A PROJECT REPORT

ON“PRIME PROMOTION OF MAX

NEW YORKLIFE INSURANCE”

FOR THE PARTIAL FULFILLMENT OF PANJAB UNIVERSITY FOR REQUIREMENT OF BACHELOR’S

DEGREE IN BUSINESS ADMINISTRATION

SUBMITTED TO: SUBMITTED BY:

G.G.D.S.D. COLLEGE, Sector -32, Chandigarh

Student declaration

I, Rupika sharma do here by declare that this project work entitled, “Prime

promotion of max new york life insurance” is a record of project work carried

by me under the supervision of Ms. Anupriya Bhardwaj, (Lecturer, GGDSD

college Chandigarh) at “MAX NEY YORK LIFE INSURANCE’’ in the partial

fulfillment of the requirement of BBA program of the GGDSD COLLEGE,

CHANDIGARH (Punjab).

Guide:

Ms. Anupriya bhardwaj Rupika sharma

Guide certificate

ACKNOWLEDGEMENTThe summer project at Max New York Life Insurance has been a very memorable

and unique experience for me. It opened up new venues of grabbing knowledge,

which will certainly stand me helpful in the years to come.

It gives me immense privilege and pleasure in expressing my sincere

gratitude and heartfelt thanks to Mr. Sudhanshu Baduni for giving me the

opportunity to work in his reputed organization. I would also like to extend my

thanks to all other staff at MAX NEW YORK LIFE Insurance who have co-

operated and supported me towards the successful completion of this project.

My sincere regards and gratitude to our faculty for giving me support

throughout my B.B.A. degree and thus made me capable of being worthy of

recognition.

I am extremely indebted and too thankful to my project guide Ms. Anupriya

who has been most co-operative and encouraging throughout this project. Without

her initiative and constant support this project wouldn’t have taken place.

Last but not the least I am very grateful to all the advisors who took out

some invaluable time out of their busy schedule and they responded to my

questionnaire and queries and provided me with all the valuable information.

Rupika Sharma

PREFACE These are the days of the advertising world and not the self-promoting world.

Advertising is one of the very few essential assets allocating concept which is

growing at its zenith rate to bring prosperity and progress to the teeming millions

of countries where people run after jobs. Equally important is the role of insurance

advisors, where the investment field supports advisors and takes insurance

companies to boom, and gleam and yield best results.

I am really happy to present this project before the teachers as it gives me an

incorporated base for further education and knowledge of the worldly scenarios of

the insurance industry.

I have tried my best to bring to you the latest picture of the various plans of MNYL

and insurance practices.

The sections and its included chapters are cordially arranged for the smooth flow

of the subject matter both for ingestion and digestion. I carried out the survey

myself along with the summarization and conclusion of the survey. For the other

material I have freely drawn the material from internet sites and books to bring to

you the latest picture of the insurance industry. Hence, I do not claim any

originality, except for my style of presentation and the survey part.

I am very thankful to Ms. ANUPRIYA BHARDWAJ, lecturer, BBA, GGDSD

College, who took the burden to explain me the movement of the project so that I

could bring out the best possibility.

I have tried to be, as far as perfect: yet the dirty minds always tend to intervene

keeping you in a disguised state to any fault. Hence, I request all teachers to bring

to my notice any such mistakes or any facts so that I can rectify them and increase

my knowledge base. I welcome every suggestion regarding the project matter and

status as I believe in the proverb “FAILURES ARE THE STEPPING STONES TO

SUCCESS”.

Rupika Sharma

CONTENTS Acknowledgement

Preface

Executive Summary

1) INTRODUCTION TO TOPIC

1.1 Functions of insurance

Primary functions

Secondary functions

Other function

1.2 Classification of insurance

Life insurance

Non Life – General insurance

1.3 Types of policies

1.4 Contribution to Indian economy

1.5 Insurance industry prior to de - regulation

2) Introduction to MAX NEW YORK LIFE INSURANCE COMPANY

2.1 Classification of Insurance

2.2 Types of Policies

2.3 Functions of Insurance

2.4 Contribution to Indian Economy

2.5 Company Profile

2.6 Insurance Management Solution

2.7 Types of Business Proposals

3) RESEARCH METHODOLOGY

3.1 Objective of the Study

3.2 Scope of the Study

3.3 Data Collection

3.4 Data Analysis

3.5 Limitations

4) DATA ANALYSIS AND INTERPRETATION

4.1 Findings

5) RECOMMENDATIONS 5.1 Conclusion

6) Bibliography

7) Annexure

Questionnaire

EXECUTIVE SUMMARYTITLE: “PRIME PROMOTION OF MAX NEW YORK LIFE

INSURANCE”

SCOPE: Scope of this project includes a survey being conducted on MAX

NEW YORK LIFE INSURANCE and an interpretation done of its market stand

and promotion required.

