GENRAL STUDY

ABOUT
LIFE INSURANCE
COMPANY
Presented By
Mehandi Hasan

(IBMR Business School

Bangalore)
 CONTENTS
Particulers
Page No.
1. ACKNOWLEDGEMENT
2.EXECUTIVE SUMMARY
3. Introduction of Industry, company and products.

i. Industry –Insurance

ii. Introduction of company

iii.Introduction of products
iv. .Market share

1. Organization Chart of the company

2. Other details Products / diversification etc.

i. Types of product & their details

ii. Training of Advisory Agents in Met

Life Insurance
iii.MDRT (Million Dollar Round Table )
6. Management Functions
i. Operation Department
ii. Human Resource department

iii. Marketing Department

iv.Learning Outcome
 7 . SWOT ANALYSIS
8 Chairman report
9 Conclusion.

ACKNOWLEDGEM
ENT

The project of such magnitude cannot be accomplished without

the assistance and co-operation of several people. Exchange of
ideas generates a new object to work in a better way. So,
whenever a person is helped and co-operation by others, his
heart is bound to pay gratitude and is not merely formalities
but an expression of deep sense of gratitude and cumulative
appreciation.

First of all I would like to thanks the management of IBMR ,

respected Dean Madam Dr. Chandra Niranjan who gave me
ample opportunity to work in corporate field. Also I am grateful
to Mr. Partho Ganguly ,Ms. Preeti Bhandari ,Mr. Arunanshu and
the Management at MetLife Insurance co. for giving me the
opportunity to do our 45 days project training in their
esteemed organization. I am highly obliged to Ms. skanda
(Branch manager) for granting us to undertake our training at
M G Road branch Bangalore.

I specially wish to thank Mr. Purushothaman.k (Sales Manager)

under whose able guidance and direction, we were able to give
shape to our training. Their constant review and excellent
suggestions throughout the project are highly commendable.

My heartfelt thanks go to all the executives who helped us gain

knowledge about the actual working and the processes
involved in various departments.

EXECUTIVE SUMMARY

In today’s corporate and competitive world, I find that

insurance sector has the maximum growth and potential as
compared to the other sectors. Insurance has the maximum
growth rate of 70-80% while as FMCG sector has maximum 12-
15% of growth rate. This growth potential attracts me to enter
in this sector and MET LIFE INDIA INSURANCE CO. LTD. has
given me the opportunity to work and get experience in highly
competitive and enhancing sector.
  The success story of good market share of different
organizations depends upon the availability of the
product and services near to the customer, which
can be distributed through a distribution channel. In
Insurance sector, distribution channel includes only
agents or agency holders of the company. If a
company like MET LIFE INDIA INSURANCE CO. LTD,
MAX NEW YORK LIFE, BAJAJ ALLIANZ, TATA AIG, etc
has adequate agents in the market they can capture
big market as compared to the other companies.

 Agents are the best way for a company of Insurance

sector through which policies and benefits of the
company can be explained to the customer.

Introduction of Industry, company

and products.:-

i. Introduction of Industry –Insurance:-

Insurance is a cover used for protecting oneself from the risk
of a financial loss. It is important to understand that risk is a
part of any person’s life and that it incre-ases as a person
increases in age, responsibility and wealth . Insurance is
risk coverage against financial losses and should not be taken
as an investment instrument.
There are mainly two parties involved in this – the insurer
and the insured. The insurer is the insurance company who
will provide the cover to the insured against any financial
losses . The insured may be an individual person or a group of
people like an employer, members of a society, etc.
A policy is the contract between the insurer and the
insured, which states the risks covered , the exclusions, if any,
and the benefits reimbursed on the happening of an event
like death, illness etc. The policy is paid through what is
called a premium , which is a set amount that must be paid
by the insured on a monthly, semi- annual or annual basis.
On the happening of an event like death , disability , fire,
etc, for which the insured is covered, the benefit amount
stated in the policy contract can be claimed by the insured.

ii. COMPANY OVERVIEW:-

MetLife: A Fortune 500 company in India

The Metropolitan Life Insurance Company (MetLife

®), established in 1868 , is one of the largest insurers in
the US, with over US$ 2.4 trillion of life insurance .
MetLife serves approximately 10 million individual
households in the US as well as 88 of the Fortune 100
companies. MetLife’s institutional clients have approximately
33 million employees and members.

MetLife India Life Insurance Company Private Limited was

incorporated in India in 2001 as a joint venture between
MetLife International Holdings Inc., The Jammu and Kashmir
Bank, M. Pallonji and Co. Pvt. Ltd. and other private
investors . MetLife India has developed and distributes a
range of life insurance products in India.

MetLife India is headquartered in Bangalore with offices

and presence in major Indian cities , and an additional
1000 outreach points through its channel partners . MetLife
India is driven by the principles of uncompromising integrity
and the highest level of professionalism. Its mission is to
work with utmost integrity, fairness and financial
prudencein all its dealings. The company has 600 employees,
3,000 commission agents and 300 - 400 other distributors .
MetLife India has a capital base of US$ 35 million. Working
towards a goal of 5 million customers by 2010, MetLife India
currently has more than 100,000 customers.

ABOUT THE LIFE INSURANCE COMPANY –

METLIFE

MetLife is a joint venture between its parent company,

Metropolitan Life Insurance Company (MetLife), Jammu and
Kashmir Bank , M. Pallonji and Co. and other private
investors.

MetLife, having 130-year-old reputation, is the largest Life

Insurance Company in the U.S.

MetLife operates in 15 countries throughout Americas,

Europe and Asia and it serves approximately 9 million
individual households in the U.S as well as 87 of the
Fortune 100 companies.

