50540983-harsh-project-on-metlife-87
TRANSCRIPT
SUMMER TRAINING PROJECT REPORT
ON
“RECURITMENT AND DEVELOPMENT OF
FINANCIAL ADVISORS”.
MetLife INSURANCE COMPANY
Report submitted in partial fulfillment of the requirements of the award of the degree of Masters in
Business Administration.
UNDER THE GUIDEANCE OF
Company’s Guide Faculty GuideNaveen Rai (Asst. Sales MANAGER) Sandhaya KhareHAZRATGANJ-BRANCH, LUCKNOW Lecturer
SUBMITTED BY: - HARSH BARDHAN M.B.A 3rd SEM
(ISO 2000)
Acknowledgement:-
I take this opportunity to offer my indebtedness to all those sincere
cooperation and valuable guidance was there during my work in assigned
area and preparation of this project.
MY sincere gratitude is also to Mrs. Sandhaya Khare (LECTURER) of Sagar
Institute of Technology and Management, Barabanki for the guidance in
summer training report.
I am greatly indebted to Mr. Anshu Mishra (Agency Manager of MetLife
Insurance Company Lucknow) for allowing me to undergo the training in the
organization.
MY sincere gratitude is also to Prof.J.K.JAUHARI; Director; Mr. K.K.
MISHRA (HOD) of MBA of Sagar Institute of Technology and
Management Barabanki for permitted me to go for training.
I am very grateful to my instructor during my project Mr. Naveen Rai (Sales
Manager) for his support, guidance and resources without which this task was
not easy to accomplish.
Last but not the least I express my sincere thanks to my parents for their
constant support and suggestions to accomplish my goals. I thank God for his
love and grace that enabled me to complete the project.
Harsh Bardhan
PREFACE
This project is a part of the academic curriculum required for the
fulfillment Of the two years full time programmed, pursuing MBA
from” SITM BARABANKI”.
The project called Summer Training Project was undertaken at
MetLife insurance Company Lucknow. This project aimed at
Recruiting of Financial Advisors and Selling of the Policy to take
place and what benefits are provided for future by the company.
MetLife not only provides life Security but also acts as a risk
cover. It provides more bonus than any other Life Insurance
Company. Now a day it occupies first position in Insurance
Sector. This MetLife Insurance Ltd provides a large number of
benefits and maximum possible returns to their clients.
Harsh Bardhan
DECLARATION
I do hereby declare that this project report entitled
“Recruitment of financial advisors in MetLife insurance
Company Lucknow ” is prepared by me on the basis of the
information collected by me during the project period - 45 days
, for partial fulfillment of the award of the “Master Of Business
Administration” (HR & Marketing) in “Sagar Institute of
Technology & Management”, BARABANKI.
Harsh Bardhan
TABLE OF CONTENT
INTRODUCTION
EXECUTIVE SUMMARY
OBJECTIVE OF THE STUDY
INDUSTRIAL PROFILE
COMPANY PROFILE
PROJECT PROFILE
RESEARCH METHADOLOGY
SCOPE & LIMITATION
DATA ANALYSIS & INTERPRETATION
FINDINGS AND SUGGESTION
CONCLUSION
BIBLIOGRAPHY
APPENDIX
INTRODUCTION TO LIFE INSURANCE
Life Insurance is most commonly used to financially protect your
family from the premature death of you and/or your spouse.
Unfortunately, it's probably the least Favorite thing to plan for. And,
as a result, adequate planning is often put off until it's too late.
Although it may sound simple, there are many things to consider.
There are many ways to protect your family with life insurance.
So, consulting with a Life Insurance Professional can be vital! Not
Only For Family Protection? Life Insurance planning is not only for
those who support a family. There are several reasons for
thorough life insurance planning. For example, have you recently
purchased? A new home? Have you recently been married? Have
you made Career changes? Other key purposes of life insurance
include retirement and estate planning. Life Insurance Proceeds &
Taxes, Many people don't realize that even Though life Insurance
proceeds are paid income tax-free to the Beneficiary, there's a
good chance the proceeds will be included in the value of your
estate which may be taxed. I Have Life Insurance through work.
People often make the mistake of assuming their employer-
provided life Insurance is adequate. However, employer-provided
life Insurance is typically only equal to one year's salary...far from
enough for the family provider to protect His /her family adequately
and not enough for the average single person to repay outstanding
debts – Often leaving parents and siblings dealing with such Bills.
The aim of all insurance is to compensate the owner against loss
arising from a Variety of risks, which he anticipates, to his life,
property and business. Insurance is mainly of two types: Life
Insurance and General Insurance.
WHAT IS INSURANCE?
The Business of Insurance is related to the economic value of
assets. Every asset has a value. The asset would have been
created through the effort of the Owners.
The asset is valuable to the owner because he expects to get
benefits from it. Every asset is expected to last for a certain period
of time during which they perform after that the benefit may not be
available. There is a lifetime for a machine is a factory or a cow, or
a motorcar, none of they will last forever. Thus the owner makes
sure, that the value and income is not lost. However, the asset
may get lost earlier.
BRIEF HISTORY OF INSURANCE
The Business of Insurance started from the Marine Business.
Traders who use to
Gather in the Loyalid Coffee House Business in London agreed to
share the Looses to their goods while being carried by ships. The
First Insurance Policy was issued in 1583, in England. In India,
Insurance began in 1870, with English Company. (The European
and the Clbert).
The First Indian Insurance Company is Bombay Mutual Assurance
Society Limited Formed in 1870, followed by the Oriental Life
Assurance Company in 1874. In, 1896, the Second Company is
Bharti. The Third is Empire of India, 1897. Life Insurance
Corporation was formed on 1st September, 1956 and there were
170 Private Sectors. Insurance is known as a “Social Security
Tool”. The U.N. Declaration of Human Rights 1948 provides that
every one has a right of standard of living, adequate of health and
well being of himself and his family including food, clothing,
Housing and Medical Care.
(A) TOPIC
Recruitment and development of Financial Advisor in MetLife
Insurance Company.
(B) INTRODUCTION
Each Insurance company has a different process for recruiting of financial
advisor. In this project I discus about MetLife Insurance Company.
Process of the organization for recruiting financial advisors
(C) OBJECTIVE OF THE STUDY
The basic objective of this project is known the process of recruitment
of financial advisors.
(D) RESEARCH METHODOLOGY
Research comprises defining & redefining problems, formulating hypothesis
or suggested solution , collecting , organizing & evaluating data, making
deduction & reaching conclusion & at least carefully testing the conclusion to
determine weather they fit the formulating hypothesis.
1-Universe of the study
The first step in developing any sample design is to clearly define the set
of the objects technically called the universe to the studied. Universe can be
either be finite or infinite. In finite universe the no. of item means the person
who lived in local area of Lucknow (Mainly Indra nagar and Gomti Nagar)
2-Researcher instrument used
Questionnaire
3 -Sample of the study
For the preparation of my report I had taken the sample of the persons of
Lucknow mainly Indra Nagar and Gomti Nagar.
4. Sample size: 50
5. Sampling techniques
Simple random sampling.
6-Data source & Data collection
In my report the data is collected on the basis of primary data collection
method ie questionnaire. The data is also collected on the basis of
secondary data. Data method from Internet & journals & rest information is
collected from the company’s annual books. In my report I have chosen
secondary data for my report is collected from internet.
7-Data analysis test
Analysis of the data requires a no. of closely related operations such as
establishment of categories, the application of these categories to the raw
data through coding, tabulation & then drawing statistical inference. For this I
had classified the raw data into such that it become purposeful & usable form.
8-Tools & techniques: - pie chart
(E) FINDING & SUGGESTION
1. All ups and down of the policy regarding Insurance can should
be deeply explain to the customers, so that they might be
aware of the requirement and benefits, which the company is
going to provide them offer fulfilling the Companies’
requirement.
2. Company should provide more and more information of the
Plans and Policies to the Customers.
3. To make more and more advertisements through means of T.V,
newspaper, Magazines, and Internet etc.
4. To make the Customers aware about how important is to
secure the life and happiness, through seminars, contests, etc.
