summer project on expansion of distribution channel

8/7/2019 Summer Project On Expansion of Distribution Channel

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Acknowledgement

Success is not a destination, but a journey. While I reach towards the

end of this journey, I realized I may not have come this far without the

guidance, help and support of people who acted as guides, friends and

torch bearers along the way.

I wish to express my profound thanks to all those who helped in making

this Summer Training report on Max New York Life Insurance Co. Ltd.

To study the recruitment process of financial advisors at MNYL. Much

needed moral support and encouragement is provided by all the Staff

members of MNYL (Head Office, Gomti Nagar). I am especially grateful

to Naveen Srivastava, Associate Partner and other staff

members for their time to time much needed valuable guidance in

preparation of this report.

I would like to thank Mr. Sunny Agouthwal, Associate Sales Manager for

giving Practical tips and colour to my quest.


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TABLE OF CONTENTS

SERIALNO.

TOPIC

1. Introduction: RECRUITMENT

2. RECRUITMENT: Process and Types

3. LIFE INSURANCE: Introduction

4. HISTORY OF INSURANCE

5. OTHER INSURANCE COMPANIES

6. IRDA (Mission, Expectations and Functions)

7. MNYL: About the Company

8. RECRUITMENT at MNYL

9. SCREENING and SELECTION of AGENTS

10. FUNCTIONS OF AGENTS

11. RESEARCH METHODOLOGY

12. RECRUITMENT FUNNEL

13. TELEPHONIC SCRIPT

14. SURVEY ANALYSIS

15. SWOT ANALYSIS

16. ANNEXURES

Definition of recruitment:


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Recruitment of candidates is the function preceding the selection, which

helps create a pool of prospective employees for the organization so that

the management can select the right candidate for the right job from

this pool. The main objective of the recruitment process is to expedite

the selection process.

Recruitment is a continuous process whereby the firm attempts to

develop a pool of qualified applicants for the future human resources

needs even though specific vacancies do not exist. Usually, the

recruitment process starts when a manger initiates an employee

requisition for a specific vacancy or an anticipated vacancy.

GENERAL RECURITMENT PROCESS:

TYPES OF

RECRUITMENT:


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LIFE INSURANCE

Life insurance is a form of insurance that pays monetary proceeds upon the death of the

insured covered in the policy. Essentially, a life insurance policy is a contract between the

named insured and the insurance company wherein the insurance company agrees to pay

an agreed upon sum of money to the insured's named beneficiary so long as the insured's

premiums are current.

People take out life insurance policies for a number of reasons. Such insurance

provides security to family members upon the loss of a loved one.

Insurance is basically a sharing device. The losses to assets resulting from natural

calamities like fire, flood, earthquake, accidents etc. are met out of the common pool

contributed by the large no of person who are exposed to similar risks. This contribution

of many is used to pay the losses suffered by the unfortunate few.


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Research Methodology

The recruitment of Agent Advisor at MAX NEW YORK LIFE starts with the basic step of

NAME GATHERING which is done through the following sources which in further

studies become my methods which have helped a lot in my research work. I have used

personal observation, data collection, telecalling etc. as my methods for name gathering

including the following sources too.

Sources of Name Gathering

1. Controllable Sources

Centers of Influence (COI)

Nominators

Magic Question


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Agent Advisor Referrals

Personal Observation

Policyholders

Friends and Family

2. Uncontrollable Sources

Newspaper advertising

Agent Advisor marketing Tools

Direct mail and pre-approach letters

Employment agencies

Seminars

Campus recruiting

HR Managers

Job fairs

The Internet


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ABOUT THE

COMPANY:MNYL

Max New York Life Insurance Company Ltd. is a joint venture between

New York Life; a Fortune 100 company and Max India Limited; one of

India's leading multi-business corporations. The company has positioned

itself on the quality platform. In line with its vision to be the Most Admired

Life Insurance Company in India, it has developed a strong corporate

governance model based on the core values of excellence, honesty,

knowledge, caring, integrity and teamwork. The strategy is to establish


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3. Max New York Life has been ranked as the 7th in

the Business Today Mercers Best companies to

work in the India survey for the year 2008.