MetLife benefits from its parent company’s global

presence in the field of insurance , track record of
establishing successful insurance operations in emerging
markets and the unique strengths of its other Indian
promoters.

MetLife, headquartered in Bangalore, delivers value and world

class service to customers through its financial advisors and
corporate sales representatives.

Partners:-
MetLife’s Functional Structure:-
MetLife’s sales function is divided into two functional
structures within the organization. These two Structures are:

 Bancassurance
  Agency

Both types of structures are described as follows:

BANCASSURANCE OR BANCA: -

MetLife is a pioneer in offering life insurance solutions

through banks and alliances. Within a short span of two years,
and with nearly a large number of partners, B & A has emerged
as a vital component of the company’s sales and
distribution strategy, contributing to approximately one
third of company’s totalbusiness.
The business philosophy at B&A is to leverage
distribution synergies with there partners and add value to
its customers as well as the partners. Flexibility ,
adaptation and experimenting with new ideas are the
hallmarks of this channel. The business philosophy at B&A is
to leverage distribution synergies with its partners and add
value to the business of both. Bancassurance Team include

Banks:-

 The Jammu and Kashmir Bank

 Axis Bank

 Dhanalakshmi Bank

 Karnataka Bank
Corporate Agents:-
 Karvy Consultants Limited

 Geojit Securities

 Way2wealth Consultancy

 Mini Muthoottu Bank

AGENCY:-

Agency is the largest distribution channel of MetLife

comprising a large advisor force that targets various customer
segments.
The strength of agency lies in an aggressive strategy of
expanding and procuring quality business. With focus on sales
& people development , agency has emerged as a robust,
predictable and sustainable business model.
Generally this advisors works under the leadership of
sales manager,
Who motivate them in every step by providing training
and guidance to them, usually each sales manager have 20 to
30 advisors under them.

 Branch Sales Manager (BSM)/ Area manager

 Agency Manager(AM)

 Sales Manager (SM)

 Advisors:- Advisors are the people who are the

regular or non- regular employees of the METLIFE,

[Commissioned agents are also a part of agency but

they are not the regular employees of the company and are
being paid for insuring peoples with Metlife’s traditional
and non traditional insurance policy.]

Market Share of MetLife:-

Marke

10%
Organization Chart of the company
5%
8%

3%
 Zonal business
head

manager Zonal Zonal Zonal Assistant

Zonal operation research territory manager
human manager manager manager &

Regional
Manager/e ABSM/BSM Training
training
xecutives manager
manager

Training
Chief Sales
manager
executive manager

Advisor Master
trainer
 Product
s
Child Plan:-
Met Bhavishya
MetLife offers 'Met Bhavishya' - a guaranteed money back plan
that pays out funds to help to meet the education and career
milestones of 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.

There are two options to choose from and fixed term benefits,
periodic additions & terminal additions are payable based on
the option that select. The policy is suitable for parents with
children between the ages 0-12 and parents in the age group
of 20-50 years old.

Met Junior Endowment

MetLife offers 'Met Junior'- a flexible endowment plan that
combines savings and security. Children's well-being is our
highest priority. So MetLife offer a plan which offers both timely
and efficient return on investment. All with a guarantee.

Met Junior - Non Par

On attaining maturity, the Person Insured will receive the Sum
Assured.
Met Junior - Par
On attaining maturity, the Person Insured will receive the Sum
Assured, the Reversionary Bonus and the Terminal Bonus, if
any.

Met Little Star

When child is born, a star is born in family. And, parents would
like to provide their star with all the building blocks that could
develop his or her potential to the fullest. This could mean
special instruction sessions for talented children, unique
training gear for exceptional athletes or qualified training for
born singers to provide that extra-edge.

To ensure this, parents would need an investment and

protection package that is exclusively designed to help you
plan for financial security, no matter what uncertainties life
brings.

'Met Little Star', a Unit-Linked, regular premium, child insurance

plan helps parents do just that. It secures finances for child's
educational needs and ensures that plans go as planned, no
matter what the circumstances.

\Met Junior Money Back

MetLife offers 'Met Junior Money Back' - a money back plan that
combines savings and security. Child's well-being is our highest
priority. So MetLife offer a money back plan which provides
guaranteed periodic survival benefits at the end of 5, 10 & 15
years, along with guaranteed growth of savings.

A plan which offers both timely and efficient return on

investment with payouts at different milestones.
Survival Benefit

At the end of 5 20% of Sum Assured

years

At the end of 10 20% of Sum Assured

years

At the end of 15 20% of Sum Assured

years

Upon survival to 40% of Sum Assured plus total

maturity Guaranteed Additions

Met Magic
MetLife offers 'Met Magic', a Unit-Linked (non-medical, regular
premium) life insurance plan (Non Par).
Parents always want their little angel to have the best, in every
sphere of life. You don't want your child to have to
compromise. No matter what the circumstances.
Met Magic, a unique life insurance plan, helps you secure the
future of your loved one!

(IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT

PORTFOLIO IS BORNE BY THE POLICY HOLDER )
Retirement

Met Growth
MetLife offers 'Met
Growth' - a Unit-
Linked solution to help in golden years. It is specially designed
to provide financial security for future requirements. This plan
allows to start planning immediately by ensuring the safety of
first year premiums. It also helps create retirement fund faster
by giving you 100% allocation from the second year onwards,
coupled with attractive loyalty additions into fund. Guaranteed.

Entry Age (in completed Min – 0 years (3 months to be

years) completed)
Max – 60 years

Maturity Age Min – 18 years

Max – 75 years

Coverage Term 15 / 20 / 25 / 30 years

Premium Payment Term Regular

Minimum Annualized Rs. 12,000

Premium

Basic Sum Assured Min - 5 times the Annualized

Premium ***Other Sum Assured
 multiples - 10 times & 20 times
the Annualized Premium.