OBJECTIVE: Identify the areas where the performance of MNYL can be

improved. Study the perception of the consumers about the company.

In insurance companies recruitment of Financial Consultant plays a very

important role to generate high sales. The overall business depends upon the

Financial Consultant. So to understand the sales performance of Financial

Consultant evaluation program plays vital role. Life insurance companies offer

their services to the customers through the agents and Financial Consultant. So

Financial Consultant plays a very important role for Company.

Because Financial Consultant is the only persons who approach to the

customers, understand their needs, problems. So the overall business depends upon

consumers. For this purpose this Project is carried out to analysis sales

performance through Financial Consultants which is an endless procedure for

organization for the awareness among consumers.

STATEMENT OF THE PROBLEM: This study was undertaken to

identify how the consumers react to different plans offered by MNYL. . It is

primarily known to the company that the main work is to generate maximum sales.

To access up-to-date information the MNYL keeps a track about its customers,

relationships and the market situation, helps in answering question such as what is

the market potential for my product, how are my customers behaving, and how

efficient are my sales process?

INTRODUCTIONLife insurance is a form of insurance that pays monetary proceeds upon the death

of the insured covered in the policy. Essentially, a life insurance policy is a

contract between the named insured and the insurance company wherein the

insurance company agrees to pay an agreed sum of money to the insured's

beneficiary. With a large population and the untapped market area insurance

happens to be a very big opportunity in India. Today it stands as a business

growing at the rate of 15-20% annually. Together with banking services, it adds

about 7 percent to the country’s GDP. In spite of all this, the growth statistics of

the penetration of the insurance in the country is very poor. Nearly 80% of Indian

population is without life and health insurance cover. This is an indicator that

growth potential for the insurance sector is immense in India. It was due to this

immense growth that the regulations were introduced in the insurance sector and in

continuation “Malhotra Committee” was constituted by the government in 1993 to

examine the various aspects of the industry. The key element of the reform process

was participation of overseas insurance companies with 26% capital. Creating a

more competitive financial system suitable for the requirements of the economy

was the main idea behind this reform.

Since then the insurance industry has gone through many changes. The

liberalization of the insurance industry has never looked back and today stand as

one of the most competitive and exploring industry in India. The entry of the

private players and the increased use of the new distribution are in the limelight

today. The use of new distribution techniques and the IT tools has increased the

scope of the industry in the longer run. Insurance is the business which provides

protection against financial aspects of risk, such as those to property, life, health

and legal liability.

In insurance the insured makes payment called

“premiums” to an insurer, and in return is able to claim a

payment from the insurer if the insured suffers a defined

type of loss. This relationship is usually drawn up in a

formal legal contract.

CLASSIFICATION OF INSURANCEThe insurance industry in India can broadly classified in two parts. They are.

1) Life insurance.

2) Non-life (general) insurance.

LIFE INSURANCE:Life insurance can be defined as “insurance that provides a sum of money if the

person who is insured dies while the policy is in effect”. In 1818 British introduced

to India, with the establishment of the oriental life insurance company in Calcutta.

The first Indian owned Life Insurance Company was the Bombay mutual life

assurance society which was set up in 1870. The life insurance act, 1912 was the

first statuary measure to regulate the life insurance business in India. In 1983, the

earlier legislation was consolidated and amended by the insurance act, 1938, with

comprehensive provisions for detailed effective control over insurance. The union

government had opened the insurance sector for private participation in 1999, also

allowing the private companies to have foreign equity up to 26%. Following the

opening up of the insurance sector, 12 private sector companies have entered the

life insurance business.

Need for life InsuranceThe need to safeguard the family brings in the need for life insurance. Today

insurance has become even more important due to the disintegration of the

prevalent joint family system, in which a number of generations co-existed in

harmony, and a system in which a sense of financial security was always there as

there were more earning members.

