max new york life insurance analysis of life nsurance and recruitment of capable life insurance...

8/3/2019 Max New York Life Insurance Analysis of Life Nsurance and Recruitment of Capable Life Insurance Advisers

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JitendraVirahyas

[email protected]

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A

SUMMER TRAINING REPORTON

TITLED

ANALYSIS OF LIFE INSURANCE AND

RECRUITMENT OF CAPABLE LIFE INSURANCEADVISERS

WITH

MAX NEW YORK LIFE INSURANCE

Submitted to: Submitted by:

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PREFACE

I had undergone a practical training under MAX NEW YORK LIFE

INSURANCE, JAIPUR REGION. It was a good exposure for me to undergo

training in such a company to get the knowledge and experience regarding

life insurance and recruitment of capable Life insurance advisors.

Summer training is one of the major experience components. Of the

knowledge, Gain of relevant of information with respect to marketing and

dealing with situation in a professional course like B.B.A where a

professional person faces a problem in a field. I was able to get familiarized

with the costumer relationship and got to know how a company measures to

resolve their grievance and service for future prospect and success. Field

component like survey, generation of questionnaire with respect to

marketing helped me a lot and would be a great support in future.

It is good to have enthusiasm but it is essential to have

training. Training can be in all way of life.

Thus I would say that this training was beneficial educative & good exposure

to me, which will certainly help in my near future. This project was designed

with Respect to this company. The project made me to get the enhanced

Knowledge regarding life insurance concept and the process of recruiting an

agent

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ACKNOWLEDGEMENT

Memories give you the power to collect roses in the winter.

I am deeply indebted to Mrfor not only providing me with the opportunity for

this study in MNYL, but also enthusing me to work on these very meaningful

titles.

It provides me great pleasure to extend my gratitude towards my Area

manager Mr. their constant encouragement, guidance, and unconditional

support and for providing conducive environment to pursue the study.

I am equally grateful to our teachers and all the faculty members for

their guidance, motivation, encouragement and able supervision.

I express my deep sense of gratitude and reverence for myparents, guidance, moral support, encouragement anduntiring co-operation throughout my study and work,without which this work would never have been completed.

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CONTENTS

1. INTRODUCTION 5

2. LIFE INSURANCE IN INDIA 12

3. INSURANCE COMPANIES 17

4. ABOUT THE COMPANY- MNYL 21

5. PLANS OF MNYL 24

6. LIFE INSURANCE AGENT & RECRUITMENT39

7. JOB PROFILE 52

8. RESEARCH METHODOLOGY 61

9. MARKET SURVEY 64

10. SWOT ANALYSIS 67

11. SOS ACTIVITES OF MAX 70

12. SUGGESTIONS AND RECOMMENDATIONS 74

13. CONCLUSION 76

14. QUESTIONNAIRE 78

15. BIBLOGRAPHY 84

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INTRODUCTION

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What is INSURANCE?

Every asset has a value for its owner and also for those who arebenefited with the existence of that asset. Insurance is concerned with the

protection of economic value of assets.

All of us are interested in the creation of assets because:

i. All assets have values.

ii. They yield income to the owner.

iii. They meet some other needs of the owner.

iv. They may provide satisfaction of some needs and also yield

income to the owner.

Every asset has normally an expected lifetime. During this period, it is

expected to perform and provide income/comfort to the owner. The owner,

being aware of this, plans the things in such a way that by the time the

expected lifetime of the asset expires, he is ready with the funds required for

its replacement. In this way, he ensures that the value or income from the

asset is not lost. Well, this appears to be a fine arrangement provided the

asset completes its expected lifetime!

All assets carry the risk of being destroyed or damaged. But all assets

may not necessarily get destroyed or damaged. Only in a few instances, the

probability turns out to be true and the asset gets actually lost or destroyed

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by accident or some other unfortunate event before the completion of its

expected lifetime.

The owner and those deriving benefits from the asset will suffer

because the arrangement to make available its substitute is not yet ready.

Insurance is helpful in mitigating such adverse consequences. To sum up,

assets are insured, as they are likely to be lost or made non-functional

through an accidental occurrence.

Insurance does not protect the assets. This means that insurance cannot

prevent loss to the assets due to perils. Nor can insurance avoid the

occurrence of the perils. It only compensates, may not be fully, the

economic or financial loss resulting to the asset from such damage or

destruction.

Brief History of Insurance

The beginning of insurance business is traced to the city of London. It

started with the marine business. Marine traders, who used to gather at

Lloyds coffee house in London, agreed to share losses to goods during

transportation by ship. Marine related losses included:-

Loss of ship by sinking due to bad weather in high seas.

Goods in transit by ship robbed by sea pirates.

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Loss of or damage to the goods in transit by ship due to bad

weather in high seas. The first insurance policy was issued in

England in 1583.

History of insurance in India

In India, insurance has a deep-rooted history. It finds mention in the

writings of Manu (Manusmrithi), Yagnavalkya (Dharmasastra) and Kautilya

(Arthasastra). The writings talk in terms of pooling of resources that could be

re-distributed in times of calamities such as fire, floods, epidemics and

famine. This was probably a pre-cursor to modern day insurance. Ancient

Indian history has preserved the earliest traces of insurance in the form of

marine trade loans and carriers contracts. Insurance in India has evolved

over time heavily drawing from other countries, England in particular.

In 1914, the Government of India started publishing returns of

Insurance Companies in India. The Indian Life Assurance Companies Act,

1912 was the first statutory measure to regulate life business. In 1928, the

Indian Insurance Companies Act was enacted to enable the Government to

collect statistical information about both life and non-life business transacted

in India by Indian and foreign insurers including provident insurance

societies.

