priyanka final
TRANSCRIPT
GAUHATI UNIVERSITY
A Training Report submitted in partial fulfillment of the requirements for the award of
Degree of the Master of Business Administration (Industry Integrated Program),
Gauhati University on
AGENT RECRUITMENT
At
METLIFE INDIA INSURANCE COMPANY LIMITED
Under Organizational Guidance of Under Institutional Guidance of
Mr. S. Rajesh Ms. Priyanka Verma
SSM, MetLife India Inc. Co. Ltd. HR Faculty, SITAM
Visakhapatnam Visakhapatnam
Prepared and Submitted By
PRIYANKA PATRO
MBA III Semester
Registration No. 10-01-0419
SUN INSTITUTE OF TECHNOLOGY AND MANAGEMENT
VISAKHAPATNAM
1
CERTIFICATE
This is to certify that Ms. PRIYANKA PATRO, a student of Sun
Institute of Technology and Management has prepared her training report,
entitled “AGENT RECRUITMENT” of METLIFE INDIA
INSURANCE COMPANY LIMITED, Visakhapatnam under my
guidance. She has fulfilled all requirements under the regulations of the
MBA (IIP) Gauhati University, leading to the MBA (IIP) Degree.
This work is the result of her own investigation and the project,
neither as a whole nor any part of it was submitted to any other University or
Educational Institution for any research or diploma.
I wish her all success in life.
Ms. Priyanka Verma Mr. Ch. Raghuram
Faculty Guide, SITAM Head of Department, SITAM
2
DECLARATION
I hereby declare that the Training Report conducted at
METLIFE INDIA INSURANCE COMPANY LIMITED
VISAKHAPATNAM
ON
AGENT RECRUITMENT
UNDER THE GUIDANCE OF
Ms. Priyanka Verma
Submitted in partial fulfillment of the requirements for the Degree of
MASTER OF BUSINESS ADMINSTRATION
(Industry Integrated Program)
TO
GAUHATI UNIVERSITY, GUWAHATI
It’s my original work and the same has not been submitted for the award of any
other Degree/diploma/fellowship or other similar titles or prizes.
PLACE: PRIYANKA PATRO
DATE: REG. NO. 10-01-0419
MBA (2010 – 2012)
3
ACKNOWLEDGEMENT
I render my sincere thanks to Mr. S. RAJESH (SSM) of METLIFE
INDIA INSURANCE COMPANY LIMITED, VISAKHAPATNAM for
giving us an opportunity of doing the project work in this esteemed
organization.
I am thankful to Prof. D. Panduranga Rao (CEO), Mr. Srikanth
Jasti (CMD), Mrs. Asha Jasti (ED), Mr. Ch. Raghuram (HOD) and Ms.
Priyanka Verma (Faculty Guide) of Sun Institute of Technology and
Management, Visakhapatnam for their valuable support extended during
the project.
As a token of my feeling, I would like to acknowledge special thanks
to the Faculty members of Sun Institute of Technology and management for
guidance and support extended throughout the period of study.
I would like to acknowledge my sincere thanks to all for their
encouragement throughout the academic period.
PRIYANKA PATRO
Reg. No. 10-01-04-19
4
CONTENTS:CHAPTER – 1 INTRODUCTION
1.1 General Introduction about the sector.1.2 Industry Profile.
a. Origin and development of the industry.b. Growth and present status of the industry.c. Future of the industry.
CHAPTER – 2 PROFILE OF THE ORGANIZATION
2.1 Origin of the Organization.2.2 Growth and development of the Organization.2.3 Present status of the Organization.2.4 Functional Department of the Organization.2.5 Organization structure.2.6 Product and Service profile of the Organization Competitors.2.7 Market profile of the Organization.
CHAPTER – 3 DISCUSSIONS ON TRAINING
3.1 Student’s work profile (Roles & responsibilities), tools & techniques used.3.2 Key learnings.
CHAPTER – 4 STUDY OF SELECTED RESEARCH PROBLEM
4.1 Statement of research problem.4.2 Statement of research objectives.4.3 Research design and methodology.
CHAPTER – 5 ANALYSIS
5.1 Analysis of data.5.2 Summary of Findings.
CHAPTER – 6 SUMMARY AND CONCLUSIONS
6.1 Summary of Learning Experience.6.2 Conclusions and Recommendations.
APPENDICIES
BIBLIOGRAPHY
5
CHAPTER - 1
INTRODUCTION
6
1.1 GENERAL INTRODUCTION ABOUT THE SECTOR.
With largest number of insurance policies in force in the world, Insurance happens to
be a mega opportunity in India. It’s a business growing at the rate of 15-20 percent
annually and presently is of the order of Rs 450 billion. Together with banking services,
it adds about 7 per cent to the country’s GDP. Gross premium collection is nearly 2 per
cent of GDP and funds available with LIC for investments are 8 per cent of GDP. Yet,
nearly 80 per cent of Indian population is without life insurance cover, health insurance
and non-insurance continue to be below international standards. And this part of the
population is also subject to weak social to weak social security and pension systems with
social security. This is an indicator that growth potential for the insurance sector is
immense.
A well-developed and evolved insurance sector insurance sector is needed for
economic development as it provide long-term funds for infrastructure development and
at the same time strengthens the risk taking ability .It is estimated that over the ten years
India would require investment of the order of one trillion US dollar . The insurance
sector to some extent can enable investment in infrastructure development to sustain
economic growth of the country .With a large capital outlay and operations stages .These
includes 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 financing of
most private is on a limited or non resource basis.
Insurance companies not only provide risk cover to infrastructure project, they also
continuality, they long-term lie long-term funds .Insurance companies are an ideal source
of long-term debt and equity for infrastructure projects. With long-term liability, they get
a good asset liability match by investment their funds in such projects .IRDA regulations
require insurance companies to invest not less than 15 percent of their funds in
infrastructure and social sector/international insurance companies also invest their funds
in such projects .Insurance is a federal subject in India .There are two legislation that
govern the sector –The insurance Act -1983 and the IRDA Act-1999.
7
1.2 INDUSTRY PROFILE.
a. ORIGIN AND DEVELOPMENT OF THE INDUSTRY.
The history of life insurance in India dates back to 1818 when it was conceived as a
means to provide for English widows. Interestingly, as in those days a higher premium
was charged for Indian lives than the non-Indian lives were consider more risky for
coverage.
The Bombay Mutual Life Insurance Company was established business in 1870 .it
was the first company to charge same premium for both Indian and non-Indian lives. The
oriental Assurance Company was established in 880 .the first general insurance
companies –Triton Insurance Company limited was established in 1850 till the end of
nineteenth century insurance businesses was almost entirely in the hands of overseas
companies.
Insurance regulation formally began in India with the passing of the life insurance
companies’ act of 1912 and provident fund insurance companies. Several frauds during
20’s and 30’s sullied insurance business in India. By 1938 there were 176 insurance
companies. The first comprehensive legislation was introduced with the insurance Act o
1938 that provided strict state control over insurance business. The insurance business
grew at a faster pace after Independence.
The government of India in 1956, brought together over 240 private life insurer and
provident societies under one nationalized monopoly corporation and LIC was born.
Nationalized was justified on the grounds that it would create much –needed funds for
rapid industrialization. This was in conformity with the government’s chosen path of
state lead planning and development.
The (non-life) insurance business however continued to thrive with the private sector
till 1972. Their operations were restricted to organized trade and industry in large cities.
8
b. GROWTH AND PRESENT STATUS OF THE INDUSTRY.
The government of India liberalized the insurance sector in March 2000 with the
passage of the insurance regulatory and development authority (IRDA) Bill lifting all
entry the market with some limit on direct foreign ownership .Under the current
guidelines, there is a 26 percent equity cap for foreign partners in an insurance
company .There is a proposal to increase this limit to 49 percent. Premium rates of most
general insurance policies come under the purview of the government appointed tariff
advisory committee.
The insurance sector in India has come a full circle from being an open competitive
market to nationalization and back to liberalized market again .Tracing the developments
in the Indian insurance sector reveals the 360 degree turn witnessed over a period of
almost two centuries.
BRIEF HISTORY OF THE INSURANCE SECTOR
Some of the important milestones in the life insurance business in India are:
1818: Establishment of the oriental life insurance company in Calcutta
1912: The Indian life assurance company’s act enacted as the first statute to regulate the
life insurance business.
1928: The Indian insurance companies act enacted to enable the government to collect
statistical information about both life and non-life insurance businesses.
1938: Earlier legislation consolidated and mended to by the insurance act with the
objective o protecting the interests of the insuring public.
1956: The central government took over and nationalized 245 Indian and foreign insurer
and provident socirties.LIC Act 1956, with a capital contribution of Rs.5 crore from the
government of India.
9
The general insurance business in India, on the other hand can trace its roots to
the triton insurance company ltd. the first general insurance company established in the
year 1850 in Calcutta.
Some of the important milestones in the general insurance in India are:
1907: The Indian mercantile insurance ltd. set up, the first company to transact all classes
of general insurance business.
1957: the insurance council a wing of the insurance association of India frames a code of
conduct for ensuring fair conduct and sound business practices.
1968: The insurance act amended to regulate investment and set minimum solvency
margins and tariff advisory committee set up.
1972: The general insurance business (nationalization) act, 1972 nationalized the general
business in India with effect from 1st January 1973.107 insurers amalgamated and
grouped into four companies, viz. the National Insurance Company Ltd., the New India
Assurance Company Ltd., and the Oriental Insurance Company Ltd. And the United
India Insurance Company Ltd.GIC incorporated as a company.
