SUMMER TRAINING REPORT SUBMITTED TOWARDS THE PARTIAL FULFILLMENT OF

BACHELOR OF BUSINESS ADMINISTRATION

SUMMER TRAINING PROJECT REPORT

ON

Comparative study on HDFC Standard Life

Insurance & MetLife India Insurance
Submitted By:
Name of student: Mayank Mahajan
Enrollment No: 00120601709
Batch:2009-2012

INTERNAL GUIDE

EXTERNAL GUIDE

Name: Mr. Mahtab Alam

Name: Mrs. Veenu dua

Designation: Assistant Professor

Designation: Sales Manager

Trinity Institute of Professional Studies

Affiliated To Guru Gobind Singh Indraprastha University

(I)

CERTIFICATE
TO WHOM SO EVER IT MAY CONCERN

This is to certify that the project work Comparative study on HDFC Standard Life
Insurance & MetLife India Insurance made by Mayank Mahajan of BBA GEN I
Shift 00120601709 is an authentic work carried out by her under guidance and supervision
of Mr. Mahtab Alam.
The project report submitted has been found satisfactory for the partial fulfillment of the degree
of Bachelor of Business Administration.

Internal Supervisor

Signature
Mahtab Alam
Name

(III)

ACKNOWLEDGEMENT

It is in particular that I am acknowledging my sincere feeling towards my mentors who

graciously gave me their time and expertise.
They have provided me with the valuable guidance, sustained efforts and friendly
approach. It would have been difficult to achieve the results in such a short span of time
without their help.
I deem it my duty to record my gratitude towards the External project supervisor Veenu
Dua and Internal project supervisor Mahtab Alam who devoted his/her precious time to
interact, guide and gave me the right approach to accomplish the task and also helped
me to enhance my knowledge and understanding of the project.

Mayank Mahajan
00120601709
BBA GEN
Ist shift

(IV)

DECLARATION

This is to certify that I have completed the Summer Training Project titled Comparative
study on HDFC Standard Life insurance and MetLife India insurance under the
guidance of Mr. Mahtab Alam in partial fulfillment of the requirement for the award
of degree of Bachelor of Business Administration (BBA) at Trinity Institute Of
professional Studies, Delhi. This is an original piece of work & I have not submitted it
earlier elsewhere.

MAYANK MAHAJAN
Name of the Student

(V)

EXECUTIVE SUMMARY
India has made tremendous progress in the field of Insurance over the last few years.
Providing Insurance to the common man, however, has remained a highly debated issue;
and there are several millions of people who remain out of access to even the basic
amenities as regards personal care and hygiene. One of the reasons assigned for such an

unfortunate situation is the vast geographical spread of the population that remains out of
reach for insurance facilities. For an economy that is growing at a faster rate than most
developed nations, there is an urgent need for overcoming such irritants. Another oftquoted reason for such a situation is the poverty that is the bane of several of these
masses. The total percentage of the Indian population that is covered under the umbrella
of any form of insurance protection is pathetically low. Unfortunately, insurance as a
viable alternative has not been able to make giant strides of progress, although it has
been growing, of late. A strong factor for the poor performance of insurance historically
has been the moral hazard associated with it. Having paid the premium for a certain
period, the policyholder imagines an inherent right in the enforcement of a claim. There is
need for all the stakeholders to make the insured understand the basic elements of the
insurance coverage. Some areas that insurers on their part may work on are widening the
coverage of the policies perhaps encouraging preventive care among the insured, for one.
The per capita total expenditure on insurance in India is US$ 23, of which the per capita
Government expenditure on health insurance is US$ 4. Hence, it is seen that the total
insurance expenditure is around 5% of GDP with breakdown of public expenditure
(0.9%); private expenditure (4.0%). The private expenditure can be further classified as
out-of-pocket (OOP) expenditure (3.6%) and employees/community financing (0.4%). It is
thus evident that public insurance investment has been comparatively low. In fact as a
percentage of GDP it has declined from 1.3% in 1990 to 0.9% as at present.
Furthermore, the central budgetary allocation for insurance (as a percentage of the total
Central budget) has been stagnant at 1.3% while in the states it has declined from 7.0%
to 5.5%.
(VI)

TABLE OF CONTENT
Particulars
(a)
(b)
(c)
(d)

Title Page
Certificate of the company
Certificate of the college
Acknowledgement

Page no.
I
II
III
IV

(e)
(f)
(g)

(h)

(i)

(j)

(k)
(l)
(m)
(n)
(o)

Declaration
Executive Summary
Chapter 1 (Profile of the Company)
Profile of the company
Nature of the organization
Companys vision and mission
Product range of the company
Size of the organization
Organization structure of the company
Market share and position of the company
Present leadership
Chapter 2 (Objectives and The Research Methodology)
Research objectives of the study
Research design
Research methodology of the study
Data collection
Limitations(problem in data collection)
Chapter 3 (Swot Analysis of the Company)
Strengths and weaknesses
Opportunities and threats
Competitive edge of the company
Chapter 4 (Findings and Analysis)
Analysis
Findings
Analysis of the problem under study
Interpretation of the result
Suggestions/Recommendations
Conclusion
Limitations
Bibliography
Annexure
(VII)

V
VI
(1-17)
2
3
6
7
14
15
16
17
(18-24)
19
19
20
21
24
(25-28)
26
27
28
(29-48)
30
41
42
43
(49)
(51)
(52)

CHAPTER-1
PROFILE OF THE
COMPANY

1. Profile of the Company/Firm

Name- MetLife India Insurance Company Ltd.
Address

Registered Office Address: Metlife India Insurance Company Ltd. 5th floor Orchid Centre
Golf Course Road, Sector 53, Gurgaon, phone:0124-4179000, 0124-456773422 Fax: 01242572748 Pin: 122002

Branch Address(where training is done): MetLife India Insurance Company Ltd. Flat
no.305 & 306 3rd Floor, Ashirwad Chowk, Aggarwal Mall Plot no.3 Sec-5 Dwarka, Delhi,
phone:01164736190, 01164736191 pin:110075
Website- www.metlife.co.in
Email- indiaservice@metlife.co.in
Type of Company- Multinational Company
Branches of the Company(India)

Andhra Pradesh

Haryana

Puducherry

Arunachal Pradesh

Himachal Pradesh

Rajasthan

Jammu and Kashmir

Tamilnadu

West Bengal

Bihar

Jharkhand

Tripura

Chandigarh

Karnataka

Uttrakhand

Chhattisgarh

Kerala

Gujarat

Delhi

Madhya Pradesh

Orissa

Goa

Maharashtra
(2)

(Foreign)

America (main branch)

Egypt

Korea

Russia

Argentina

Hong Kong

France

Pakistan

Australia

Italy

Spain

Brazil

Japan

United kingdom

China

Kuwait

Portugal

2. Nature of the organization

Introduction of the organization-MetLife India Insurance Company Limited (MetLife) is an

affiliate of MetLife, Inc. and was incorporated as a joint venture between MetLife
International Holdings, Inc., The Jammu and Kashmir Bank, M. Pallonji and Co. Private
Limited and other private investors. It is a private limited insurance company reaches
more than 90 million customers around the world it is the capitalized private sector
multinational company
MetLife, Inc. is the holding corporation for the Metropolitan Life Insurance Company
or MetLife for short. The firm was founded on March 24, 1868. MetLife is the largest
life insurer in the United States, with more than $3.3 trillion of life insurance in force. A
leader in savings and retirement products and services for individuals, small business, and
large institutions, MetLife serves 90 of the largest Fortune 100 companies. MetLife is
insuring the lives of the people for around 140 years.
Today, when people are feeling a greater financial burden than ever before, MetLife is
helping millions of its customers in creating their own personal safety net by taking
insurance plans.
(3)
METLIFE INDIA