Times have changed and the nuclear family has emerged. Apart from other pitfalls

of a nuclear family, a high sense of insecurity is observed in it today besides, the

family has shrunk. Needs are increasing with time and fulfillment of these needs is

a big question mark.

How will you be able to satisfy all those needs? Better lifestyle, good education, a

long desired house. But again one just cannot fritter away all your earnings. You

need to save a part of it for the future too – a wise decision. This is where

insurance helps. Factors such as fewer number of earning members, stress,

pollution, increased competition, higher ambitions etc are some of the reasons why

insurance has gained importance and where insurance plays a successful role.

Life Insurance ensures that a person gates better prepared to face the uncertainties

in the following ways:

PROTECTION You need life insurance to be there and protect the people you love, making sure

that your family has a means to look after itself after you are gone. It is a

thoughtful business concept designed to protect the economic value of a human life

for the benefit of those financially dependent on him.

RETIREMENT Life insurance makes sure that you have regular income after you retire and also

helps you maintain your standard of living. It can ensure the post – retirement

years are spent in peace and comfort.

SAVINGS AND INVESTMENTS Insurance is a means to Save and Invest. Your periodic premiums are like Savings

and you are assured lump sum amount on maturity. A policy can come in really

handy at the time of your child’s education or marriage! Besides, it can be used as

supplement retirement income!

TAX BENEFITS Life insurance is one of the best tax saving options today. Your tax can be saved

twice on a life insurance policy-once when you pay your premiums and once when

you receive maturity benefits. Money saved is money earned!

Q.) Why is insurance superior to other forms of savings?

An immediate estate is created in favor of the policyholder.

Protection in case of death.

Liquidity in case of need-easy loans is available.

Tax relief-income tax.

Policies can be offered as collateral security.

TYPES OF POLICIESThough there are a lot of policies available in the market under different names and

by different companies, the policies can be broadly classified into the following

categories.

Terms Insurance policy

Whole Life Policy

Money back policy

Endowment Policy

Pension Plans or Annuities.

FUNCTIONS OF INSURANCEThe functions of Insurance can be bifurcated into two parts:

Primary Functions

Secondary Functions

Other Functions

The primary functions of insurance include the following:

Provide Protection - The primary function of insurance is to provide

protection against future risk, accidents and uncertainty. Insurance cannot check

the happening of the risk, but can certainly provide for the losses of risk. Insurance

is actually a protection against economic loss, by sharing the risk with others.

Collective bearing of risk - Insurance is a device to share the

financial loss of few among many others. Insurance is a mean by which few losses

are shared among larger number of people. All the insured contribute the premiums

towards a fund and out of which the persons exposed to a particular risk is paid.

Assessment of risk - Insurance determines the probable volume of risk

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

the premium rate also.

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

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

made more certain.

The secondary functions of insurance include the following:

Prevention of Losses - Insurance cautions individuals and businessmen

to adopt suitable device to prevent unfortunate consequences of risk by observing

safety instructions; installation of automatic sparkler or alarm systems, etc.

Prevention of losses causes lesser payment to the assured by the insurer and this

will encourage for more savings by way of premium. Reduced rate of premiums

stimulate for more business and better protection to the insured.

Small capital to cover larger risks - Insurance relieves the

businessmen from security investments, by paying small amount of premium

against larger risks and uncertainty.

Contributes towards the development of larger

industries - Insurance provides development opportunity to those larger

industries having more risks in their setting up. Even the financial institutions may

be prepared to give credit to sick industrial units which have insured their assets

including plant and machinery.

The other functions of insurance include the

following:

Means of savings and investment - Insurance serves as savings

and investment, insurance is a compulsory way of savings and it restricts the

unnecessary expenses by the insured's For the purpose of availing income-tax

exemptions also, people invest in insurance.

Source of earning foreign exchange - Insurance is an

international business. The country can earn foreign exchange by way of issue of

marine insurance policies and various other ways.

Risk Free trade - Insurance promotes exports insurance, which makes the

foreign trade risk free with the help of different types of policies under marine

insurance cover.

The end of the year 2000 marks a significant change and growth of 'India

Insurance' industry scenario. Monopoly of Public Sector Insurance company marks

an end and Private companies makes inroad. Foreign companies, both Life and

General flocked, collaborated and helped astronomical growth of 'Insurance

Industry in India'.

NON- LIFE (GENERAL) INSURANCE:

Triton insurance co. ltd was the first general insurance company to be established

in India in 1850, whose shares were mainly held by the British. The first general

insurance company to be set up by an Indian was Indian mercantile insurance co.