In 1938, with a view to protecting the interest of the Insurance public,

the earlier legislation was consolidated and amended by the Insurance Act,

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1938 with comprehensive provisions for effective control over the activities

of insurers.

The Insurance Amendment Act of 1950 abolished Principal Agencies.

However, there were a large number of insurance companies and the level

of competition was high. There were also allegations of unfair trade

practices. The Government of India, therefore, decided to nationalize

insurance business.

An Ordinance was issued on 19th January, 1956 nationalising the Life

Insurance sector and Life Insurance Corporation came into existence in the

same year. The LIC absorbed 154 Indian, 16 non-Indian insurers as also 75

provident societies245 Indian and foreign insurers in all. The LIC had

monopoly till the late 90s when the Insurance sector was reopened to the

private sector.

General Insurance in India has its roots in the establishment of Triton

Insurance Company Ltd., in the year 1850 in Calcutta by the British. In 1907,

the Indian Mercantile Insurance Ltd, was set up. This was the first company

to transact all classes of general insurance business.

1957 saw the formation of the General Insurance Council, a wing ofthe Insurance Associaton of India. The General Insurance Council framed a

code of conduct for ensuring fair conduct and sound business practices. In

1968, the Insurance Act was amended to regulate investments and set

minimum solvency margins.

In 1972 with the passing of the General Insurance Business

(Nationalization) Act, general insurance business was nationalized with

effect from 1st January, 1973.107 insurers were amalgamated and grouped

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into four companies, namely National Insurance Company Ltd., the New

India Assurance Company Ltd., the Oriental Insurance Company Ltd and

the United India Insurance Company Ltd. The General Insurance

Corporation of India was incorporated as a company in 1971 and it

commence business on January 1sst 1973.

The process of re-opening of the sector had begun in the early

1990s and the last decade and more has seen it been opened up

substantially. In 1993, the Government set up a committee under the

chairmanship of RN Malhotra, former Governor of RBI, to propose

recommendations for reforms in the insurance sector. The objective was to

complement the reforms initiated in the financial sector. They stated that

foreign companies be allowed to enter by floating Indian companies,

preferably a joint venture with Indian partners.

The IRDA was incorporated as a statutory body in April, 2000. The keyobjectives of the IRDA include promotion of competition so as to enhance

customer satisfaction through increased consumer choice and lower

premiums, while ensuring the financial security of the insurance market.

The IRDA opened up the market in August 2000 with the invitation for

application for registrations. Foreign companies were allowed ownership ofup to 26%.

In December, 2000, the subsidiaries of the General Insurance

Corporation of India were restructured as independent companies and at the

same time GIC was converted into a national re-insurer. Parliament passed

a bill de-linking the four subsidiaries from GIC in July, 2002.

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Today there are 14 general insurance companies including the ECGC

and Agriculture Insurance Corporation of India and 14 life insurance

companies operating in the country.

The insurance sector is a colossal one and is growing at a speedy

rate of 15-20%. Together with banking services, insurance services add

about 7% to the countrys GDP. A well-developed and evolved insurance

sector is a boon for economic development as it provides long- term funds

for infrastructure development at the same time strengthening the risk taking

ability of the country.

Legal Principle of Insurance

1. Principle of utmost good faith

2. Principle of insurable interest

3. Principle of indemnity

4. Principle of subrogation

Legal requirements of contract

1. Two or more parties.

2. Offer and acceptance.

3. Intention to create legal relationship.

4. Agreement must be enforceable by law.

5. Contractual capacity of parties.

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6. Free consent.

7. Lawful consideration.

8. Agreement must not be void.

9. Possibility of performance.

LIFE INSURANCE

IN INDIA

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LIFE INSURANCE IN INDIA

In India, insurance started with life Insurance. It was in the early 19 th Century

when the Britishers on their postings in India felt the need of life insurance

cover.

It started with English Companies like... The European and the Albert.

The First Indian insurance company was the Bombay Mutual Assurance

Society Ltd., formed in 1870.In the wake of the Swadeshi Movement in India

in the early 1900s, quite a good number of Indian companies were formed in

various parts of the country to transact insurance business. To name a few:

Hindustan Co-operative and National Insurance in Kolkata; United India

in Chennai; Bombay Life, New India and Jupiter in Mumbaiand Lakshmi

Insurance in New Delhi.

Nationalization of Life Insurance in India

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In 1956, life insurance business was nationalized and LIC of India

came into being on 1.9.1956. The government took over the business of 245

companies (including 75 provident fund societies) who were transacting life

insurance business at that time.

Insurance Companies in India

In India, Insurance is a national matter, in which life and general insurance

is yet a booming sector with huge possibilities for different global

companies, as life insurance premiums account to 2.5% and general

insurance premiums account to 0.65% of India's GDP. The history of

Insurance in India dates back to 1818, when Oriental Life Insurance

Company was established by Europeans in Kolkata to cater to their

requirements.

In 1912, the Govt. of India passed two acts - the Life Insurance Companies

Act, and the Provident Fund Act - to regulate the insurance business.

National Insurance Company Ltd, founded in 1906, is the oldest existing

insurance company in India. Earlier, the Insurance sector had only two state

insurers - Life Insurers i.e. Life Insurance Corporation of India, and General

Insurers i.e. General Insurance Corporation of India.

In December 2000, these subsidiaries were de-linked from parent company

and were declared independent insurance companies: Oriental InsuranceCompany Limited, New India Assurance Company Limited, National

Insurance Company Limited and United India Insurance Company Limited.