5. All ups and down of the policy regarding Insurance can should
be deeply explain to the customers, so that they might be
aware of the requirement and benefits, which the company is
going to provide them offer fulfilling the Companies’
requirement.
6. Company should provide more and more information of the
Plans and Policies to the Customers.
7. To make more and more advertisements through means of T.V,
newspaper, Magazines, and Internet etc.
8. To make the Customers aware about how important is to
secure the life and happiness, through seminars, contests, etc.
OBJECTIVE OF THE STUDY:-
The objective of the project is to recruit the Financial Advisors for
the Company. MetLife Insurance is known for its Stimulating
environment with high levels of motivation, empowerment and
Recognition. They encourage an open and informal culture that
values integrity, Commitment, teamwork and excellence in
customer service. They adopt a policy of strong learning and
development initiatives, which Promotes day-to-day learning as
well as decision-making. They believe their Strength is their
people, so they Endeavour to surpass their expectations and Give
them the best possible work environment and benefits that match
the best in the industry. Young professionals opting to make a
career with MetLife Insurance can make use of the Management
Trainee Programmed to grow with them. Professional
Development and Interpersonal Relationships are accorded a high
priority while creating a more congenial and people oriented milieu
across the organization, which shows in their contribution
management system.
MetLife Insurance is one of the leading life insurance
companies having a track record of declaring bonuses every year
since inception. They attribute this success to their people, who
are their most important asset.
They believe, they are a key facet of the company and it is their
contribution that has enabled them to achieve their current status.
Since they deserve the best, their efforts have been to provide
them with the best environment, best culture and best
development opportunities possible.
INDUSTRY PROFILE:
History of insurance:
Insurance began as a way of reducing the risk of traders,
as early as 5000 BC and 4500 BC in. Life insurance dates only to
ancient Rome; "burial clubs" covered the cost of members' funeral
expenses and helped survivors monetarily. Modern life insurance
started in late 17th century, originally as insurance for traders:
merchants, ship owners and underwriters met to discuss deals at
Lloyd's Coffee House, predecessor to the famous.
The first insurance company was formed in 1732, but it provided
only fire insurance. The sale of life insurance in the U.S. began in
the late 1760s. The Synods in and created the Corporation for
Relief of Poor and Distressed Widows and Children of
Presbyterian Ministers in 1759; Episcopalian priests organized a
similar fund in 1769. Between 1787 and 1837 more than two
dozen life insurance companies were started, but fewer than half a
dozen survived. Prior to, many insurance companies in the United
States for their owners, in response to bills passed in 2001 and in
2003, the companies have been required to search their records
for such policies for example reported that Nautilus sold
485slaveholder life insurance policies during a two-year period in
the 1840s; they added that their trustees voted to end the sale of
such policies 15 years before the.
General information:
Human have always sought securities. This quest for
security was an important motivating force in the earliest formation
of families, clans, tribes, and other groups. Indeed, groups have
been the primary source both emotional and physical security
since the beginning of humankind. They ensured a less volatile
source of life necessities then that which ensures isolated human
& families could provide and help their less fortunate members in
the time of crises.
Human today continue their quest to achieve security and
reduce risk uncertainty. We still rely on group for financial stability.
The group may be our employer, the government, or an insurance
company, but concept is the same. In some ways however, we
today are more vulnerable that our ancestors. The physical and
economical securities formerly provided by the tribes or extended
family diminished with industrialization. Our income dependent,
wealth acquiring lifestyle renders and our families more vulnerable
to environment and societal changes over which we have no
control.
Humans are exposed to many serious perils, such as
property loss from fire or windstorm, and personal losses from
incapacity and death. All through individual cannot predict or
completely prevent such occurrences, they can provide for their
financial effects.
Encyclopedia of finance and banking defines insurance as
the elimination of or protection against risk amenable to actual
calculation, voidance or reduction of losses occurring through
misfortunes such as death, fire, accident, tornado, shipwreck, etc.
insurance is a contact between an insurer and insured where by
the insurer identifies the insured against loss due to specific risks
such as from fire, storm and death. Insurance contracts require an
agreement, considerations, capacity, legality, compliance with the
status of frauds and delivery. Insurance is an integral part of most
enterprises, risk management program. Insurance does not
prevent losses, it substitutes a small certain loss (premium) for a
possible or contingent large loss. The insured is indemnified for the
amount of loss, for the insured amount, or for the face of his policy,
in return for payment of periodic premiums.
The principle kinds of insurance are as follows:
Life-term, ordinary, endowment, limited payment, group
industrial and annuities, with a variety of combinations of the
four basic forms.
Fire & marine-fire, ocean marine, motor vehicle, inland navigation,
and transportation, tornado and windstorm, sprinkler leakage,
earthquake, riot and civil commotion, explosion rain, hale, flood,
aircraft, etc.
Causality and surety -automobile liability, liability other than
automobile workers, compensation, fidelity and surety, burglary
and theft, automobile property damage, accident in health, steam
boiler, machinery, plate glass, etc.
All mutual and legal reserves life insurance companies provide for
a participation in dividends by all policy holders. In this way the
cost of insurance to the insured is reduced.
Four classes of insurance business:
Life insurance
Fire insurance
Marine insurance
Miscellaneous insurance.
Brief history of insurance sector in India:
The insurance sector in India has come full circle from being
open competitive market to nationalization and back to liberalized
market again. Tracing the developments in India, insurance sector
reveals the 360-degree turn witnessed over a period of almost two
centuries.
1818 – Oriental insurance company was established.
1870– Bombay Mutual Life Assurance Society, the first Indian life
insurance company started its business.
1912 – Indian life insurance companies act as the first statute to
regulate the life insurance business
1928 – The Indian insurance companies act enacted to enable the
government to collect statistical information about both life and non
life insurance business.
1938 – Earlier legislation consol dated and amended to by the
insurance act with the objective of protecting the interest of
insuring public.
1956 – 245 Indian and foreign insurers and provident societies
taken over by the central government were nationalized.
Insurance sector reforms:
In 1993 Malhotra committee, headed by former finance
secretary and RBI governor R N Malhotra was formed to evaluate
the Indian insurance industry and recommended its future direct
on. The Malhotra committee was set up with the objective of
complimenting the reforms initiated in the financial sector.
Recommendation included in the report submitted by the
committee
Structure:
Government stake in the insurance companies to brought
down to 50%
Government should takeover the wordings of GIC and its
subsidiaries, so that these subsidiaries can act as independent
companies.
All the insurance companies should be given greater freedom to
operate.
Competition:
Private companies with minimum paid up capital of Rs. 1
billion should be allowed to enter the industry; no company
should deal in both life and general insurance through single
entity.
Foreign companies may be allowed to enter the industry
collaboration with domestic companies.
Postal life insurance should be allowed to operate in rural areas
Only one state level life insurance company should be allowed to
operate in each state.
Regulatory body:
The insurance act should be changed
An insurance regulatory body should be set up.
Life insurers transact life insurance business; general insurers
transact the rest. No companies are permitted as per law.
Legislation (as on 1-4-2000):
Insurance is a federal subject in India; the primary legislation
that deals with insurance business in India is;
Insurance Act, 1938 and Insurance Regulatory &
Development Authority Act, 1999
Fire and miscellaneous insurance business are predominant
motor and vehicle insurance is compulsory.
Tariff Advisory Committee (TAC) lays down tariff rates for
some of the general insurance products.
Customer Protection:
Insurance industry has ombudsmen in 12 cities. Each
ombudsman is empowered to redress customer grievances in
respect of insurance contracts on personal lines where the
insurance amount is less than 20 Lakhs, in accordance with the
ombudsmen scheme. Address can be obtained from the officers of
LIC and other insurers.
NEED FOR LIFE INSURANCE
Maslow’s need hierarchy theory:
Making the person feel “SAFE” other expression of the need for safety occur
when individuals are confronted with real emergencies e.g. accidents, war, crime,
natural calamities, etc. once physical needs are met, another set to motives, safety or
security needs, become motivates. The primary motivating force here is to ensure
reasonable degree of continuity, order, structure and predictability in once
environment. Maslow suggested that the safety needs are most readily observed in
infant and young children because of their relative’s helplessness and dependence
on adults.
Security needs in original context co-related to such factors as job security,
salary increment, safe working conditions, unionization and lobbying for prospective
registration.