NON LIFE INSURANCE MARKET
In Dec 2000, the GIC subsidiaries were restructured as independent insurance
companies. At the same time, GIC was converted into a national re-insurer. In July 2002,
Parliament passed a bill, declining the four subsidiaries from GIC.
Presently there are 12 general insurance companies with 4 public sector companies
and 8 private insurers. Although the public sector companies and 8 private insurers 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.
10
Insurance costs constitute 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.
RE-INSURANCE BUSINESS
Insurance companies retain only a part of the risk (less than 10 per cent) assumed by
them, which can be safely borne from their own funds. The balance risk is insured with
other insurers. Therefore, re-insurance.is insurer’s insurance. It forms the backbone of the
insurance business. It helps to provide a better spread of risk in the international market,
allows primary insurers to accept risks beyond their capacity, settle accumulated losses
arising from catastrophic stability.
While GIC’ subsidiaries look after general insurance, GIC itself has been the major
reinsurer. Currently, all insurance companies have to give per cent of their reinsurance
business to GIC. The aim is to ensure that GIC’S role, as the national reinsurer remains
unhindered. However, GIC reinsures the amount further with international companies
like Swisser (Switzerland), Muniche (Germany), and Royale (UK).
INDIA VS GLOBAL MARKET
India’s insurance penetration is low at 1.95 per cent and risks 51 in the world. In
premium collection the record is better, at 23rd position. The ratio in premium collected to
gross domestic products is a mere 0.58 per cent. Compared with an average of 7.1 percent
in most industrialized countries, India is still at a very nascent stage with an $8-9(Rs.
400-500) per capita expenditure on insurance, out of which $2 to $2.5 (Rs.100-150) will
be on insurance.
11
This was primarily because in India non-life insurance is not considered important
and people perceive it as a necessary expenditure. Non-life insurer premium at a
percentage of GDP is estimated at 2.70 for Japan, 2.55 for South Korea, 1.89 for
Malaysia, 1.62 for Singapore, 1.38 for Taiwan, 1.23 for Thailand, 0.86 for the
Philippines, 0.68 for Indonesia and 0.51 for Pakistan.
Regions USD(Billion) Percentage
North America 689.2 32.7
Latin America 653.0 31.0
Europe 32.9 1.6
Asia 647.1 30.7
India 3.0 0.15
World 2105.8 100.0
MARKET PLAYERS
Presently there are 12 general insurance companies with four public sector
companies and eight private insurers. Although the public sector companies still
dominate the general insurance business the private players are slowly gaining a foothold.
A brief description of various players is given below:
1. METLIFE
MetLife is a leader in the project finance market and manages over $3.0 billion in debt
securities and structured products related to power generation, oil and gas, infrastructure
development and mining. MetLife’s portfolio consists of over 91 issuers located in 7
countries. Over the past five years, MetLife has invested $3.3 billion in project
transactions, including a record $1.1 billion in 2007.
12
MetLife is active in traditional leveraged and single
investor leases across a variety of asset classes. Over $2 billion of lease equity has been
invested over the past five years. With over 140 years of experience, the MetLife
companies are a leading innovator and a recognized leader in protection planning and
retirement and savings solutions around the world. We have established a strong
presence in over 60 countries through organic growth, acquisitions, joint ventures and
other partnerships. We are strengthening our global brand by extending core products
and competencies to markets around the world – an important driver of growth for the
enterprise.
2. RELIANCE
This industry has around Rs 300 crore into its insurance venture through its financial arm
reliance capital ltd. It is the first Indian private company without any foreign insurance
tie-up.
3. ICICI Lombard
ICICI Lombard General Insurance Company Limited (ICICI Lombard) is a 74:26
venture between ICICI Bank Limited ,India’s largest private sector bank and Lombard
Canada Limited ,one of the oldest property and causality insurance companies in
Canada .ICICI Lombard commenced business in September 2001 and is today
operational in 40 cities across India.
13
4. TATA AIG
IT is a joint venture between the Tata groups: India’s most trusted industrial house and
American International Grouping. (AIG), the leading U.S based international insurance
and financial service organization.
5. HDFC CHUBB:
HDFC hold 74 percent and Chubb 26 percent in the new joint venture company, HDFC
Chubb General Insurance Ltd, was initially capitalized at Rs.100 crore.
6. BAJAJ ALLIANZ:
Bajaj Insurance Company limited is a joint venture between Allianz and Automobile
limited. Both enjoy a reputation of expertise stability and strength .The venture Bajaj
Auto holds 74 percent of the paid up equity capital of Rs 110 crore ,while the remaining
26 percent is hold by Allianz.
7. ROYAL SUNDARAM:
Royal sundaram a joint venture between sundaram finance of Chennai India and royal
&sun alliance of UK, is built upon values of trust, truth teamwork commitment and
professionalism
8. CHOLAMANDALAM DBS:
Cholamandal MS General Insurance Company Limited (chola-MS) is a joint venture of
the Murgapa Group & Mitshui Sumitomo. Chola-MS commenced operation in October -
2002 and has issued more than 1.4 lakh policies in its first calendar year of operation.
9. IFFCO-TOKIO GENERAL INSURANCE COMPANY LIMITED:
IFFCO-TOKIO GENERAL INSURANCE CO. LTD. is a joint venture between IFFCO
and The TOKIO Marine and fire insurance co ltd, Japan. /incorporate on 4 th December
2000 and within this short span they have become a leading insurance company in India.
14
10. GIC AND FOUR SUBSIDIARIES:
Prior to 1973,general insurance was urban –centric catering mainly to the needs of
organized trade and industry .One hundred and seven insurer including branches of
foreign companies operating the countries where amalgamated. This were grouped into
four companies National insurance company ltd, the oriental insurance company ltd, the
new India assurance company ltd and the united India insurance company ltd
The government of India subscribed to the capital of GIC .GIC, in turn
subscribe to the capital of the companies .All firm of our companies are government
companies registered under the companies act .GIC into the reinsurance business where
as its subsidiary are into the insurance of non life products .
15
CHAPTER - 2
PROFILE OF THE ORGANIZATION
16
2.1 ORIGIN OF THE ORGANIZATION.
For 140 years, MetLife has been insuring the lives of the people who depend on
us. Our success is based on our long history of social responsibility, strong leadership,
sound investments, and innovative products and services.
Organized by a group of New York City businessmen in 1863, the National Union Life
and Limb Insurance Company began business in July 1864 insuring Civil War sailors and
soldiers against wartime-related disabilities. It was a difficult beginning. By the end of
1864, National Union had written only 17 life and 56 accident policies, and was in last
place among the 27 life companies operating in New York State and was running a
deficit of $1,400.
After five difficult years in business and several reorganizations and name
changes, President James R. Dow, (a medical doctor) and the board of directors decided
to drop the casualty business and focus solely on life insurance business. And so began
Metropolitan Life Insurance Company.
17
When MetLife opened for business on March 24, 1868 (selling a small number of
policies on that date) the telephone had not yet been invented and electric lights were still
uncommon. The population of the United States was approximately 37 million, and there
were 37 states in the country. The company’s first home office consisted of two rooms −
enough space for its six employees.
This new venture also faced difficulties. A severe business depression that began
in the early 1870s rapidly put half of the 70 life insurance companies operating in New
York State out of business. Only very large, long-established ordinary life insurance
companies remained strong. Policy lapses over successive years forced the company to
contract until it reached its lowest point in the late 1870s.
In 1879, MetLife President Joseph F. Knapp turned his attention to England,
where "industrial" or "workingmen's" insurance programs were widely successful.
American companies had not bothered to pursue industrial insurance up to that time
because of the expense involved in building and sustaining an agency force to sell
policies door to door and to make the weekly collection of five- or ten-cent premiums.
By importing English agents to train an American agency force, MetLife quickly
transferred successful British methods for use in the United States. By 1880, the company
was signing up 700 new industrial policies a day.
The MetLife agent became an important person in the lives of these striving
families. Manuals instructed agents to call at a home at the same time each week to
ensure familiarity and contact. In the process of collecting premiums, insurance agents
listened to the problems, concerns, and hopes of their clients. So successful was this
approach that by 1909, MetLife became the nation's largest life insurer in terms of
insurance in force, a leadership position we continue to hold today in North America
MetLife India Insurance Company Limited (MetLife) is an affiliate of MetLife,
Inc. and was incorporated as a joint venture between MetLife International Holdings,
Inc., The Jammu and Kashmir Bank, M. Pallonji and Co. Private Limited and other
private investors.
18
MetLife is one of the fastest growing life insurance companies in the country. It
serves its customers by offering a range of innovative products to individuals and group
customers at more than 600 locations through its bank partners and company-owned
offices. MetLife has more than 50,000 Financial Advisors, who help customers achieve
peace of mind across the length and breadth of the country.
MetLife, Inc., through its affiliates, reaches more than 70 million customers in the
Americas, Asia Pacific and Europe. Affiliated companies, outside of India, include the
number one life insurer in the United States (based on life insurance enforce), with over
140 years of experience and relationships with more than 90 of the top one hundred
FORTUNE 500® companies. The MetLife companies offer life insurance, annuities,
automobile and home insurance, retail banking and other financial services to individuals,
as well as group insurance, reinsurance and retirement and savings products and services
to corporations and other institutions.