4.MNYL is in the top 25 Percentile of Gallup Global

database.

5.We have call centres in ten

languages.

6.We send premium receipt to

the customers mailing address.

7.We bring to you no wait hassel free SMS2Me

service a facility that lets you keep track of

your policy details from just about anywhere.

8.In the year 2008 MNYL was awarded G olden

Peacock Award for innovation.

9.Outlook money recognized MNYL as one of thebest life insurance companies.

10.MNYL ranked 5th Most Respected Company

among the private life insurance companies.

11. Outlook Money recognizes MNYL as the best

in the year 2003.

12. We have the Best Training oriented

organisation.

13. All our agents undergo 50 hours training

provided by the IRDA.

14. We have a large network of more than

58,500 agents ensuring families in India.


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15. We are No 1 in the first three categories in

terms of performance over the 2 years period .

Our Growth Super fund , which falls in the Fast

funds category , is still not two years old.

16. We have emerged Numero Uno on All the

funds over a Medium term horizon.

17. Received the A mity Corporate Excellence

Award-2007

18.Among the top 3 in the Asia Life Insurance

Company of the year 2007 institued by Asia

Insurance Review.

19. First life insurance company to be awarded

CII- EXIM B ank Commendation Certificate for

Strong Commitment to excel -2008.

History of insurance

SECTOR


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The insurance sector in India has come a full circle from being an opencompetitive market to nationalization and back to a liberalized market

again.

Tracing the developments in the Indian insurance sector reveals the 360-

degree turn witnessed over a period of almost 190 years.

The business of life insurance in India in its existing form started in India

in the year 1818 with the establishment of the Oriental Life Insurance

Company in Calcutta.

Some of the milestones in life

insurance:

1912 - The Indian Life Assurance Companies 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.


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1938 - Earlier legislation consolidated and amended to by the

Insurance Act with the objective of protecting the interests of the

insuring public.

1956 - 245 Indian and foreign insurers and provident societies taken

over by the central government and nationalized. LIC formed by an

Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs.

5 crore from the Government of India.

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 by the

British.

Some of the milestones in general insurance:

1907 - The Indian Mercantile Insurance Ltd.

set up, the first company to transact all classes

of general insurance business.

1957 - General 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 investments and set

minimum solvency margins and the Tariff Advisory Committee set


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up1972 - The General Insurance Business (Nationalization) Act, 1972

nationalized the general insurance 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., the Oriental Insurance Company Ltd. and the United

India Insurance Company Ltd. GIC incorporated as a company.

Some prominent players in the

field of life insurance:


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HDFC Standard Life Insurance Company Ltd.

Max New York Life Insurance Co. Ltd.

ICICI Prudential Life Insurance Company Ltd.

Kotak Mahindra Old Mutual Life Insurance Limited

Birla Sun Life Insurance Company Ltd.

Tata AIG Life Insurance Company Ltd.

SBI Life Insurance Company Limited .

ING Vysya Life Insurance Company Private Limited

Bajaj Allianz Life Insurance Company Limited

Metlife India Insurance Company Ltd.

Future Generali India Life Insurance Company Limited

IDBI Fortis Life Insurance Company Ltd.

Reliance Life Insurance Company Limited.

Aviva Life Insurance Co. India Pvt. Ltd.

Sahara India Insurance Company Ltd.

Shriram Life Insurance Company Ltd.


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Bharti AXA Life Insurance Company Ltd.

Future Generali India Life Insurance Company Limited

IDBI Fortis Life Insurance Company Ltd.

Canara HSBC Oriental Bank of Commerce Life Insurance Company

Ltd.

Aegon Religare Life Insurance Company

some of the prominent players in the feild of

general insurance:

Royal Sundaram Alliance Insurance Company Limited

Reliance General Insurance Company Limited.