Purpose and Need for Insurance

Assets are likely to be destroyed or made non-functional due to

accidental occurrences called perils. Assets can, therefore, be

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insured. A few examples of perils are: fire, floods, breakdowns,

lightning, earthquake etc. Perils are the events. Risks are the

consequential losses or damages.

Possibility of damage to asset caused by any peril is the risk that asset

is exposed to.

Risk means uncertainty or unpredictability about future loss or

damage, which may or may not happen. This refers to the losses,

which may happen suddenly and unexpectedly.

We can say that a human life is also an income-generating asset.

Human life may be lost due to unexpected early death or become non-

functional following sickness or disabilities cause by accidents.

If this happens by the time one is on the verge of retirement when his

income is about to cease, he might have made alternative

arrangements to meet his needs.

Types of Insurance

Basically there are two types of Insurances:

Non-Life Insurance

Life Insurance

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INSURANCE

NON-LIFE

INSURANCELIFE

INSURANCE

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--MARINE

INSURANCE

--FIRE

INSURANCE

--MISCELLANEOUSINSURANCE

VEHICLES

FURNITURE

BUILDING

AIRCRAFTS

GENERAL

INTANGIBLES

--ONLY HUMAN

LIFE INSURANCE

INCLUDES IN THIS

CATEGORY

--HUMAN BEINGS

SICKNESS, ILLNESSAND OTHER

ASSURANCE GIVEN

IN THIS CATEGORY

--LONG TERM

CONCEPT


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INSURANCECOMPANIES

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INSURANCE COMPANIES

Bajaj Allianz Life Insurance Company Limited

Birla Sun Life Insurance Co. Ltd

HDFC Standard life Insurance Co. Ltd

ICICI Prudential Life Insurance Co. Ltd.

ING Vysya Life Insurance Company Ltd.

Life Insurance Corporation of India

Max New York Life Insurance Co. Ltd

Met Life India Insurance Company Ltd.

Kotak Mahindra Old Mutual Life Insurance Limited

SBI Life Insurance Co. Ltd

Tata AIG Life Insurance Company Limited

Reliance Life Insurance Company Limited.

Aviva Life Insurance Co. India Pvt. Ltd.

Shriram Life Insurance Co, Ltd.

Sahara India Life Insurance

Bharti AXA Life Insurance

Future Generali Life Insurance

IDBI Fortis Life Insurance

Canara HSBC Oriental Bank of Commerce Life Insurance

Religare Life Insurance

DLF Pramerica Life Insurance

Star Union Dai-ichi Life Insurance

Agriculture Insurance Company of India

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MISSION OF IRDA

To protect the interests of the policyholders, to regulate promote and ensureorderly growth of the insurance industry and for matters connected therewith

or incidental thereto.

Duties, Powers and Functions of IRDA

Section 14 or IRDA Act, 2000 lays down the duties, powers and functions of

IRDS. The Authority shall have the duty to regulate, promote and ensure

orderly growth of the insurance business and re-insurance business.

The powers and functions of the Authority shall include:

1. Issue to the applicant a certificate of registration, renew, modify,

withdraw, suspend or cancel such registrations.

2. Protection of the interests of the policy holders in matters concerning

assigning of policy, nomination by policy holders, insurable interest,

settlement of insurance claim, surrender value of policy and other terms and

conditions of contracts of insurance;

3. Specifying requisite qualifications, code of conduct and practical training

for intermediary or insurance intermediaries and agents;

4. Specifying the code of conduct for surveyors and loss assessors;

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5. Promoting efficiency in the conduct of insurance business;

6. Promoting and regulating professional organizations connected with the

insurance and re-insurances business;

7. Levying fees and other charges for carrying out the purposes of this Act;

8. Calling for information from, undertaking inspection of, conducting

enquiries and investigations including audit of the insurers, intermediaries,

insurance intermediaries and other organization connected with the

insurance business; control and regulation of the rates, advantages, terms

and conditions that may be offered by insurance in respect of general

insurance business not so controlled and regulated by the Tariff Advisory

Committee under sections 64U of the Insurance Act, 1938 (4 of 1938);

9. Specifying the form and manner in which books of account shall be

maintained and statement of accounts shall be rendered by insurers and

other insurance intermediaries;

10. Regulating investment of funds by insurance companies;

11. Regulating maintenance of margin of solvency.

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ABOUT THE COMPANY


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Max New York Life Insurance Company Limited is a joint venture

between Max India Limited, which is a one of India's leading multi-business

corporate, and New York Life International, which is a Fortune 100 company

& global expert in life insurance. Max New York Life Insurance started its

commercial operations in India in 2001.

New York life- major milestones achieved

sold life insurance cover of over Rs 82000 core

strong focus on quality

first Indian life insurer to be given the lSO9001:2000

Certification

comprehensive suite of product and riders to provide personalized

solutions

nation wide presence with 408 offices in 261+ cities

A strong footprint of over 54000 agent advisors.

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PLANS OF MNYL

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PLANS OF MAX NEW YORK LIFE INSURANCE

The list of few plans provided by Max New York Life Insurance is given:

Protection Plans

Five Yr Renewable & Convertible Plan

Level Term Policy

Children Plans

Children's Endowment to 18 (Par) Plan


SMART Steps

SMART Steps Plus

Investment Plans

Life Maker Premium

Life Maker Gold

Life Maker Platinum

Life Invest

Retirement Plans

SMART Invest Pension

Easy Life Retirement (Par) Plan

Health Plans

Lifeline Medicash

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Lifeline Wellness Plus

Lifeline Medic ash Plus

Lifeline Safety Net

Savings Plans

Whole Life Participating

Life Gain Plus 25 Participating Plan

20 year Endowment (Par) Plan

Life Pay Money Back Plan

Strategic Products

Partnership Distribution

1. Max Man gal

2. Capital Builder

3. Max Vriksha

4. Max New York Life Unit Builder

Max Assure

1. Future Builder

2. Business Builder

3. Bonus Builder

4. Secure Returns Builder

Group Plans

Group Credit Life

Unit Linked Group Superannuation Plan

Group Gratuity cum Term Assurance

Group Term Life

Unit Linked Group Gratuity Plan

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Employee Deposit Linked Insurance

Life 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. Wehave plans that guarantee maximum protection at a low cost.