Risk and uncertainty are part of life great adventures accident, illness, thefts,
natural disaster. They are built into the working of universe, waiting to happen.
Insurance that is main answer to the vagaries of life. If you cannot beat the manmade
and natural calamities, wealth, at least be prepared for them and aftermath.
Insurance is contract between two parties one is insurer (insurance company)
and insured (the person or entity seeking the coverage). Where the insurer agrees to
pay the insured for the financial loses arising out of any unforeseen events in return
for a regular payment of the premium.
These unforeseen events are determined as risk and that is why insurance is
called is the risk cover. Hence the insurance is the essential means to financially
compensate for loses that life throws at people- corporate and otherwise.
India at glance:
Economy: India is 5th largest economy in the world in terms of purchase.
GDP Growth rate: over 6% per year on an average for the last decade.
Savings rate: around 26% of GDP
Estimated middle class population: 300 million
Insured population: 70 million
India has an enormous middle class that can afford to by life, health and disability
and pens on plan products. The level of penetration of life insurance in India
compared to other developed nations can be judged by a comparison of per capita
life premium.
GLOBAL LIFE INSURANCE TRENDS
Country life premium per capita U.S. $ in 1994
JAPAN 3817
UK 1280
USA 964
INDIA 800
Life insurance market in India
INDIAN COMPANY FOREIGN COMPANY
HDFC Standard life
Tata Group AIG
Bajaj Allianz
Max India New York
IDBI Principal
SBI Alliance Capital
Bajaj Allianz Chubb
Cholamandalam Axa
ICICI Prudential
Vysa Bank ING
Spic Met Life
Sanmar Group GIO of Australia
Life insurance statistics:
Table showing premium collection by various insurance companies
COMPANY 2006-07(RS.IN MIN.) 2007-08(RS.IN MIN.) % GROWTH
Kotak Mahindra 352.1 1271.2 260.98
Bajaj Allianz 633.89 1797.05 183.50
ING Vaysa 179.59 726.27 311.16
AMP Sanmar 63.15 278.82 341.51
SBI Life 718.81 1959.01 172.53
Tata AIG 522.08 1801.55 515.07
ICICI Prudential 3641.07 7509.10 106.23
Birla Sun Life 1295.68 4498.62 247.20
Aviva 134.66 771.38 427.84
Max New York 673.14 1314.88 95.34
Met Life 76.99 233.82 203.70
HDFC Standard 1293.14 2093.33 61.88
Private total 9581 24254.64 153.15
LIC 159767.62 162746.87 1.93
TOTAL 169348.92 187101.5 10.48
Table showing market share of life insurance companies
COMPANY 2006-07 (IN %) 2007-08 (IN %)
HDFC Standard 0.76 1.12
Bajaj Allianz 0.37 0.96
ING Vaysa 0.1 0.39
AMP Sanmar 0.04 0.15
SBI Life 0.42 1.05
Tata AIG 0.31 0.96
ICICI Prudential 2.15 4.01
Birla Sun Life 0.77 2.4
Aviva 0.08 0.41
Max New York 0.4 0.7
Met Life 0.05 0.12
LIC 94.34 87.05
TOTAL 100 100
Registration of Indian insurance companies
The registration of Indian insurance companies involves the following contents
Requisition for the registration
Application for registration
Renewal of certificates of registration
Action in case default
Certificates to existing insurers.
INTRODUCTION TO THE COMPANY
COMPANY PROFILE OF MET LIFE INSURANCE COMPANY
LTD.
MetLife (India)
MetLife India Insurance Company Limited (MetLife) is an affiliate of
MetLife, Inc. and was incorporated as a joint venture between
MetLife International Holdings, Inc., The Jammu and Kashmir
Bank, M. Pallonji and Co. Private Limited and other private
investors. MetLife is one of the fastest growing life insurance
companies in the country. It serves its customers by offering a
range of innovative products to individuals and group customers at
more than 600 locations through its bank partners and company-
owned offices. MetLife has more than 50,000 Financial Advisors,
who help customers achieve peace of mind across the length and
breadth of the country.
MetLife, Inc., through its affiliates, reaches more than 70 million
customers in the Americas, Asia Pacific and Europe. Affiliated
companies, outside of India, include the number one life insurer in
the United States (based on life insurance inforce), with over 140
years of experience and relationships with more than 90 of the top
one hundred FORTUNE 500® companies. The MetLife companies
offer life insurance, annuities, automobile and home insurance,
retail banking and other financial services to individuals, as well as
group insurance, reinsurance and retirement and savings products
and services to corporations and other institutions
FACT SHEET
Founded 2001
Started Operations FY 2001-02
Headquarters Bangalore, India
World Wide Web Address www.metlife.co.in
Managing Director Rajesh Relan
Employees 7688
Financial Advisors 56,072
Banc assurance Tie-Ups 5 (J&K BankBank/Dhanalakshmi
Bank/Karnataka Bank/Barclays)
Number Of Products Over 20 products
Presence Through
MetLife Offices
192 offices in 131 cities
Presence Through Bank Partners 1910 offices in 686 cities
ABOUT HDFC MET LIFE INSURANCE
Celebrating 140 years, MetLife, Inc. is a leading provider of
insurance and financial services with operations throughout the
United States and the Latin America, Europe, and Asia Pacific
regions. Through its domestic and international subsidiaries and
affiliates, MetLife, Inc. reaches more than 70 million customers
around the world and MetLife is the largest life insurer in the
United States (based on life insurance in-force).
The MetLife companies offer life insurance, annuities, auto and
home insurance, retail banking and other financial services to
individuals, as well as group insurance and retirement & savings
products and services to corporations and other institutions.
139 years Legacy of helping build Financial Freedom for all
Fortune 500 Company
Indian Operation started on April 11th 2001
MetLife India is a result of Joint Venture between MetLife
International ,J&K Bank and other investors
Among the Top Five private player in Insurance Sector in
India
Strong force of 25,000 Financial advisors
MetLife in India is headquartered in Bangalore
Present in 72 Cities through 90 Offices.
In Partnership with many Banks i.e. Barclays, UTI, J&K Bank
etc.
MetLife means more than Life Insurance. It’s about the
celebration of life, beginning and the financial freedom that leads
to life significance J
PRODUCT PORTFOLIO
Multi-Purpose Plans
For ever changing needs in life ULIP
-Met Smart Plus
-Met Smart Premier
Protection Plans
Ensure that your obligations are meant in the event of death
and Disability.
-Met Suraksha
-Met Mortgage
Accumulation Plans Assist in funding child’s education,
Marriages etc :Whole Life :Endowment
-Met 100
Retirement Plans
Provide additional income to supplement savings.
-Met Pension
-Met Advantage Plus
MET LIFE KEYS STRENGHS
FINANCIAL EXPERTISE
AS A JOINT VENTURE OF LEADING FINANCIAL SERVICES GROUPS,
METLIFE HAS THE FINANCIAL EXPERTISE REQUIRED TO MANAGE
YOUR LONG-TERM INVESTMENTS SAFELY AND EFFICIENTLY.
RANGE OF SOLUTIONS
WE HAVE A RANGE OF INDIVIDUAL AND GROUP SOLUTIONS, WHICH
CAN BE EASILY CUSTOMISED TO SPECIFIC NEEDS. OUR GROUP
SOLUTIONS HAVE BEEN DESIGNED TO OFFER YOU COMPLETE
FLEXIBILITY COMBINED WITH A LOW CHARGING STRUCTURE.
TRACK RECORD SO FAR
OUR GROSS PREMIUM INCOME, FOR THE YEAR ENDING MARCH 31,
2008 STOOD AT RS. 4,859 CRORES AND NEW BUSINESS PREMIUM
INCOME STOOD AT RS. 2,685 CRORES.
THE COMPANY HAS COVERED OVER 9,59,000 LIVES YEAR ENDING
MARCH 31, 2008.
CORPORATE OBJECTIVE
Our Vision
'The most successful and admired life insurance company, which
means that we are the most trusted company, the easiest to deal
with, offer the best value for money, and set the standards in the
industry'.
'The most obvious choice for all'.