FACT SHEET

Founded

2001

Started Operation

FY 2001-02

Headquarters

Bangalore, India
www.metlife.co.in

World Wide Web Address

Managing Director

Rajesh Relan

Employees

7688

Financial Advisors

56,072

Bancassurance Tie-Ups

5 (J&K Bank/Axis Bank/Dhanalakshmi

Bank/Karnataka Bank/Barclays)
Number Of Products

Over 28 products

Presence Through MetLife Offices

192 offices in 131 cities

Presence Through Bank Partners

1910 offices in 686 cities

History- The origins of Metropolitan Life Insurance Company (MetLife) go back to 1863,
when a group of New York City businessmen raised $100,000 to found the National
Union Life and Limb Insurance Company .Organized by a group of New York City
businessmen in 1863, the National Union Life and Limb Insurance Company began
business in July 1864 insuring Civil War sailors and soldiers against wartime-related
disabilities. By the end of 1864, National Union had written only 17 life and 56 accident
policies, and was in last place among the 27 life companies operating in New York State
and was running a deficit of $1,4000. On 25 march 1868, the first policy carrying the
name of the Metropolitan Life Insurance Company was issued . Dr. James R. Dow, a
retired physician from Brooklyn, New, was named Metropolitan Lifes first President.
In 1863 President James R. Dow, (a medical doctor) and the board of directors decided to
drop the casualty business and focus solely on life insurance business. And so began
Metropolitan Life Insurance Company.

(4)

Current Era- In 2001, MetLife was the first insurance company to establish a financial
holding company with a nationally chartered bank through its purchase of Grand Bank,
which was renamed MetLife Bank. The company also invested $1 billion in the U.S. stock
market during 2001, immediately after the September 11th terrorist attacks.
MetLife acquired

Travelers Life & Annuity and substantially

all of Citigroups

international insurance businesses for $12 billion. Current MetLife chairman C. Robert
(Rob) Henrickson was appointed chairman of the board of directors, president and chief
executive officer of MetLife in 2006.
In 2010, MetLife completed its purchase of American Life Insurance Company (Alico),
from American International Group (AIG). The $16.2 billion acquisition of Alico expanded
the companys life insurance and employee benefits business into more than 60 countries
compared to 17 countries before the acquisition. On March 21, 2011, MetLife announced

that Steven Kandarian, who had headed MetLife's investment department would succeed
Robert Henrickson as President and CEO as of May 1, 2011.
Business Sector- Metlife is a fast upcoming professional insurance company in India.
It is operating in the insurance sector. MetLife is one of the fastest growing life
insurance

companies. T h e M e t L i f e o r g a n i z a t i o n i s a l e a d i n g

insurance, annuities and

employee

benefit

provider

of

p r o g r a m s . MetLife India has

developed and distributes a range of life insurance products in India.

MetLife is a leader in savings and retirement products and services for individuals, small
businesses and large institutions. The company conducts its business operations through
five segments namely, institutional, individual, international, auto and home, as well as
the corporate. MetLife is operating in the area of insurance.

(5)

3. Companys Vision and Mission

Vision Meaning: A vision statement is sometimes called a picture of your company in

the future but its so much more than that. Your vision statement is your inspiration, the
framework for all your strategic planning. A vision statement may apply to an entire
company or to a single division of that company. Whether for all or part of an
organization, the vision statement answers the question, Where do we want to go?
MetLife Vision-to build financial freedom for everyone-guides the companys to
peoples growing needs for first rate financial products and services through various life
stages and economic cycles.

Mission Meaning: A mission statement is a brief description of a company's fundamental

purpose. A mission statement answers the question, "Why do we exist?"
The mission statement articulates the company's purpose both for those in the
organization and for the public. Every business should have a mission statement, both as
a way of ensuring that everyone in the organization is "on the same page" and to serve
as a baseline for effective business planning.
MetLife Mission-Our companys purpose is to simplify and aid the decision-making
process for our customers in buying a financial product. We will make information
available to the customer in the simplest and easily comprehendible way so that
customers can make an informed choice best suited for their individual needs.

(6)

4. Product range of the company

MetLife deals in the life insurance products. Product range of MetLife is:Life Insurance Products
Traditional
Products

Term plan

Endowment
plan

Money back

Child money

plan

back plan

Pension plan

Term plan-This is a plan to cover the risk of early death. Met suraksha, met suraksha
trop, met suraksha plus etc are the terms plans of MetLife

*Met suraksha- It is a non participating term assurance plan which provides you life
cover at a nominal cost. To put it simply, it is a life insurance plan that gives you
complete protection to enjoy life to the fullest.
Minimum Entry Age
Maximum Entry Age
Maximum Maturity Age
Premium Paying Terms

18 years
60 years
65 years
Single Pay,

Limited

Pay

(3

years), Regular Pay

*Met Suraksha Trop- It is a plan with Return of Premium (TROP), a non participating
term assurance plan which provides you life cover at a nominal cost. To put it simply, it
is a life insurance plan that gives you complete protection to enjoy life to the fullest.
Minimum Entry Age
Maximum Entry Age
Maximum Maturity Age
Policy Term
Premium Paying Terms
*Met

18 years
50 years
65 years
15 & 20 years
Single Pay, Limited Pay(3 years)

Suraksha Plus-MetLife offers Met Suraksha Plus- Term Assurance (TA) a non

participating term assurance plan which provides you life cover. It is designed for people
who want to take care of their financial commitments, should anything unfortunate
happen, at a nominal cost.
Minimum Entry Age
Maximum Entry Age
Maximum Maturity Age
Policy Term

18 years
60 years
70 years
10-35 years

Endowment plan -This is a plan to provides savings and security. met suvidha, met
saral, met 100 etc are the endowment plans of MetLife.

(8)
*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.
Minimum Entry Age

Par: 15 years - 60 years

Term

Non-Par: 15 years - 70 years

Par: - 15 years - 30 years

Premium Paying Terms

Non-Par: 5 years - 30 years

Single Pay, Limited Pay (5 or 10)
& Regular Pay

*Met Saral- MetLife presents Met Saral a non- participating endowment plan. Its a
simple savings plan which gets you into the savings habit without any medical tests. All
you need to do is fill in a simple application form and you are ensured a guaranteed
maturity amount of Rs 1,00,000, even in the case of your death during the term.
Minimum Entry Age
Maximum Maturity Age
Term
Premium Paying Terms
Premium Paying Modes

15 years - 50 years
60 years
5 years / 10 years
Regular Pay
Annual, Semi-Annual

*Met 100- MetLife presents Met 100 a whole life policy where you pay premiums for
15, 20 or 25 years. It helps create a legacy for the children, leaving money for a
dependant spouse and, more importantly, provides insurance cover at affordable rates. Met
100 is available in 2 versions.

