Rupika max

A
PROJECT REPORT
ON
“PRIME PROMOTION OF MAX NEW
YORK
LIFE 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

ACKNOWLEDGEMENT
The 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 SUMMARY
TITLE: “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?

INTRODUCTION
Life 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
INSURANCE
The 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 Insurance
The 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 POLICIES
Though 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 INSURANCE
The functions of Insurance can be bifurcated into two parts:
• Primary Functions
• Secondary Functions
• Other Functions

The primary functions of insurance include the
following:

Provide Protection - The primary function of insurance is to provide
protection against future risk, accidents and uncertainty. Insurance cannot check
the happening of the risk, but can certainly provide for the losses of risk. Insurance
is actually a protection against economic loss, by sharing the risk with others.

Collective bearing of risk - Insurance is a device to share the
financial loss of few among many others. Insurance is a mean by which few losses
are shared among larger number of people. All the insured contribute the premiums
towards a fund and out of which the persons exposed to a particular risk is paid.

Assessment of risk - Insurance determines the probable volume of risk
by evaluating various factors that give rise to risk. Risk is the basis for determining
the premium rate also.

Provide Certainty - Insurance is a device, which helps to change from
uncertainty to certainty. Insurance is device whereby the uncertain risks may be
made more certain.

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-regulation
Prior 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 MULTI USE OF IT
Access SERVICE
POINTS
Advisors Call Centers Shorter time around time
Brokers & Email Claims
Corporate agents Website Policy Issuance
Ban assurance Branch Network

NEW YORK LIFE
INSURANCE CO.
LTD
MAX INDIA LTD

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 PLANS
Life is full of surprises. Unexpected events that strike without warning can disrupt
the smooth rhythm of life. You must be prepared at all times. As the primary
earning member, you need to make sure that your family is never lacking in
anything even if you are taken away from them forever. Do your best today to
ensure that your family can always enjoy a comfortable lifestyle. In double income
families, both spouses should get adequate life covers especially if there are
dependent children involved. We have plans that guarantee maximum protection at
a low cost.

• 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 PLANS
Do 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 PLANS
Most people desire a carefree life. They want to be happy and comfortable at all
times. But needs keep evolving and you must always be one step ahead. Our
Strategic Products Plans will meet your special needs and are available through
additional distribution channels. You can choose a plan to meet the planned events
and unforeseen incidents in your life.

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 PLANS
People 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 COLLECTION
Determining 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 NO.OF.RESPONDENT PERCENTAGE
(AGE)
Less than 25 11 11%
25 - 35 40 40%
35 – 45 20 20%
Above 45 29 29%
TOTAL 100 100

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.

2. Qualification of the respondents.
PARTICULARS NO.OF RESPONDENT PERCENTAGE

Graduate 52 52%
Post Graduate 29 29%
Diploma 8 8%
Other discipline 11 11%
TOTAL 100 100%

Qualification of the Respondents
Graduate Post Graduate Diploma
Other discipline TOTAL

100
80
60
40
20
0
PERCENTAGE
NO.OF.RESPONDENT

INTERPRETATION:
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

3. Occupation of the respondents
PARTICULARS NO. OF RESPONDENT PERCENTAGE

Business man 34 34%
Professionals 18 18%
Job holders 37 37%
Others 11 11%
TOTAL 100 100%

Occupation of the Respondents

Business man Professionals Job holders
Others TOTAL

100

80

60

40

20

0
NO.OF.RESPONDENT

INTERPRETATION:
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.

4. Average annual income of respondents.
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%

Average annual income of
respondents.

100

80
Up to 1 lakh
1 lakh - 3 lakh 60
3 lakh - 5 lakh
40
5 lakh & above
TOTAL 20

0
NO.OF.RESPONDENT

INTERPRETATION:
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

5. Family size of respondents.

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

28%

50%

below 5 members
5- 10 member
above 10 member

32%

INTERPRETATION:
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. PERCENTAGE
RESPONDENT
Risk Coverage 40 40%
Tax Savings 30 30%
Security 30 30%
TOTAL 100 100%

INTERPRETATION:
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

No 17 17%
Yes 83 83%
TOTAL 100 100%

Awareness of Max New York

No Yes TOTAL

100

80

60

40

20

0
NO.OF.RESPONDENT

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.


Yes 70 70%
No 30 30%
TOTAL 100 100%

INTERPRETATION:-

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.

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%

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

e

10. % of respondents benefits of choosing the
particular products

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

Benefits of Particular Products

100
90
80
70 Risk coverage
60 Additional benefit
50
Maturity date
40
Sum Assured
30
20 TOTAL
10
0
1 2

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?

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.

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?

INTERPRETATION:
FF
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
Insurance 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
Website:
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.

QUESTIONNAIRE
NAME:
AGE:
GENDER: MALE FEMALE
ADDRESS:

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

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