IFFCO Tokio General Insurance Co. Ltd

TATA AIG General Insurance Company Ltd.

Bajaj Allianz General Insurance Company

Limited

ICICI Lombard General Insurance

Company Limited.

Apollo DKV Insurance Company Limited


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Future Generali India Insurance Company Limited

Universal Sompo General Insurance Company Ltd.

Cholamandalam General Insurance Company Ltd.

Export Credit Guarantee Corporation Ltd.

HDFC-Chubb General Insurance Co. Ltd.

Bharti Axa General Insurance Company Ltd.

Raheja QBE General Insurance Co. Ltd

Shriram General Insurance Co. Ltd.


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Insurance Regulatory and Development Authority

(IRDA):

The Insurance Regulatory and DevelopmentAuthority (IRDA)[1] is a national agency of the

Government of India, based in Hyderabad. It was

formed by an act of Indian Parliament known as IRDA

Act 1999, which was amended in 2002 to incorporate

some emerging requirements. Mission of IRDA as stated

in the act is "to protect the interests of the

policyholders, to regulate, promote and ensure orderlygrowth of the insurance industry and for matters

connected therewith or incidental thereto.

Mission of IRDA

To protect the interests of the policyholders, to regulate, promote and

ensure orderly growth of the insurance industry and for mattersconnected therewith or incidental thereto

INSURANCE REGULATORY & DEVELOPMENT AUTHORITY (IRDA) ACT,

1999.

Under this Act an authority called IRDA has been set up.

This is a corporate body established for the purpose and objects as set out in theexplanation to the title.

The Authority replaces Controller under Insurance Act 1938.

The first schedule amends Insurance Act 1938.

It states that if Authority is superseded by Central Government, the Controller of

Insurance may be appointed till such time as Authority is reconstituted.


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CONSTITUTION OF IRDA

The Insurance Regulatory and Development Authority consists of the following

members:

1. Chairperson.

2. Less than five whole time members.

3. Less than four part time members.

Members should be persons of Ability, Integrity & Standing.

They should have experience in the fields of

1. Life Insurance

2. General Insurance

3. Actuarial Science

4. Finance

5. Economics

6. Law

7. Accountancy

8. Administration

Chairperson, members, officers and other employees of Authority shall be public

servants.


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THE FOLLOWING ARE THE EXPECTATIONS FROM

IRDA:

The law of India has following expectations from IRDA

To protect the interest of and secure fair treatment to policyholders

To bring about speedy and orderly growth of

the insurance industry (including annuity and

superannuation payments), for the benefit of the common man, and

to provide long term funds for accelerating growth of the economy;

To set, promote, monitor and enforce high standards of integrity,

financial soundness, fair dealing and competence of those it regulates;

To ensure that insurance customers receive precise, clear and correct

information about products and services and make them aware of

their responsibilities and duties in this regard;

. To ensure speedy settlement of genuine claims, to prevent insurance

frauds and other malpractices and put in place effective grievance

redressal machinery;


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online exam of IRDA, clearing that exam the candidate becomes a

Recruitment Advisor or agent at the organization.

This is the basic schedule which is being followed by the

1. Name gathering: - Its a continuous process. (on going)

1. Name gathering: - Its a continuous process. (on going)

2. Call people to office: - The persons who turn up in the organization

for a formal meeting with the recruitment head at MNYL.

3. Initial screening: - This is next step to be followed as per the pre-

defined schedule of MNYL.

4. Career seminar: - This is a PPT (power point presentation) which is

given to the personnel those who have been selected for the next level

after the initial screening.


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5. P200: - This is a detailed form known as the PROJECT 200.

According to this the candidate has to fill in the form which includes

the filling of 200 contacts which the candidate has interacted with or

knows well (as such relatives, friends or any known personnel).

6. Evaluate: - On the filling of the P200 the candidate is further

evaluated.