Our Values
Values that we observe while we work:
.Integrity
.Innovation
.Customer centric
.People Care One for all and all for ones€ �
.Teamwork
.Joy and Simplicity
Accolades and Recognition
.Rated by 'Business world' as 'India's Most Respected Private Life
Insurance Company' in 2004.
.Rated as the "Best New Insurer - 2003" by Outlook Money
magazine, India number 1 personal finance magazine
FIVE KEY FOCUS AREAS
People
Product
Infrastructure
Branding
Customer ServiceJ
MARKETING TOOLS
Tele Marketing - Direct Marketing in which sales person uses
telephone to solicit prospective customers to buy product
and services.
Database Marketing - Analyze customer database and use
the results to form future projection that help to improve
efficiency and develop new products
Bancassurance -Selling of insurance through a bank’s
established distribution channels. Penetrating rural market
using Bancassurance Medium only
SWOT ANALYSIS
Strengths
• Quality Distribution channels
• Strong Underwriting
• Strong Brand Name
• Quality products and Services
Weaknesses
• Limited Market Penetration
• Low Market Share
• Not a well know name in
Interiors of India
• FDI allowed only upto 26%
Opportunities
• Cross sell financial Services are
Untapped
• Untapped Rural Market
• Brand and Line Extension
• Niche market
Threats
• Increasing expenses and Low
Profit Margins
• Government Regulations and
political situation
• Vulnerable to entry of new
Players
• Increasing Interest rate
FACTORS FOR SUCCESS
Strong Parental Support
MetLife benefit from parent Company’s Global
presence
Proven Track Record
International Standard of Customer Service
Using Technology as Business Enabler
Uses a Software Module called AURA which
automatically process an insurance proposal and issue
the policy. It ensures quick turnaround time and
accuracy
Using Full Time Agents on Commission basis
Agents are Full Time Working on Commission basis
Reduce Fixed Cost
Major Advertisement Campaign
Internet
Television and other Audio Mediums
Telemarketing
Referrals
Personalization of Product and Services
Penetrating untapped Semi urban and rural market
FUTURE PLANS
Goal of 5 million customers by 2010
Further Expand operations to Class B and Class C cities and
part of rural India
Aggressive Growth plans of 100% yoy for next 2-3 years.
To capture a market share of 5% in Indian Insurance Sector
MetLife International plans to increase its stake in the Indian
Subsidiary
SOCIAL PRODUCT
Development Insurance Plan
Development Insurance plan is an insurance plan which provides life cover to
members of a Development Agency for a term of one year. On the death of any
member of the group insured during the year of cover, a lump sum is paid to those
member beneficiaries to help meet some of the immediate financial needs following
their loss.
Eligibility
Members of the development agency and their spouses with:
- Minimum age at the start of the policy 18 years last
birthday
- Maximum age at the start of policy 50 years last birthday
Employees of the Development Agency are not eligible to join
the group. The group to be covered is only eligible if it contains
more than 500 members.
Premium Payments
The premium to be paid will be quoted per member in the group
and will be the same for all members of the group.
The premium can only be paid by the Development Agency as
a single lump sum that includes all premiums for the group to be
covered. Cover will not start until the premium and all the
member information in our specified format has been received.
The premium rate is Rs. 25 per Rs. 10,000 of lump sum, per
member.
Benefits
On the death of each member covered by the policy during the
year of cover a lump sum equal to the sum assured will be paid
to their beneficiaries or legal heirs. Where the death is as a
result of an accident, an additional lump sum will be paid equal
to half the sum assured. There are no benefits paid at the end
of the year of cover and there is no surrender value available at
any time.
The role of the Development Agency
Due to the nature of the groups covered, METLife will be
passing certain administrative tasks onto the Development
Agency. By passing on these tasks the premium charged can
be lower. These tasks would include:
Submission of member data in a specified computer format
Collection of premiums from group members
Recording changes in the details of group members
Disbursement of claim payments and the mortality rebate (if
any) to group
Members
These tasks would be in addition to the usual duties of a
policyholder such as:
Payment of premiums
Reporting of claims
Keeping policy holder information up to date
Training and support will be available to give guidance on how
to complete the tasks appropriately.
Since these additional tasks will impose a burden on the
Development Agency, the Development Agency may charge a
Rs. 10 administration fee to their members.
Prohibition of rebates
Section 41 of the Insurance Act, 1938 states
No person shall allow or offer to allow, either directly or
indirectly, as an inducement to any person to take out or
renew or continue an insurance in respect of any kind of risk
relating to lives or property in India, any rebate of the whole
or part of the commission payable or any rebate of the
premium shown on the policy, nor shall any person taking out
or renewing or continuing a policy accept any rebate, except
such rebate as may be allowed in accordance with the
published prospectus or tables of the insurer
If any person fails to comply with sub regulation (previous
point) above, he shall be liable to payment of a fine which
may extend to rupees five hundred
TAX BENEFITS
INCOME TAX
SECTION
GROSS ANNUAL
SALARY
HOW MUCH TAX
CAN YOU
SAVE?
METLIFE PLANS
Sec. 80C Across All income
Slabs
Upto Rs. 33,990
saved on
investment of
Rs. 1,00,000.
All the life insurance
plans.
Sec. 80 CCC Across all income
slabs.
Upto Rs. 33,990
saved on
Investment of
Rs.1,00,000.
All the pension plans.
Sec. 80 D* Across all income
slabs
Upto Rs. 3,399
saved on
Investment of
Rs. 10,000.
All the health
insurance riders
available with the
conventional plans.
TOTAL SAVINGS
POSSIBLE **
Rs37,389
Rs. 33,990 under Sec. 80C and under Sec. 80 CCC , Rs.3,399
under Sec. 80 D, calculated for a male with gross annual
income
exceeding Rs. 10,00,000.
Sec. 10 (10)D Under Sec. 10(10D), the benefits you receive are completely
tax-free, subject to the conditions laid down therein.
MET LIFE PLANS DETAILS
CHILD PLAN
MET BHAVISHYA
PLAN OVERVIEW
MetLife offers 'Met Bhavishya' - a guaranteed money back
plan that pays out funds to help you meet the education and career
milestones of your children. With this plan, the Life Insured is that
of the parent. The plan also has inbuilt guaranteed additions to add
value to the policy over its term. There are two options to choose
from and fixed term benefits, periodic additions & terminal
additions are payable based on the option that you select. The
policy is suitable for parents with children between the ages 0-12
and parents in the age group of 20-50 years old.
PLAN AT GLANCE
Coverage Term Option A Option B Minimum Entry Age of
the Child 0 years 0 years Maximum Entry Age of the Child 8 years
12 years Minimum Entry Age of the parent 20 years 20 years
Maximum Entry Age of the Parent 50 years 50 years Policy Term
21 years - Age at Entry 25 years - Age at Entry Minimum Sum
Assured Rs 1,00,000 Rs 1,00,000 Maximum Sum Assured No
Limit No Limit Riders
Accidental Death Benefit Rider
Critical Illness Rider
Waiver of Premium Rider
PLAN BENEFITS
Death Benefit
In the event of death of the Person Insured (the parent), the family
will receive a lump sum payment of Sum Assured. The fixed term
payment and maturity benefits will continue irrespective of the
death of the Life Insured and all future premiums on the policy
would be waived.
Maturity Benefit
On maturity of the policy, the plan offers Guaranteed Periodic
Additions and Terminal Additions:
1. Guaranteed Periodic Additions of 5% of the Sum Assured for
every completed year.
2. Terminal additions of 20% of the total Guaranteed Periodic
Additions.
Guaranteed Payouts
Option A: Policy matures at age 21 of the child.
Age of the
Child
Percentage of
Payout
Assumed
Milestone
15 years 20% of Sum
Assured
Class X
17 years 30% of Sum
Assured
Class XII
20 years 50% of Sum
Assured
College
21 years Guaranteed
Additions
Higher Education
Option B: Policy matures at age 25 of the child.
Age of the
Child
Percentage of Payout Assumed
Milestone
17 years 20% of Sum Assured Class XII
21 years 30% of Sum Assured College
23 years 50% of Sum Assured Higher
Education
25 years GuaranteedAdditions Wedding
REASON TO BUY
1. Guaranteed payouts at critical milestones of the child’s life.
2. Guarantee of policy continuance in case of the untimely demise
of parent.
