum annual premiums: Rs.6,000

• Maximum annual premiums: Rs. 50,000.

66





RECOMMENDATIONS

The report "Market Survey for understanding customer buying of insurance

products” has been mainly conceived with a view to have a insight of insurance sector

& to provide the company with essential factors which are looked upon by the

customers as well as buying behavior of the insurance policy.

It has been observed that people perception regarding insurance is that it is a tool to

protect their family, a tax saving device etc. People are focused towards the benefits of

the insurance & a strong need in felt for having the insurance. People are in the process

of buying policies one after the other and they do not feel the need of age specification

for purchasing insurance.

As the private insurance companies are emerging, people are having preoccupied

thinking that they will provide better products & services.

• As the people think that insurance is a tool to protect their family & a tax

saving device. They are aware of the fact & realizing its, importance. The

company should try to expand & build up its infrastructure because there is

a large potential for insurance in India.

• As seen from the survey that at present 70% of the customer are having

insurance policy out of which 87.5% of the customer are planning for new

investments. So it can be a good potential for the company and they should

make an attempt to trap these customers.

68



• 43% of the customers are even ready to go for insurance if a service

provider away from their home is providing it. But intend they should

provide good products and services. The company should try to convince

these customers and get them in its favor.

• To fix an appointment especially with the corporate people was very tough and

many a time negative response was received.

• Some of the customers due to time constraints and availability of documents with

them filled up the data sheet in a hurry, which meant that the provided data might

not be 100% true.

• The numbers of respondents were limited to 400 because of time constraints &

assignments.

• The project (report) so made is a compilation based on the data collected by

various team members during project period.

69



Chapter 9

BIBLIOGRAPHY

70



BIBLIOGRAPHY

1. BOOKS

• Saunders, M., et al (2003) 3rd edn. Research Methods for Business Students.Prentice Hall

• Easterby- Smith, M., Thorpe, R. and Lowe, A. (2002) Management Research: Anintroduction 2nd edition, London, Sage., as cited by Saunders, M., Lewis, P &Thornhill, A. (2003) Research methods for Business Students, 3rd edition,Financial Times Prentice Hall

• Gill, J. & Johnson, P. (1997) Research Methods for Managers. London: PaulChapman

• Newsom, D., et al (2000) 7th edition, This is PR: The Realities of Public Relation,Singapore, Thomas Asia Pte Ltd, pg162

2. INTERNET

• INTERNET

• http://www.maxnewyorklife.com/about_us/about_us.aspx

• http://www.maxnewyorklife.com/about_us/achievements_awards.aspx

• http://www.maxnewyorklife.com/about_us/max_india.aspx

• http://www.maxnewyorklife.com/about_us/newyrklife_LLC.aspx

• http://www.maxnewyorklife.com/individual/protection.aspx

3. MAGAZINES & NEWSPAPERS

71

http://www.maxnewyorklife.com/about_us/about_us.aspx


http://www.maxnewyorklife.com/about_us/achievements_awards.aspx


http://www.maxnewyorklife.com/about_us/max_india.aspx


http://www.maxnewyorklife.com/about_us/newyrklife_LLC.aspx


http://www.maxnewyorklife.com/individual/protection.aspx









• Business today

• Network magazine

• India today

72



Chapter 10

ANNEXURES

73



ANNEXURE

QUESTIONNAIRE

1. ARE YOU EMPLOYED?

YES NO

If YES, only then proceed

2. DO YOU HAVE ANY INSURANCE POLICY?

YES NO

3. WHICH INSURANCE POLICY DO YOU HAVE?

LIFE NON-LIFE`` BOTH

4. WHICH CO’S INSURANCE POLICY YOU PREFER THE MOST?

(RANK THEM)

a) LIC

b) ICICIPRUDENTIAL

c) SBI LIFE INSURANCE

d) ING VYSYA LIFE

e) OM KOTAK MAHINDRA

f) TATA AIG LIFE

74



g) ANY OTHER ________( Specify)

5. FOR HOW MANY YEARS DO YOU HAVE INSURANCE POLICY?

(Please Tick)

a) <5Yrs b) 5-10 Yrs c) 10-15 Yrs d) Any Other______

(Specify)

6. WHAT DO YOU THINK ARE THE BENEFITS OF INSURANCE

COVER?

(RANK THEM)

a) COVER FUTURE UNCERTAINITY

b) TAX DEDUCTIONS

c) FUTURE INVESTMENT

d) ANY OTHER _________ (Specify)

7.YOUR MONTHLY INCOME?

a)<4k b)4k-8k c)8k-12k d)12k-16k e)Other_____(Specify)

8.DO YOU REALLY THINK INSURANCE POLICY COVER IN TODAY’S

SCENARIO IS NOT ESSENTIAL?

______________________________________________________

9. WHAT’S YOUR PERCEPTION ABOUT INSURANCE?

(RANK THEM)

a) A SAVING TOOL

b) A TAX SAVING DEVICE

75



c) A TOOL TO PROTECT FUTURE

11. ARE YOU SATISFIED WITH THE POLICY?

a) SATISFIED SAVING TOOL

b) NOT SATISFIE

c) NOT RESPONDING

12. DO YOU PAY TAXES?

YES NO

THANK YOU

Documents

max new york insurance project(alok)