7.Career interview: - This is an interview with the OFFICE HEAD & also

the last stage of the schedule which to be followed at MAX

RECURITMENT OF FINANCIAL ADVISORS:

The Insurance Regulatory and Development Authority, IRDA for short,

has lain down that those who wish to become insurance agents will be

given licenses only after they complete a course of study and pass an

examination prescribed by it. In 2000, when the IRDA made the relevant

regulations, the course of study was to last 100 hours. The course IC 33

was prepared keeping in mind that requirement. In 2007, the period of

compulsory study has been reduced to 50 hours.


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The institute wishes all those who complete this course and get their

licenses, very successful careers as insurance agents.

BASIC CRITERIA:

According to IRDA to join any insurance company or to become a part of

agents family, you must meet essential criteria.

Age 18 years and above

Education 12th Pass

DEFINITION OF FINANCIAL ADVISORS:

According to Section 182 of the Indian Contracts 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 insurer to procure new business.


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The Insurance Act defines an insurance agent as one who is licensed under

Section 42 of that Act and is paid by way of commission or otherwise, in

consideration of his soliciting or procuring insurance business, including

business relating to the continuance, renewal or revival of policies of

insurance. He is for all purposes, an authorized salesman for insurance

and needs a license.

As stated above, an agent is one who acts on behalf of another. The

another on whose behalf the agent acts, is called the principal. The

insurance company is the principal in this case. The lawyer is the agent of

the client, when he argues the case in court. An ambassador is an agent of

his country. The agents represent the principal and acts on his behalf.

Some insurers designate their agents as advisors, consultantsetc., as if

they are independent persons. It is the nature of the function, which

determines the relationship of agency, not the designation. An independent

advisor or consultant would not be appointed by and insurance company.

He would be knowledgeable enough as a person to be approached for

advice or consultation. Some insurance agents may acquire that status. All

insurance agents should strive to attain that status. In the layman language

we can say an insurance agent is a person who takes up agency from the


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insurance company to sell their policy on a commission basis. He acts as an

intermediary between the insurance company and the policy holder. But

before doing so, he has to undergo training and get a certificate of

proficiency from the insurance company.

PROCEDURE OF BECOMING OF FINANCIALADVISORS:

The Insurance Act, 1938 lays down that an insurance agent must possess a

license under Section 42 of that Act. The license is to be issued by the

IRDA. The IRDA has authorized designated persons, in each insurance

company, to issue the licenses on behalf of the IRDA. The fee for the

license is Rs. 250 for individual as well as corporate agents. A license is

granted for 3 years. It may be renewed after 3 years. The fee for the

certification of the specified person is Rs. 500. This is also valid for 3 years.

A license issued by the IRDA may be to act as an agent for a life insurer,

for a general insurer or as a composite insurance agent working for a life

insurer as well as a general insurer. No agent is allowed to work for more

than one life insurer or more than one general insurer.


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The qualifications necessary before a license can be given are that the

(individual or corporate insurance executive) must

Not be a minor

Have passed at least the 12th standard or equivalent examination, if he

is to be appointed in a place with population of 5000 or more, or 10 th

standard otherwise

Have undergone practical training for at least 100 hours in life or

general insurance business, as the case may be, from an institution,

approved and notified by the IRDA. In the case of a person wanting

to become a composite insurance agent, the applicant should have

completed at least 150 hours practical training in life and general

insurance business, which may be spread over six to eight weeks.

Have passed the pre-recruitment examination conducted by the

Insurance

In 2007, the IRDA has reduced the requirement of training hours of 50 to

100 hours.

Functions of financial advisors:


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The agents main function is to solicit and procure life insurance business

for the insurer, which has appointed him for that purpose. At the same

time, he is trusted by the prospect to advise him suitably, keeping his

circumstances and needs in mind. He is thus, in the unique role of a person

trusted by both parties to the transaction. His functions would require him

to

Understand the prospects needs and persuade him to buy a plan

of life insurance that suits his interests best

Complete the formalities (paper work, medical examination)

necessary to get the policy expeditiously

Keep in touch to ensure that changing circumstances are reflected

in the arrangements relating to premium payments, nomination

and other necessary alternations

Facilitate quick settlement of claims

Be totally honest with both the prospect and the insurer.