Five Yr Renewable and Convertible Level Term Policy

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 Plus

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Five Yr Renewable and Convertible

Plan (Non Par)

Life with its fascinating moments also has its share of uncertainties

and planning ahead is extremely important to face all these uncertainties

that may arise from time to time. That's the reason you need a protection

plan, which would serve your protection needs and safeguard your family

from any financial insecurity at times of crisis or at the unfortunate event of

your demise.

Max New York Life's Five Year Renewable and Convertible Term

Insurance (Non-Participating) plan not only provide you with a low cost

insurance cover during its tenure of five years, it also helps you plan in

advance for various future needs and your family's financial security, should

anything unfortunate happen to you. Offering a guaranteed Death Benefit,

this plan is particularly useful as a short-term protection plan.

Level Term Policy (Non - Par/Non - Con)

In the exciting journey of life, there will be uncertainties, and there will

be various occasions when you have to play or assume added

responsibilities being the head of the family. The much-anticipated arrival of

a new member in the family, the purchase of your dream house, the

wonderful event of your marriage, your children's higher education or their

marriage may all be described as planned life events, but they bring their

own share of uncertainties. It is important to be financially secured and

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prepared to meet these uncertainties and make your family feel fully

protected, should something unfortunate happen to you.

Max New York Life's Level Term (Non Participating) Policy is a planthat covers your life at a very low cost and reduces the consequent hardship

your family may have to bear in the unfortunate event of your death. In case

of the unfortunate death of the policy holder during the term of the plan, an

amount equal to the sum assured is paid to the nominee.

Whole Life Participating Plan

With an insurance cover till age 100, Whole Life Participating Plan is

designed to provide you a lifetime of security. The good times that you and

your family lead should last a lifetime. However one cannot avoid

unpleasant surprises and misfortunes in life.

The Whole Life Plan provides you with the comfort that your near and

dear ones will continue to live their lives in comfort without financial worries

even when you are not around.

The Whole Life Plan provides an insurance cover that is guaranteed for

life. The policy also builds cash value, which you can use to fund any

unforeseen needs. In addition, the policy is also eligible for bonuses. MaxNew York Lifes savings plans are designed to provide the customer the

dual benefits of protection along with the potentially higher returns. This plan

also allows you to purchase additional benefits in the form of bonuses that

will be paid on maturity of the Base policy or in the unfortunate event of the

death of the Life Insured. Additionally, you can also continue to invest more

funds without having to provide any further evidence of insurability.

20 year Endowment (Par) Plan

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Whether it's your child's marriage, their higher education, buy a home

for your family, pay off a housing loan or create a fund for your retirement,

Max New York Life's 20 year endowment plan is always there to provide you

financial support. It is a perfect money-saver solution. On its maturity at the

end of 20 years, this Policy not only gives you a guaranteed sum but also

any bonus it accumulates.

In case of unfortunate death, this plan alsoprovides sum assured plus

additional insurance coverage purchased from bonuses for first 5 years and

then doubles the same afterwards.

You can also customize your policy to meet your specific needs. We

offer you the flexibility to enhance the value of your policy by using various

rider options available. In addition, you are also eligible for bonuses and

terminal illness benefits, where you can use 50% of your sum assured at the

time of your treatment and the balance of the sum assured will be payable to

your family on the occurrence of the insured event.

Child plan

Children'sEndowment to 18 (Par) Plan

Life has innumerable surprises stored for us. Parenthood is wonderful

and it is one such stage, when you experience various emotions you never

thought you had. But parenthood also brings its own set of apprehensions

and worries. What will your child grow up to be in the future? Will his/her

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future be as secure as you want it to be? Or more importantly what can you

do to make sure his/her future is hassle-free and secure?

So, planning ahead for your childs future needs such as highereducation is extremely important and ensuring that you have the ability to

fulfill those needs is even more critical. Max New York Life presents

Children's Endowment Participating Insurance to age 18 with an option to

buy a permanent life insurance policy without medical underwriting

(irrespective of his/her health at that time). This policy which is especially

designed to enable you to provide for higher education of your child and

take care of your childs future needs in case of spiraling costs.


Parenthood is wonderful. However, this is a phase in life when you are

expected to fulfill various responsibilities, which grows as your child gets

older. Its important that you plan in advance to meet your childs futureneeds and be financially prepared. Its important that you plan in advance to

meet your childs future needs and be financially prepared.

Max New York Lifes Children's Endowment Participating

Insurance to age 24 provides an option to buy a permanent life insurance

policy without medical underwriting (irrespective of his/her health at that

time).

This policy enables you to provide for various events in your childs

life such as a grand wedding of your child. This excellent plan is a

participating plan, which is also eligible for bonuses and Max New York Life

may declare these bonuses from time to time and from the third policy year.

An important feature of this plan is that the entire sum assured is paid out on

maturity and the plan automatically vests when the child turns 18.

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Growth plan

SMART ASSURE PLAN

Smart assure plan is a unique Unit Linked Insurance Plan that

combines insurance and investment to give you an all-round advantage.