3. Guaranteed payouts of 250%* of the chosen Sum Assured.
4. Income Tax benefits.
* When the term of the plan is 25 years.
PLAN OVERVIEW
MetLife offers 'Met Magic', a Unit-Linked (non-medical, regular
premium) life insurance plan (Non Par).
You always want your little angel to have the best, in every sphere
of life. You don't want your child to have to compromise. No matter
what the circumstances. Met Magic, a unique life insurance plan,
helps you secure the future of your loved one!
PLAN AT GLANCE
Boundary Conditions
Age of the Parent at Entry * 18 years to 55 years
Policy Term Options 10, 15, 20, & 25 years
Maturity Age of Life Insured 70 years
Sum Assured 5 times annualized premium
Minimum Annualized Premium Rs 12,000 for annual & semi-
annual mode
Maximum Annualized Premium Rs. 1,00,000 for all modes * Age
at last birthday.
PLAN BENEFITS
Death Benefit
Met Junior-Non-Par
In the event of death of the Person Insured during the term of the
policy, the Beneficiary will be paid the Sum Assured.
In addition, the plan will continue. All future premiums, that would
otherwise have been accumulated had the person insured been
alive, are added into the fund on an annual basis, as and when
each such regular premium falls due.
In case of death of the Beneficiary, the Person Insured can either
choose to continue the policy on the original terms by substituting
another person as a beneficiary. Or they can surrender the policy
and claim the Surrender Benefit.
Maturity Benefit
100% of Fund Value payable on the date of maturity.
REASON TO BUY
1. No allocation charges from the 3rd year onwards.
2. Allocation charges of 1st and 2nd year paid back as Guaranteed
Loyalty Additions from 6th year of policy to maturity.
3. Inbuilt future premium protection benefit.
4. Tax benefits as applicable.
MET ADVANTAGE PLUS
PLAN OVERVIEW
MetLife offers 'Met Advantage Plus' - a Unit-Linked Pension Plan
that allows you to effectively and efficiently accumulate for your
retirement needs. As the name suggests, it comes with many
advantages. You can choose from eight annuity options, two life
cover options and get tax benefits under Section 80 C and 10 (10
A). You can buy the plan without any hassles and invest more as
you approach retirement by using the top-up functionality. All in all,
it’s a plan which works harder for you when you stop working. For
one, it ensures that you lead a comfortable lifestyle post
retirement.
PLAN AT GLANCE
Entry Age (in completed years)
Min – 20 years
Max – 55 years
Minimum Term
10 years
Minimum Vesting Age 45 years
Maximum Vesting Age 65 years
Minimum Premiums
Single Pay: Rs. 1,00,000
Regular Premium: Rs. 10,000
Premium Paying Term Single Pay & Regular Pay Riders
Not Available.
PLAN BENEFITS
Death Benefit
In case of death during the accumulation period, the death benefit
payable is:
Under Option A: A guaranteed amount of 110% of the Fund Value
is payable to the nominee.
Under Option B: 100% of the Fund Value is payable to the
nominee.
Vesting Benefit
On the vesting date, i.e. at the end of the accumulation term,you
can take one-third of your retirement kitty as a tax-free lump sum
and utilize the balance to buy annuities. Or you can use the entire
retirement kitty to buy annuities.
Annuity Options
You can choose from a wide variety of eight immediate annuity
options at the time of retirement to match your pension
requirement.
REASON TO BUY
1. Advantage of six diverse market linked funds to potentially
enhance your savings for retirement.
2. Get upto 1/3 rd of your retirement kitty as a tax-free lump sum
on retirement.
3. Opportunity to get tax benefits under Sec 80C on your
contribution.
4. Choice from amongst eight annuity options at the time of
retirement.
5. Get the benefit of protection while you are saving for retirement.
MET PENSION - PAR
PLAN OVERVIEW
'Met Pension (Par)' serves as a friendly helping hand so you can
stay financially independent even after retirement. It helps you
build up a fund for your golden years.
With this plan, you can ensure you enjoy retirement as a happy
new chapter.
PLAN AT GLANCE
Entry Age (in completed years)
Min – 18 years
Max – 60 years
Minimum Term
10 years
Minimum Vesting Age 45 years Maximum Vesting Age 70 years
Minimum Sum Assured Rs. 50,000 Maximum Sum Assured No
Limit Minimum Annual Premium
Rs. 4000 p.a. for Regular Pay
Premium Payment Term Single Pay, Limited Pay (3 or 5 Pay) &
Regular Pay Riders
Accidental Death Benefit Rider
Critical Illness Rider
Waiver of Premium Rider
Term Rider
PLAN BENEFITS
Death Benefit
In case of death while one is saving for retirement, the death
benefit payable is:
1. Return of premiums.
2. Accrued reversionary bonus, if any.
3. Any insurance on the life of the Insured that may be provided by
riders to this policy.
Vesting Benefit
On the vesting date, you can take one third of your retirement kitty
as a tax-free lump sum and utilize the balance to buy annuities or
you can use the entire retirement kitty to buy annuities. The
retirement fund on the date of vesting is equal to the Sum Assured
plus Guaranteed Additions plus the compounded reversionary
bonuses plus the terminal bonus, if any.
Guaranteed Additions
Guaranteed Additions equal to 10% of the Sum Assured are
payable at the end of the 15th policy year, in the form of a one-
time lump sum addition to the Sum Assured.
Guaranteed Additions are available on policies with terms greater
than 15 years.
Annuity Options
You can choose from a wide variety of 8 immediate annuity
options at the time of retirement to match your pension
requirement.
Policy Loan
No loans are available under this policy.
REASON TO BUY
1. A product which participates in the profits of the company
through bonuses.
2. Customize your policy with additional rider benefits.
3. Different premium paying terms to suit various income cycles.
4. Get up to 1/3 rd of your retirement kitty as a tax-free lump sum
on retirement.
5. Opportunity to get tax benefits under Sec 80C on your
contribution.
6. Choose from amongst 8 annuity options at the time of
retirement.
7. Get the benefit of protection while you are saving for retirement.
MET 100
PLAN OVERVIEW
MetLife presents 'Met 100' - a whole life policy where you pay
premiums for 15, 20 or 25 years.
It helps create a legacy for the children, leaving money for a
dependant spouse and, more importantly, provides insurance
cover at affordable rates.
Met 100 is available in both participating as well as non-
participating versions.
PLAN AT GLANCE
Non-Par Par Minimum Entry Age 15 yrs 0 yrs Maximum Entry Age
70 yrs for ppt of 15 yrs
65 yrs for ppt of 20 yrs
60 yrs for ppt of 25 yrs
70 yrs for ppt of 15 yrs
65 yrs for ppt of 20 yrs
60 yrs for ppt of 25 yrs
70 yrs for life - ppt
Premium Paying Terms 15, 20, 25 yrs 15, 20, 25 yrs Minimum
Sum Assured Rs. 50,000 Rs. 50,000 Maximum Sum Assured No
limit (subject to UW) No limit (subject to UW) Minimum Annual
Premium
Rs. 1,000 for issue age of < 15 yrs
Rs. 2,500 for issue age of > = 15 yrs
Met 100 Gold: Rs. 2,500
Met 100 Platinum: Rs. 7,500
Riders
Accidental Death Benefit Rider
Critical Illness Rider
Waiver of Premium Rider
Term Rider
PLAN BENEFITS
Death Benefit
Met 100 - Par
In the event of death, the Sum Assured plus the Reversionary
Bonus and Terminal Bonuses, if any, are payable.
Met 100 - Non-Par
In the event of death, the Sum Assured is payable.
Maturity Benefit
Met 100 - Par
On maturity of the policy, the Sum Assured plus the Reversionary
Bonus and Terminal Bonuses, if any, are payable.
Met 100 - Non-Par
On maturity of the policy, the Sum Assured is payable.
REASON TO BUY
1. A whole life plan where the duration is for life or till 100 years of
age.
2. Limited premium paying term: Payment ceases but life cover
continues throughout life.
3. Guaranteed benefit equal to the Sum Assured plus bonuses in a
participating policy on death and maturity.