PAR

NON PAR

Minimum Entry Age

Maximum Entry Age
Premium Paying Terms

15 yrs
70 yrs
15, 20, 25 yrs
(9)

0 yrs
70 yrs
15, 20, 25 yrs

Money back plan- In Money Back Plans, the money comes back to the Life Insured
after a specific interval of time as Survival Benefit. For ex met sukh, met vishwas are
money back plans of MetLife.

*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-15years

Coverage Term
Premium Payment Term

Max-55 years
20 years
Regular

Minimum Sum Assured

Maximum Sum Assured

Rs. 75,000
No Limit

*Met Vishwas- MetLife offers 'Met Vishwas', - a single premium, micro insurance, nonparticipating term assurance plan which provides you life cover at a nominal cost. On
survival, you get 110% or 125% of the premium.
Minimum Entry Age
Maximum Entry Age
Maximum Maturity Age
Policy Term
Premium Paying Terms

18 years
60 years
70 years
5 or 10 years
Single Pay

Child money back plans -These are back plan that pays out funds to help you meet the
education and career milestones of the child. met bhavishya, met junior

moneyback,

met magic plus, are some the child money back plans.

*Met Bhavishya- MetLife offers 'Met Bhavishya' a guaranteed money back plan that
pays out funds to help you meet the education and career milestones of your children.
With this plan, the Life Insured is that of the parent. There are two options to choose
from and fixed term benefits, periodic additions & terminal additions are payable based
on the option that you select.
Option A

Option B

Minimum Entry Age of the 0 years

0 years

Child
Maximum Entry Age of the 8 years

12 years

Child
Minimum Entry Age of the 20 years

20 years

parent
Maximum Entry Age of the

50 years

Parent
Policy Term

50 years

21 years - Age at 25 years - Age at

Entry

Entry

(11)
*Met Junior Money back- 'Met Junior Money Back a money back plan that combines
savings and security. Your child's well-being is your highest priority. So we offer you a

money back plan which provides guaranteed periodic survival benefits at the end of 5, 10
& 15 years, along with guaranteed growth of your savings.
A plan which offers both timely and efficient "return on investment" with payouts at
different milestones.
Minimum Entry Age of the Child
Maximum Entry Age of the Child
Coverage Terms
Premium Payment Terms

Par

Non Par

0 years
14 years
20 years
20 years

0 years
14 years
20 years
20 years

*Metmagic Plus- Met Magic Plus is a Unit Linked Non-Medical Regular premium Life
Insurance Plan, it secure your childs future. Met Magic plus provides the benefit of
insurance protection to your family, particularly your child, even when you are not around.
Minimum Entry Age
Maximum Entry Age
Maturity Age of Life Insured
Minimum Policy Term

18years.
55years.
70years.
10 Years, 15 Years, 20 Years & 25 Years

(12)
Pension plan- A pension plan is a plan in which an employee transfers part of his or
her current income stream toward retirement income which he gets in the future . Some
of the pension plans of MetLife are Met smart one, met easy super, met pension par
etc.

*Met smart one-met smart one , which is investment cum protection single premium plan
which along with its various investment management options facilitates accelerated wealth
creation with Loyalty additions.
Minimum Age at Entry(LBD)
0 years (3 months)
Maximum Age at Entry(LBD)
65 years
Minimum/Maximum Age at Maturity
18/75 years
Policy Term
10-20 years
*Met Easy Super- Security for your family and your need of wealth creation should work
together as you move ahead in life. Hence we bring you Met Easy Super an Easy
Protection, Super wealth creation plan.
Minimum Age at 18 years
entry*
Maximum Age at 60 years for 15 policy term & 55 years
entry*
for 20 year policy term
Premium Payment Entire term of the policy
term (years)
Policy Term
15 years and 20 years
Premium Payment Annual
modes
(13)
*Met Pension Par-Met Pension (Par) serves as a friendly helping hand so you can stay
financially independent even after retirement. It helps you build up a fund for your
golden years. With this plan, you can ensure you enjoy retirement as a happy new
chapter.
Entry Age

Min 18 years
Max 60 years

Minimum Term
Minimum Annual

10 years
Rs. 4000 p.a. for Regular Pay

premium
Premium Payment

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

Term

Regular Pay

5. Size (in terms of manpower and turnover) of the organization

Manpower-at the year ending 2010-2011 total manpower(employees) of MetLife is 63,760
in number of which approx 56,072 are its financial advisors.
Turnover-total turnover of MetLife India till 2010-2011 is 15550 crores. During the fiscal
(2010-11) MetLife had a total revenue of Rs 2,615.13 crores, MetLife India breaks even,
posts Rs 35 crores profit in the financial year 2010-2011

(14)

6. Organization structure of the company

Chairman

President

CEO

M.D of
England

M.D of
France

Zonal
operation
manager

HR Manager
Zonal

M.D of
India

Zonal business head

Zonal
research
manager

(15)

M.D of
Italy

M.D of
Australia

Zonal
territory
manager

Training
Manager

Regional
Administration
training
Manager
manager

Financial
Advisor

Master trainer

7. Market share & position of the company in the industry

Market Share definition- The percentage of an industry or market's total sales that is earned
by a particular company over a specified time period. Market share is calculated by taking the
company's sales over the period and dividing it by the total sales of the industry over the same
period. This metric is used to give a general idea of the size of a company to its market and its
competitors.
Market Share of MetLife:-

MetLife India Insurance Company Limited (MetLife), one of Indias fastest growing life
insurance companies, today crossed the one million mark in policies issued, taking the
total number of lives insured to two million (including the group business).The company,
which started its operations in India in the year 2002, is today one of the fastest
growing life insurance companies in the country, with a presence in over 690 locations
and a market share of 3%. It is present at the 8 position in the insurance market of
India.

(16)
Here is the market share of various Life Insurance Companies in India at the end of
FY 2010.
1. LIC 74%

9. Max New York 1.1%

2. ICICI Prudential 8%

10. Om Kotak 1%

3. Bajaj Allianz 5%

11. AVIVA 0.7%

4. SBI Life 3.3%

12. Tata AIG 0.5%

5. HDFC Standard 3.2%

13. ING Vysya 0.3%

6. Birla Sun life 3.1%

14. Shriram Life 0.3%

7. Reliance Life 3.1%

15. Bharti Axa Life 0.2%

8. MetLife 3%

8.Present Leadership
I have done my Summer training under the guidance of Mrs. VEENU DUA at Dwarka
Branch New Delhi. My working tenure was full of learning and development. I got the
real exposure of corporate world during summer training. I was blessed with the great
mentor who develop my skills and enhanced my knowledge.
Mrs Veenu Dua has given us training in the democratic style, which is generally the
most effective leadership style. She offered guidance to trainees, she also participate in the
training program and allow input from all the trainees. She encouraged trainees to
participate in the training process, trainees feel engaged in the process and felt very
motivated and creative. My mentor was full of skill which made inspire all the trainees.
Some of the skills are as followed:
Skills of Mentor1) communication skills
2) human skills
3) speaking skills
4) decision making skills
5) problem solving skills
6) informational skills

(17)

CHAPTER-2
OBJECTIVE AND
RESEARCH
METHODOLOGY

1. Research Objectives of the study

Objectives of Research Study:

To know the most preferred policy.

To study the Growth in private insurance sector in India.