19
2.2 GROWTH AND DEVELOPMENT OF THE ORGANIZATION.
Celebrating 140 years, MetLife, Inc. is a leading provider of insurance and
financial services with operations throughout the United States and the Latin America,
Europe, and Asia Pacific regions. Through its domestic and international subsidiaries
and affiliates, MetLife, Inc. reaches more than 70 million customers around the world and
MetLife is the largest life insurer in the United States (based on life insurance in-force).
The MetLife companies offer life insurance, annuities, auto and home insurance, retail
banking and other financial services to individuals, as well as group insurance and
retirement & savings products and services to corporations and other institutions.
HELPING AND HEALING PEOPLE
In 1909, MetLife Vice President Haley Fiske announced that "insurance, not
merely as a business proposition, but as a social program," would be the future policy of
the company. As a first step, Fiske hired the pioneering industrial social worker Lee
Frankel to work at MetLife. Frankel envisioned insurance as a powerful means toward
improving the lot of the underprivileged. To this end, he established MetLife's Welfare
Division.
20
SUPPORTING COUNTRY AND COMMUNITY
Over the years, MetLife has made a difference by supporting urban renewal
projects and community financing. The company's social commitment and its
commitment to the security of its policyholders have proven to be good business.
Concern for the financial security of its policyholders led the company to shy
away from investing in the stock market. This policy resulted in MetLife surviving the
crash of 1929 relatively unscathed while countless other financial institutions collapsed
with devastating effects on the American people. The financial strength of the company
allowed MetLife to pay out cash surrenders to its policyholders, and the Company even
honored requests from policy holders whose premiums had lapsed. For many, these
payments made the difference between financial failure and survival.
Beginning in the 1930s, the company broadened its tradition of public service
from promoting individual health to fostering national social and economic goals. In
1930, MetLife was the undisputed leader of the insurance industry, insuring every fifth
man, woman, and child in the United States and Canada. Traditionally, the company had
invested a substantial portion of its assets in urban and farm mortgages and in loans to
individuals. But the collapse of real estate values during the Great Depression and the
decline of interest rates made these customary investment options less attractive.
MISSION STATEMENT
To be recognized as the financial services firm of choice in the communities we serve,
today and tomorrow.
We succeed at accomplishing this by putting our client's needs first and making certain
we focus on building financial freedom for them and their loved ones.
21
VISION STATEMENT
MetLife’s vision of being the leading global life insurance and employee benefits
company guides the company’s response to people’s growing need for first-rate financial
products and services through various life stages and economic cycles.
VALUES OF METLIFE
1. PERSONAL RESPONSIBILITY
"Coming into your own", performs as a Leader to be really effective and successful
by acting and making decisions independently to get results.
2. PEOPLE COUNT
It's all about People, MetLife's key resource. MetLife will succeed because we are
winning from within.
3. PARTENERSHIP
Functioning productively in teams towards a common purpose; realizing the
collective power of diverse work-groups.
4. FINANCIAL STRENGTH
It is operating with an intense dedication to managing monetary resources for strong
business results.
5. INTEGRITY AND HONESTY
Conducting all business endeavors with truth, sincerity and fairness.
6. INNOVATION
Continuously creating and introducing new and original ideas and ways of doing
things.
22
2.3 PRESENT STATUS OF THE ORGANIZATION
MetLife’s vision of being the leading global life insurance and employee benefits
company guides the company’s response to people’s growing need for first-rate financial
products and services through various life stages and economic cycles. MetLife’s trusted
brand, capital strength, and existing relationships with millions of individual and
institutional customers around the globe uniquely position MetLife among its
competitors.
On November 1, 2010, MetLife added significant scale and reach to its
international footprint by acquiring American Life Insurance Company (Alico) from
American International Group, Inc. (AIG) for $16.4 billion. Starting in 1921, Alico grew
to become one of the largest and most diversified international insurance companies in
the world—and the first foreign life insurance company licensed to sell in Japan. The
acquisition of Alico transformed MetLife into a global life insurance and employee
benefits powerhouse, with 90 million customers in more than 60 countries around the
globe.
Today, a time when consumers are feeling a greater financial burden than ever
before, MetLife is helping millions of customers create their own personal safety net. At
no time in the company’s history has MetLife been as well positioned to capitalize on its
history, its reputation for security and stability, and its innovative products and services
as it is today.
In the future, MetLife will continue to grow its business with focus, innovation
and profitability. This will be accomplished by drawing on the reservoir of history that
has produced an enduring set of corporate values based on more than 140 years of
integrity, social responsibility, strong leadership and financial strength.
23
In 2010, MetLife completed its purchase of American Life Insurance Company
(Alico), from American International Group (AIG).The $16.2 billion acquisition of Alico
expanded the company’s life insurance and employee benefits business into more than 60
countries compared to 17 countries before the acquisition. On March 21, 2011, MetLife
announced that Steven Kandarian (who had headed MetLife's investment department)
would succeed Robert Henrickson as President and CEO as of May 1, 2011.
METLIFE PARTNERS
1. GEOJIT SECURITIES
Geojit Securities was founded by Mr. C. J. George in 1987 as a Proprietorship for
doing Broking business in Cochin Stock Exchange. In 1994, the business was taken over
by Geojit Securities Ltd, a Joint Venture between Mr. C. J. George and the Kerala State
Industrial Development Corporation Ltd. In the following year, the company came up
with an IPO and the shares were listed in various Stock Exchanges in India in 1995.
2. JAMMU & KASHMIR BANK LIMITED
Jammu and Kashmir Bank Limited was incorporâted on 1st October, 1938 and
commenced its business from 4th July, 1939 at in Kashmir (India). The Bank was the
first in the country as a State owned bank. According to the extended Central laws of the
state, Jammu & Kashmir Bank was defined as a government Company as per the
provision of Indian companies' act 1956. In the year 1971, the Bank received the status of
scheduled bank. It was declared as "A" Class Bank by RBI in 1976.
24
3. KARNATAKA BANK LIMITED
Mangalore–headquartered Karnataka Bank, a leading private sector Bank having
a network of 433 branches across 19 States and 2 Union Territories, is more than 84 years
old. The Bank is a technology savvy, customer centric progressive bank with a national
presence, driven by the highest standards of corporate governance and guided by sound
ethical values. All the 433 branches of the Bank are under the umbrella of core banking
solution.
4. KARVY
In 1982, a group of Hyderabad-based practicing Chartered Accountants started
Karvy Consultants Limited with a capital of Rs. 1,50,000 offering auditing and taxation
services initially. Later, it forayed into the Registrar and Share Transfer activities and
subsequently into financial services. All along, Karvy's strong work ethic and
professional background leveraged with Information Technology enabled it to deliver
quality to the individual.
5. MINI MUTHOOTTU
Established in 1921, Mini Muthoottu with an illustrious history of banking behind
them today operates from 75 branches in Kerala and 5 in Bangalore. All business
concerns of Mini Muthoottu function under the strict guidelines set by the Department of
Company Law Affairs and Reserve Bank of India. Mini Muthoottu, under the able
leadership of its Chairman, Mr. Roy M Mathew, offers both the resources and capabilities
like any national player coupled with individualized attention to its customers.
25
2.4 FUNCTIONAL DEPARTMENT OF THE ORGANIZATION.
MetLife provides the following functional areas or departments:
1. RETAIL SALES
An aggregated measure of the sales of the insurance policies over a stated time
period, typically based on a data sampling that is extrapolated to model an entire
country.
2. UNDER WRITING
Sign and accept liability under an insurance policy, thus guaranteeing payment in
case loss or damage occurs or accept a risk or liability.
3. ACTUARIAL
The Actuarial Department of an insurance company was assigned the task of
determining the relationship between the distance to a fire station and the amount
of damage to a house. This is one factor that is utilized in determining the cost of
insurance for a home owner.
4. INSURANCE OPERATIONS
Insurance Operations generally consist of the actual issuance of the policies and
the billings.
5. CUSTOMER SERVICE
The Customer Service Department handles complaints received from policy
holders and the broader public, in a fair objective and businesslike manner.
The Customer Service Department is an independent unit subject to the Service
Division.
6. QUALITY AND PROCESSES
Quality Process uses a phased approach, designed to support the entire product
life cycle from inception, design and development, through rollout, to updates and
support.
7. HUMAN RESOURCES
Human Resources exactly say: resources for humans – within the workplace! Its
main objective is to meet the organizational needs of the company it represents
and the needs of the people hired by that company.
26
Following are the communication departments of MetLife:
1. AUDIT COMMITTEE COMUNICATIONS
The MetLife Audit Committee has established procedures for the receipt,
retention and treatment of complaints regarding accounting, internal accounting
controls or audit matters. Any interested party may address such concerns, and
suspected fraud or unethical behaviors to the Audit Committee by writing to:
MetLife, Inc. Audit Committee
c/o Corporate Secretary
1095 Avenue of the Americas
New York, NY 10036
2. NON-MANAGEMENT DIRECTOR COMMUNICATIONS
Interested parties may communicate known or suspected concerns that may
include, but are not limited to, accounting, internal accounting controls or audit
matters, or fraud and unethical behaviors to specific Non-Management Directors of
MetLife, or as a group, by writing to:
MetLife, Inc. Non-Management Directors
C/o Corporate Secretary
1095 Avenue of the Americas
New York, NY 10036
3. EMAIL COMMUNICATIONS
Any employee, customer, shareholder or other interested party may communicate
known or suspected concerns regarding accounting, internal controls or audit matters,
or fraud and unethical behaviors to MetLife by e-mailing correspondence
to [email protected]. MetLife will treat such communications as confidential
and take all reasonable precautions to protect such transmissions. Interested parties
may also report concerns in writing or by calling the Compliance & Fraud Hotline at
1-800-462-6565.