Premium Paying Modes Monthly, Quarterly, Half-yearly,

Yearly

Benefit

• Death Benefit
In the unfortunate event of death, the higher of the Sum Assured or the
Fund Value would be payable.
If death of the Person Insured occurs before age 7, the Fund Value plus
the regular premium received by us in the first policy year is payable.
• Maturity Benefit
On maturity, you will receive the Fund Value including the Guaranteed
Loyalty Addition or you can opt for the settlement options.
• Loyalty Additions
You get the guarantee of enhancing your wealth creation through
guaranteed loyalty additions (up to 120% of the first year annual
premium) at the end of the 10th & 15th year plus Guaranteed Additions
as a % of the Fund Value.
At the end of the 10th year: 50% of the first year annualized premium
At the end of the 15th year:
Met Advantage Plus
MetLife offers 'Met Advantage Plus' - a Unit-Linked Pension Plan
that allows to effectively and efficiently accumulate retirement
needs. As the name suggests, it comes with many
advantages.One can choose from eight annuity options, two
life cover options and get tax benefits under Section 80 C and
10 (10 A). One can buy the plan without any hassles and invest
more as you approach retirement by using the top-up
functionality. All in all, it’s a plan which works harder when one
stop working. For one, it ensures that you lead a comfortable
lifestyle post retirement.
Entry Age (in completed Min – 20 years
years) Max – 55 years

Minimum Term 10 years

Minimum Vesting Age 45 years

Maximum Vesting Age 65 years

Minimum Premiums Single Pay: Rs. 1,00,000

Regular Premium: Rs. 10,000

Premium Paying Term Single Pay & Regular Pay

Benefits

Death Benefit
In case of death during the accumulation period, the death
benefit payable is:
Under Option A: A guaranteed amount of 110% of the Fund
Value is payable to the nominee.
Under Option B: 100% of the Fund Value is payable to the
nominee.

Vesting Benefit
On the vesting date, i.e. at the end of the accumulation
term,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.

Met Pension-Par
'Met Pension (Par)' serves as a friendly helping hand so one can
stay financially independent even after retirement. It helps to
build up a fund for golden years.
With this plan,one can ensure his\her enjoy retirement as a
happy new chapter.

Entry Age (in Min – 18 years

completed years) Max – 60 years

Minimum Term 10 years

Minimum Vesting 45 years

Age

Maximum Vesting 70 years

Age

Minimum Sum Rs. 50,000

Assured

Maximum Sum No Limit

Assured

Minimum Annual Rs. 4000 p.a. for Regular Pay

Premium

Premium Payment Single Pay, Limited Pay (3 or 5 Pay) &

Term Regular Pay

Benefits
Death Benefit
In case of death while one is saving for retirement, the death benefit payable is:
1. Return of premiums.
2. Accrued reversionary bonus, if any.
3. Any insurance on the life of the Insured that may be provided by riders to
this policy.
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

Savings:-
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.

Entry Age Min - 15 years

Max - 55 years

Coverage Term 20 years

Premium Payment Term Regular

Minimum Sum Assured Rs. 75,000

Maximum Sum Assured No Limit

Benefits
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.
Survival Benefits

At the end of 5 20% of the Sum

years Assured

At the end of 10 20% of the Sum

years Assured

At the end of 15 20% of the Sum

years Assured

Upon survival to 40% of the Sum

maturity Assured plus Total
Guaranteed Additions
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 a customer at affordable premiums.

Met Suvidha is available in both participating as well as non-

participating versions.

Minimum Entry Age Par: 15 years - 60 years

Non-Par: 15 years - 70 years

Term Par: - 15 years - 30 years

Non-Par: 5 years - 30 years

Premium Paying Terms Single Pay, Limited Pay (5 or

10) & Regular Pay

Minimum Annual Premium Rs. 2,500

Amount

Minimum Sum Assured Rs. 75,000

Maximum Sum Assured No Limit

Met Saral
MetLife presents 'Met Saral' - a non- participating endowment
plan. As the name suggests, it’s a simple savings plan which
gets customer into the savings habit without any medical tests.
All need to do is fill in a simple application form and are
ensured a guaranteed maturity amount of Rs 100,000, even in
the case of death during the term. Take the first step towards a
better financial future for customer and his family. Ensure and
insure the first Lakh.

Met 100
'Met 100' - a whole life policy where customer 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.

Met 100 is available in participating as well as non-

participating versions.

Non-Par Par

Minimum Entry 15 yrs 0 yrs

Age
 Age 65 yrs for ppt of 20 yrs of 15 yrs
60 yrs for ppt of 25 yrs 65 yrs for ppt
of 20 yrs
60 yrs for ppt
of 25 yrs
70 yrs for life –
ppt

Premium Paying 15, 20, 25 yrs 15, 20, 25 yrs

Terms

Minimum Sum Rs. 50,000 Rs. 50,000

Assured

Maximum Sum No limit (subject to UW) No limit

Assured (subject to UW)

Minimum Annual Rs. 1,000 for issue age of Met 100 Gold:
Premium < 15 yrs Rs. 2,500
Rs. 2,500 for issue age of Met 100
> = 15 yrs Platinum: Rs.
7,500

Met 100 - Non-Par

Death Benefit
Met 100 - Par
In the event of death, the Sum
Assured plus the Reversionary
Bonus and Terminal Bonuses, if
any, are payable.
In the event of death, the Sum
Assured is payable.
Maturity Benefit
Met 100 - Par
On maturity of the policy, the Sum
Assured plus the Reversionary
Bonus and Terminal Bonuses, if Met 100 - Non-Par
any, are payable. On maturity of the policy,
the Sum Assured is payable