To determine customers perception towards private insurance companies and their

expectation from private insurance companies.

To Assess the opportunity and Risks involve in insurance sector.

To study the Regulatory Framework for insurance sector.

To study the fundamental of Life Insurance Industry.

Comparison between HDFC and Met life Insurance according to their product
Portfolio.

2. Research design
Research designs are concerned with turning the research question into a testing project.
The best design depends on your research questions. Every design has its positive and
negative sides. The research design has been considered as a "blueprint" for research,
dealing with at least four problems: what questions to study, what data are relevant, what
data to collect, and how to analyze the results.
Research design can be divided into fixed and flexible research designs. Some economists
have referred to this distinction with quantitative research designs and qualitative
research designs. However, fixed designs need not be quantitative, and flexible design
need not be qualitative.

(19)

3. Research Methodology of the study

Research Methodology is generally a guideline for solving a problem, with specific
components such as phases, tasks, methods, techniques and tools.
The various tools likely to be used to research are internet search, newspaper and general
guidance from the external guide.
Research comprises defining & redefining problems, formulating hypothesis or suggested
solution ,collecting ,organizing & evaluating data, making deduction & reaching conclusion

& at least carefully testing the conclusion to determine whether they fit the formulating
hypothesis.
Research methodology is a way to systematically solve the research problem. It may be
understood as a science of studying how research is done scientifically. It involves data
collection techniques, the method of analysis of data, their interpretation and final
summarization.
Research methodology is a systematically solve the research problem. It has many
dimensions and research methods constitute a part of research methodology.
Exploratory Research
The explorative research has helped to determine the best research design, data
collection and selection of subjects. The reliance of exploratory research on secondary
research, such as qualitative approaches: informal discussions with employees, management
and more formal approaches through in-depth interviews, questionnaire has given a
significant insight into the given situation. The research is primarily exploratory in nature.
The sources of information are both primary & secondary.
A well-structured questionnaire was prepared and personal interviews were conducted to
collect the customers perception and buying behavior, through this questionnaire.

(20)

4. Data Collection
Meaning- Data are pieces of information that represent the qualitative or quantitative
attributes of a variable or set of variables. Data is "bits" of information obtained from
observation. In the context of science, it is usually physical traits observed during an
experiment.
So data collection means collecting information during an experiment of a particular
characters or trait.
The data collected was represented in the form of tables, bars, pie charts for drawing

Inferences. Quantitative techniques like averages, percentages, two-way tables, were applied
as required. The level of preference, perception of the customers about the product and
company

were

identified

by

means

of

questions

in

the

questionnaire. For

the

representation of data various charts tables pie charts and graphs have been used as per
requirement.
In order to make the comparative study possible, parameters were chosen and questions
were designed eliciting ratings from the respondents. These ratings were tabulated and then
represented by means of line diagrams.
During the process of data collection, considerable amount of time was spent in
explaining the purpose and the exact nature of the data required from the questionnaires
filled. In addition to this, in some cases questions had to be explained to the respondents.
Moreover, for some questionnaires had to be filled in as they were not so well read and
literate.
Sources of Data Collection:
There are two sources of data:1. Primary data- Primary data is data that has not been previously published, i.e. the data
is derived from a new or original research study and collected at the source, e.g., in
marketing, it is information that is obtained directly from first-hand sources by means of
surveys, observation or experimentation.

(21)

2. Secondary data- Secondary data is the data that have been already collected by and
readily available from other sources. Such data are cheaper and more quickly obtainable
than the primary data and also may be available when primary data cannot be obtained
at all.

Primary Source: Through Questionnaire, collecting data from the insurance

company to know about the sales of insurance

Secondary source: Various insurance journal and government Journal like IRDA
also through various insurance related website i.e internet.

Method of Data collection

Census servey

Sample survey
Sample method
Types of sampling

Probability

non probability

Random sampling

Random Sampling Technique

Initially, a rough draft was prepared keeping in mind the objective of the research. A
pilot study was done in order to know the accuracy of the Questionnaire. The final
Questionnaire was arrived only after certain important changes were done. Thus my
sampling came out to be judgmental and convenient.
(22)
Universe:
The first step in developing any sample design is to clearly define the set of the objects
technically called the universe to the studied. Universe can be either be finite or infinite.
In finite universe the no. of item means the person who lived in local area of DELHI.
Total number of persons approached for collecting data/information was 50.
Age-out of 50, 30 were aged between 30 to 40, 15 were between 50 to 60 and rest were
above 60.
Gender-both males and females were approached for the data/information. Out of 50, 30
were males and rest 20 were females.
Sampling Unit:

The respondents who were asked to fill out questionnaires are the sampling units. These
comprise of employees of MNCs, Govt. Employees and Self Employed etc.
Sample size:
The sample size was restricted to only 50.
Sampling Area:
The area of the research was Delhi, India.
Research Instrument

Structured Closed Ended and Open Ended Questionnaire.

Depth interviewing

(23)

5. Limitation (problems in data collection)

Psychological Constraints- Most of the persons who were interviewed felt

disturbed while responding to questions during their work hours; hence they made it a
point to finish off answering the questionnaire as soon as possible.

Constraints regarding confidential Issues- Most of the interviewed persons were

reluctant to give information.

No wide coverage- The Life Insurance Industry covers very vast area so it may

be possible that some of that area might be not cover in this report.

Increased competition - Today the competition in the Insurance sector has became

very stiff. Currently there are 14 Life Insurance companies working in India. Today each
and every company is trying to increase their Insurance Advisors so that they can
increase their reach in the market. This situation has created a scenario in which to
recruit Life insurance Advisors and to sell life Insurance Policy has became very difficult.

Time constraint- There was a time constraint in the study.

Daily changes in the Industry- In a rapidly changing industry, analysis on one

day or in one segment can change very quickly. The environmental changes are vital to
be considered in order to assimilate the findings.

(24)

CHAPTER-3
SWOT ANALYSIS OF
THE COMPANY

1. Strengths & the Weaknesses of the Firm/Company

Strengths:
*With over 139 years of experience MetLife have approximately US $ 3.3 trillion of life
insurance in force.
*Brand Image , Business Experience and Innovative products..
*Large number of young workforce, Service quality which is the crux of their mission.
*Has tie up with banks like Axis , J&K , Barclays , Karnataka Bank and Dhanalakshmi
bank.
*Paid-up capital of RS 1500 crores as on 2010 which shows company dependability.
*Very less charges on ULIP plans as compared to other insurance players .

Weaknesses:
*Many competitors in the market of same products by the title and difference in
premium and offerings.
*Sustainable to risk associated with investments in money market.
*Very less network branches due to which its difficult for customer to make payment
easily.
*Not focusing on consumer awareness mainly concentrating on personal selling.
*More focusing in urban areas not touching rural area which has a very good potential
market for insurance sector.
*Lacking in advertisement due to which they are not able to cover a large area or large
no. of customer.

(26)

2. Opportunities & Threats that the Company faces

Opportunities:
*Huge market is literally untapped. Out of estimated 320 million insurable markets only
20% of the population is insured.
*Health insurance and pension schemes, an estimated market potential of approximately $
15 billion.
*Nearly 70% of the Indian population is without Life , Health , and Non-Life insurance.
*Per Capita life insurance premium in India in 2004 was $16 as compared to the world
average of $ 292.
*Strong economic growth with increase in affluence and rising risk awareness leading to
rapid growth in the Insurance sector.