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The Regulations framed by the IRDA lays down a code of conduct which

incorporate some of these concepts. The code says interalia that the agent

shall

a. Identify himself and the insurance company of which he is an

agent

b. Disclose the license to the prospect on demand

c. Explain all available options to the prospect

d. Recommend a suitable plan taking into account the needs of the

prospect

e. Disclose the scales of commission, if asked for by the prospect

f. Explain the nature and importance of the information required

in the proposal form

g. Impress upon the prospect the need to disclose all information

h. Make all enquiries about the prospect

i. Inform the insurer about any material facts, including habits,

that could adversely affect the underwriting decision


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Responsibilities of financial advisors/agents:

An agent, individual or corporate, is the main component of the

distribution channel for the life insurance business. He would be required

to solicit and procure new life insurance business, in a manner that is

consistent with the interests of the policyholders and of the insurance

company. For this purpose, he would have to do the following.

Contact prospects for life insurance, study their needs and persuade

them to buy.

Complete all related formalities, including filling up proposal forms,

collecting premium, arranging medical examination, collecting proofs

(of age or income), reports and other information required by the

underwriter.

After having sold a new insurance policy, the agent has to ensure that the

policy continues, without a lapse, till it becomes a claim. The conservation

of the policy is in the interests of all the three persons concerned, the

insurer, the policyholder and the agent. For this purpose, he has to


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Keep in touch with the policyholder to make sure that renewal

premiums 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 and requirements.

In order that he may perform all these tasks well, the agent has to be

familiar with

The benefits under the various plans of insurance offered by his insurer.

The office procedures for various matters including the forms and

documents. The forms and procedures will vary between one insurer

and another.

RECURITMENT FUNNEL:

This is the recruitment funnel which shows the detailed process of the

recruitment process which is being practiced at MAX NEW YORK LIFE.

This shows the filtering process as such which depicts that in the initial


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stage 120 names are gathered & how they are filtered through various

stages hence contracting 4 agents.


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SURVEY ANALYSIS:

In order to understand the perception of customers, market position of

MAX NEW YORK LIFE INSURANCE.CO.LTD and general awareness

of Insurance, a survey was conducted. The sample size for the survey was

100 individuals. The respondents

were given a questionnaire (See Appendices) and asked, to answer the

questions. Some of the respondents were having policy of

MAX NEW YORK LIFE INSURANCE.CO.LTD and some of dont have.

On the basis of 100 samples, survey, conducted and analysis done.


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From the above pie chart it is clear that customers mostly preferred to

invest their money at the Beginning of the year to yield the benefits for the

whole year.

On the basis of survey (above chart), the result come out that customers

invest at the beginning of the year.

To judge the awareness of customers towards life insurance and the above

pie chart that 95% of the customers are aware of life insurance and only

5% are unaware. The 5% of customers who have answered that they are

unaware of life insurance could possibly be an error of lack of interest in

taking up the survey.


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During the survey I came to know that 76% of the

customers have the knowledge of the different

investments and 24% of the customers are not aware

of the different investments that are available .The

reason for the above outcome is the fear of the

investments and due to the lack of the proper

knowledge .


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On the basis of survey (above chart), the result come out that customers

invest in Insurance sector mostly. However it is well known that share

markets hold the first place in investment as every customer is interested

in return on investments. But keeping in mind the present economicconditions and the recession the perception of the customers have changed

towards insurance for tax benefits and safe investments.

To judge the perception of customers, that, in which Insurance company they like to invest

their money, a question is asked as to which Insurance Company they prefer most and it is

SBI Life (23%) customers invest.