Choice of attractive investment funds

Flexibility to manage investments through switching and

redirection

Additional protection against disease and disability through

riders

Flexibility to invest lump sum amount through top ups

Free Loyalty Units

Tax benefit on premiums and maturity value

Eligibility Criteria

Protection:-

Met Suraksha
MetLife offers 'Met Suraksha - Term Assurance (TA)', a non
participating term assurance plan which provides life cover at a
nominal cost. To put it simply, it is a life insurance plan that
gives complete protection to enjoy life to the fullest. Customer
can further customize plan with two riders – Accidental Death
Benefit and Critical Illness.
Met Suraksha TROP
MetLife offers 'Met Suraksha - Term with Return of Premium
(TROP)', a non participating term assurance plan which
provides life cover at a nominal cost. To put it simply, it is a life
insurance plan that gives complete protection to enjoy life to
the fullest. You can further customize your plan with two riders
– Accidental Death Benefit and Critical Illness.

Met Mortgage Protector

This plan which provides 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 an
amount equal to the outstanding amount as per the policy
schedule.

It ensures the assets that have created stays with family.

Rural :-
None of us can be sure what tomorrow will bring. Shield your families
against the unknown. MetLife’s rural plans protect your loved ones
against financial liabilities and help you save for tomorrow. All at
affordable premiums

Met Vishwas
'Met Vishwas', - a single premium, micro insurance, non-
participating term assurance plan which provides life cover at a
nominal cost. On survival, customers get 110% or 125% of the
premium.

Minimum Entry Age 18 years

Maximum Entry Age 60 years

Maximum Maturity 70 years

Age

Minimum Sum Rs. 5,000

Assured

Maximum Sum Rs. 50,000

Assured

Policy Term 5 or 10 years

Premium Paying Single Pay

Terms

Met Suvidha-Rural
Met Suvidha (Rural) is a participating flexible Endowment Plan
that combines savings and security. In addition to providing
protection up to maturity, it helps to save for specific long term
financial objectives. This long term savings-cum-protection
plan comes at affordable premiums.

Benefits:
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.

It is an Endowment plan that offers both savings and life

insurance.

Flexible premium paying options to suit various income cycles.

A plan which participates in the bonuses declared by the

company.

Customization possible with Accident Death Benefit, Critical

Illness, Term, Waiver of Premium Riders for comprehensive
protection.

Investment:-

MetLife’s Unit-Linked Insurance Plans ensure systematic enhancement of

wealth. Be it higher returns or the right blend of protection and wealth
optimization, they help to ensure the right choice and peace of mind.

(IN THESE POLICY, THE INVESTMENT RISK IN INVESTMENT

PORTFOLIO IS BORNE BY THE POLICY HOLDER )
Met Easy

A simplified unit-linked plan which offers an opportunity to

systematically build wealth and protection for you and your
family.

10 years 15 years 20 years

Minimum 8 3 0 (3 months to
Age at be completed)
Entry

Maximum 55 50 50
Age at
Entry

Minimum 20,000 15,000 12,000

Premium

Maximum 6,00,000 4,00,000 3,00,000

Premium

Sum 5 times the 7.5 times the 10 times the

Assured annualized annualized annualized
regular regular premium regular
premium premium

Premium Yearly, Half- Yearly, Half- Yearly, Half-

payment yearly, yearly, yearly,
modes Quarterly, Quarterly, Quarterly,
Monthly Monthly Monthly
(The maximum Sum Assured available in this product is based
on age, at the time of buying the policy.)

Benefits-

Death Benefit Year: Higher of 100% us in the first policy

In the event of death of the Sum Assured year is payable.
In the 1st Policy or Fund Value. If
Maturity
Year: Higher of 50% death of the Person
of the Sum Assured Insured occurs before Benefit
or the Fund Value is age 7, the Fund Value On maturity, you
payable. plus the Regular will receive the
After the 1st Policy Premium received by Fund Value
including the Loyalty wealth creation
Loyalty Addition Additions with loyalty
or you can opt for With Met Easy, additions that are
the settlement you get the added to
options. benefit of your policy on
potentially maturity.
enhancing your
Met Smart Gold
MetLife offers 'Met Smart Gold'- a Unit-Linked wealth creation
cum protection plan for the well-heeled. It's specially conceived
so that one can get a plan to match his specific financial
requirements.

If you are keen on investing lump sum amounts over a shorter

horizon, this is the ideal plan for you.

Met Smart Plus-Regular Pay

'Met Smart Plus' – a Unit-Linked Whole life plan that matures at
age 100. If you want to protect your family from life’s
uncertainties; at the same time, you wish insurance would yield
higher returns on your investments. You want your insurance
policy to help realize all your dreams. It’s a right plan to go with.

Entry Age (in Min – 0 years (3 months to be

completed years) completed)

Max – 70 years

Maturity Age 100 years

Premium Payment Regular

 Term

Minimum Annualized Rs. 12,000

Premium

Minimum Basic Sum Rs. 60,000

Assured

Premium Payment Monthly, Quarterly, Half-yearly,

Modes Yearly

Met Smart Plus- Single Pay

Same as Met Smart Plus Regular but premium is payable in a
single term or at the time of policy taken.

Met Smart Premier- Regular Pay

MetLife offers 'Met Smart Premier' – a Unit-Linked Whole life plan
that matures at age 100. You want to protect your family from
life’s uncertainties; at the same time, you wish insurance would
yield higher returns on your investments. You want your
insurance policy to help realize all your dreams.