27
4. CORPORATE COMMUNICATIONS
Any employee, customer, shareholder or other interested parties may
communicate known or suspected concerns regarding accounting, internal accounting
controls or audit matters, or fraud and unethical behaviors to MetLife by writing to:
MetLife, Inc.
c/o Corporate Secretary
1095 Avenue of the Americas
New York, NY 10036
5. SECURITY HOLDER COMMUNICATIONS TO THE BOARD OF
DIRECTORS
Communications from security holders to individual Directors or to the Board of
Directors may be submitted by writing to the following address:
MetLife, Inc. Board of Directors
c/o Corporate Secretary
1095 Avenue of the Americas
New York, NY 10036
28
2.5 ORGANIZATIONAL STRUCTURE.
CEO
(Chief Executive Officer)
CMO
CHANNEL HEAD
REGIONAL HEAD
BRANCH HEAD
SALES MANAGER
ADVISORS / AGENTS
CUSTOMERS
29
BOARD OF DIRECTORS
Henrickson, C. Robert
Chairman of the Board, MetLife Insurance
Kandarian, Steven A.
President & Chief Executive Officer, MetLife, Inc.
Burwell, Sylvia Mathews
Sylvia Mathews Burwell, age 46, is President of the Global Development Program at The
Bill and Melinda Gates Foundation
Castro-Wright, Eduardo
Eduardo Castro-Wright, age 56, has been Vice Chairman of Wal-Mart Stores, Inc. since
November 2008 and President and Chief Executive Officer of its Global.com and Global
Sourcing organizations since June 2010.
Grisé, Cheryl W.
Cheryl W. Grisé, age 59, was Executive Vice President of Northeast Utilities, a public
utility holding company, from December 2005 until her retirement effective June 2007.
Hubbard, R. Glenn
R. Glenn Hubbard, Ph.D., age 53, has been the Dean of the Graduate School of Business
at Columbia University since 2004 and the Russell L. Carson Professor of Economics and
Finance since 1994.
Keane, John M.
John M. Keane, age 68, is a Senior Partner of SCP Partners, a venture capital firm, and
President of GSI, LLC, an independent consulting firm.
30
Kelly, Jr., Alfred F.
Alfred F. Kelly, Jr., age 52, is the CEO of the NY/NJ 2014 Super Bowl Host Committee.
Previously, he was the President of American Express Company.
Kilts, James M.
James M. Kilts, age 63, has been a Partner, Center view Partners Management, LLC, a
private equity and financial advisory firm, since October 2006.
Kinney, Catherine R.
Catherine R. Kinney, age 59, retired from NYSE Euro next in March 2009.
Price, Hugh B.
Hugh B. Price, age 69, has been the John L. Weinberg/Goldman Sachs Visiting Professor
of Public and International Affairs at the Woodrow Wilson School of Princeton
University since August 2008.
Satcher, David
David Satcher, M.D., Ph.D. is the Director of the Satcher Health Leadership Institute &
the Center of Excellence on Health Disparities at the Morehouse School of Medicine
Sicchitano, Kenton J.
Kenton J. Sicchitano, age 67, was a Global Managing Partner of PricewaterhouseCoopers
LLP, an audit/assurance, business advisory and tax services firm, until his retirement.
Wang, Lulu C.
Lulu C. Wang, age 67, is Chief Executive Officer of Tupelo Capital Management LLC,
an investment management firm which she founded in 1997. Ms. Wang has been engaged
in professional money management since 1972.
31
EXECUTIVE OFFICERS
Henrickson, C. Robert
Chairman of the Board
Kandarian, Steven A.
President and Chief Executive Officer
Carr, Gwenn L.
Executive Vice President, Office of the Chairman
Goulart, Steven J.
Executive Vice President and Chief Investment Officer
Hijkoop, Frans
Executive Vice President and Chief Human Resources Officer
Latrenta, Nicholas D.
Executive Vice President and General Counsel
Lippert, Martin
Executive Vice President, Global Technology
Morris, Maria R.
Executive Vice President, Global Operations, Integration
Mullaney, William J.
President, U.S. Business
Toppeta, William J.
President, International
Wheeler, William J.
Executive Vice President and Chief Financial Officer
32
MANAGEMENT TEAM
Rajesh Relan
Managing Director & Country Manager
MSVS Phanesh
Appointed Actuary
Sameer Bansal
Director- Agency
Joydeep Mukherji
Chief Financial Officer
Balachander Sekhar
Director - Marketing, Products & Business Development
KR Anil Kumar
Director - Legal & Risk and Company Secretary
P. S. Sankaran
Director – Compliance & Internal Controls
KS Raghavan
Chief Operating Officer
Gaurav Sharma
Director - PNB Partners
33
2.6 PRODUCT AND SERVICE PROFILE OF THE ORGANIZATION
COMPETITORS
Insurance products accounted for 53% of MetLife’s 2009 $49 billion of revenue.
MetLife is the largest life insurer in the United States and Mexico and is the second-
largest foreign provider of insurance in Japan and worldwide its customers total 90
million individuals.
METLIFE PLANS
1. CHILD PLAN
Met Bhavishya
Met Junior Endowment
Met Junior Money Back
2. RETIREMENT
Met Pension-Par
34
3. SAVINGS
Met Sukh
Met Suvidha
Met Saral
Met 100
4. PROTECTION
Met Suraksha
Met Suraksha TROP
Met SurakshaPlus
Met Mortgage Protector Plus
5. RURAL
Met Vishwas
Met Suvidha Rural
Met Grameen Ashray
6. INVESTMENT
Met Smart Platinum
Met Smart One
Met Easy Super
7. HEALTH
Met Health Care
Met Health Cash
8. MONTHLY INCOME
Met Monthly Income Plan
Met Monthly Income Plan 7 Pay
35
1. CHILD PLAN
Met Bhavishya
MetLife offers 'Met Bhavishya' - a guaranteed money back plan that pays out funds to
help you meet the education and career milestones of your children. With this plan, the
Life Insured is that of the parent. The plan also has inbuilt guaranteed additions to add
value to the policy over its term.
Death Benefit
In the event of death of the Person Insured (the parent), the family will receive a lump
sum payment of Sum Assured. The fixed term payment and maturity benefits will
continue irrespective of the death of the Life Insured and all future premiums on the
policy would be waived.
Maturity Benefit
On maturity of the policy, the plan offers Guaranteed Periodic Additions and Terminal
Additions:
1. Guaranteed Periodic Additions of 5% of the Sum Assured for every completed year.
2. Terminal additions of 20% of the total Guaranteed Periodic Additions.
Guaranteed Payouts
Option A: Policy matures at age 21 of the child.
Age of the Child Percentage of Payout Assumed Milestone
15 years 20% of Sum Assured Class X
17 years 30% of Sum Assured Class XII
20 years 50% of Sum Assured College
21 years Guaranteed Additions Higher Education
Option B: Policy matures at age 25 of the child.
36
Age of the Child Percentage of Payout Assumed Milestone
17 years 20% of Sum Assured Class XII
21 years 30% of Sum Assured College
23 years 50% of Sum Assured Higher Education
25 years Guaranteed Additions Wedding
Met Junior Endowment
MetLife offers 'Met Junior' - a flexible endowment plan that combines savings and
security. Your children's well-being is your highest priority. So we offer a plan which
offers both timely and efficient "Return on Investment".
Death Benefit
Met Junior-Non Par: In the event of death of the Person Insured, the nominee will receive
the Sum Assured.
If death occurs before age 7, then the death benefit is equal to the return of premiums plus
interest on premiums.
If death occurs before age 7, then the death benefit is equal to the return of premiums plus
interest on premiums.
Maturity Benefit
Met Junior - Non Par: On attaining maturity, the Person Insured will receive the Sum
Assured.
Met Junior Money Back
MetLife offers 'Met Junior Money Back' - a money back plan that combines savings and
security. Your child's well-being is your highest priority. So we offer you a money back
plan which provides guaranteed periodic survival benefits at the end of 5, 10 & 15 years,
along with guaranteed growth of your savings.
Death Benefit
37
In the event of death of the Person Insured, the Sum Assured along with the Guaranteed
Additions are payable.
The policyholder is entitled to Guaranteed Additions of Rs. 100/ per Rs. 1000/- Sum
Assured for each completed year.
If death occurs before age 7, then the Death Benefit is equal to the return of premiums
plus interest on premiums.
Maturity Benefit
On maturity, the Life Insured will receive the Survival Benefits plus the Guaranteed
Addition.
Survival Benefit
At the end of 5 years 20% of Sum Assured
At the end of 10 years 20% of Sum Assured
At the end of 15 years 20% of Sum Assured
Upon survival to
maturity
40% of Sum Assured plus total
Guaranteed Additions
2. RETIREMEN
Met Pension Par
Met Pension (Par) serves as a friendly helping hand so you can stay financially
independent even after retirement. It helps you build up a fund for your golden years.
Death Benefit
Return of premiums.
Accrued reversionary bonus is to be paid.
Any insurance on the life of the Insured that may be provided by riders to this policy is
paid.