Ltd., which was stabilized in 1907. Thereafter many Indian players emerged. The

general insurance business was nationalized after the promulgation of General

Insurance Corporation (GIC) OF India undertook the post-nationalization general

insurance business.

Presently there are 12 general insurance companies with 4 public sector

companies and 8 private insurers. Although the public sector companies still

dominate the general insurance business, the private players are slowly gaining a

foothold. According to estimates, private insurance companies have a 10 percent

share of the market, up from 4 percent in 2001. In the first half of 2002, the private

companies booked premiums worth Rs 6.34 billion. Most of the new entrants

reported losses in the first year of their operation in 2001.

With a large capital outlay and long gestation periods, infrastructure projects

are fraught with a multitude of risks throughout the development, construction and

operation stages. These include risks associated with project implementation,

including geological risks, maintenance, commercial and political risks. Without

covering these risks the financial institutions are not willing to commit funds to the

sector, especially because the financing of most private projects is on a limited or

non- recourse basis. Insurance costs constitute roughly around 1.2-2 percent of the

total project costs. Under the existing norms, insurance premium payments are

treated as part of the fixed costs. Consequently they are treated as pass-through

costs for tariff calculations.

Insurance, like project finance, is extended by a consortium. Normally one

insurer takes the lead, shouldering about 40-50 per cent of the risk and receiving a

proportionate percentage of the premium. The other companies share the remaining

risk and premium. The policies are renewed usually on an annual basis through the

invitation of bids.

Of late, with IPP projects fizzling out, the insurance companies are turning

once again to old hands such as NTPC, NHPC and BSES for business.

Contribution to Indian Economy Life Insurance is the only sector which garners long term savings.

Spread of financial services in rural areas and amongst socially less

privileged.

Long term funds for infrastructure.

Strong positive correlation between development of capital markets and

insurance/pension structure.

Employment generation.

Insurance Industry prior to de-regulationPrior to deregulation in 2000, market was a public monopoly.

Public Monopoly

o 2000 Offices

o Over 800,000 agents

Distribution through tied agents only

Sales approach primarily on a tax savings platform

Traditional style product offering : Endowment and money back plans

Inadequate and inflexible products

Pensions: Small part of product offer

Limited focus on customer needs

Improving Service Standards

Channel Access Service Points Use of IT

Advisors Branch Network Limited use of

IT

Pre Deregulation – Limited Distribution

Multi Channel Access

MULTI SERVICE POINTS

USE OF IT

Advisors

Brokers &

Corporate agents

Ban assurance

Call Centers

Email

Website

Branch Network

Shorter time around time

Claims

Policy Issuance

NEW YORK LIFE INSURANCE CO. LTD MAX INDIA LTD

INTRODUCTION

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. 1,432 core.

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, banc assurance, distribution focused on

emerging markets and alliance marketing through employed sales force. 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 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.

The company currently has more than 13,295 employees.

COMPANY PROFILE

Max New York Life Insurance

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

financial protection and wealth creation instrument and not

just a tax-saving tool.”Max New York Life Insurance Company Ltd. is a joint venture between New York

Life, a Fortune 100 company and Max India Limited, one of India's leading multi-

business corporations. The company has positioned itself on the quality platform.

In line with its vision to be the most admired life insurance company in India, it

has developed a strong corporate governance model based on the core values of

excellence, honesty, knowledge, caring, integrity and teamwork. The strategy is to

establish itself as a trusted life insurance specialist through a quality approach to

business.

New York Life is a Fortune 100 company that has over 160 years of experience in

the life insurance business. Max India Limited is a multi-business corporate

dealing in Clinical Research, IT and Telecom Services, and Specialty Plastic

Products businesses.

Max New York Life Insurance started its operations in India in 2000. It is the first

life insurance company in India to be awarded the IS0 9001:2000 certifications.

Max New York offers customized products tailored to suit individual's needs. With

its various Products and Riders, there are more than 400 product combinations to

choose from. Today, Max New York Life Insurance has a network of 57 offices

spread over 37 cities all over India.

In line with its values of financial responsibility, Max New York Life has adopted

prudent financial practices to ensure safety of policyholder's funds. The Company's

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

Max New York Life has identified individual agents as its primary channel of

distribution. The Company places a lot of emphasis on its selection process, which

comprises four stages - screening, psychometric test, career seminar and final

interview. The agent advisors are trained in-house to ensure optimal control on

quality of training.