Choose from a range of funds across asset classes to suit your risk profile.

Your hard earned savings are managed professionally as funds are

allocated dynamically in the market for maximum returns. Under this plan

you can switch between funds and even make partial withdrawals to meet

any exigency.

Pension plans

Easy Life Retirement (Par) Plan

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Retirement is a time when you would like to do the things, which you

could not do due to lack of time and your busy life prior to your retirement.

This is actually the time when you can truly live your dream such as enjoying

a completely relaxed life with your near and dear ones, traveling to exotic

vacation destinations, buying a lavish home or a luxurious car, etc.

However, to fulfill all these dreams you need sufficient savings or finance.

Catering to the diverse set of needs of various customers looking for

retirement planning, Max New York Life offers some splendid retirementplans, which would suit their budget and lifestyle. Max New York Life's Easy

Life Retirement Plan Regular Premium/Single Premium (Participating) Policy

is designed to help you save money for your retirement. It also provides you

with an opportunity to take home a regular retirement income (i.e. pension).

SMART Invest Pension Plan

Retirement can be the best phase in your life with all the time in the

world to live all your dreams and do the things, which you always wanted to

do but couldn't due to lack of time and your busy schedule prior to your

retirement.

Today, individuals have realized the need to provide for themselves

during their retirement years. It's very important to invest early so that you

can have the required financial backup and get the advantage of

investments that grow and multiply every year, which would give you the

added advantage in the future. You need a retirement plan through which

you would continue to earn a satisfying income and enjoy a comfortable

lifestyle post retirement.

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Offering competitive returns to secure the golden years of your life,

Max New York Life's SMART Invest Pension Plan is a comprehensive unit

linked pension plan to meet your post retirement financial needs, ensuring

you complete peace of mind. One-third of the corpus can be commuted at

vesting age the amount commuted are eligible for tax exemption u/s 10A.

Health plans

Life Line-Safety Net Plan

Just as life, it is important to insure one's health to live a peaceful life.

Ironically, it is well-known facts that lot of individuals are either uninsured or

not insured at all. In spite of the rapid advancement of medical science, the

expenses attached to various treatments are quite high.

Everybody definitely needs health insurance coverage because illnesses if

contracted can seriously impact finances and devour precious savings due

to the absence of a good health cover. Therefore, it's important to get your

health insured at the earliest and enjoy a hassle-free life. There is a vast

variety of affordable health insurance plans in the market. However, it's up

to you to choose the best possible health cover, which would suit your

budget.

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Need for the Plan

The Endowment Assurance Plan is designed to provide a solution to

the long term financial needs. It is often felt that people save only when their

income is more than their expenses. To put it bluntly if a person can earn

more than what he can spend he can save. In reality this is not the situation

as one finds that it is impossible to save with the current level of expenses.

Why does this happen?

Expenses are a function of our needs, which arise due to our wants.

We all know that the wants of a human being are unlimited. Consequently

the needs keep on increasing and often increase at a rate higher than the

rate of growth of income. Income on the other hand is limited and often

grows at a much lower rate than the needs. Consequently it is difficult to

save.

There are various savings options available in the market; however

most of the options are short-term or medium term. Life Insurance savings

plans are a better choice as in addition to providing the vehicle to save for

long term the plans also offer insurance on the savings. Income does not

increase with every requirement for finance. Child plans, pension plan,

growth plan etc. require lump sum amounts. In case any person has a

responsibility to spend on these kinds of long-term events, he would have a

need for the product

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PROCEDURE

FOR LIFE INSURANCE POLICY

PROCEDURE FOR AFFECTING LIFE INSURANCE POLICY

1. Filing up the proposal form

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2. Declaration y the proponent

3. Attachment of proof of age

4. Presentation of proposal to the agent

5. Medical examination arranged by the agent

6. Submission of report by the agent

7. Security of proposal by the branch office

8. Depositing of insurance premium

9. Registration of proposal

10. Sending the proposal to appropriate department

11. Taking final decision on the proposal

12. Issue of acceptance or regret letter

13. Preparation and issue of insurance policy

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LIFE INSURANCE

AGENT

And

RECRUITMENT

Definition of an Agent

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According to sec. 182 of the Indian Contract Act, an 'Agent' is a person

employed to do any act for another or to represent another in dealing with a

third person.

In the insurance industry, the term 'Agent' is ordinarily applied to a

person engaged by the insurer to procure new business.

Agent selection & Eligibility Test

As per the five points system, points will have to be assigned to the

agent depending on Age, Marital Status, Education Qualification; Gender

and no. of years lived in the city

Maximum score possible for an Agent is 12 points

Minimum score possible for an Agent is 6 points

Zone Head Approval for an agent is less than 9 points

The point system

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Age Applicable points Actual score

Below 25 1

25- 35 2

Above 35 3Marital Status

Unmarried 1

Married 2

Qualification

Under graduate 1

Graduate/ Postgraduate

2

Gender

Male 2

Female 3

Lived in the city for 5

year

No 1

Yes 2

Total score

THE PROFILE OF AN ADVISOR

The person must be

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Be at least 18 years old

Must have passed at least 12th standard or more

Have under gone training for at least 100 hours in life or general

Insurance business as the case may be from an Institute , approved &

notified by the authority

Should have also passed the pre recruitment examination

Conduct by the Insurance Institute of India or any other examination

body recognized by the authority

Good & convincing communication skills

Prospective habits of successful Agents

1. Secure at least five referred leads each day.

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2. Always get family information (parents, brothers, sisters) & qualify

relatives.