38
Vesting Benefit
On the vesting date, you can take one third of your retirement kitty as a tax-free lump
sum and utilize the balance to buy annuities or you can use the entire retirement kitty to
buy annuities. The retirement fund on the date of vesting is equal to the Sum Assured
plus Guaranteed Additions plus the compounded reversionary bonuses plus the terminal
bonus, if any.
Guaranteed Additions
Guaranteed Additions equal to 10% of the Sum Assured are payable at the end of the
15th policy year, in the form of a one-time lump sum addition to the Sum Assured.
Guaranteed Additions are available on policies with terms greater than 15 years.
Policy Loan
No loans are available under this policy
3. SAVING PLAN
Met Sukh
MetLife offers Met Sukh - a guaranteed Money-Back Policy which provides guaranteed
periodic survival benefits at the end of 5, 10, 15 & 20 years and guaranteed additions of
10% of the Sum Assured for the entire term. It not only covers your life, but also
guarantees you cash payments at various milestones along with guaranteed growth of
your savings.
Death Benefit
In the unfortunate event of death of the Person Insured, the Sum Assured along with the
Guaranteed Additions are payable.
The policyholder is entitled to Guaranteed Additions of Rs. 100/ per Rs. 1,000 of the Sum
Assured for each completed year.
Maturity Benefit
On maturity, the life insured will receive the Survival Benefits plus the Guaranteed
Addition.
39
Survival Benefits
Met Suvidha
Met Suvidha is a Flexible Endowment Plan that combines savings and security. In
addition to providing you protection till the maturity of the plan, it helps you save for
your specific long term financial objectives. This long term savings-cum-protection plan
comes to you at affordable premiums.
Death Benefit
Met Suvidha - Par
In the event of death during the term of the policy, the beneficiary will receive the base
Sum Assured, the accrued reversionary bonus and terminal bonus, if any.
Met Suvidha - Non Par
In the event of death during the term of the policy, the beneficiary will receive the base
Sum Assured.
Maturity Benefit
Met Suvidha - Par
On maturity of the policy, you will receive the base Sum Assured, the accrued
reversionary bonus and terminal bonus, if any.
Met Suvidha - Non Par
On maturity of the policy, you will receive the base Sum Assured.
40
At the end of 5 years 20% of the Sum Assured
At the end of 10 years 20% of the Sum Assured
At the end of 15 years 20% of the Sum Assured
Upon survival to maturity 40% of the Sum Assured plus
Total Guaranteed Additions
Bonuses
Bonuses are available only on participating policies. The bonuses are not guaranteed as
they are based on the Company’s actual investment returns, persistency and expense
experience. No bonus is payable for the first 2 years of the policy.
Met Saral
MetLife presents Met Saral - a non- participating endowment plan. As the name suggests,
it’s a simple savings plan which gets you into the savings habit without any medical tests.
All you need to do is fill in a simple application form and you are ensured a guaranteed
maturity amount of Rs 1,00,000 even in the case of your death during the term. Take the
first step towards a better financial future for yourself and your family. Ensure and insure
the first Lakh.
Death Benefit
In the event of death, the Sum Assured equal to Rs 1,00,000 is payable.
Maturity Benefit
On Maturity, of the policy the Sum Assured equal to Rs 1,00,000 is payable.
Met 100
MetLife presents Met 100 - a whole life policy where you pay premiums for 15, 20 or 25
years. It helps create a legacy for the children, leaving money for a dependant spouse and,
more importantly, provides insurance cover at affordable rates.
Death Benefit
Met 100 - Par
In the event of death, the Sum Assured plus the Reversionary Bonus and Terminal
Bonuses, if any, are payable.
Met 100 - Non-Par
In the event of death, the Sum Assured is payable.
41
Maturity Benefit
Met 100 - Par
On maturity of the policy, the Sum Assured plus the Reversionary Bonus and Terminal
Bonuses, if any, are payable.
Met 100 - Non-Par
On maturity of the policy, the Sum Assured is payable.
4. PROTECTION
Met Suraksha
MetLife offers Met Suraksha - Term Assurance (TA), a non participating term assurance
plan which provides you life cover at a nominal cost. To put it simply, it is a life
insurance plan that gives you complete protection to enjoy life to the fullest. You can
further customize your plan with two riders – Accidental Death Benefit and Critical
Illness.
Death Benefit
In the event of death of the Person Insured, the Sum Assured is payable.
Maturity Benefit
There is no Maturity benefits available under this plan.
Met Suraksha TROP
MetLife offers Met Suraksha - Term with Return of Premium (TROP), a non
participating term assurance plan which provides you life cover at a nominal cost. To put
it simply, it is a life insurance plan that gives you complete protection to enjoy life to the
fullest. You can further customize your plan with two riders – Accidental Death Benefit
and Critical Illness.
Death Benefit
In the event of death of the Person Insured, the Sum Assured is payable.
42
Maturity Benefit
On maturity of the policy, you receive the total of all premiums plus the Guaranteed
Additions. The Guaranteed Additions are equal to 10% of premiums (including policy
fee) paid (and excluding extra premiums and rider premiums if any).
Met Surakhsha Plus
MetLife offers ‘Met Suraksha Plus’- Term Assurance (TA) a non participating term
assurance plan which provides you life cover. It is designed for people who want to take
care of their financial commitments, should anything unfortunate happen, at a nominal
cost. To put it simply, it is a life insurance plan that gives you the complete protection so
that you can enjoy life to the fullest.
Death Benefit
In the unfortunate event of death of the Person Insured the Sum Assured are payable.
Maturity Benefit
There is no maturity benefits available under this plan
Met Mortage Protector Plus
MetLife presents 'Met Mortgage Protector Plus' – a plan which provides you life cover
for home loans taken for any period above 5 years. It is a decreasing term insurance with
single and limited premium options. The plan covers you for an amount equal to the
outstanding amount as per the policy schedule.
Death Benefit
In the unfortunate event of death of the Life Insured, the outstanding loan amount is
payable to the beneficiary.
Maturity Benefit
Not applicable.
43
5. RURAL
Met Vishwas
Met Vishwas is a single premium, micro insurance, non- participating term assurance
plan which provides you life cover at a nominal cost.
Death Benefit
In the event of death of the Person Insured the Sum Assured is payable.
Maturity Benefit
On surviving the Coverage Term, you receive:
1. 110% of the single premium paid for a 5 year coverage term.
2. 125% of the single premium paid for a 10 year coverage term.
Guaranteed Surrender Value
In case of any emergency, should you need to surrender your policy early, you will get
surrender benefits as per table below:
Policy
Year
Percentage of Single
Premium payable as
Surrender Benefit
(5 year coverage term)
Percentage of single premium
payable as Surrender Benefit
(10 year coverage term)
1 60% 60%
2 70% 65%
3 80% 70%
4 90% 75%
5 100% 80%
6
Not applicable
85%
7 90%
8 100%
9 110%
10 120%
Met Suvidha-Rural
44
Met Suvidha (Rural) is a participating flexible Endowment Plan that combines savings
and security. In addition to providing you protection up to maturity, it helps you save for
your specific long term financial objectives.
Death Benefit
Met Suvidha - Par
In the event of death during the term of the policy, the beneficiary will receive the base
Sum Assured, the accrued reversionary bonus and terminal bonus if any.
Maturity Benefit
Met Suvidha - Par
On maturity of the policy, you will receive the base Sum Assured, the accrued
reversionary bonus and terminal bonus if any.
Bonuses
Bonuses are available only on participating policies. The bonuses are not guaranteed as
they are based on the Company’s actual investment returns, persistency and expense
experience. No bonus is payable for the first 2 years of the policy.
Met Grameen Ashray
MetLife offers Met Grameen Ashray - a simple micro insurance, non- participating plan
which provides you life cover at a nominal cost.
Death Benefit
In the event of death of the Person Insured the Sum Assured is payable.
Surrender Benefits
- There are no Surrender benefits for Regular Premium policies.
- Single Premium Policies can be surrendered after completion of 2 years from the date of
commencement. Upon receipt of a surrender request, a cash surrender value of 30%, 20%
or 10% of the Single Premium will be payable if the surrender is made in Year 3 or Year
4 or Year 5 respectively.
6. INVESTMENT
45
Met Smart Platinum
MetLife is proud to present Met Smart Platinum, a Unit-Linked Plan which can be
customized to match your ever changing financial needs! This whole life plan offers you
the flexibility of short premium payment commitments along with a multitude of other
benefits including the unique Auto Rebalancing Portfolio Strategy.
Death Benefit
In the unfortunate event of death, while the policy is in force & before the maturity date,
your nominee will get the following death benefit
i) If the death of the Person Insured occurs before the attainment of age 60:
The death benefit payable will be higher of
- The Base Fund Value (the value of units pertaining to Base Premium Account), or
- The Base Sum Assured less all Partial Withdrawals made in accordance with the Partial
Withdrawal provisions in the last 24 months preceding the date of death of the Person
Insured, or
- 105% of the total Regular/Limited Premiums paid
ii) If the death of the Person Insured occurs on or after the attainment of age 60:
The death benefit payable will be higher of
- The Base Fund Value (the value of units pertaining to Base Premium Account) or
- Base Sum Assured less all Partial Withdrawals made in accordance with the Partial
Withdrawal provisions, during the last 24 months immediately preceding the date of
death or all Partial Withdrawals made in accordance with the Partial Withdrawal
provisions post attainment of age 60, whichever is higher or .
- 105% of the total Regular/Limited Premiums paid.