Met Smart Premier- Single Pay

Payable lump sum at the time of policy taken.
Health:-
Met Health Care
Health problems strike unexpectedly. In addition to causing ill
health, it can also scar financial health. One need to protect
himself against such a situation through a health insurance plan.
In order to ensure you are well protected to face any health
condition that could befall you, MetLife presents - Met Health
Care, a simple health insurance policy with unique and smart
advantages for you and your family#.

(# Family means spouse and two children. Every additional family member shall
be underwritten as per the underwriting conditions laid by the Company from time
to time.)

Met Health Care is a long term health insurance plan from

MetLife. This plan covers

1. Hospitalization expenses by providing a Daily Cash benefit as

chosen by you.
2. 10 major Critical Illnesses by providing a lump sum benefit.
3. Total & Permanent Disability due to accident by providing a
lump sum benefit.

All the above benefits can be availed without the hassle of

undergoing any medical examination. Just fill up the simple
application form and start enjoying the unmatched benefits of
Met Health Care.
 Minimum/Maximum 18 years-55 years (At first entry, for
age of entry the Principal insured)
3 months-55 years (For Secondary
Insured lives)

Cover ceasing age 65 years

Maturity/Death No Maturity/Death Benefit payable

Benefit

Benefits Offered (a) Daily Hospitalisation Cash Benefit

(b) Daily ICU Cash Benefit
(c) Recuperation Benefit
(d) Critical Illness Benefit
(e) Accidental Total & Permanent
Disability
Benefit

Premium paying Yearly. Half-Yearly mode is avaiable

frequency only if each of the persons insured
choose a daily cash benefit of Rs. 3000
or more.

Illustration

Benefit Option 1 Option 2 Option Option Option

 3 4 5

Daily Rs. 1000 Rs. 2000 Rs. 3000 Rs. 4000 Rs. 5000
Hospitalisati per day per day per day per day per day
on Cash
Benefit

Daily ICU Rs. 2000 Rs. 4000 Rs. 6000 Rs. 6000 Rs. 6000
Cash Benefit per day per day per day per day per day

Recuperatio Rs. 3000 Rs. 6000 Rs. 9000 Rs. Rs.

n Benefit 10000 10000

Critical Rs. 1 Rs. 2 Rs. 3 Rs. 3 Rs. 3

Illness Lakh Lakh Lakh Lakh Lakh
Benefit

Accidental Rs. 1 Rs. 2 Rs. 3 Rs. 3 Rs. 3

Total & Lakh Lakh Lakh Lakh Lakh
Permanent
Disability
Benefit

Benefits

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.

Reasons to Buy

1. Coverage for the entire family.

2. No Claim Discounts.

3. Guaranteed Cover* till age 65.

4. Payouts in addition to other Insurance Plans.

5. Multiple Claims.

Training of Advisory Agents in Met

Life Insurance

The training program of the insurance agents in Met Life

Insurance is called Pathshala and is divided into four modules
which are as follows:

 CST (Compliance and Sales Training)

 PAP (Professional Advisory Program)

 EAP (Expert Advisory Program)

  MAP (Master Advisory Program)

CST Training Program:

CST Program also known as Compliance and Sales Training
program is the first module in the training program that Is
designed specifically to enhance the functioning of the agents.
Attending this program is important for the growth of the agent
and is a prerequisite for the Trigger and Eagle awards.

Module Overview:-

Duration:

3 days of 8 hours each.

Purpose:

The purpose of this module is to induct the agent into the life
insurance professional sales career.

Learning Objective:

Understand & relate to MetLife

Comprehensive understanding of the products
Understanding and practice basic script for an effective sales
process in the natural market
Through understanding of various processes including
underwriting, claims.

Understanding and relate to MetLife:

Under this part the agents are introduced to the company so
that they could come to know about the history of the company,
the values that the company holds and culture that is being
followed in the company so that they could easily relate
themselves to the company.

Comprehensive understanding of the products:

Under this part the agents are introduced to the different

products that the company is offering which help them to gain
sufficient knowledge about the product portfolio. They come to
know about the different types of the different types of the
products (e.g. Met Suvidha , Met Bhavishya , ULIP etc. ), the
benefits they are providing, the target market of the product (e.g
Met Suvidha is target mainly the married/unmarried peoples,
people with family and children, key persons of the organization
etc. while Met Bhavishya mainly target the childrens) , the
Premiums of different products . Understanding and practice
basic script for an effective sales process in the natural market:
Under this part the agents are trained how to start their
business in their known market(natural market) by automatically
creating a relationship between them and the prospect for a
personal reason. They are also taught the benefits that are
associated with the natural market, from where to start and
what should be their expected results.

PAP Training Program:

PAP Program also known as Professional Advisory Program is the
second module of the training program.
Module Overview

Duration:

3 days 8 hours

Learning Objective:

Understanding taxation for the current financial year

How to sell problems through illustrations
Objection handling
Building business on Referral Model.

EAP Training Program:

EAP Program also known as Expert Advisory Program is the

third module of the training program. This course will work
wonders for the agents, provided that they work the course well.

Module overview:

Duration:

2 days 8 hours each

Purpose:

The purpose of this module is to enable the agents to sell in

referral market professionally.
Learning Objectives:

At the end of this module the agents will be able to understand:

MetLife Sales Process
How to migrate to referral market
How to do need based selling to achieve higher average
premiums and more closing Goal setting

Sales Process

In this part the agents are introduced about their customers.

They follow an outline called sales Turbine and practiced it
week after week until it becomes natural to them. The outline is
as follows

PROSPECTING

Prospecting is the first step of the sales process which means to

prospectfor different customers through personal contacts or
from any other source. We can also prospect a customer by
taking referrals from our old customers.

APPROACH

Approach is the process after prospecting a customer in which

we have to make an approach to the customer for an
appointment at his/her convenient time and introduce your
company and its service.