Max New York Life, one of India’s leading life insurance companies, expanded its

presence in the southern region by opening its first general office in the city of

Mysore. Max New York Life now has established a countrywide network of 172

offices and representatives across 120 cities in India. The company has over

25,300 agent advisors, who are widely considered the best in the business. Max

New York Life aspires to be the "life insurance brand of first choice" amongst

Indian consumers.

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

wealth creation instrument and not just a tax-saving tool. Since the launch of our

operations, our focus has always been on providing risk protection and long-term

wealth creation solutions to our customers. With a diverse product portfolio to

meet customer requirements, it is evident that we are setting benchmarks in the

marketplace and are well on course of realizing our vision to become India’s most

admired Life Insurance Company.

VISION:

Vision statement is “Most Admired Life Insurance Company in

India".

MISSION : Become one of the top quartile life insurance companies in India

Be a national player

Be the brand of first choice

Be the employer of choice

Become principal of choice for agents.

INSURANCE MANAGEMENT SOLUTION

Types of business proposal:

Internal business proposal

External business proposal

Internal business proposal

This business proposal meant for the head of the organization

also called as justification report. An internal business proposal provides an

opportunity to develop the competence and confidence to express your ideas,

awareness, initiative and problem solving skill.

External business proposal

It is for the outsiders. Management plan, cooperation

qualification, staffing plan, contact and pricing, technology plan, regulatory

requirements are main components of business proposal.

Here, at Max New York Life Insurance we offer a bouquet of insurance solutions

to meet every need.

Individual

For individuals, we have a range of protection, investment, pension and savings

plans that assist and nurture dreams apart from providing protection. You can

choose from a range of products to suit your life-stage and needs.

For organizations we have a host of customized solutions that range from Group

Term Insurance, Gratuity, Leave Encashment and Superannuation Products. These

affordable plans apart from providing long term value to the employees help in

enhancing goodwill of the company.

Protection PlansLife 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.

Five Yr Renewable and Convertible™

Level Term Policy

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 abroad? Many children are keen to pursue unconventional careers. Are

you in tune with their aspirations and passions? As parents you would never let

money come in the way of your children and the fulfillment of their true potential.

Our plans will help build the corpus that allows your children to dream big and

soar high.

Children's Endowment to 18 (Par)

Children's Endowment to 24 (Par)

SMART Steps™

SMART Steps™ Plus

SMART Steps™ Single Premium

Investment Plans

Building a nest egg is about aggregating surplus amounts regularly to allow them

to grow into a sizeable sum. Investments should be aligned to specific, long-term

goals. Luxury car, foreign holiday or dream house, create your own wish list and

make it come true. Your dreams are in your hands. Every move that you make

today will bring you a step closer to your goals. Our Investment Plans offer the

dual benefit of protection and market-linked returns with the flexibility to choose

the premium and determine the market exposure.

Life Maker™ Premium

Life Maker™ Gold

Life Maker™ Platinum

Life Invest™

SMART Assure

Retirement Plans

Let your golden years be the most precious of your life, full of freedom and choice.

A time to pursue your hobbies, travel and enjoy the good life. You will never miss

your salary cheque or be constrained by rising inflation. Even as you work hard to

make a better today, it is up to you to create a superior tomorrow. If you want to

sustain your current lifestyle even after you stop working, make that money work

for you. Our Retirement Plans will keep you comfortable and content, and let you

live the life you deserve.

Easy Life™ Retirement (Par)

SMART Invest™ Pension

Health PlansDo you know the cost of healthcare has climbed faster than inflation? Medical

costs can be a big drain on finances. A medical crisis can strike anyone, anytime

and may even force an individual to dip into savings to meet these sudden and

steep costs. Such an eventuality could delay or destroy a cherished financial goal.

No wonder, 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 benefits 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 PlansMost 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.

Banc assurance Capital Builder

Additional Distribution Max Mangal™ Capital Builder Max Vriksha™

Max Am sure Future Builder Business Builder Bonus Builder Secure Returns Builder

Group PlansPeople are the most valuable asset of any organization. Organizations have to

innovate newer forms of compensation to retain talented employees. Pay and perks

are all very fine but an organization needs to show employees that it cares.