Maturity Benefit
The policy matures upon attaining age 99 years. The maturity benefit is equal to the Total
Fund Value in the Unit Account determined using the Net Asset Value on the maturity
date will be payable.
46
Met Smart One
You work hard to fulfill your family dreams and wish everything that is best for them,
whether it is your children's education or your child marriage or buying your dream
house. We at MetLife understand that your hard earned money should work equally
harder for you. Hence we bring to you Met Smart One, which is investment cum
protection single premium plan which along with its various investment management
options facilitates accelerated wealth creation with Loyalty additions.
Death Benefit
In the unfortunate event of your demise, while the policy is in force & before the maturity
date, your nominee will get the following death benefit
i) If the death of the Person Insured occurs before the attainment of age 60:
The death benefit payable will be higher of
- The Single Premium Fund Value
- The Base Sum Assured less all Partial Withdrawals made in accordance with the Partial
Withdrawal provisions in the last 24 months preceding the date of death of the Person
Insured, or
- 105% of the total Single Premium paid
ii) If the death of the Person Insured occurs on or after the attainment of age 60:
The death benefit payable will be higher of
- The Single Premium Fund Value
- Base Sum Assured less all Partial Withdrawals made in accordance with the Partial
Withdrawal provisions, during the last 24 months immediately preceding the date of
death or all Partial Withdrawals made in accordance with the Partial Withdrawal
provisions post attainment of age 60, whichever is higher or.
- 105% of the Single Premium paid.
Maturity Benefit
On maturity of the policy you will receive the Total Fund Value as on the maturity date.
47
If you wish to defer your maturity proceeds, you may choose to do so with the Settlement
Option.
Met Easy Super
While you plan to secure the happiness and future of your loved ones, give wings to your
dreams of wealth creation. Security for your family and your need of wealth creation
should work together as you move ahead in life. We understand that at MetLife, and
hence we bring you Met Easy Super – an Easy Protection, Super wealth creation plan.
While you ensure security for your loved ones, we work towards your goals of wealth
creation - because you and your family deserve the very best.
Death Benefit
In the unfortunate event of death, while the policy is in force and before the maturity
date, your nominee will get the following death benefit:
i) If the death of the Person Insured occurs before the attainment of age 60:
The death benefit payable will be higher of
- The Fund Value (the value of units pertaining to Regular Premium Account), or,
- Sum Assured less all Partial Withdrawals made in accordance with the Partial
Withdrawal provisions in the last 24 months preceding the date of death of the Person
Insured.
- 105% of the Total Regular Premiums paid less all Partial Withdrawals, made in
accordance with the Partial Withdrawal provisions in the last 24 months preceding the
date of death of the Person Insured.
ii) If the death of the Person Insured occurs on or after the attainment of age 60:
The death benefit payable will be higher of
- The Fund Value (the value of units pertaining to Regular Premium Account), or,
- Sum Assured less all Partial Withdrawals made in accordance with the Partial
Withdrawal provisions, during the last 24 months immediately preceding the date of
death or all Partial Withdrawals made in accordance with the Partial Withdrawal
48
provisions post attainment of age 60, whichever is higher
Maturity Benefit
On maturity of the policy you will receive the Total Fund Value as on the maturity date.
If you wish to defer your maturity proceeds, you may choose to do so with the Settlement
Option.
7. HEALTH
Met Health Care
Met Health Care is a long term health insurance plan from MetLife. This plan covers you
Against Hospitalization expenses by providing you a Daily Cash benefit as chosen by
you. Against 10 major Critical Illnesses by providing you a lumpsum benefit. Against
Total & Permanent Disability due to accident by providing you a lumpsum benefit.
Death/Maturity Benefit
There is no Death/Maturity Benefit under Met Health Care.
Tax Benefits
The premium paid (excluding the service tax) under this plan is eligible for Tax Benefits
under Section 80 D of the Income Tax Act, 1961 as per the provisions and conditions
given therein and are subject to any changes made in the tax laws in future.
Met Health Cash
Met Health Cash is a health insurance plan from MetLife. The plan covers you against
hospitalization expenses by providing you a Fixed Daily Hospitalization Cash Benefit
(Fixed DHCB) as chosen by you.
Conditions apply.
Family means spouse and up to 4 children. Every additional family member shall be
underwritten as per the underwriting conditions laid by the Company from time to time.
49
Death/ Maturity Benefits
There are no Death/ Maturity benefit under Met Health Cash.
Tax Benefits
The premium paid (excluding the service tax) under this plan is eligible for Tax Benefits
under Section 80 D of the Income Tax Act, 1961 as per the provisions and conditions
given therein and are subject to any changes made in the tax laws in future.
8. MONTHLY INCOME
Met Monthly Income Plan
MetLife offers 'Met Monthly Income Plan' a participating plan which guarantees you a
monthly regular income for you and your family when you are there and even if you are
not there for 15 years or till end of the policy term.
Death Benefit
In the unfortunate event of your death your nominee/beneficiary will receive:-
1. During the Premium Payment Term - 25% of the Base Sum Assured plus all accrued
simple reversionary bonuses is payable immediately. The monthly regular income also
starts from the first monthly anniversary falling after the date of death and continues to be
paid to the nominee/beneficiary for the next 15 years.
2. After the Premium Payment Term - 25% of the Base Sum Assured plus all accrued
simple reversionary bonuses is payable immediately. The monthly regular income to the
nominee/beneficiary continues for the remaining term till maturity. At the maturity date
as chosen at inception, the policy ceases with payment of "Terminal Bonus", if any.
Survival Benefits
You get a monthly regular income that you have chosen at the inception of the policy for
15 years after the end of the Premium Payment Term. The monthly regular income
commences from the monthly anniversary date that immediately succeeds the completion
of the Premium Payment Term.
50
Maturity Benefit
On attaining the maturity age you will receive the accrued Simple Reversionary Bonuses
along with the Terminal Bonus, if any.
Met Monthly Income Plan 7 pay
MetLife offers 'Met Monthly Income Plan-7 Pay' where you are required to pay premium
only for 7 years and get back the Guaranteed Monthly Income that you choose at
inception for 8 years. At the end of the term you will also get the accrued bonuses as a
lump sum.
Survival Benefits
You get a monthly regular income that you have chosen at the inception of the policy for
8 years (Maximum of 96 months) after the end of the Premium Payment Term. The
monthly regular income commences from the monthly anniversary date that immediately
succeeds the completion of the Premium Payment Term.
Maturity Benefit
On attaining the maturity age you will receive the accrued Simple Reversionary Bonuses
along with the Terminal Bonus, if any.
Death Benefit
In case of unfortunate death during the term of the Policy, your family will immediately
get a guaranteed sum equal to 24 times the chosen monthly income. In addition to this, all
accrued bonuses (non-guaranteed) till date will also be paid to the nominee.
Met Monthly Income Plan 15 Pay
MetLife presents, Met Monthly Income Plan 15 Pay where you now have the option to
pay for 15 years and get a steady guaranteed# monthly income for 15 years. What’s
more, at the end of the term you will also get the accrued bonuses# as a lumpsum
51
Survival Benefits
You get a monthly regular income that you have chosen at the inception of the policy for
15 years after the end of the Premium Payment Term.
Death Benefit
In the unfortunate event of death of the Person Insured while the policy is in force, the
nominee/beneficiary will receive:-
1. During the Premium Payment Term - 45 times the chosen monthly income plus all
accrued simple reversionary bonuses is payable immediately. The monthly regular
income also starts from the first monthly anniversary falling after the date of death and
continues to be paid to the nominee / beneficiary for the next 15 years. At the end of 15
years from the date of first monthly regular income payment (maximum of 180 monthly
income payments), the policy ceases with payment of “Terminal Bonus”, if any.
Premium payments cease immediately on death of the Policyholder during the premium
payment term
2. After the Premium Payment Term - 45 times the chosen monthly income plus all
accrued simple reversionary bonuses is payable immediately. The monthly regular
income to the nominee/beneficiary continues for the remaining term till maturity is
payable. No reversionary bonus is declared for policies in case death claims have been
paid (i.e. maximum of 180 monthly income payments from the date of commencement of
the first monthly income payment). At the maturity date as chosen at inception, the policy
ceases with payment of “Terminal Bonus”, if any.
Maturity Benefit
On attaining the maturity age you will receive the accrued Simple Reversionary Bonuses
along with the Terminal Bonus, if any. This will be payable along with the final
installment of the monthly regular income.
52
2.7 MARKET PROFILE OF THE ORGANIZATION
With over 140 years of experience, the MetLife companies are a leading
innovator and a recognized leader in protection planning and retirement and savings
solutions around the world. We have established a strong presence in over 60 countries
through organic growth, acquisitions, joint ventures and other partnerships. We are
strengthening our global brand by extending core products and competencies to markets
around the world – an important driver of growth for the enterprise.
Around the world, the MetLife companies offer life, accident and health insurance,
retirement and savings products through agents, third-party distributors such as banks and
brokers, and direct marketing channels. We work with families, corporations and
governments to provide them with solutions that offer financial guarantees in their lives.
Our name is recognized and trusted by 90 million customers worldwide and over 90 of
53
top 100 FORTUNE 500® companies in the United States. We have the experience,
global resources and vision to provide financial certainties for an uncertain world.