FACT FINDING

In this process we have to find out the need of a customer in

order to provide a suitable product. This is done by explaining
the financial securities three corner i.e. protection, accumulation
and retirement.

SOLUTION

This is the step in which we have to find out the perfect product
which will solve the requirement of the customer

CLOSING

This is the last step of the complete sales process in which we

assist the customer in underwriting process.

This policy takes the agents to the next level by giving them
insight into the advanced concepts of life insurance advisory
that will enable them to reach greater levels of success. The
program discusses critical subjects such as persistency and
case rate and also some important traditional products. It also
puts lights on important topic of retirement planning, which is an
integral part of financial planning for all their clients.

MAP Training Program

MAP program also known as the Master Advisory program is
the forthand the final module of the MetLife sales training
program. MetLife training goes hand in hand with the field
achievements of the agents. This is a two day program which is
offered as a commitment to the development of the agents that
will give them the skills that will directly translated into more
business. During this 2 days program the agents goes through
some technical subject areas which are important for the growth
in the profession.
Purpose:

Learning objectives
Module Overview:

Duration:

2 day 8 hours each.

By the end of this 2 day MAP Module the agents should be able to
Understand Financial Markets and their working
Understand Estate Planning especially how it relates to insurance
Aspire for international recognition with MDRT
Understand claims and Reinsurance process
Set Goals to achieve your dreams.

Understanding Financial Markets

In this part the agents are introduced to the financial markets,

it’s type i.e. classification of the financial market etc, mutual
funds etc.

Understanding Estate Planning especially how it relates

to insurance

In this part the agents are introduced to estate planning,

different methods of transferring the ownership, procedure to
make a gift, what is a trust, what is the importance of will, what
are procedures involved in the transfer of property based on a
will.
 MDRT
MDRT stands for Million Dollar Round Table is the Primer
Association of Financial Professionals.
It is an international , independent association of more than
35,000 members , or less than 1%, of the world’s most
successful lifeinsurance and financial services professionals
from 476 companies in 76 nations and territories.
MDRT members demonstrate exceptional professional
knowledge , strict ethical conduct and outstanding client
service.
MDRT membership is recognized internationally as the
standard of sales excellence in the life insurance and
financial services business.
It is started in 1972 by 32 extraordinary life insurance producers
as aforum in order to foster a high standard , professional
approach to life insurance sales and service.

Purpose of MDRT:
To provide incentives for all insurance and financial
servicesprofessionals and advisors to reach their full
potential in theprofessional development , technical
competence and salesperformance.
To evaluate professional standard and prestige of insurance
and financial services of the professionals and advisors.

Mission Statement:
The mission of the MDRT is to be valued , member-driven
international network of leading insurance and investment
financial service professionals/advisors who serve their clients
by exemplary performance and the highest standards of ethics,
knowledge, service and productivity.

Code of Ethics:

MDRT members should be ever mindful that complete

compliance with and observance of the Code of Ethics of
the Million Dollar Round Table shall serve to promote the
highest quality standards of membership.
These standards will be beneficial to the public, and the
insurance and financial service profession.

Annual Meeting of MDRT:

A gathering of more than 6,000 of the world’s top financial
services professionals in the world.
Exposure to the finest and most innovative sales ideas in the life
insurance-based, financial services business.
Motivational and educational presentations by about 100
speakers.
A unique opportunity to network with other top financial
service professionals from around the world.

The MDRT Annual Meeting is an opportunity for the

agents to:

Celebrate being among the most elite financial professionals

in the world;
Learn cutting-edge ideas and concepts from the industry
experts;
Connect to other industry leaders- professionally and
personally;
Recharge yourself and let MDRT motivate you to have best
year, every year;
Grow through the life- and career-changing experience. The
advisory training is also provided to the commissioned
agents. The Commissioned agents are not the regular employees
of the company. But they undergo the same training as that
of the advisory agents. The commissioned agents are required
to cross each training module to get the specified incentives.

The advisory agents after crossing all the four modules of

training program are then placed in different branches of Metlife
India
Management Functions

OPERATION DEPARTMENT
There is various operational functions that are performed by this
insurance industry.

These works are as follows:

WORK OF OPERATION MANAGER IN METLIFE INSURANCE:

1. Login the policy.

2. Recruit the advisor.

3. Collection of premium through cash, DD,

and cheque.
 4. Collection of renewal premium.

5. Managing the policy document.

6. Managing the queries of customer.

7. Maintenance of attendance registers

8. Handling the various receipt

9. Keeping the track of all the stationary

items, proposed

forms (policy document, advisor

recruitment form).

10. Update the record of the entire sales

manager.

11. Scanning the entire document of the

login policy and

sending to the head office.

HUMAN RESOURCE DEPARTMENT

(a) RECRUITMENT PROCESS OF SALES MANAGER

There were certain criteria on which recruitment of Sales

managers was done

These criteria were:

  Confidence

 Contacts

 Experience

 Procedures

 Must have a bike and mobile

 Good communication skill

 Presentation skill

Recruitment is also done on then basis of references

and campus selection.

JOB PROFILE OF SALES MANAGER:

 Recruitment and training of advisors

 Monitoring the work of advisors

  Create club membership, advisors and business

(b) RECRUITMENT OF ADVISORS

ELIGIBILITY:
 Age: above 18
years.

 Education qualification: minimum 12th

standard(PUC)

 Good contact no.

DOCUMENT NEED FOR ADVISORS:

 Age proof

 Driving license

 Pan card

 Passport
  Address proof

 Bank a/c detail

BENEFITS TO THE ADVISORS:

 Commission: 2-40 % on premium.

 Contest: every month.