Ensuring the financial well being of employees and their families will earn an

organization their enduring trust and loyalty. Our Group Plans offer a three-in-one

advantage, as they are a powerful tool for motivation, reward and retention, in

these times of high attrition.

Group Credit Life

Unit Linked Group Superannuation Plan

Group Gratuity cum Term Assurance

Group Term Life

Unit Linked Group Gratuity Plan

Employee Deposit Linked Insurance

Max Super Life

RESEARCH METHODOLOGY

Research Methodology is a way to systematically solve the reach problem. It

may be understood as a science of studying how research is done scientifically.

OBJECTIVES OF THE STUDY

The professional objectives which are being covered under this project are as

following-

To know about demographic factors affecting Life Insurance.

To analyze the role of advertisement for Life Insurance Companies.

To know the perception and conception of customers towards Insurance

products and specially focused for Max New York Life Insurance products.

To explore the potential areas for the insurance and providing best offers and

constant promotion and placing strategy.

Scope of the study

The numbers of respondents surveyed are 100.

The study is conducted in Dehradun.

This study is conducted to analyze the market stand of Max New York Life

insurance with that of other insurance companies in India.

DATA COLLECTIONDetermining sources of Data:There are two main sources of data

1. Primary data 2. Secondary data

Primary Data: It consists of original information collected for specific research. Primary data for

this research study was collected through a direct survey to obtain this primary data

a well structured questionnaire is prepared by the researcher.

Secondary Data: It means data that are already available i.e. they refer to data which are already

collected and analyzed by someone else. Secondary Data may be either published

data or unpublished data. Usually published data are available in:-

1) Books Magazines and newspapers

2) Public record and statistics

DATA ANALYSIS

Method of collecting data:sampling technique

For preparation of questionnaire the basic objective of the survey

was concentrated, previous surveys under taken prospect cart secondary data

through files and folders. For the survey, Convenience Sampling this method

involves purposive or deliberate selection of particular units of the universe which

are available on the case of access for constituting a sample which representing

universe.

Tools of Analysis in collecting data:Various tools have been used in this research:

1. Tables.

2. Pie charts.

3. Bar diagrams.

4. Percentage method has been used to analyze the data.

LIMITATIONS:

1) The survey was conducted within the city only.

2) Time to interact with the customers was not sufficient.

3) Customers were not fully aware of various plans of max New York life

insurance.

4) Accurate results could not be found as every customer has his own opinion.

5) Media used for advertising is one of the limitations.

6) Time period of the on the job training was also one of the limitations.

DATA ANALYSIS AND INTERPRETATION

1. Age of the respondents

PARTICULARS(AGE)

NO.OF.RESPONDENT PERCENTAGE

Less than 25 11 11%25 - 35 40 40%35 – 45 20 20%Above 45 29 29%TOTAL 100 100

2. Qualification of the respondents .

INTERPRETATION:

From the survey it was found that amongst 100 respondents

a) 11% of the respondents are less than 25 years old.

b) 40% of the respondents are between 25 and 35 years of age.

c) 20% of the respondents are between 35 and 45 years of age.

d) 29% of the respondents are more than 45 years of age.

PARTICULARS NO.OF RESPONDENT PERCENTAGE

Graduate 52 52%

Post Graduate 29 29%

Diploma 8 8%

Other discipline 11 11%

TOTAL 100 100%

0

20

40

60

80

100

NO.OF.RESPONDENT

PERCENTAGE

Qualification of the Respondents

Graduate Post Graduate Diploma

Other discipline TOTAL

3. Occupation of the respondents

INTERPRETATION:

From the survey it was found that amongst 100 respondents

a) 52% of the respondents were graduate

b) 29% of the respondents were post graduate

c) 8% of the respondents were diploma

d) 10% of the respondents were other discipline

PARTICULARS NO. OF RESPONDENT PERCENTAGE

Business man 34 34%

Professionals 18 18%Job holders 37 37%Others 11 11%

TOTAL 100 100%

0

20

40

60

80

100

NO.OF.RESPONDENT

Occupation of the Respondents

Business man Professionals Job holdersOthers TOTAL

4. Average annual income of respondents.

INTERPRETATION:

From the survey it was found that amongst 100 respondents

a) 34% of the respondents are businessmen.

b) 18% of the respondents are professionals.

c) 37% of the respondents are job holders.

d) 11% of the respondents are background.