Threats:
*Players like Bajaj and Birla sun life offer same plans with low premiums.
*Entry of many other private companies with equally strong experience and financial
strength of foreign partners making the competition difficult and saturating the urban
markets (example Idbi Fortis insurance , Bharti axa insurance and more)
*Current govt. policies do not encourage gross domestic savings. If the tax liability of
the service class rises, the customer will have little money to invest.
*LIC has woken up from sleep and is following competitive strategies. Its huge surplus
in life fund gives a capability to lodge price war.

(27)

3. Competitive edge of the company

Why choose MetLife??
Customer requirements and comfort are always our priority. That is why our interactions
are distinguished by our expertise, compassion and sensitivity.
The MetLife companies are one of the world's largest and most respected financial
services organizations. For over 140 years, we've been helping people build financial
freedom. For some, this means protection for their families. For others, it means wealth
optimization or preservation. Combined with our innovation, this makes the MetLife
companies truly formidable players in the Life Insurance industry.
MetLife is the leading provider of Group Life Insurance serving over 28,000 group life
customers, covering more than 29 million participants including many of the top one
hundred FORTUNE 500 companies. Our financial strength and experience allow us to
offer several life insurance options to better fit your companys specific needs.

*We lead through Innovation to offer world class and competitive products to our customers.
*We build Long Term Relationships with our customers by creating a world class service
experience through operational excellence and the innovative use of technology.
*We create a Customer Centered and Result Focused Vision that inspires each one of our
Associates and has their buy-in.
*We are committed to creating a High Performance Organization by creating an environment
that allows each one of our Associates to perform at their peak. As a result we will also be
recognized as an Employer of Choice.
*We are committed to Partnering with our internal and external Customers for mutual success.
*We work with Integrity, Fairness and Financial Prudence in all our dealings keeping the
interests of our Shareholders, Customers and Associates paramount.

(28)

CHAPTER - 4
FINDINGS & ANALYSIS

ANALYSIS
HDFC STANDARD LIFE

Profile
Housing

Development

Hasmukhbhai

Parekh,

Finance
is

Corporation

an Indian

Limited or HDFC, founded

NBFC, focusing

on

1977 by

home mortgages. HDFC's

distribution network spans 283 outlets that include 66 offices of HDFC's distribution

company and HDFC Sales Private Limited. Standard life is a Canadian company. The
Standard Life Assurance Company was established in 1825 and was reincorporated as a
mutual assurance company in 1925.
In addition, HDFC covers over 90 locations through its outreach programmes. HDFC's
marketing efforts continue to be concentrated on developing a stronger distribution
network. Home loans are also sourced through HDFC Sales, HDFC Bank Limited and
other third party Direct Selling Agents (DSA).
HDFC Standard Life Insurance Company Limited is one of the first companies to be
licensed by IRDA to operate in the Insurance sector. The company came into existence
on 14th August 2000. HDFC holds 81.4% share in HDFC and the remaining 18.6% stake
is with Standard Life. It integrates the strong expertise and stability of Standard Life and
HDFC. It is one of the most trusted companies; it is easily accessible and approachable,
offering value services to its customers. The company aims to provide:
Innovative products to cater to different needs of different customers
Customer service of the highest order
Use of technology to improve service standards
Value for money for customers
Increasing market share

(30)

The values ingrained in the company are to provide financial security to policyholders,
maintain trust and keep innovating to establish it as a unique player.
HDFC Standard Life Insurance, a joint venture between HDFC and Standard Life
Assurance Company, Europes largest mutual life company, has identified the rural market
as an important thrust area for its future growth.
The company, ranked number 5 among the private players in the insurance sector .
Product Portfolio
At HDFC Standard Life, offer a bouquet of insurance solutions to meet every need. It
cater to both, individuals as well as to companies looking to provide benefits to their
employees.

Term Product

Endowment Product

Money back Product

Child Money Back Product

Pension Product

(31)

COMPARISON BETWEEN HDFC STANDARD LIFE AND METLIFE INSURANCE PRODUCTS

INSTITUTION NAME

PLAN NAME

MAX TERM

MAX SUM ASSURRED

METLIFE

TERM PLAN

60 YEARS

NO BAR

WHICH ONE IS BETTER

BOTH PLANS ARE

HDFC

60 YEARS

NO BAR

BETTER

ENDOWMENT 70 YEARS

60,00,000

METLIFE PLAN IS

TERM PLAN

STANDARD LIFE
METLIFE

PLAN
HDFC
STANDARD LIFE

ENDOWMENT 70 YEARS
PLAN

BETTER THEN THE

50,00,000

HDFC PLAN

METLIFE

MONEY

70 YEARS

NO BAR

BACK PLAN
HDFC

MONEY

STANDARD LIFE

BACK PLAN

METLIFE

CHILD PLAN

METLIFE PLAN IS
BETTER THEN THE

60 YEARS

NO BAR

50 YEARS

NO BAR

HDFC PLAN

HDFC PLAN IS
BETTER THEN THE

HDFC

CHILD PLAN

60 YEARS

NO BAR

PENSION

60 YEARS

NO BAR

METLIFE PLAN

STANDARD LIFE
METLIFE

PLAN
HDFC

PENSION

STANDARD LIFE

PLAN

BOTH ARE BETTER

60 YEARS

NO BAR

(32)

Marketing strategies of METLIFE

In consonance with the changes taking place in the insurance market, the corporation has
undergone a transformation, simultaneously requiring a revamp in its image. Systematic
and focused PR initiatives and widespread publicity have resulted in markedly improved
visibility. The corporation has emerged with a much younger and sleeker image.
A conscious effort was made to bring about a transformation in the corporate image.
Through various campaigns, the corporation tried to depict the organization as one
oriented towards the younger generation. The corporation advertising campaigns assisted
the marketing strategies.
PR Activities for Consumer Relations:
The business of insurance is purely service which cannot be seen or held. Hence, the
consumer relations activities of METLIFE concentrate on the customer public and
building relations with prospective customer.

The corporation has time and again made endeavors to reach out to the consumers,
interact with them and keep them satisfied. The corporation tries to achieve its objective
through a number of meansOral Communication:
Oral communication with the consumer public is the most effective means of presenting
facts and creating understanding of the organizations policies and practices. EmployeeConsumer Communication:
The harmonious relationship that METLIFE has, through the years , built and maintained
with its customers has only been possible due to its dedicated and committed team of
Development Officers and scores of Insurance Agents throughout the country.
Press Conferences:
Press Conferences are organized to announce new appointments of top executives,
introduction of new schemes, etc. Audio-Visual Communication
(33)
Television and Radio broadcasts are a basic medium of consumer communication
Television and Radio advertising
The corporations advertisements reached nearly 25 crore people through over 50
campaigns. There were 79 hours of TV advertising and 408 hours of Radio advertising.
Trans-slides:
The Corporation has placed trans-slides at strategic places, like Railway Stations and
Airports, for maximum exposure to public at large. Printed Communication. At METLIFE
printed communications are used in conjunction
n with oral communication media.
Press Release :
Press releases are frequently handed out to the media by the local PR department on
behalf of the company. These generally comprise of any subject or issue concerning the

company, containing information for policy holders or any item of news value to the
media and its readers.
Journals and Publications:
The corporation takes out its annual working results and several other publications from
time to time to keep the public abreast of the happenings and achievements at
METLIFE.
Financial Results:
The annual financial report of the corporation is published in the National dailies and is
also circulated amongst the shareholders to keep them informed. It also aims at attracting
new investors.