COMPENSATION STRUCTURE OF SALES MANAGER:

It is based on two parts:

 Fixed salary
 Variables

Fixed salary depends upon the designation, experience, and

profile of the employee.
 Variables include incentives, performance bonus, allowances
etc.

INDUCTION AND TRAINING OF SALES MANAGER:

 Training is done once a month

 Problems regarding their work is discussed

 New issues are informed to working people

 Latest way of performing task is provided to

 the managers

MARKETING STRATREGIES OF THE

COMPANY

With an unmatched record of delivering the industry’s very best service,

our Customer Relationships jobs support each of our clients to reach their
financial goals and build safety nets they can trust. Want to take your talent
for building relationships and delivering exceptional service to the next
level? You’ll find everything you need to meet your goals at MetLife.
Marketing careers at MetLife play a pivotal role in positioning a wide array
of insurance and financial services products that are essential to our
success and our mission of building financial freedom for people
everywhere. MetLife's core marketing functions work together to provide
the insight and knowledge needed to generate successful, comprehensive,
end-to-end solutions that are critical to our varied lines of business. As one
of the most recognized brands anywhere, MetLife offers jobs in Marketing
with a truly global reach.
From conducting market research and analyzing competitive intelligence to
identifying market opportunities and developing communications programs,
careers in marketing at MetLife are as dynamic as the markets we serve
and as diverse as the marketing functions we perform. We actively seek
experienced marketers with proven track records of success in the
following disciplines: market research, competitive intelligence,
communications, database management, lead generation, marketing
strategy, business development and sales support, incentives and
recognition, field marketing, and multicultural marketing. Whether you have
a degree or related industry experience, we'll provide you with the tools,
training and opportunities you need to reach your professional goals at
every step of your career.

PROMOTIONAL CRITERIA IN METLIFE INSURANCE

SENIOR PARTNER

ASSOCIATE
PARTNER

PROHIBITIONARY
JUNIOR SALES
SALES MANAGER
MANAGER
 SENIOR BUSINESS
DIVISION MANAGER

BUSINESS
DIVISIONAL

EXECUTIVE SALES
MANAGER

SENIOR SALES
MANAGER

SALES MANAGER

ASSISTANT SALES
MANAGER

PROMOTION OF PRODUCT
Promotion is “the personal or impersonal process of assisting and
/or persuading
a prospective customer to buy a product or service or to act
favorably upon the

idea that has commercial significance to the seller”.

Reliance life insurance promotes their product through:

 Through banner

 Through camp

LOCATING CUSTOMER

Marketing and personnel contact

Using reference

Self selling

Through recruitment of advisor and their contacts

TARGET CUSTOMER
Temples, schools, advocate assistant, matrimonial, CA, clerk,
musical and dance
Classes, gym, fashion designer, railways colonies, bank RTO,
NGO, hotel

Travels and tourism, ATMs, were the place given to me to collect

data.

LEARNING OUTCOME

 Interacting with strangers

 Telecalling
 Whom to approach
 Communicative skills
 Logging process
 How to behave in organization
 Culture of organisation

SWOT
ANALYSIS
Strengths
 Quality Distribution channels
 Strong Underwriting
 Strong Brand Name
 Quality products and Services

Weaknesses
 Limited Market Penetration
 Low Market Share
 Not a well know name in Interiors of India
 FDI allowed only upto 26%

Opportunities
 Cross sell financial Services are Untapped
 Untapped Rural Market
 Brand and Line Extension
 Niche market
 Threats
 Increasing expenses and Low Profit Margins
 Government Regulations and political situation
 Vulnerable to entry of new Players
 Increasing Interest rates

Chairman
report
In my letter to you last year, I talked about some of the attributes
that define and differentiate MetLife — our financial strength, our
leading position in the insurance industry and the guarantees we
provide our customers. In 2009, these attributes once again
proved to be critically important, and enabled us to grow
premiums, fees & other revenues 4% over 2008. This growth was
achieved in one of the most challenging

economic environments seen in decades, proving that MetLife’s

customers value what we bring to the marketplace —
demonstrated expertise in meeting their long-term financial
needs.

As shareholders of this great company, you know that our

extensive track record of success can also be attributed to the
long-term view we take. Over time, we have built leading
insurance and retirement businesses with tremendous scale
which, when combined with our unwavering focus on meeting
client needs, have enabled us to increase market share and
further strengthen our leadership positions.

Extending Our Lead in the U.S.

Last August, we took a bold step in reorganizing our businesses in

the United States to position MetLife for further success.
Specifically, we combined the former Institutional and Individual
Businesses, as well as our Auto & Home unit, into a single
organization now called U.S. Business. This realignment
recognized that we can better serve both employee benefit plan
sponsors and individual customers through a single, integrated
organization.
In U.S. Business — which consists of Insurance Products,
Retirement Products, Corporate Benefit Funding and Auto &
Home — premiums, fees & other revenues grew 2% over 2008 to
$28.6 billion. Importantly, this growth was achieved while we
simultaneously maintained our pricing and risk management
discipline. Briefly, I would like to

share some highlights of the performance of these businesses to

illustrate how our financial strength, scale and experience are
benefiting us:

In Insurance Products, premiums, fees & other revenues

increased 4% as each of the businesses that make up this
segment — group life, individual life and non-medical health —
grew over 2008. The scale that

MetLife has built in a number of group businesses has enabled us

to generate profitable growth, and this was particularly the case
with our group life and non-medical health businesses, where we
continue to maintain leading market positions. On the individual
side, we also saw strong demand for our whole and term life
insurance products, sales of which grew 46% and 23%,
respectively.