GLOBAL PROCUREMENT
General Information on our Procurement Process Global Procurement's vision is
to bring value to the enterprise by delivering procurement services in an efficient,
Professional manner and at a competitive cost. In support of this mission, MetLife has
implemented streamlined electronic tools for both Sourcing and requisitioning, allowing
us to provide the most professional processes.
All vendors interested in being considered for procurement opportunities with
MetLife must first be registered on Ariba eSourcing. After a vendor completes and
electronically submits the form, a member of the Procurement team will review it. The
vendor will electronically be notified as to whether their registration was accepted or
denied, based on a variety of criteria (i.e. accuracy of information, profile of company,
presence of relevant attachments.
54
CHAPTER - 3
DISCUSSIONS ON TRAINING
55
3.1 STUDENT’s WORK PROFILE (ROLES AND RESPONSIBILITIES), TOOLS
AND TECHNIQUES USED.
I had undergone my internship training at MetLife for a period of 3 months
from 15th of September to 16th of November 2011. I have gained a lot of knowledge and
practical experience during the training. During this period I learned the following:
DEFINITION OF IRDA AGENT
IRDA agent is qualified person who is authorized by insurance regulatory
development authority to do insurance businesses for any one life and general insurance
company.
QUALIFICATION TO BECOME AN IRDA AGENT
1. Minimum age is 18 tears
2. Educational qualification for urban areas: 12th pass
3. Educational qualification for rural areas candidate: 10th pass.
4. 50 hours raining from an IRDA approved institute.
5. Prospect has to clear the pre-recruitment test conducted by insurance
Institute of India.
TYPES OF AGENT
There are three types of agents. They are as follows:
1. Individual agent
2. Corporate agent
56
3. Insurance brokers
PROCEDURE TO GIVE LICENSE TO AGENT
1. INDIVIDUAL AGENT
Case 1: Fresh licensing
Person has to submit all the required documents and then undergo for 50 hours training
and after he has to appear for the pre-recruitment test. When he clears the test we will
issue him a license and agency code.
Case 2: Composite agent
Person has to submit all the required documents along his original life license and then
undergo for 50 hours training and after that has to appear for the pre-recruitment test.
When he clears the test we will issue him a license composite license and agency.
Case 3: Transfer of license
For getting an agent license transfer to the company from his previous General insurance
company we require “NO Objection certificate” in original from previous company.
RENEWAL OF LICENSE
Agency license is valid only for three years. At the end of third year agent has to
again go for refresh training for 25 hours no examination this time.
Please look at the fee structure payable at the time of renewal.
1. Rs 250 if license is renewed before 30 days from its expiry date.
2. Rs 350 if license is renewed less than 30 days and before expiry of license.
3. Rs 1000 if license renewed after date of expiry.
57
In case 2&3 agent has to write a requisition letter for renewing his license stating the
reason for delay in renewal.
2. INSURANCE BROKER
“INSURANCE BROKER “ means a person for the time-being licensed by the
Authority under regulation 11 who for a remuneration arranges insurance contracts
with insurance companies and/or reinsurance companies on behalf of his clients.
The “insurance broker” wherever it appears in these regulations shall be deemed
to mean a direct broker, a reinsurance broker or a composite broker, as the case may
be, unless expressly stated to the contrary;
Insurance broker can be an individual or a firm or a company formed under the
companies’ act 1956 or a co-operative society registered under the co-operative
societies Act, 1912 or under any law for the registered of co-operative societies or
any other person by the authority to act as an insurance broker.
3. CORPORATE AGENT
The applicants for corporate agency should normally be a company whose
principal business should be other than distribution of insurance products .Insurance
distribution should be a subsidiary activity. While selecting the agent stress should be
placed on the availability of client base or access to data which would facilities
identification of prospects .The applicants could be any of the entities indicated in sub
regulation 2(k) of IRDA (Licensing of corporate agents) regulations. The chief
insurance executive the designated officer and either specified person who will be
employed by applicant should be whole time employees if the applicant.
CORPORATE AGENCIES
58
Corporate agencies are also licensed with us and can source business.
Corporate agencies are basically private limited or partnerships firms that source a
wide bouquet of financial products corporate &services in addition to life &
general insurance products.
CORPORATE AGENCIES LICENSING
Every CA needs to have one chief insurance executive and any number of
specified people.
Both the CIE and the specified person need to undergo 50 hrs IRDA training and
clear the examinations.
Each branch needs to have 1 specified person licensed for each branch location.
For licensing of a corporate agent/CIE/specified person all documentary
requirements need to be complete.
DOCUMENTATION REQUIRED
Corporate agreement signed by CIE.
8 photographs of CIE /Specified person.
Name and address, father’s name and date of birth of director /partner.
Board resolution extra from board resolution confirming the CIE and
Authority person on the letter head of the company
Partnership deed or moa(in case of a company)
Form A1 and A2
Company’s address proof.
RECRUITMENT AGENT
The responsibility of recruiting of agents lies with the sales manager and team of
CSO’s.
After recruiting the agent sales manager submits the form online and also courier
all required documents to corporate office.
At co, CDT enters the details in the system and keeps record-SM wise.
59
Reappear case
Cases where the agent fails in the exam and wishes to appear, the documentation
required are:
Exam form (iii yellow form)
Demand draft Rs 500(for iii) in favor of reliance general insurance company
limited payable at Mumbai.
NEW LICENCING PROCESS
SM COMPLETE
Forms fully (yellow
form+form va+training
sponsorship form agent
docs+demand draft).
Puts the details of
intermediary in AMS.
On successful completion of
inserting details of IMD a
reference code is generated
SM has to put this reference
no on form VA &training
sponsorship form.
Completely check forms.
Courier to CO channel
development team.
Courier dispatch details stored
at the branch by SM.
Channel development team.
Opens courier.
Check docs.
Approved it online if docs
are proper.
Reject & return incomplete
docs .immediately to SM
with rejection report based
on reference no.
Channel development team.
Photocopies yellow form.
Send training enrollment
form to training institute.
Files form VA+other agent
Channel development team.
Follow up with institute for
training completion
certificate.
Receives and files TCC’S.
Receives test result from III
website.
Published declared result.
Gets agent license code from
IRDA site and upload.
60
Release codes to SM.
TRAINING
As per IRDA guidelines ,training of agent for 50 hrs is mandatory
Agent can opt for any of the methods of training:
1. ONLINE TRAINING
Conducted by various vendors and managed .centrally. A unique user ID and pass word
is given to agent.
2. MANUAL TRAINING
Conducted by various institute approved by IRDA. It takes duration 10 working days to
complete full training. In case of CA, CS CWA, MBA and life insurance license holders
also 50 hrs training is mandatory.
Training programme covers the following aspect:
IRDA Training-Basics & principles of insurance
Product Training
Revision & Mock test
Training Completion Certificates.(TCC)
It is issued by the training institute for each candidate who completes the 50 hours
training.
In respect of successful candidates in Exam, we will issue license and agency
code to agent so that he will start placing business with us.
Only yellow Color III exam form bearing serial no. to be used for exam.
DD. should be payable at Mumbai only.
61
Candidates to carry the Admit Cards and individual Training certificates in the
exam center.
The candidates will not be allowed to appear for the exam if he fails to carry these
documents.
Candidates can appear for exam only on the date and slot as fixed for them.
There are two types of exams held for the agents:
1. MANUAL EXAM
Manual exams are centralized.
Centralized regular exams are held twice a month on 1st and the 3rd
Sunday.
There is special exams also held on the 2nd and 4th Sunday each
month provided the registered candidates are =>100.
2. ONLINE EXAM
Online Exams are held in most cities in the affiliated institutes
from III and can be conducted between Mondays to Friday with
prior notice to the institute. Results in online exams are instant.
As soon as agent code is generated Branch will receive a welcome
from CO
TERMINATIONS OF AGENTS
Agent can be terminated for any of the following reason:
Resignation
Death of Agent
Violation of code of conduct
Failure to achieve Minimum Assured Business.
In all above cases (except death) agent will cease to receive commission post termination
date.
Case where the agent wants to surrender his license: Documents required:
62
Approved resignation letter/termination letter read from the company
Original photo ID card.
Letter stating his intention to surrender the agency.
Other docs. Like kits, cover note, stationary, agent manuals, for brochures etc
RSM’s Confirmation for No dues to agent to Channel Development Team.
Age Proof Education Proof
CAREER SKILL TRAINING (CST)
Our training program focuses on developing skills, knowledge and competencies
through a high-quality curriculum, and allows you to gain the experience you need to
succeed in an insurance career. The program is divided into several components:
IRDA exam and licensing
Classroom training on knowledge and skills
In-agency on-the-job training
63
1. Birth certificate
2. Mark sheet/School Leaving
Certificate
3. Driving License
4. Other life insurance policy
5. Pan card’
6. defense ID card
7. Passport
8. Domicile certificate,
PF statement from employers
9. Marriage Certificate
10. Baptism certificate issue by
Churches
1. 10th std mark sheet or higher (for
rural)
2. 12th std mark sheet or higher (for
urban)
3. Other certificates viz. provisional,
character, leaving from
college/school
4. Membership certificate from
CA/CS/CWA and MBA (AICTE
approved or recognized institutes)
5. Valid diploma courses (Equivalent
to 12th STD): Mark sheet/Certificate
mentioning 3 yrs diploma.
CST trains you for the IRDA license exam, while simultaneously integrating the
additional skills that differentiate a MetLife Advisor from the others in the industry. Hone
your prospecting, target marketing, need-based selling, and customer service skills. Even
after your initial training is over, MetLife will continue to help you refine your skills.