4. Loan facility available.5. Tax benefits as applicable under
Section 80C and 10(10D).
MET SUKH
PLAN OVERVIEW
MetLife offers 'Met Sukh'- a guaranteed money-back policy which
provides guaranteed periodic survival benefits at the end of 5, 10,
15 & 20 years and guaranteed additions of 10% of the Sum
Assured for the entire term. It not only covers your life, but also
guarantees you cash payments at various milestones along with
guaranteed growth of your savings.
PLAN AT GLANCE
Entry Age Min - 15 years
Max - 55 years Coverage Term 20 years Premium Payment Term
Regular Minimum Sum Assured Rs. 75,000 Maximum Sum
Assured No Limit Riders
Accidental Death Benefit Rider
Critical Illness Rider
Waiver of Premium Rider
Term Rider
PLAN BENEFITS
At the end of 5 years 20% of the Sum Assured
At the end of 10 years 20% of the Sum Assured
At the end of 15 years 20% of the Sum Assured
Upon survival to maturity 40% of the Sum Assured
plus Total Guaranteed
Additions
PLAN OVERVIEW
1. Guaranteed Survival Benefit: Payment of 20% of the Sum
Assured every year starting from the 5th year till maturity.
2. Guaranteed Maturity Benefit:
Guaranteed payment of 40% of Sum Assured.
Guaranteed Addition of 10% of Sum Assured every year up to
maturity.
3. Guaranteed Death Benefit: Guaranteed payment of Sum
Assured along with Guaranteed Additions (accrued till that time).
This is paid over and above the survival benefit payments already
made.
4. Comprehensive protection by way of 4 riders.
5. Tax benefits as applicable under Section 80 C, 10(10D).
MET SURAKSHA
PLAN OVERVIEW
MetLife offers 'Met Suraksha - Term Assurance (TA)', a non
participating term assurance plan which provides you life cover at
a nominal cost. To put it simply, it is a life insurance plan that gives
you complete protection to enjoy life to the fullest. You can further
customize your plan with two riders – Accidental Death Benefit and
Critical Illness.
PLAN AT GLANCE
Minimum Entry Age 18 years Maximum Entry Age 60 years
Maximum Maturity Age 65 years Minimum Sum Assured Rs.
50,000 Maximum Sum Assured No Limit Policy Term 5, 10, 15, 20,
25 years and Term to age 60 Premium Paying Terms Single Pay,
Limited Pay (3 years), Regular Pay
Riders
Accidental Death Benefit Rider
Critical Illness Rider
PLAN BENEFITS
Death Benefit
In the event of death of the Person Insured, the Sum Assured is
payable.
Maturity Benefit
Not Applicable.
REASON TO BUY
1. Low cost, low risk insurance plan.
2. Option of different premium paying modes to
suit various income cycles.
3. Tax benefits as applicable.
MET VISHWAS
PLAN OVERVIEW
MetLife offers 'Met Vishwas', - a single premium, micro insurance,
non- participating term assurance plan which provides you life
cover at a nominal cost. On survival, you get 110% or 125% of the
premium.
PLAN AT GLANCE
Minimum Entry Age 18 years
Maximum Entry Age 60 years
Maximum Maturity Age 70 years
Minimum Sum Assured Rs. 5,000
Maximum Sum Assured Rs. 50,000 P
olicy Term 5 or 10 years
Premium Paying Terms Single Pay
PLAN BENEFITS
Death Benefit
In the event of death of the Person Insured the Sum Assured is
payable.
Maturity Benefit
On surviving the Coverage Term, you receive:
1. 110% of the single premium paid for a 5 year coverage term.
2. 125% of the single premium paid for a 10 year coverage term.
Guaranteed Surrender Value
In case of any emergency, should you need to surrender your
policy early, you will get surrender benefits as per table below:
Policy
Year
Percentage of
Single Premium
payable as
Surrender Benefit
(5 year coverage
term)
Percentage of single
premium payable as
Surrender Benefit (10
year coverage term)
1 60% 60%
2 70% 65%
3 80% 70%
4 90% 75%
5 100% 80%
6
Not applicable
85%
7 90%
8 100%
9 110%
10 120%
The policy terminates upon the payment of surrender value.
REASON TO BUY
1. Affordable protection.
2. All your money back and more on surviving the coverage term.
3. Convenience of paying just once.
MET EASY
PLAN OVERVIEW
MetLife offers 'Met Easy'- a simplified unit-linked plan which offers
you an opportunity to systematically build wealth and protection for
you and your family.
With Met Easy, you'll be sure to agree with us when we say,
'financial planning was never so simple
PLAN AT GLANCE
Coverage Term
10 years 15 years 20 years
Minimum
Age at
Entry
8 3 0 (3 months
to be
completed)
Maximum
Age at
Entry
55 50 50
Minimum
Premium
20,000 15,000 12,000
Maximum
Premium
6,00,000 4,00,000 3,00,000
Sum
Assured
5 times the
annualized
regular
premium
7.5 times the
annualized
regular
premium
10 times the
annualized
regular
premium
Premium
payment
Yearly, Half-
yearly,
Yearly, Half-
yearly,
Yearly, Half-
yearly,
modes Quarterly,
Monthly
Quarterly,
Monthly
Quarterly,
Monthly
The maximum Sum Assured available in this product
is based on your age, at the time of buying the
policy, and is as follows:
Age at Entry Maximum
Sum
Assured
Up to 40 years 30,00,000
41-50 years 15,00,000
51-55 years 2,00,000
Riders
Not available under this plan.
PLAN BENEFITS
Death Benefit
In the event of death:
In the 1st Policy Year: Higher of 50% of the Sum Assured or the
Fund Value is payable.
After the 1st Policy Year: Higher of 100% of the Sum Assured or
Fund Value. If death of the Person Insured occurs before age 7,
the Fund Value plus the Regular Premium received by us in the
first policy year is payable.
Maturity Benefit
On maturity, you will receive the Fund Value including the Loyalty
Addition or you can opt for the settlement options.
Loyalty Additions
With Met Easy, you get the benefit of potentially enhancing your
wealth creation with loyalty additions that are added to your policy
on maturity. The loyalty additions are as follows:
Coverage
Term
Policy
Anniversary Date
Loyalty Additions
10 years 10th policy
anniversary date
25% of the net
average regular
premium
15 years 15th policy
anniversary date
100% of the net
average regular
premium
20 years 20th policy 150% of the net
anniversary date average regular
premium
Net Average Regular Premium = (Total amount of all regular
premiums paid till the due date of credit of loyalty additions less
partial withdrawals made in preceding 24 calendar months from
the due date of credit of the loyalty additions)/ number of
completed policy years.
Total and Permanent Disability
In case of a total permanent disability caused due to an accident,
100% of the Sum Assured or the Fund Value, whichever is higher,
is paid immediately and the policy ceases to exist.
REASON TO BUY
1. Long Term wealth creation with the help of loyalty additions
payable at maturity.
2. Ease of Purchase – Sum Assured of up to 30 Lakhs* without the
requirement of any
medical checkup.
3. Life insurance benefit with guaranteed Sum Assured of up to
120 times the monthly premium.#
4. Guaranteed benefit in case of a total and permanent disability
caused due to an accident.
5. Up to 150% of net average regular premium is paid as
Guaranteed Additions.
* For a healthy individual, up to 40 years of age.
#For a healthy male life, when the regular premium is paid in the
monthly mode for a 20 year coverage term.
MET HEALTH CARE
UIN NO: 117N048V01
PLAN OVERVIEW
Health problems strike unexpectedly. In addition to
causing ill health, it can also scar your financial
health. You need to protect yourself against such a
situation through a health insurance plan. In order to
ensure you are well protected to face any health
condition that could befall you, MetLife presents -
Met Health Care, a simple health insurance policy
with unique and smart advantages for you and your
family#.
# Family means spouse and two children. Every
additional family member shall be underwritten as
per the underwriting conditions laid by the Company
from time to time.
What is Met Health Care?
Met Health Care is a long term health insurance plan
from MetLife. This plan covers you
1. Against Hospitalisation expenses by providing you
a Daily Cash benefit as chosen by you.