(34)
Booklets, Brochures and Pamphlets:
Booklets, Brochures and Pamphlets are generally taken out to inform its internal and
external public about its various new schemes and act as an effective medium of print
communication.
Posters and Hoardings:
These tools are not only an advertising medium but also a very effective PR tool.
METLIFE uses posters and hoardings to get quick public notice. Posters and hoardings
are widely placed throughout the city at busy intersections like subways, railway stations,
roadsides, bus shelters, etc. Other Amenities Provided by METLIFE
Website:
The Corporations website www.metlife.co.in gives information about the corporations
products, services, subsidiaries and addresses of branches and about premium payment

through the internet. It also provides Press releases, News sections, Online policy status
Online Premium Payment.
METLIFE has tied up with KARNATAKA Bank, DHANALAKSHMI Bank, J&K Bank,
and service providers like Bill Junction.com, timesofmoney.com to offer the online
premium payment facility to its customers in select cities.
Information Kiosks:
The corporation has installed online information kiosks at prominent places across the
country. This provides information about the Products, services and policy status reports to
the customers.
Customer Contact Programme:
The purpose of such a campaign is to strengthen the relationship with the customers
and to build bridges of understanding FINANCIAL RELATIONS
(35)
There are quite a few financial publics of METLIFE.
1)

Government Agencies

2)

Banks and Financial Institutions

3)

Statutory Bodies e.g. IRDA (Insurance Regulatory and Development Authority)

4)

Auditors

To communicate with them and to keep them informed of the companys progress
several activities are undertaken by the PR Department. The Annual General Meeting, The
Annual Report, The annual report is released annually to inform all publics of the
companys working results.
Community Relations:
METLIFE regularly provides Health vans to various organizations across the country.
The corporation also sponsors many sports events at the national level. Numerous
publicity projects with a social purpose are undertaken at the zonal level. Recently the

North Zone(Delhi) associated itself with the Perfect Health Mela to propagate the
cause of good health.
Marketing Strategies of HDFC STANDARD LIFE Co. Ltd
It was time when the marketing team was thinking about an advertising campaign, almost
everyone, including the company's board, pooh-poohed the idea. At that time people
thought Company is wasting money. But HDFC discarded this fear" typically used for
hawking insurance, choosing instead a "happy" platform to convey a more positive
message. Even today after it has rolled out so many campaigns, HDFC remains among
the top advertisers: ad spends, as a percentage of new business premium, range between
0.5 per cent and 0.75 per cent.

(36)
The Target audience:
Representing an ideal mix of medium to high net worth individuals: The consumers most
disposed towards buying life insurance. Middle-aged professionals, primarily male, salaried
and self employed, age group: 28 - 45 years, household income: Rs.20, 000 and above.
Creative Strategy:
The essence of the creative strategy: To get the consumer to re look at Insurance as a
means to lead a worry free life and not as a necessary evil. When HDFC STANDARD
Life Insurance first began operations, the task was to present the visiting card of the
company to the public at large

and build credibility and stature and to give the

consumer the confidence that 'here was a company that could be trusted to invest funds
with'. This required a corporate campaign, which started with advertising to establish the
brand, build awareness and give the brand a larger than life image. To this effect the
core brand insight highlighted was "As head of the family it's my responsibility to take
care of my loved ones and protect them from the uncertainties of life", summed up in

the advertising idea: SAR UTHA KAR JIYO. HDFC was positioned as an enabler of
protection relevant to the needs of the life stage that you are in. Over the last few
months, HDFC STANDARD LIFE has been advertising in outdoor, TV and press. The
company launched a corporate television campaign Saat Phere which took the emotions
and thoughts of initial Sindoor corporate film a few steps further. The film highlights the
strength of promises that a husband makes to his wife, through the depiction of everyday
situations, and then goes on to emphasize that HDFC STANDARD will stand by the
husband to help him fulfill all these promises. The TV campaign has also been extended
to outdoor. The company has also undertaken press and internet campaigns to inform
customers about benefits of some of its products, particularly retirement solutions, through
the Chintamani campaign.

(37)
Once the corporate image and brand identity were established, and as the company
expanded and its product range grew, the next phase of communication was to give the
consumer a rational and tangible reason to buy first of all insurance and secondly from
Life. This

was

tackled

through

product-specific

advertising, such

as

for

HDFC

STANDARD LIFE Smart Kid, retirement solutions or Lifetime.

The Creative execution:
Through television channels: Building image and creating a differential in the most
creative and compelling manner. The creative execution heightened the emotional connect
with the HDFC STANDARD LIFE brand- Indian; satisfaction of knowing that ones loved
ones are protected. Symbolic representation of the protector of the family through
situations showcasing various life stages and creating endearing imagery of protection and
familial bonding.
Press: Gave the consumer a rational and tangible reason to buy insurance first and
secondly from HDFC STANDARD LIFE. The product specific advertising focussed on

changing the prevalent perception about insurance and breaking a few myths: nonaffordability, insurance not being good investment option and the myth that insurance was
good only for tax saving. After the hugely successful Chintamani (retirement) and Saat
Phere (corporate) campaigns, HDFC Standard Life Insurance also introduced some
innovations in the category, such as: having a tax planner by the name of Chintamani on
radio, who would answer consumers queries about the role of insurance in financial
planning.
Other Communications:
Other programs included direct mail, PR of communications campaign in press & TV,
website

marketing; and

database

generation

through

Bancassurance

channels. Other

initiatives included tie-up with the Dabbawalla Organization in Mumbai for a direct
marketing exercise, to talk to the customer through a non-cluttered route, and thereby
have a higher impact.

(38)

The direct mailer was about HDFC STANDARD LIFE retirement solutions and the tax
benefits that one can avail of buy investing in any of these. About 100,000 direct
mailers were attached to the dabbas, in areas such as Churchgate, Bandra and Andheri
where there are mostly office-goers. HDFC STANDARD Life Insurance has also
announced a strategic distribution tie-up with Hariyali Kisaan Bazaar, the rural business
arm of DCM Shriram Consolidated Ltd (DSCL). As a partner, Hariyali Kisaan Bazaar can
now distribute HDFC Standards protection, wealth creation, retirement solutions and health
insurance products to customers across the its growing number of rural business hubs in
the country.
In addition to advertising, the company has also initiated several activities to raise
consumer awareness about life insurance and HDFC STANDARD LIFE. It includes
seminars HDFC STANDARD LIFE regularly holds consumer awareness meets on the
need for retirement planning in different cities such as Pune, Aurangabad, Coimbatore,
Nagpur, Bangalore and Mangalore. These are very well attended and have contributed
significantly towards increasing awareness about the category and the company. Apart
from this, company also entered into alliances with telecom companies, as well as
companies like BPCL and Dominos.