The demand for the guarantees associated with many of our

annuity products helped drive a 5% increase in premiums, fees &
other revenues in our Retirement Products business. In
addition, total annuity deposits
grew 10%. In 2009, we also maintained our leading position in
the annuity marketplace, ending the year as the number one
seller of annuities, according to VARDS and LIMRA.

Financial strength and long-term experience are just two factors

that have made us a leader and expert in

providing pension closeouts, structured settlements and other

solutions that make up our Corporate Benefit Funding
business. During 2009, we continued to capture market share in
the structured settlement

business, growing premiums for this product line 53% over 2008.
In addition, our long history of developing innovative pension risk
transfer solutions enabled us to generate $944 million in pension
closeout premiums.

Our Auto & Home business also had another solid year, with
sales of new policies increasing 10% over 2008. Today, we
remain the largest provider of group auto and home insurance
and this business continues to generate strong profits for MetLife,
ending the year with an excellent return on equity of 18% and a
combined ratio of 92.3%. In addition to the strong performance of
our U.S. insurance and retirement businesses, MetLife Bank
also grew considerably. In 2008, we acquired both forward and
reverse mortgage businesses, which helped drive the Bank’s
total revenues to $1.3 billion in 2009, up substantially from $284
million In 2008. In addition, total assets grew 37% from year-
end 2008 to reach $14.1 billion.
Expanding Our International Reach

The diversification in both product offerings and distribution that

has benefited our businesses in the U.S. has also enabled us to
grow internationally. In 2009, our International business
generated premiums, fees & other revenues of $4.3 billion as we
continued to focus on expanding our established businesses in
certain countries while also investing in operations that will
deliver future growth. Our international growth will be
accelerated as a result of our recently announced agreement to
acquire one of American International Group, Inc.’s
international subsidiaries, American Life Insurance Company
(ALICO) — one of the world’s largest and most diversified
international life insurance companies. With this acquisition,
MetLife will create a global life insurance and employee benefits
powerhouse, and is delivering on its strategy to accelerate
international expansion as a powerful growth engine for our
company. Upon completion of the transaction, MetLife,

which is already the largest life insurer in the United States and
Mexico, will become a leading competitor in Japan, the world’s
second-largest life insurance market. The transaction will give
MetLife a presence in more than 50 countries outside of the U.S.
It will materially advance our position in Europe andmoveMetLife
into a top fivemarket position in many high growth emerging
markets in Central and Eastern Europe, the Middle East and Latin
America. During the remainder of 2010, while ensuring
customers of both MetLife and ALICO receive seamless service,
we are dedicated to unlocking the value and earnings accretion
that this acquisition will bring to MetLife’s shareholders.

Demonstrating the Value of MetLife

Over the course of 2009, we continued to see the benefits of the

initiative we took to reposition MetLife’s investment portfolio prior
to the recession. As the year progressed, net unrealized losses
dropped dramatically. At

year-end 2009, our book value was $37.54 per share, a 37%
increase over year-end 2008.

In addition, we took a number of proactive steps in 2008 and

2009 to further improve shareholder value. Not only did we pay
an annual common stock dividend of $0.74 per share —
unchanged from 2007 and 2008 — but we did

not let the recession distract us from the strategic efforts we

began in 2007. Specifically, we made significant progress on our
Operational Excellence initiative in 2009, achieving our goal of
attaining at least $400 million in pretax annualized savings one
year ahead of our target. As a result, we have increased our pre-
tax annualized savings goal by $200 million to reach $600
million by year-end 2010.
Affirming MetLife’s Strong Financial Position

Before I conclude this letter, I feel it is important to highlight two

key issues that affirmed MetLife’s great financial strength last
year.

As you know, the economic challenges in the U.S. spurred the

government to implement a number of efforts to create stability
in the economy in 2009. One of these efforts was the U.S.
Department of the Treasury’s Capital Purchase Program,
otherwise known as TARP. In April, we announced that MetLife
had elected not to participate in the program. We made this
decision because of the actions we had already taken to reinforce
our strong financial position, including raising capital in the
marketplace in late 2008. This strong position was validated
when the results of the U.S. Treasury’s capital assessment
exercise (known as the stress test) affirmed that, based on the
economic scenarios and methodology of the exercise, MetLife
was deemed to have adequate capital to sustain a further
deterioration in the economy. It also reinforced what MetLife had
been saying since the financial crisis began — that we are
financially strong and well positioned for both the current
environment and a potential further economic downturn.

Looking ahead, I am very optimistic about MetLife’s future.

Despite all that has occurred in the global economy over the past
18 months, we have grown revenues and stayed true to our
disciplined focus on risk management, underwriting and
improving our expense margins.We will continue to bring an
intense focus to executing our growth strategies, enabling us to
meet the expanding financial needs of customers around the
world. This is what MetLife is all about.

CONCLUSION
Our exhaustive research in the field of Life Insurance threw up

some interesting trends which can be seen. A general impression

that we gathered during Data collection was the immense

awareness and knowledge among people about various

companies and their insurance products. People are beginning to

look beyond LIC for their insurance needs and are willing to trust

private players with their hard earned money.

People in general have been impression by the marketing and

advertising campaigns of insurance companies. A high

penetration of print, radio and Television ad campaigns over the

years is beginning to have its impact now.

Another heartening trend was in terms of people viewing

insurance as a tax saving and investment instrument as much as

a protective one. A very high number of respondents have opted

for insurance for such purposes and it shows how insurance

companies have been successful to attract public money in

recent times.

The general satisfaction levels among public with regards to

policy and agents still requires improvement. But therein lies the

opportunity for a relative new comer like MetLife.

Bibliography
Met Life India: Bngalore

1) Sales Manager : Mr. Purushothaman.K

2) Branch Manager: Skanda