3. Secure referrals in occupation & organization markets.

4. Build an age change file of 600 prospects the first year in the business

for follow up in their second year.

5. Use coffee breaks & lunch appointment to open new cases & secure

referrals on a daily basis.

6. Contact personal observation individual on the spot as they are seen.

7. Send direct mail consistently in a manner & number best suited to

each target market. Follow up, by telephone, with the non repliers

until the desired number of appointments has been obtained.

8. Use the company supported client database program to store prospect

information and initiate follow up contacts and policy reviews.

Responsibility of an Agent

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Contact prospect for life insurance, study their needs & persuade them

to buy.

Complete all related formalities.

Keep in touch with the policyholder to make sure that renewal

premium are paid in time.

Ensure that nominations are made or changed according to changing

circumstances.

Assist in settlement of the claim, by helping the claimants to complete

the necessary formalities & requirement.

The benefits under the various plans of insurance offered by his

insurer.

The office procedure for various matters including the forms &

documents.

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BENEFITS OF AN ADVISOR

There are some reasons and parameters to be an advisor of the

insurance company which is mentioned below:

Money:

Money is the biggest reason to join as an advisor in a life insurance

company. Only in this industry your can invest minimum and earn

maximum. There is no limit for earning in this industry.

Estate creation:

In this industry, the advisors are also paid commission till the maturity of

the policy. Moreover, advisor is also paid renewal commission every year

and this renewal commission help the advisors to build and estate. It

means a policy that is sold today will pay the advisors may be more than

10 to 15 years.

It means each year you will get more and create and estate for advisors

like house, car, children's future etc.

Status:

Advisors secure the life of the human beings. They give advise to their

client where to invest money and where not. So advisors become

specialist in the investment field. It means advisors will get status by

helping the human beings by a proper guidance.

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Prestige:

Company will give the advisors foreign trip, gifts and many more things. It

also provides advisors a club membership. These all will give the

advisors prestige and a unique position in the society.

Widen social circle:

Life insurance is the business of contacts. As the time passes in this

business more people will know and recognize the advisors. In this way,

the advisors can widen their social circle in a strategic manner.

Mitigate human hardship:

When advisors come into the life insurance business, they don't sell only

policy to the people but they provide safety against the uncertainty of the

life. They help the people in peace of mind, freedom from the trouble and

help them support themselves.

Contribute to the nation:

Each policy sold by the advisors will help the nation to increase the funds

that go towards developing the country, for improving economy, improve

standard of living and nurture the upcoming industries.

Role of an Adviser47


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identify prospects

make appointment

meet prospects and review their financial situation

provide customized solutions

close relation

deliver policy pack and provide services

get references

Recruitment Process definition

Recruitment process is the process of searching for prospective

employees & stimulating & encouraging them to apply for job in the

organization.

Recruitment need is of three types:

Planned

Anticipating

Unexpected

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RECRUITMENT PROCESS

Steps in recruitment of Insurance Agents

Name Gathering

Initial Screening

Administrative Test

Competency based Interview

Career Seminar

Administer P-200 &10 Market surveys

Career Interview

RECRUITMENT PROCESS MAP

49

Name

Gathering

Initial

screening


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Modes of contact

personal contact

references

phone calls

50

Administrative

Test

Competency

based interview

Career

Seminar

Market

Survey

Career

Interview


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Group instruction & drill (GIDs)

guidance as per unit manager

Agent development activities

The GENERAL OFFICE LEADERSHIP DEVELOPMENT (GOLD) system

will give you a detailed review of the agent development process.

Field Observation & Drill (FODs)

Individual Instruction & Drill (IIDs)

Performance Review & Planning Sessions(PRPs)

Our values

Security:providing long term financial security to our policy holder

will be our constant endeavour. We will be do this by offering life

insurance and pension plan.

Trust: we appreciate the trust placed by our policy holders in us

hence. We will aim to manage their investments very carefully and live

up to this trust.

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Innovation: recognizing the different needs of customers offering

innovation products to meet these needs. Our mission is to be the best

life insurance company in India and these are the values that will

guide us in this.

The most successful and admired Life Insurance Company, whichmeans that we are most trusted company, the easiest to deal with,

offers the best value for money, and set the standards in theindustry. In short, The most obvious choice for us all.

Best -in-class training

Superior training resources and infrastructure

Fully in-house and IRDA approved training centre

Full time professional trainers in each office

JOB PROFILE

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JOB PROFILE

As an adviser of the company, the role of the individual is no way

limited to sell the policies of the company. But the role basically starts from

the basis of explaining the life insurance aspect and the potential benefits to

the customers. Further he is required to assist them in deciding upon the

plan that suits them the best in term of finance and security provided.

Therefore the opportunity provided to the advisors is unlimited in no way andthe typical benefits can be mentioned as followings:

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There is absolutely no need of a startup capital.

There is the benefit of flexible working hours.

The freedom to work from anywhere &being one's own boss.

The unlimited earnings benefits in form of remuneration &

incentives.

And the privilege of being a part of a world class sales team.

The role of an advisor is multifaceted in the sense that his work scope

is in no way limited. But in a nut shell that his work expectation from an

advisor has been laid done by the management in the following manner:

Providing continuous financial advice to clients.

Identifying prospective clients.

Making appointment

Conducting review with the prospective clients.

Closing the sales contracts.

Getting more referrals so as to increase the network.

Providing pre&post sales services to clients.