METLIFE VS HDFC STANDARD LIFE

Comparison and AnalysisWith private players paying much attention to advertising and promotional activities,
METLIFE, too, was forced to make efforts to increase its visibility and enhance its brand
image. The company commenced intense, systematic and well-focused public relations and
publicity activities both at the corporate and operational levels.
METLIFE upped its ad spend to tackle competition and succeeded in forging way ahead.
METLIFE has advertised in satellite channels as well as terrestrial channels. METLIFE
has to reach out to non-resident India policy holders as well as its other corporate
customers who are based abroad. HDFC STANDARD LIFE has advertised on several
channels from the Star TV bouquet, Zee Network and Sony.
The company have spent about Rs 50 million on TV advertising last year. With the
geographical expansion, TV became a viable medium and the corporate campaign for
HDFC STANDARD LIFE was run on TV, because the medium lends itself well to an
emotional type of films that strike a chord with the audience. Product advertising, which
needs to impart information, was largely done through print and outdoor channels, as
these are appropriate for rational type of messages, HDFC STANDARD LIFE Insurance
campaign was short-listed as one of the 12 most effective campaigns for the year 2001
in the EFFIE awards. According to an ORG MARG study, the HDFC STANDARD LIFE
brand name and advertising had the highest recall amongst all private players, and was
only marginally behind METLIFE.
HDFC STANDARD LIFE was awarded the INDYs Award for Excellence in Mass
Communication in the category of Most Creative Advertisement-Television.
Strategies Adopted By METLIFE

METLIFE started intense , systematic & well focused public relation and

publicity activities both at the corporate and operational levels.

METLIFE upped its ad spend to tackle competition.

METLIFE has launched its SATELLITE SAMPARK offices.

METLIFE has established state of art machinery.

Strategies adopted by HDFC STANDARD LIFE

HDFC STANDARD LIFE launched the TruLife Club for its high-value policyholders as
part of its marketing strategy.

Its Pragati Ki Anokhi Paathsaala or PKAP. PKAP aims to bring out the inherent
creative skills amongst children.

HDFC STANDARD LIFE has also partnered with e-governance kiosks in Andhra
Pradesh - aponline.com and Rajasthan - emitra.com, to enable consumers renew their
policies in their kiosks.

(40)

Findings
Whereas MetLife vision is to help employers and employees select the right mix of life
insurance and service features to fit their given situation, making group life a cornerstone
to building financial freedom.
1. As the people think that insurance is a tool to protect their family & a tax saving
device. They are aware of the fact & realizing its, importance. There is a large potential
for insurance in India.
2. The entrance of private players will increase the competition and it would be a tough
task to secure a good position in market.
3. Since MetLife India Insurance is leading with several companies policies it should be
easy for them to penetrate into the market and secure a good position if they pay
greater attention to the service part provided to their customer and thereby forming a
long and trusted relationship.
4. As seen from the survey that at present 70% of the customer are having insurance
policy out of which 87.5% of the customer are planning for new investments. So it can

be a good potential for the company and they should make an attempt to trap these
customers.
5. As 43% of the customers are even ready to go for insurance if a service provider
away from their city is providing it. But in turn they should provide good products and
services. The company should try to convince these customers and get them in its favor.
6. Many people have a insurance policy it so that they are aware with it and think that
it is so impartment the people.

(41)

ANALYSIS OF THE PROBLEM UNDER STUDY

Insurance is estimated to be Rs. 400 billion business in India and the gross premium
collection is about 2% of GDP growing between 15% and 20% per annum. India also has
the highest number of insurance policies in force in the world and the total investible
funds with LIC alone are almost 8% of GDP.
Yet, more than three-fourth of India's insurable population has no life insurance cover.
Considering that only about 65 million out of 250 million people are covered by life
insurance, the potential is quite evident.
I tried and analyze the benefit that getting to the final customer covering under the Insurance
and because various types of policies and instruments are coming up in the market to attract
more customers. Most of the population of India is not insured, hence there is a lot of
scope in this sector and a number of companies are planning to enter the sector. Every
futuristic individual would want himself to get insured.

(42)

INTERPRETATION OF RESULT
1. Please mention the name of the insurance company through which maximum through you
like to cover your life
Category

No of Respondent

HDFC Standard life

BIRLAS

LIC

10

TPA

Others

Met life

ICICI Prudential

11

(43)

From here with this question we are trying to analyze that business opportunity of both the
company i.e. HDFC standard life and Met life in current scenario or market and what percentage
of market they are covering right now.
From our survey it is clearly mentioned that market leader insurance company is ICICI
Prudential whereas 11 people out of 50 respondent having insurance from ICICI also LIC would
be come in second place where as 10 respondent are taken insurance from the company of LIC.
Now for the third and fourth slot the big fight is between Met Life where this company takes a
share of 8 people out of 50 and the HDFC standard life which is renowned brand due to its
market has 6 people in favor of out of 50.
2. Please mention the type of insurance policy you are covered under
Individual

30

Corporate

20

Here are one more clue that will reach HDFC & Met life plan to launch insurance HDFC & Met
life services in India 60% people responded that they have individual insurance policy while
40% people still with corporate side.

(44)

Recommendation for HDFC & Met life that that 60% people want more and more service from
the insurance company and in coming days people want hazel free life if somebody tell him pay

for that they are ready to pay reasonable amount for the better and effective service. With the
same product portfolio will increase the penetration of the insurance company.

3. Please mention the type of insurance you are covered under

Category

No of Respondent

Accidental

11

Health

14

Life

23

Any other

Here from our survey we got to know that more respondent are taken multiple or Life insurance
for taking them insured 23 people out 50 are insured by the life insurance.
(45)
While 14 people are taken health insurance, and 11 are taken accidental insurance.
For recommendation of HDFC & Met life they tap life insurance company easily because the life
insured people take any policy for lifelong so the HDFC & Met life involved at least more than
20 yrs, in fact health service is more complicated one so HDFC & Met life help client to better
customer service rather than its competitor if they will take service of HDFC & Met life
4. Is MetLife Insurance more affordable than the other Insurance available on your nearest
telecom shops?
Strongly Agree

Agree

17

Disagree

Strongly Disagree

10

Neutral

This question gives us insight of the affordability of the Insurance or service. With low
disposable incomes, Insurances need to be affordable to the Delhi consumer, most of who are on
daily wages. Now we check what Delhi customer want from the company in terms of their
Insurance prices.
Out of 50 sample size we consider to choose first strongly agree respondent who believes that
HDFC Insurance is affordable for him/her 25% respondent out of 50 says HDFC Insurance is
affordable in comparative of other competitor. While 33% are only agree with this statement that
HDFC has much affordable price of their respective Insurance. Now moving ahead 28%
respondent are still not agree or strongly disagree with this question they thought Met life
Insurances are much costlier than the other mobile service provider companies Insurance.
14% respondent said they have mixed view about the affordability these people are those who
are richer in Delhi region.
Recommendation for Met life would be target 28% people also to provide much more scheme
and plan so they comes under the pie of affordable range.

(47)
5. The various ranks given by the customers about their perception about different players in the
market:
Attributes

Brands

ICICI

HDFC

Met life

Others

Cheap

Easy Availability

10

10

Quality

Total

25

24

20

21

In the above table it is quite clear that ICICI is given the highest points in the product satisfaction
and reliability on the parameters given above. Whereas HDFC has a 24 score out of 30 for their
product portfolio It is evident that Met life has to improve lot on their product portfolio so that
met life Insurance is having rises its lower number one due to its two main attributes it is not
easy availability and cheap price.

