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JitendraVirahyas
JVIRAHYAS@GMAIL.COM
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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
MAX NEW YORK LIFE INSURANCE
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MAX NEW YORK LIFE INSURANCE
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
Children's Endowment to 24 (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.
Children's Endowment to 24 (Par) Plan
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.
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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
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Name
Gathering
Initial
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Modes of contact
personal contact
references
phone calls
50
Administrative
Test
Competency
based interview
Career
Seminar
Market
Survey
Career
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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
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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
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Jitendra
VirahyasJVIRAHYAS@GMAIL.COM
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