It is cleared from above pie chart that customers invest in

23% in SBI Life

20% in Max New York

18% in ICICI Prudential


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8% in Bajaj Allianz

11% HDFC Standard Life

19% in LIC

1% in AVIVA Life Insurance

To understand the medium through which customers are aware about

insurance companies a question was asked and the following results were

obtained.

54% through commercial advertisements

33% through Newspaper

9% through Magazines

4% through hoardings


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In Lucknow, most of the customers are belonging to middle class family, so

they can pay premium, how much they are earning (monthly, yearly) and

most of customers also belonging to upper middle class family.

69% of customers like to pay premium in between Rs. 10,000 Rs.15, 000

because they can pay.

13% 0f customers say that they can pay premium in between Rs. 15,000

Rs. 30,000.

12% of customers can pay in between Rs.30, 000 Rs. 50,000.

3% of customers can pay in between Rs.50, 000 Rs. 1, 00,000.

3% individual can pay premium above Rs. 1, 00,000.


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Highest demand of Insurance return is that, customers want Return on

Investments i.e. 60%, 20% of customers want risk cover, Safety is 13%

and 7% is coverage from future perceived losses.

Above pie chart reflect that about Rider benefit. Rider benefit includes:

1) Accident death benefit


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2) Waiver of premium

3) Critical illness

4) Hospital cash benefit

5) Other (theft, damage of property, etc.)

12% of customers want benefit from Insurance in critical illness,

51% wants benefit from accident death,

4% of customers want waiver of premium [to refrain from enforcing (a

rule or penalty, etc)],

27% of customers want hospital cash benefit,

6% of customers want other (theft, damage of property, etc).


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66% customers are strongly satisfied,

31% customers are satisfied with the service provided by the company

because they are not getting policy bond timely therefore they are switch

over to Insurance Company.


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Annexure:The telephonic script which was used by at MAXNEWYORK LIFE INSURANCE to recruit the financial

advisors along with certain objections put forward

by the prospective:

Hello, MR X, you may not know me, my name is

SAURABHSRIVASTAVA. I am working as an intern in Max

Newyork life Insurance company here in Lucknow city . I would

like to schedule a time to spend 15-20 minutes with you. We

may be in a position to help each other, and I would to take

your advice.

EXPECTED OBJECTIONS:

What is it regarding ?

As I told you that I am in charge of recruitment for the

Lucknow city. My primary responsibility is to recruit successful

individuals

I cannot think of anybody to refer?

Of course Mr X ,I dont except you to know anybody

offhand .In the 15-20 minutes that we will spend together , we

will in a position to find out , if not than I have the pleasure of

meeting you .With in mind can I have your office address ?


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I will call you back

I would really appreciate that Mr X. In case if you are not in a

position to give a call by Monday , would it fine if I call you

back ?

I dont want to be an agent

Mr X ,I have not called you up for that purpose at all . As I told

you earlier also that I work as sales manager whose primary

responsibility is to recruit successful individuals who will workas the financial advisors for my company .

Where did you get my number from?

My company actually maintains database of successful

people in the city and thats where I got your name and

number from.

Tell me over phone

I would have loved to do that but , Mr you would

appreciate that such a great opportunity cannot be explained

over the phone properly and can be face to face in a propermanner .I am sure I will be able to add value to your time .

Would Tuesday morning fine with you ...........

I will speak to the people and get back to you

I really appreciate that Mr X but wouldnt you appreciate the

fact that you would be in a position to explain the opportunity

to the people once I have told you what exactly is this aboutand the kind of people we are looking out for


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I will tell everyone who is interested

I would really appreciate that Mr X ,but I would like to tell youthat our organisation is very quality conscious and has a very

strict selection process . So I would like to first discuss with you

the profile and traits of the people that we are looking out

for .Perhaps that would help your identity and answer the

queries of people who can fit the bill or would be the right

candidates for us . With that in mind would.......