PARTICULARS NO. OF RESPONDENT PERCENTAGE

Up to 1 lakh 33 33%1 lakh - 3 lakh 43 43%3 lakh - 5 lakh 20 20%5 lakh & above 4 4%TOTAL 100 100%

0

20

40

60

80

100

NO.OF.RESPONDENT

Average annual income of respondents.

Up to 1 lakh

1 lakh - 3 lakh3 lakh - 5 lakh

5 lakh & aboveTOTAL

5. Family size of respondents.

INTERPRETATION:

From the survey it was found that amongst 100 respondents

a) 33% of the respondents have an average annual income up to 1 lakh

b) 43% of the respondents have an average annual income from 1 lakh to 3 lakh

c) 20% of the respondents have an average annual income from 3 lakh to 5 lakh

d) 4% of the respondents have an average annual income above 5 lakh

PARTICULARS NO.OF RESPONDENT PERCENTAGE

Below 5 members 50 50% 5 - 10 members 32 32%

Above 10 members 28 28%

TOTAL 100 100%

FAMILY SIZE

50%

32%

28%

below 5 members

5- 10 memberabove 10 member

INTERPRETATION:

From the survey it was found that amongst 100 respondents

a) 50% of the respondents are below 5 members.

b) 32% of the respondents are between 5 to 10 members.

c) 28% of the respondents are above 10 members.

6. According to respondents life insurance is.

PARTICULARS NO.OF.

RESPONDENT PERCENTAGE

Risk Coverage 40 40%Tax Savings 30 30%Security 30 30%TOTAL 100 100%

INTERPRETATION:

From the survey it was found that amongst 100 respondents

a) 40% of the respondents say risk coverage.

b) 30% of the respondents say tax savings.

c) 30% of the respondents say financial security.

7.Awareness of Max New York Life Insurance

PARTICULARS NO.OF.RESPONDENT PERCENTAGE

No 17 17%

Yes 83 83%

TOTAL 100 100%

0

20

40

60

80

100

NO.OF.RESPONDENT

Awareness of Max New York

No Yes TOTAL

INTERPRETATION:- From the survey it was found that amongst 100 respondents.

a) 83% of the respondents say that they are aware of Max New

York Life Insurance Co.

b) 17% of the say that they are unaware of Max New York life

Insurance Co.

8.Awareness regarding Insurance. PARTICULARS NO.OF.RESPONDENT PERCENTAGE

Yes 70 70%No 30 30%

TOTAL 100 100%

INTERPRETATION :-

From the survey it was found that amongst 100 respondents

a) 70% of the respondents say that they are aware of insurance.

b) Only 30% are unaware of insurance.

9. % of respondents who are under different plans of Max New York life insurance co.PARTICULARS NO.OF.RESPONDENT PERCENTAGE

Invest gain plan 30 30%Protection gain plan 36 36%Child gain plan 8 8%Whole life plan 15 15%Pension plan 11 11%TOTAL 100 100%

e

INTERPRETATION:

From the survey it was found that amongst 100 respondents:

a) 30% of the respondents are under invest gain plan

b) 36% of the respondents are under protection gain plan

c) 8% of the respondents are under child gain plan

d) 15% of the respondents are under whole life plan

e) 11% of the respondents are under pension gain plan

10. % of respondents benefits of choosing the particular products PARTICULARS NO.OF.RESPONDENT PERCENTAGE

Risk coverage 60 60%Additional benefit 20 20%Maturity date 12 12%Sum Assured 8 8%TOTAL 100 100%

0102030405060708090

100

1 2

Benefits of Particular Products

Risk coverage

Additional benefit

Maturity date

Sum Assured

TOTAL

INTERPRETATION:

a) 60% of the respondents say that a benefit of choosing the particular

Product is for Safety of life.

b) 20% of the respondents say that a benefit of choosing the particular products

is for additional benefit to family.

c) 12% of the respondents say that a benefit of choosing the particular products

is for maturity date.

d) 8% of the respondents say that a benefit of choosing the particular products

is for sum assured.

11. Are the respondents satisfied with the services of MNYL Insurance?

PARTICULARS NO. OF RESPONDENTS PERCENTAGEN0 30 30%YES 70 70%TOTAL 100 100%

INTERPRETATION:

From the survey it was found that among 100 respondents:-

a) 70% respondents are satisfied with the services of MNYL.

b) 30% respondents are not satisfied with the services of MNYL

12. Has media been the source of information for various plans of max new York life insurance co.PARTICULARS NO. OF

RESPONDENTSPERCENTAGE

YES 60 60%NO 40 40%TOTAL 100 100%

INTERPRETATION:From the survey it was found that amongst 100 respondents:

60% respondents have media as the source of information for various plans.