Tax Benefits

Life Insurance and Tax Benefits:

Max New York Lifes insurance plans can be used for protection,

investment and tax planning. There are two kinds of income tax

benefits available to individuals:

Deductions

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Exemptions

Exemption from the proceeds

Commuted pension: 10(10A)(iii)

One-third of the Value on vesting date would be tax free

Life Insurance Proceeds: 10(10D)

This includes any sum received from insurance policy as maturity

proceeds, death benefits

Proceeds of keyman insurance are taxable

The single premium policies would be taxed as income in the year it is

received assuming that premium exceeds 20% of the sum assured.

Please note that an insurance policy issued after 1st April, 2003 with

respect to which the premium payable for any of the years during the

term of the policy exceeds 20% of the actual capital sum assured, will

not be eligible for Sec 10(10D) benefit. This won't be applicable for

any sum received on the death of a person.

Golden business opportunity

low start up investment

unlimited earning potential

flexible working hours

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be your own boss

be a part of a world -class organization

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ACHIEVEMENTS AND

AWARDS

Achievements and Awards

First company to provide Freelook period of 15 days to the customer.

This was later made mandatory by the regulator

First company to start toll free line for agent services

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

methodology of service excellence in service industry.

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

agents and customers over phone57


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First Indian life insurance company to start service center at the

regional level

First life insurance Company in India to be awarded ISO 9001:2000

certifications.

AWARDS

Outlook Money survey ranked MNYL No.1 in Slow, Medium and Quick

fund categories BT Mercer Ranked No7 in the Best companies to

Work For Awarded the Gallup Great Work Place Award 2009 CII

Exim Bank Commendation Certificate for Business Excellence 2008

Recognized as a Superbrand Recipient of 2008 CIO 100 Award for

technology implementation Golden Peacock Award for Innovation

2008.

According to Business world 2003 Great Workplaces of India

Among the top five most respected insurance companies in India as

per Businessworld 2004 & 2006 survey Won Indo-American Corporate

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Excellence Award for Best Indo-US company in Financial Services

Category in 2006 Received Best Six Sigma Project award at Sakal

Six Sigma Excellence Awards 2006 Among top 3 in Asia Life

Insurance Company of the Year Award 2007 instituted by Asia

Insurance Review Received the Amity Corporate Excellence Award

2007 Received the Outlook Money Award for being among the best

new insurers in the country.

First life insurance Company to be awarded CII-Exim Bank.

Commendation Certificate for Strong Commitment to Excel - 2008.

BOARDOF

DIRECTORS

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Board of Directors

Mr. Analjit SinghChairman,Max India Limited

Mr. Anuroop (Tony) SinghVice Chairman,Max New York Life Insurance

Mr. Rajesh SudCEO & Managing Director,Max New York Life Insurance

Mr. Rajit Mehta

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Chief Operating Officer,Max New York Life Insurance

Mr. John HarrisonMax New York Life Insurance

Mr. Richard MucciDirector,Max New York Life Insurance

Dr. Omkar Goswami

Director,Max New York Life Insurance

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RESEARCH

METHODOLOGY

RESEARCH

Researchis a process of collecting, analyzing, interpreting and summarizing

in a significant manner for the purpose of framing out necessary conclusion

and finding of data perceived and formulated for deriving out the meaningful

information. To carry our research necessary telephonic calls needed to be

done, suitable appointments were to be fixed and therefore to be market

survey is to be followed.

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Objective of training: -to understand life insurance & recruitment

of capable life insurance advisors for growth prospects.

Process

collection of data: this is an important aspect in formulating the

objective of research process where the data is collected via two

process-

Primary sources

Secondary sources

Primary sources- the data is collected primarily by interviewing and

personal observation and is original in nature & accurate to the considerable

extent.

Secondary sources- where the data is obtained from some published

& printed sources as newspaper, magazine, website and so on.

Analyzing of collected data: the data collected through market

survey & published sources are then processed to obtained necessary

inferences & finding for the purpose of achieving the objective as well

as to derive necessary conclusion. A considerable skill & knowledge is

involved in analyzing the data for the purpose of interpreting thereof.

Interpreting of data: it is the significant step where the data collectedand analyzed is interpreted in the forms of graphs and figures is

depicted in the report called project report.

Summarizing the data: thereby necessary summary is prepared

which is essential in the summer training being done under an

organization.

.

Special starting supports

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pre-licensing stipend

training programmer reimbursements

Our supports

Field observation and Demonstration

Regular reviews

Coaching and mentoring

Our Expectation

prospect on a daily basis

meet new people every day

follow the sales process

achieve sales targets

attend weekly training programmes

participate in weekly reviews

follow the MNYL ethics and business standards policies

Others support

performance linked bonus

training programme reimbursements

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MARKET SURVEY

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MARKET SURVEY FORM

I am about to make a decision on a new career. I am considering acareer with max New York life, and youropinion about some thing willbe a big help in my final decision

Name: Age:Home address:

Occupation: Employer:Spouses Name:Spouse DOB:Spouse 'occupation:Employer:

When is the last time met with your life insurance agent?

Why did you buy your last policy?

Who is the most professional agent advisor you know?

What impress you most about him/her?

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Are you happy with the amount of money you save on a regular basis?

Yes/No

Do you understand life insurance policy?

Yes/No

Do you know how much life insurance is enough for your family?

Yes/No

Should I join MNYL, would you meet me to discuss your insurance

needs?

Yes/No

Thank you

I appreciate the time you spend with me. I would like to talk to

several people unknown to me. Would you give me the 3 to 4 people

whom I don't know, who might complete this same survey?