(48)

SUGGESTIONS/RECOMMENDATION
1.

Advertising and Publicity These days everybody is going for things, which they

see on air. Advertising and Publicity hold a very strong role in any products life cycle, it
helps the public know about the existence of the products and the role, which they play in the
lives of the people. MetLife believes in strong ethics and believes that actions speak more than
words and so want its work to prove for itself and so doesnt believe in advertising and
publicizing itself but in the Indian context it is a must for any company to publicize itself
because it holds the best medium to reach to its customers and also to increase its customer base.
2.

Implementation of CRM While the insurance sector is seeking to maintain a

balance between acquiring customers and developing existing ones, customer acquisition is vital,
as no retention strategy will entirely stem customer defection. Today, the focus is on selling
more products to existing customers to improve profitability. Customer-focused strategies
require CRM (customer relationship management) to help acquire customers thorough various
touch points and translate operational data into actionable insights for proactively serving
customers.
CRM with BI (Business Intelligence) tools can help insurance firms monitor the holistic 360degree view of their customer. CRM has helped customers through effective event-based
marketing and lead tracking to cross- and up-sell products. CRM helps categorise and segment
customers and align products that best suit them.
3.

Strengthening the distribution network MetLife India mainly operates in all the

metros and in certain big cities. In order to expand its position and to reach to its customers
what MetLife needs is to set-up its branches in more cities and should also get into the rural
areas where there is a huge untapped market. As MetLife already has a wide global set
up it can easily expand in India also in order to reach to the customers and be available at
their door steps.

(49)
4.

Strong tie-ups with well known and already established companies or banks Tie-

ups act as a backbone for any company as they too represent the main company as a
whole. MetLife being associated with banks such as Jammu & Kashmir bank, Dhanlakshmi
bank & the Karnataka bank, which in itself are not so common with the general mass, makes it
difficult for MetLife to get itself placed in the Indian market. For overcoming the same
MetLife can go for further mergers and acquisitions with strong banks which would help
it grow, for example, it announced its intention to purchase Citigroup's Travelers Life &
Annuity and substantially all of Citigroup's international business for $11.5 billion. Such
purchases and tie-ups would help it strengthen its roots and create its own niche in the
Indian market.
5.

Product diversification Instead of catering to only one kind of product MetLife

can slowly diversify with the kind of products it deals with. MetLife only provides life
insurance products; it can get into the debt market by providing housing loans and
various other vehicle loans as these are on a high these days.
6.

Emphasis on use of Information Technology In the insurance industry today, there

is a clear trend away from selling a broad range of products to a large volume of
customers in a one size-fits-all manners. Instead of focusing on their different products
lines as silos (i.e., life, property and casualty etc) insurers are looking for ways to offer
highly targeted insurance products that are tailored to the individuals customers with the
highest propensity to buy them. There is a evolutionary change in the technology that has
revolutionized the entire insurance sector. Insurance industry is a data-rich industry, and
thus, there is dire need to use the data for trend analysis and personalization.

(50)

CONCLUSION
The exhaustive research in the field of Life Insurance threw up some interesting trends
which can be seen in the above analysis. A general impression that I 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 impressed 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 player like MetLife
India Insurance Co. Ltd. LIC has never been known for prompt service or customer
oriented.
The brand of MetLife Insurance appeals to growing middle-income group. It has the
support of an aggressive foreign bank at its back; Its market position is strong
Shareholders return has grown by 7 times and more till date.
MetLife Insurance maintains the position of word leading Cash Management Provider. Its
improved product proposition attracts one and all; it is one of the most profitable MNC
in India. It is a multicultural organization providing good support of efficient Managers.

(51)

In my view , company should focus rather more on these issues to win the market:

Expansion of Customer base

Improvement in Quality of the Services

Increased Customer Satisfaction

Consistent Business Growth

Increase in Profitability

Retaining The Customer

Choose the best Financial Advisors

Develop the Financial Advisors skills

Give the opportunities them in the organization

More Advertising

LIMITATIONS
1.The research is confined to a certain parts of DELHI and does not necessarily shows a
pattern applicable to all of Country.
2.Some respondents were reluctant to divulge personal information which can affect the
validity of all responses.
3.In a rapidly changing industry, analysis on one day or in one segment can change very
quickly. The environmental changes are vital to be considered in order to assimilate the
findings.
4.Sample size was only restricted to 50.
5.Lack of time is also a major limitation for the project.
6.Projections regarding environmental and political basis can be change.
7.Data Interpretation: After the data collection process, it was essential to interpret them
to figure out the result. The data collected are expressed with the help of Bar graphs and
Pie-Charts which is difficult to understand.

(52)

BIBLIOGRAPHY/REFERENCES
*Business Today. "The Monitory Group Study on Insurance I and II." March 22 and
April 7, 2011.
*Kumari, Vaswati, "India Insurers Seek Perfect Partners." National Underwriters, March 5,
2010, 38-39.
*Roy, Abhijit. "Pension fund business in India." The Hindu, July 16, 2009, p. 25.
*Roy, Samit. "Insurance Sector: India." Industry Sector Analysis, National Trade and
Development Board, US Department of State, Washington, DC, December 2009.
*Sigma. "World Insurance in 1999." No. 9/2000. Published by SwissRe. Available at
www.swissre.com.
*Marketing Management II by Philip Kotler, p.65.
http://hdfcstandardlife.co.in
http://metlifeindia.co.in
http://scribd.com
http://IRDA.in

ANNEXURE
QUESTIONNAIRE
WHAT IS YOUR NAME?

____________

WHAT IS YOUR AGE?

____________

YOUR EMAIL ID

____________

YOUR PHONE NUMBER

____________

1.

2.

3.

What is your qualification?

a) High School

b) Intermediate

c) Graduation

d)other (please specify)

According to you which is the best form of investment?

a) Fixed Assets

b) Bank Deposits

c) Jewellery

d) Securities, i.e bonds, mfs etc

e) Shares

f) Insurance

Do you have any insurance policy?

a)Yes

4.

b)No

Please mention the name of the insurance company through which maximum
through you like to cover your life.
a) LIC

b) HDFC

e) ICICI PRUDENTIAL
5.

f)Other (specify)

Please mention the type of insurance policy you are covered under
a) Individual

6.

d) MetLife

b)Corporate

Please mention the type of insurance you are covered under

a)Accidental

b)Health

c)Life
7.

d)Any other(Specify)

Are you satisfied with the policy?

a) Satisfied

8.

9.

10.

11.

b) Not satisfied

Whats your perception about insurance?

a) A saving tool

b) A tax saving device

c) A future protection tool

d)Any other

What would you look for in an insurance company?

a) A trusted name

b) Friendly service and responsiveness

c) Good plans

d) Accessibility

Whom would you consult before making an investment :

a)Banker

b)Chartered accountant

c)Investment consultant

d)any other

Is MetLife Insurance more affordable than the other Insurance available on your
nearest telecom shops?

12.

a) Strongly Agree

b) Agree

f) Strongly Disagree

e) Neutral

c) Disagree

The various ranks given by the customers about their perception about different

players in the market:

Attributes

Brands

Cheap
Easy Availability
Quality

ICICI

HDFC

Met life

Others