Classes, self-study courses, and the attainment of professional designations will always
be an important part of your on-going training.
3.2 KEY LEARNINGS.
I have updated the employee information at the office.
I have updated the salary sheet report for the purpose of verification.
I have learned about the recruitment process regarding the agents.
I had got an opportunity to interact with the agents, customers, sales
managers, trainers, trainees, superiors, subordinates, peer groups ,
Applicants, students and several other professionals.
We had also gained Knowledge regarding several aspects of Agent
Recruitment.
During our internship I got an opportunity to conduct recruitments and to
select skilled and talented candidates for the organization.
I have analyzed the key strengths of the organization.
Good Infrastructural Facilities
Positive Work Environment
Healthy Interpersonal Relations
Excellent Customer Service
Optimum Market Share & Brand Equity
Excellence in Project Execution
64
CHAPTER - 4
STUDY OF SELECTED RESEARCH
PROBLEM
65
4.1 STATEMENT OF RESEARCH PROBLEM.
The process flows for recruitment of agents and their satisfaction level.
Recruitment is a process to discover the sources of manpower to meet the
requirement of the staffing schedule and to employ effective measures for attracting that
manpower in adequate numbers to facilitate effective selection of efficient personnel.
Every organization needs to look after recruitment and selection in the initial
period and thereafter as and when additional manpower is required due to expansion and
development of business activities.
Right person for the right job’ is the basic principle in recruitment and selection.
Ever organization should give attention to the selection of its manpower, especially its
managers. The operative manpower is equally important and essential for the orderly
working of an enterprise. Every business organization/unit needs manpower for carrying
different business activities smoothly and efficiently and for this recruitment and
selection of suitable candidates is essential.
MEANING
Recruitment means to estimate the available vacancies and to make suitable
arrangements for their selection and appointment. Recruitment is understood as the
process of searching for and obtaining applicants for the jobs, from among whom the
right people can be selected.
66
In recruitment, information is collected from interested candidates. For this
different source such as newspaper advertisement, employment exchanges, internal
promotion, etc. are used.
4.2 STATEMENT OF RESEARCH OBJECTIVE.
To estimate the satisfaction level of the agents and to know their view about
recruitment process and service level of the organization.
Huge number of research has been done regarding the Agent Recruitment
program. Each and every factor at MetLife is studied. This study reports the findings on
Agent Recruitment Process at MetLife.
The Study is intended to achieve the following objectives;
To find out the current practices adopted for the Agent Recruitment of the
potential candidates.
To find out the new methods of Agent Recruitment Process of the external
candidates.
To find the reasons of the high attrition rate.
To find the ways to reduce high attrition rate.
67
4.3 RESEARCH DESIGN AND METHODOLOGY.
For investigation and acquiring scientific knowledge about any problem situation
or subject, the researcher has to make out the methodology of study, which refers to the
methods or techniques using conducting the study. To make the present study more
scientific the following methodology has been adopted.
METHOD OF DATA COLLECTION
For the present study the methods of research utilized are;
1. HISTORICAL METHOD
In historical method it includes personal bulletins, personal policy book records
and documents applied by them.
2. SURVEY METHOD
But when in the case of survey method it includes that the data collected from
schedules and questionnaires.
Source of data collections are generally two types. They are;
1. PRIMARY DATA
68
Primary data are data that were freshly gathered for a specific purpose or for a
specific research problem.
2. SECONDARY DATA
Secondary data are data that were collected for another purpose and already exist
somewhere.
The data collected for analysis is of primary type as the data has been collected
directly from the agents. A questionnaire based on the objective of the research problem
was developed to gauge the satisfaction level of the Agents. The final conclusions &
suggestions were inferred from the analysis of the collected data.
LIMITATIONS OF THE STUDY
While conducting the research work the researcher has to face some or other
difficulties. The present study does not escape from it. The limitations are as follows;
The time allowed for data collection was about two months it is difficult to
get all the information with in the short span of time.
METLIFE -Visakhapatnam being a Life Insurance Company most of the
data are kept confidential.
The hindrances before the researcher was most of the executives as well as
the workers were busy with their normal work.
Finally the company is big concern and has a huge records & data and the researcher has
to carry out his study omitting many of the cases and records.
69
CHAPTER - 5
ANALYSIS
70
1.1 SUMMARY OF FINDINGS.
The information collected from the respondents the following findings are ascertained
from the above analysis & interpretation.
Most of the respondents have completed 10-15 years of service in the
organisation and are graduates.
Majority of the respondents are SM and SSM.
Majority of the respondents are satisfied with the recruitment programmes
conducted.
All the respondents felt that there is an improvement in the work area after
completion of recruitment.
All the respondents agreed to the fact that improves their skill & knowledge
recruitment and also supports their future personal requirements.
Most of the respondents recommended more number of recruitment
programmes which would be helpful in their work area and which improves
their efficiency.
SUGGESTIONS
71
MetLife can conduct campus interviews to get potential candidates to the
organization.
Depending upon the job description MetLife can take graduates.
MetLife can motivate the agents with promotions and good increments.
MetLife can recruit and select fresh candidates depending upon their skills and
knowledge. So that they can get chance to prove them.
CHAPTER - 6
SUMMARY AND CONCLUSIONS
72
6.1 SUMMARY OF LEARNING EXPERIENCE.
The MetLife Insurance Company Limited is a good company. It is having good
name in the market. It is having a good market share also. It is recruiting the agents
basing on their qualification .They are trying to maintain a good relation with the agents
and the managers. They are providing license to the agents so that customers will believe
them. They are settling the claims as soon as possible.
In the current scenario, Recruitment of the right person at the right place is an
important function of the Human resource department of all companies. And it is no
surprise that retention of employees is a major challenge for the companies. This study is
intended to find out the Agent Recruitment process at MetLife.
The objective of the study is to find the Agent Recruitment process prevalent at
MetLife as Agent Recruitment process is very important function of the HR department.
The study aims to identify the sources of recruitment of the potential candidates. The
primary purpose of the study is to examine the prevailing procedure for recruitment of
candidates.
73
The study reveals that a good Recruitment Process was adopted by the
company. The management is committed to fulfill the requirement of our internal &
external customer, to prevent the mistake to happen through optimize & harmonies
interrelated process, rather than individual function. The findings suggest varied and not-
so- expensive ways for retaining people.
6.2 CONCLUSIONS AND RECOMMENDATIONS.
From the above discussion we can conclude that:
The relationship of the sales managers with the agents is not so good.
The agent recruitment process is very lengthy.
The agents are not satisfied with the service provided by MetLife.
The agents were given 50 hours of training from the company.
The compulsory training for 50hours which was given to the agents by
MetLife was satisfactory.
The agents are not satisfied with the commission structure given by
MetLife.
The renewal of the license is renewed after 3 yrs.
They are taking more time period to settle the claim.
Recommendations regarding this study are:
The agent recruitment process should be changed to some extent
74
The company should try to improve the relationship between the agents
and sales manager.
The company should try to provide better services to the agents.
The commission structure has to be modified a little more.
The training programme needs some changes.
The period of training should be reduced a little more.
The renewal period of the license given to the agents should be increased.
APPENDICES
QUESTIONNAIRE
1. How long have you been associated with MetLife?
a. 6 Months b. 1-2 Years
c. 6 - 12 Months d. More than 2 years
2. Have you been given training from MetLife?
a. Yes b. No
If yes, how do you rate it?
a. Above Average b. Below Average
c. Average
75
3. Do you think it is necessary to complete 50 hours of to become an agent?
a. Yes b. No
4. If yes which type of training programme will you prefer?
a. Online training b. Manual training
5. Are you affiliated of IRDA?
a. Yes b. No
6. Do you have affiliation with some other organizations?
a. Yes b. No
If Yes, then with whom?
a .ICICI Lombard b .Bajaj Allianz
c .United India Assurance d .National Insurance
7. How do you find the recruitment process of MetLife?
a. Lengthy b. Short
c. Appropriate
8. Who are the persons responsible for the recruitment process of agents?
a. SM & CSO’S b. SM & other agents
c. SM & BM d. only BM
9. Are you satisfied with the service standards of MetLife?
a. Yes b. No
10. Are you satisfied with the support services of MetLife?
a. Yes b. No
11. If yes how would you rate them?
76
a. Good c. Average
b. Bad
12. Is high qualification necessary to be an agent in MetLife?
a. Yes b. No
13. Do you think that it is necessary to be authorized by IRDA to become an agent in
MetLife?
a. Yes b. No
14. Which type of agent you want to become?
a. Individual agent b. Corporate agent
c. Insurance broker
15. After how many years the license provided by IRDA is renewed?
a. 1 year b. 2 years
c. 3 years d. 4 years[
16. Are you satisfied with the commission structure?
a. Yes b .No
17. What time period you has taken to settle the claims?
a. 15 days b.25 days
c. 1 month d. more than 1 month.[
18. With whom you have negotiated to settle the claims?
a.BM b. SM
c. claims department’s d. Area manager
77
19. In metro cities what type of exams are conducted for agent recruitment?
a. online exam b. manual exams
20. Will you support for some changes in the recruitment process of MetLife?
a. Yes b. No
BIBLIOGRAPHY
LIST OF REFERENCES
Life insurance (insurance services) - ICFAI Publications
THE WEB SITES REFERRED
1. www.insuranceindia.com
2. www.metlifeindia.com
3. www.google.com
78