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SWOT ANALYSIS

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SWOT ANALYSIS

69

WEEKNESS

Frequent JobRotation

Less number ofadvertisements

Hidden Charges

OPPORTUNITY

Scope in Jaipuras it is in thedevelopingphase

Only 25% ofinsurablepeople haveany insurance

Higherpossibility ofgrowth inIndian shareMarket

THREAT

LICs BrandName

People of Jaipur

prefer short-terminvestmentrather than ininsurance

Upcomingprivateinsurancecompanies.

STRENGTH

Country WideRecognition

Need BaseAnalysis

Same StandardServices in allBranches

Fair Deal in allTransactions

CustomersCentric


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FACT FINDER

What are your most important financial goals? What else? Your children are wedding? Medical expenses? Your children's education? Contingency (emergency) fund?

Money for retirement years.

Assets Rs mortgage/Rent Rs

Cash,savings,FD'S,PPF'S,etc

Current bill,consumer loans

Mutualfunds,stocks,bonds

Credit card debt

Annuities Children'seducation tuitionexpense

Life Insurance Contingency funds

Other assets or

sources of income

Children's wedding

Live in parentshome or nuclearfamily

P or N Hospitalization

Total assets Total liabilities

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SOS ACTIVITIESOF MAX

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The company donates a part of thetotal money collected on all policiessold, to SOS Children's Villages ofIndia at the end of the year.

Max New York Life has been instrumental in changing theparadigm of life insurance in India. It is the first life insurancecompany in India to introduce because related marketing. Childrenare at the very heart of Max New York Life's strategy. SOSChildren's Villages of India is internationally recognized for its workin giving underprivileged children a wholesome life. The mission ofSOS is "to help orphaned and abandoned children, by providingthem with a family, a permanent home, education and strongfoundation for an independent life." Its mission ties in with Max

New York Life's philosophy of helping people secure the future oftheir near and dear ones.

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Max New York Life employee visits to SOS Villages are organizedregularly to generate a sense of ownership and involvementamong employees.

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Max New York Life has also instituted the David Allen trophy forthe Most Socially Responsible Student at SOS Children's Villages.David Allen, an employee of New York Life, has donated Rs.

50,000 towards the rolling trophy, which will be awarded to astudent, of the Herman Gmeiner (SOS) School at Faridabad, whodisplays and shows caring and a social responsibility towardshis/her schoolmates or on a larger stage.

Shortly after inception, Max New York Life saw Gujarat beingdevastated by a ruinous earthquake. The Max India Family andNew York Life International contributed Rs.86.25 lake towards thepermanent care of children affected by the earthquakes in Gujarat.

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Suggestions

AndRecommendations

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Suggestions and Recommendations

There should be no hidden charges.

There should be some extra activities for children throughwhich we can convince their parents.

There should be no extra pressure on sales advisor forbringing new policies.

More and more advertisements to aware general public aboutthe need for insurance.

Should pay attention in rural areas and make them aware ofthe need for insurance.

Different sales advisor group should be sent to differentallotted areas so that each and every citizen of our countryhas at least one insurance policy thus having no risk in life.

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CONCLUSION

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CONCLUSION

Summer training is a best example for a trainee to learn about the

company working, corporate culture under which is operating the functions.

MAX NEW YORK LIFE INSURANCE COMPANY is a life insurance

company under which i gained a significant knowledge with respect to life

insurance its importance & applicability as well as under took the task to

recruit capable life insurance advisors which is conducive for the company

to grow with more prosperity. What I thought in the management institute

utilized then fruitfully leading to the best advantage to the company & to the

best experience of mine.

At far I can conclude that life insurance is noble service which is very

important for every citizen to learn & realize it's important because this is the

only source which can remain the status where one is with the family bread.Earner and ever when he is not.

With the growing financial sector I would like to opt this industry for

my future career advancement and as an opportunity to service this

industry.

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QUESTIONNAIRE

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QUESTIONNAIRE

Name:-.............................................................Age: -................................................

Location:-...........................................Occupation:-.......................................

Q.1. What do you mean by life insurance?

A) Protection of human asset value against uncertaintyB) A sum received after deathC) Both

60%

35%

5%

A

B

C

Q.2. Do you think life insurance is essential for every one?

A) YesB) No

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80%

20%

A

B

Q.3. What is your qualification?

A) Post graduateB) graduate

C) senior secondary

Q.4. Do you come under?

A) 18-25 age groupB) 25-35 age groupC) 35-45 age groupD) above 45 age group

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Q.5 Would you like to know about a career in life insurance advisors shipwhere you can fulfill every desire of your life?

A) YesB) No

40%

60%

A

B

Q.6 Do you perceive that life insurance business is a noble service orientedbusiness?

A) YesB) No

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70%

30%

A

B

Q.7 Would you like to become or opt for life insurance advisors underesteemed prospering organization MNYL?

A) YesB) No

60%

40% A

B

Q.8 Do you agree that the life insurance business is a growing industry andwill grow and rapid pace in future?

A) Yes

B) No

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75%

25%

A

B

Suggestion:-

1) ........................................................................2) .........................................................................3) .........................................................................4) .........................................................................5) .........................................................................

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BIBLIOGRAPHY

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BIBLIOGRAPHY

C. R. Kothari: Research Methodology

Philip Kilter: Marketing Management

MOS-2 recruitment and development guide

M.J. Mathew - Risk and Insurance Mgmt.

Websites

www.google.com

www.yahoo.com

www.irdaindia.org

www.maxnewyorklife.com

Newspapers

Economics Times Times of India

Magazines

Business Today Business World

86
http://www.google.com/http://www.yahoo.com/http://www.hdfc.com/http://www.google.com/http://www.yahoo.com/http://www.hdfc.com/


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Jitendra

[email protected]

max new york life insurance analysis of life nsurance and recruitment of capable life insurance...

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