2. Against 10 major Critical Illnesses by providing
you a lumpsum benefit.
3. Against Total & Permanent Disability due to
accident by providing you a lumpsum benefit.
Further, all the above benefits can be availed
without the hassle of undergoing any medical
examination. Just fill up the simple application form
and start enjoying the unmatched benefits of Met
Health Care.
PLAN AT GLANCE
Minimum/Maximum
age of entry
18 years-55 years (At first
entry, for the Principal insured)
3 months-55 years (For
Secondary Insured lives)
Cover ceasing age 65 years
Maturity/Death
Benefit
No Maturity/Death Benefit
payable
Benefits Offered (a) Daily Hospitalisation Cash
Benefit
(b) Daily ICU Cash Benefit
(c) Recuperation Benefit
(d) Critical Illness Benefit
(e) Accidental Total &
Permanent Disability
Benefit
Premium paying
frequency
Yearly. Half-Yearly mode is
avaiable only if each of the
persons insured choose a
daily cash benefit of Rs. 3000
or more.
Modal factor Half-yearly -0.5131. Multiply
the tabular premium by the
modal factor to arrive at the
premium payable
PLAN BENEFITS
Benefit
Option 1 Option
2
Option
3
Option
4
Option
5
Daily
Hospitalisation
Cash Benefit
Rs.
1000
per
day
Rs.
2000
per
day
Rs.
3000
per
day
Rs.
4000
per
day
Rs.
5000
per
day
Daily ICU
Cash Benefit
Rs.
2000
Rs.
4000
Rs.
6000
Rs.
6000
Rs.
6000
per
day
per
day
per
day
per
day
per
day
Recuperation
Benefit
Rs.
3000
Rs.
6000
Rs.
9000
Rs.
10000
Rs.
10000
Critical Illness
Benefit
Rs. 1
Lakh
Rs. 2
Lakh
Rs. 3
Lakh
Rs. 3
Lakh
Rs. 3
Lakh
Accidental
Total &
Permanent
Disability
Benefit
Rs. 1
Lakh
Rs. 2
Lakh
Rs. 3
Lakh
Rs. 3
Lakh
Rs. 3
Lakh
Death/Maturity Benefit
There is no Death/Maturity Benefit under Met Health
Care.
Tax Benefits
The premium paid (excluding the service tax) under
this plan is eligible for Tax Benefits under Section 80
D of the Income Tax Act, 1961 as per the provisions
and conditions given therein and are subject to any
changes made in the tax laws in future.
REASON TO BUY
Please consult your tax advisor for more details.
1. Coverage for the entire family.
2. No Claim Discounts.
3. Guaranteed Cover* till age 65.
4. Payouts in addition to other Insurance Plans.
5. Multiple Claims.
15 YEARS Rs. 75,000.00
20 YEARS Rs. 1,00,000.00
PROJECT PROFILE
RECRUITMENT AND SELECTION PROCESS
According to Edwin B. Flippo, “Recruitment is the
process of searching the candidates for employment
and stimulating them to apply for jobs in the
organization”. Recruitment is the activity that links the
employers and the job seekers.
Recruitment Policy Of a Company: -
In today’s rapidly changing business environment, a well-
defined recruitment policy is necessary for organizations to
respond to its human resource requirements in time. Therefore,
it is important to have a clear and concise recruitment policy
in place, which can be executed effectively to recruit the best
talent pool for the selection of the right candidate at the right
place quickly. Creating a suitable recruitment policy is the
first step in the efficient hiring process. A clear and concise
recruitment policy helps ensure a sound recruitment process.
It specifies the objectives of recruitment and provides a
framework for implementation of recruitment programmed. It
may involve organizational system to be developed for
implementing recruitment programmers and procedures by
filling up vacancies with best-qualified people.
Components of The Recruitment Policy
The general recruitment policies and terms of the
organization
Recruitment services of consultants
Recruitment of temporary employees
Unique recruitment situations
The selection process
The job descriptions
The terms and conditions of the employment
A recruitment policy of an organization should be such that:
It should focus on recruiting the best potential people.
To ensure that every applicant and employee is treated
equally with dignity and respect.
Unbiased policy.
To aid and encourage employees in realizing their full
potential.
Transparent, task oriented and merit based selection.
Weight age during selection given to factors that suit
organization needs.
Optimization of manpower at the time of selection process.
Defining the competent authority to approve each selection.
Abides by relevant public policy and legislation on hiring
and employment relationship.
Integrates employee needs with the organizational needs.
Factors Affecting Recruitment Policy
Organizational objectives
Personnel policies of the organization and its competitors.
Government policies on reservations.
Preferred sources of recruitment.
Need of the organization.
Recruitment costs and financial implications
Purpose & Importance of Recruitment:-
Attract and encourage more and more candidates to apply
in the organization.
Create a talent pool of candidates to enable the selection
of best candidates for the organization.
Determine present and future requirements of the
organization in conjunction with its personnel planning
and job analysis activities.
Recruitment is the process, which links the employers with
the employees.
Increase the pool of job candidates at minimum cost.
Help increase the success rate of selection process by
decreasing number of visibly under qualified or
overqualified job applicants.
Help reduce the probability that job applicants once
recruited and selected will leave the organization only
after a short period of time.
Meet the organizations legal and social obligations
regarding the composition of its workforce.
Begin identifying and preparing potential job applicants
who will be appropriate candidates.
Increase organization and individual effectiveness of
various recruiting techniques and sources for all types of
job applicants.
So, those people who are involved in the process have a
high level of responsibilities
INTRODUCTION
Research methodology is a way to systematically solve the research problem.
It may be understood as a science of studying how research is done
scientifically. It involves data collection techniques, the method of analysis of
data, their interpretation and final summarization.
RESEARCH OBJECTIVE
The basic objective is to know the process of recruiting Financial
Advisors in the company.
Identifying key areas which need improvement
SCOPE OF THE STUDY
The survey looks the process of recruiting financial advisors in the company .
It will help to analyze the key areas which need improvement or special
attention .It will also help in understanding the insurance sector and might be
helpful in controlling attrition. All these measures will help to give suggestions
ad recommendations to the management for the further improvement.
RESEARCH DESIGN:
Explorative Research as well as Descriptive type of Research has been
used.
1. Explorative Research
The explorative research has helped to determine the best research
design, data collection and selection of subjects. The reliance of exploratory
research on secondary research, such as qualitative approaches: informal
discussions with employees, management and more formal approaches
through in-depth interviews, questionnaire has given a significant insight into
the given situation.
2. Descriptive research
On the other hand descriptive research has helped to determine “how, where,
when and what “of the situation. Therefore descriptive research has been
used here to get the maximum amount of the information.
PLANNING THE SURVEY
The survey was conducted through Questionnaire .Each people were asked
to fill the questionnaire made specifically for the purpose .The respondents
were the persons who lived in Lucknow city.
SOURCES OF DATA
Primary Data: In research primary data is collected from all respective
areas.
The secondary sources include - information gathered through
surfing the internet;
RESEARCH INSTRUMENT
Structured Closed Ended and Open Ended Questionnaire.
Depth interviewing
SAMPLE SIZE
The sample size was 50; from Indra Nagar and Gomti Nagar in Lucknow city.
DATA COLLECTION
The data was collected by meeting the respondents. The purpose of this
study was explained to them in brief and then the questionnaire was
administered to them.
DATA COLLECTION METHODS
There are two types of data collection methods:
1.Primary Data : In my report the primary data are collected from
questionnaire and personal interview of the employee.
2.Secondary Data : In my report the secondary data are collected from
Internet and journels.
SCOPE: The report made on the aforesaid topic covers various dimensions
of Job Satisfaction like its meaning and scope, persons who are interested for
work in insurance sector and some other who choose it as a part time job it’s
provide a best plateform.
LIMITATION :
Psychological Constraints: Most of the persons who were
interviewed felt disturbed while responding to questions during their
work hours; hence they made it a point to finish off answering the
questionnaire as soon as possible. Had they spent a little more time on
introspecting on each question the result would
have been better
Constraints regarding confidential Issues : Most of the
interviewed persons where reluctant to give information.