I am already associated with life insurance

Thats fantastic Mr X, who would know this business better

than you but I would like to share this opportunity with you

personally and communicate hoe different we are from any

other insurance company

Why not MNYL? Why not LIC?

I really appreciate your query Mr X . No doubt LIC is a good

company but wouldnt you agree with the fact that no one

company can have all the good ideas? So I would suggest if

you could accommodate a meeting of 20-25 minutes wherein Iwill be in a position to tell you how are we different from any

other insurance company

I generally know people who are already well settled in

their business and so am I


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RECOMMENDATIONS

Max New York Life as an insurance firm has a very strong presence in

India and is rapidly expanding its operations in India. After working on

this project I feel that following are some of the ways in which the

company can improve the current market base and selection procedure

for AAs, the key revenue generating resource for the company:

Very few people in India are aware of the company and its

products. The company should find more ways to market itself to

the outside world and create awareness about its existence and

the efficiencies of its varied excellent products.

Another suggestion to the company would be to reduce its timing

for the training program for the agent advisors. Most of the people

coming to MNYL are not satisfied with the timing of training

and return dejected.

Have a re-look at the existing product range and design products

which can attract masses rather than just serving only classes


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CONCLUSION

It has been a great experience working with Max New York Life. I have

gained a lot of knowledge and improved immensely on my skills. I got

the opportunity to meet and communicate with many people and

undertake responsibility. I feel that MNYL is a great organization with

plenty scope for growth. One of the main reasons in the success of this

project was the constant appreciation and motivation from the staff of

MNYL . The internship was both informative and also interactive.


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Questionnaire:

Name-

Age-qualification-.

Address-

Contact no- email id-

Q1) When do you plan your investments?

I) Beginning of the year ii) middle of the year iii) end of the year

Q1) Are you aware of life insurance?

i) Yes ii) no

Q2) Have you ever invested in any of the firms?

i) yes ii) no


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Q3) What is your preference regarding investments?

i) Fixed deposit ii) insurance iii) share market iv) real state v)

mutual funds vi) others

Q4) Which insurance company do you prefer?

i) Bajaj allianz ii) sbi life iii) icici prudential iv) hdfc standard life

v) max new york life vi) LIC

If any others please specify

.

Q5) How did you come to know about the insurance company?

i) Commercial add ii) newspaper iii) magazines iv) hoardings

Q6) How much premium can you pay?

i) Rs 10,000 Rs 15,000 ii) Rs 15,000 Rs 30,000 iii) Rs 30,000 Rs50,000

Iv) Rs 50,000 Rs 1,00,000 v) above Rs 1, 00,000

Q7) How much do you expect as a risk cover?

i) Rs 2,00,000 ii) Rs 3,00,000 iii) Rs 4,00,000 iv) Rs 5,00,000 v)

above Rs 5,00,000

Q8) What do you expect as returns from your investments in insurance?

i) Risk coverage ii) safety iii) return on investments iv) coverage

from future perceived losses

Q9) What would be your preference regarding rider benefits?

i) Accidental death benefit ii) waiver of premium benefit iii) critical

illness benefit


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iv) hospital cashbenefit v) others

Q10) Are you satisfied with your insurance company?

i) Strongly satisfied ii) satisfied iii) strongly dissatisfied iv)dissatisfied v) others

Q11) Would you recommend your insurance company to your friend?

i) Yes ii) no

Q12) What are your opinions about insurance advisors?

.

Q13) Any suggestions

Thanks for your co-operation.


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Have a nice day


56/56

Bibliography

Internet

www.maxnewyorklife.com

www.maxindia.com

www.newyorklife.com www.irda.org

en.wikipedia.org/wiki/Inusrance
http://www.maxnewyorklife.com/http://www.maxindia.com/http://www.newyorklife.com/http://www.irda.org/http://www.maxnewyorklife.com/http://www.maxindia.com/http://www.newyorklife.com/http://www.irda.org/

summer project on expansion of distribution channel

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