40% respondents do not have media as the source of information for various plans.

13. Which source of media has provided information for the various plans offered by MNYL?

PARTICULARS NO. OF RESPONDENTS PERCENTAGE

NEWSPAPER 30 30%

MAGAZINE 15 15%

TELEVISION 45 45%

RADIO 10 10%

TOTAL 100 100%

FFINTERPRETATION:From the survey it was found that amongst 100 respondents

30% respondents prefer newspaper as the source of information

15% respondents prefer magazine as the source of information

45%respondents prefer television as the source of information.

10% respondents prefer radio as the source of information.

FINDINGS Maximum of the insurance is purchased by the middle age group.

Insurance is mostly preferred by the job holders.

Maximum insurance holders fall under the average annual income ranging

between 1- 3 lakhs.

Insurance is usually preferred by small families.

Mostly people prefer insurance to cover their risk factor.

MNYL insurance company has a good market value***

Insurance holders under MNYL prefer protection gain plan above all the

other plans offered to them.

The services provided by MNYL are satisfactory.**

Television media is one of the major source that provides information

regarding different plans of MNYL

RECOMMENDATIONS

People should also be made aware of various other benefits attached with

insurance other than the factor of risk coverage only.

MNYL should provide more information regarding the different plans in

order to be able to cover all age groups.

Promotion techniques should be enhanced to create more awareness among

people about MNYL.

Insurance plans should be designed in such a way that it is able to cater all

family sizes.

MNYL should also emphasize on the usage of other sources of media to

provide information regarding the various plans offered by them.

CONCLUSION

CONCLUSIONInsurance is a superior tool to other forms of savings as it provides protection,

collective bearing of risk, assessment of risk, certainity factor, easy liquidity and

above all the safest means of savings and investment.

During the course of my internship with MNYL, I got the opportunity to learn a lot

about insurance in general and was able to study in detail the various plans offered

by them. This also provided me with the exposure to be able to understand the

insurance industry better and the various benefits attached to it.

BIBLIOGRAPHY

BIBLIOGRAPHYWebsite:

www.maxnewyorklife.com

www.google.com

www.wikipedia.org

Other Sources

Insurance Administration 2nd Edition by Jane Light cap Brown, PH.D. Film

& ETC.

Principles and Practices of Insurance By Dr. P Periasamy.

Marketing Research 3rd Edition By Beri G C.

Life and Health Insurance By Black Skipper

Marketing Management 12 Edition By Philip Kotler and Kevin Lane

Keller.

AMFI- Mutual Fund (Basic Module) 2005. Role of AMC & Trustee in the

mutual fund.

Insurance Chronical March 2006.

Marketing Research Text & Cases by-Harper W. Boyd, Jr.

Marketing Research Text & Cass by-Ralph Westfall.

Marketing Research Text & Cases by-Stanley F Stanch.

Introduction of marketing research By William Zikmund.

Insurance and Risk Management, Vol. IV, issue 08, June 2006.

Insurance – Origin & development By Sesha Ayyar.

ANNEXURES

QuestionnaireNAME:AGE:GENDER: MALE FEMALEADDRESS:

Q1) What is your average annual income?

Upto 1 lakh 1 lakh – 3 lakh 3 lakh – 5 lakh 5 lakh and above

Q2)How many members are there in your family?

Below 5 members 5 – 10 members Above 10 members Q3)how do you regard insurance as?

Risk coverage tax savings Security

Q4) Are you aware of what insurance is all about?

No Yes

Q5) Are you aware of Max New York Life Insurance?

No Yes

Q6) which category of MNYL insurance plan have you preferred?

Investment gain plan protection gain plan Child gain plan whole life plan Pension plan

Q7) What benefits do you prefer while choosing an insurance plan of MNYL?

Risk coverage additional benefit

Maturity period sum assured

Q8)Are you satisfied with the services of MNYL Insurance ?

No Yes

Q9)Has media been the source of information for various plans offered by MNYL?

No Yes

Q10)Which source of media has provided information for the various plans offered by MNYL?

Newspaper Television Magazine Radio