DATA INTERPRETATION: After the data collection process, it was
essential to interpret them to figure out the result. The data collected
are expressed with the help of Bar graphs and Pie- Charts.
1. What is your qualification?
(a) Below High School 8
(b) High School 13
(c)Intermediate 14
(d) Above the Intermediate 25
Below High School, 8
High School, 13
Intermidiate, 14
Above Intermidiate, 25
Below High School
High School
Intermidiate
Above Intermidiate
When I asked them about their qualification to the 50
respondent 8 people said that they have qualification below
high school, 13 people passed high school and 14 people
passed intermediate and the other 25 people have above
intermediate qualification.
2. Are you interested in Insurance sector?
(a) Yes 27
(b) No 23
Yes, 27
No, 23
Yes
No
By this question we know that above the 50% respondent have
interests in insurance sector, so we say that the people are
interested to do a job in this sector.
3. Why do you want to join this sector?
(a) Money 9
(b) Better opportunity in future 15
(c) It is an honorable business 14
(d) Best facility 12
Money, 9
Best opportunity in future , 15It's a honourable job,
14
Money & Growth, 12 Money
Best opportunity in future
It's a honourable job
Money & Growth
When I asked this question this question to the respondent 9
people say that they want to join this for earning money and 15
want to join it for better opportunities in the future, 14 say that it is
a honorable business so they want to join it and 12 say that by it
we get best facility because it is a medium to get a best job in any
insurance company.
4. Do you have any experience in this sector?
(a) Yes 19
(b) No 31
Yes, 19
No, 31
Yes
No
When I asked this question 31 people say that they have not
any experience in insurance sector, only 19 people have
experience in the insurance sector.
5. How many years you work in this sector?
(a) 1 years 7
(b) 2 years 5
(c) 3 years 3
(d) Above 3 years 4
1 Years, 7
2 years, 5
3 Years, 3
Above 3 Years, 4 1 Years
2 years
3 Years
Above 3 Years
When I asked this question to those people who have
experience in this sector that how many years they work in this
sector 7 people say they work 1 year in this sector, 5 say 2
years, 3 say 3 years and 4 say that they work in this sector
above 3 years. We see that more people work less in this
sector.
6. In which field of insurance you work?
(a) General insurance 8
(b) Life Insurance 11
General Insurance, 8
Life Insurance, 11
General Insurance
Life Insurance
There are 2 types of insurance first General insurance for
motors and non-living things and second is life insurance for
living thing or person. When I asked this question most of
people say that they work in the life insurance. 11 people work
in the life insurance and 8 people say that they work in the
general insurance.
7. Why you want to left that organization?
(a) Conflict in the organization 3
(b) Better opportunities 8
(c) Facilities 5
(d) Some personal problem 3
Conflict in the organization, 3
Better opportunities, 8
Facilities, 5
Some personal problem, 3
Conflict in theorganization
Better opportunities
Facilities
Some personal problem
When I asked those 19 people that why they want to left that
organization 3 people say due to the conflict in the organization,
8 people say that for better opportunities.
8. Would you like to work in the MetLife Insurance Company?
(a) Yes 40
(b) No 10
Yes, 40
No, 10
Yes
No
When I asked this question to the respondent I got positive
response from the respondent 40 people said yes. Only 10
people say no we do not like work in this organization.
9. Why you choose the MetLife insurance company?
(a) Money 7
(b) Better opportunities 16
(c) Best Facilities 8
(d) It is a growing company 9
Money, 7
Better opportuniti
es, 16
Best facilities, 8
It is a growing
company, 9
Money
Betteropportunities
Best facilities
It is a growingcompany
When I asked this question 16 people want to join it for
better opportunities they say that in this company we get best
opportunities for them self, 7 people want to join it for money, 8
people like its facilities and 9 people join it that it is a growing
company in the market from others.
10. Do you have any life insurance policy?
(a) Yes 32
(b) No 18
Yes, 32
No, 18
Yes
No
Out of 50 people, 32 say that they have a policy himself, 18
people say that they have not any policy.
If a person has not a policy than he can not put his point to
other that they take him seriously, they say when you not have
then how you say it good.
11. Do you want join it as a part time job?
(a) Yes 28
(b) No 12
Yes, 28
No, 12Yes
No
In this question 28 respondents say yes that they want to join it
as a part time job, other 12 respondent say no that they want to
join it as a profession.
Most of person wants to join it as part time job because they are
already to do some thing other.
FINDING AND SUGGESTION;-
In the insurance sector the people come for join as a financial advisor
they have not more qualification most of people have qualification
below intermediate.
So it is important that company choose that person for financial advisor
who have better education and he have more knowledge about the
market.
.Persons are interested in insurance sector for work they like it for its
facilities. People give positive response when I asked him that are they
interested in insurance sector. So if the company gives more facilities
tjen the people join it and they take more interest in it.
When I asked them that why they want to join it most of people join it
for better opportunities, few people join it for money but some people
join it that it is an honorable business. So if the company gives the
more opportunities to financial advisor as like incentive, award,
promotion etc. many people join it.
When I asked that they have any experience then less people said that
they have experience in this sector. It means less people already work
in this sector. So if the companies give more attention then they get
more people for work in the company.
People work in this sector less time, those people who have
experience they worked less time more people work in this sector
below 3 years.
There are tow types of insurance held in the field first General
Insurance for motor and second is Life Insurance for men, more people
have experience in the life insurance it is a benefit for the company that
more people can join it as a job.
Those person who are work already in a other organization they want
ot left that organization some people say due to conflict in the
organization, some say that the can not get more opportunities in that
organization, some say for money and some say that they have some
personal problem for leaving the organization. It means if the
organization improves these facilities then the organization attract more
experience people in the organization.
More people want to join the MetLife insurance company. Its means
the company have more value in the market and it gives more facility
instead of others companies.
More people want to join this company due to its facilities and
opportunities which are given to the financial advisors. So its
impartment that company try to provides more facilities that more
people join it.
Many people have a insurance policy it so that they are aware with it
and think that it is so impartment the people.
Many people join it as a part time job due to some reason so it is
necessary that company provides him facilities according him because
they work when they get the time.
CONCLUSION:
BRAND, the brand of MetLife Insurance appeals to growing middle-income
group. It has the support of an aggressive foreign bank at its back; Its market
position is strong Shareholders return has grown by 7times and more till date.
MetLifeLife Insurance maintains the position of word leading Cash
Management Provider. Its improved product proposition attracts one and all; it
is one of the most profitable MNC in India. It is a multicultural organization
providing good support of efficient Managers.
In my view , company should focus rather more on these issues to win the
market:
Expansion of Customer base
Improvement in Quality of the Services
Increased Customer Satisfaction
Consistent Business Growth
Increase in Profitability
Retaining The Customer
Choose the best Financial Advisors
Develop the Financial Advisor’s skills
Give the opportunities them in the organization
Bibliography:-
1. Principles of Marketing Management- Phillip Kotler
2. www.metlife.com
3. Product Brochures
4. Old Database
5. www.google.co.in (its related website)
6. www.nurcindia.com
7. www.irda.co.in
QUESTONNAORE
:- Personal detail of respondent
Name……………………………………………………………………….
Designation……………………………………………………………..
Department…………………………………………………………….
1. What is your qualification?
(a) High School
(b) Intermediate
(c) Graduation
(d) Bellow the High School
2. Are you interested in Insurance sector?
(a) Yes
(b) No
3. Why you want to join this sector?
(a) Money
(b) Better opportunity in future
(c) It is an honorable business
(d) Best facility
4. Do you have any experience in this sector?
(a) Yes
(b) No
5. How many years you work in this sector?
(a) 2 years
(b) 3 years
(c) 4 years
(d) 5 years
6. In which sector you work?
(a) General insurance
(b) Life Insurance
7. Why you want to leave that organization?
(a) Conflict in the organization
(b) Better opportunities
(c) Facilities
(d) Some personal problem
8. Would you like to work in the MetLife Insurance Company?
(a) Yes
(b) No
9. Why you choose the MetLife insurance company?
(a) Money
(b) Better opportunities
(c) Best Facilities
(d) It is a growing company
10. Do you have any life insurance policy?
A- Yes B- No
11. Do you want join it as a part time job?
(a) Yes
(b) No