A STUDY ON THE AWARENESS LEVEL OF PRODUCTS OF MAX NEW YORK LIFE INSURANCE COMPANY WITH SPECIFIC REFERENCE TO CHENNAI

CITY

A PROJECT REPORT Submitted to the SCHOOL OF MANAGEMENT In partial fulfillment of the requirements for the award of the degree of MASTER OF BUSINESS ADMINISTRATION BY SUGANYA.J Reg No.35080611 Under the Supervision and Guidance of S.SUJATHA (ASSISTANT PROFESSOR) SRM UNIVERSITY

SCHOOL OF MANAGEMENT
SRM UNIVERSITY
KATTANKULATHUR

CHENN NAI 6032 203 M MAY 2010

SRM SCHOOL S L OF MAN NAGEMEN NT SRM UNIVERSI ITY KATTAN NKULAT THUR CHE ENNAI-60 03203

BO ONAFIDE E CERTIF FICATE

d that this pro oject report titled t A ST TUDY ON N THE AW WARENES SS LEVEL L Certified

OF PRO ODUCTS OF MAX X NEW YO ORK LIFE E INSURA ANCE CO OMPANY WITH SPECIFIC C REFER RENCE TO O CHENN NAI CITY Y is the bon nafide work k of
Ms.J.SU UGANYA wh ho carried ou ut the resear rch under my y supervision n. Certified further, f that to the best of o my knowl ledge the wo ork reported herein does not form pa art of any oth her project report or dissertation n on the basis s of which a degree or aw ward was co onferred on an a earlier occasion on this or an ny other can ndidate.

Signature of the Supervisor

Signature of the HOD

ACKNOWLEDGEMENT

I hereby acknowledge my sincere gratitude to Dr. JAYSHREE SURESH, Dean of SRM School Of Management, and S.SUJATHA, Assistant Professor, SRM University for his valuable guidance and help, without which this project would not have seen the light of the day and with his experience, rich and scholastic knowledge, he has given the right direction for the study as to make the study exhaustive and useful.

I am indeed thankful to each member in MAX NEW YORK LIFE INSURANCE COMPANY LIMITED, CHENNAI and Mr. M.GANESH (HR) for giving permission to carry out this project and also for their valuable suggestions. I am grateful to my loving parents, nonteaching staffs, friends and colleagues for their help rendered in the successful completion of project.

Finally, I thank all respondents for having provided me with valuable details and information, which helped me to complete this project successfully.

J.SUGANYA

TABLEOFCONTENTS S.NO.
1 1.1 1.2 1.3 2 3 3.1 3.2 3.3 4 5.1 5.2 5.3

TITLE
INTRODUCTION INDUSTRYPROFILE COMPANYPROFILE PRODUCTPROFILE REVIEWOFLITERATURE OBJECTIVES NEEDANDSCOPEFORTHESTUDY LIMITATIONSOFTHESTUDY RESEARCHMETHODOLOGY ANALYSISANDDATAINTERPRETATION FINDINGS SUGGESTIONS CONCLUSION

PAGENO.
1 3 7 12 17 19 21 22 23 31 64 65 66

5.4

BIBILIOGRAPHY ANNEXURESQUESTIONNAIRE

67 68

LISTOFTABLES
TABLE NO. 4.1 4.2 4.3 4.4 4.5 4.6 4.7 4.8 4.9 4.10 4.11 4.12 Age of the respondents Gender of the respondents Income level of the Respondents Insurance status level among the respondents Companies invested by the respondents Awareness of MNYL Company Mode through which respondents know about MNYL Awareness of MNYL Insurance Products Policies invested by the respondents Reasons for choosing a particular product Satisfaction of the services offered by MNYL Level of Awareness of Max New York Life Insurance products Income Level Vs Awareness of Max New York Life Insurance Products 4.14 Age Vs Awareness of Max New York Life Insurance 58 TITLE PAGE NO. 32 34 36 38 40 42 44 46 48 50 52 54

4.13

56

4.15 4.16

Gender Vs Company where the respondent Insured Rank Correlation

60 63

LISTOFFIGURES
CHARTNO.
4.1 4.2 4.3 4.4 4.5 4.6 4.7 4.8 4.9 4.10 4.11 4.12 Ageoftherespondents Genderoftherespondents IncomeleveloftheRespondents Insurancestatuslevelamongtherespondents Companiesinvestedbytherespondents AwarenessofMNYLCompany ModethroughwhichrespondentsknowaboutMNYL AwarenessofMNYLInsuranceProducts Policiesinvestedbytherespondents Reasonsforchoosingaparticularproduct SatisfactionoftheservicesofferedbyMNYL LevelofAwarenessofMaxNewYorkLifeInsurance

TITLE

PAGENO.
33 35 37 39 41 43 45 47 49 51 53 55

products

INTRODUCTION

 1.INTRODUCTION It'sbeenhumanhopetoliveapeacefullifetillaripeoldage,todotheverylasthouseholdsand watch children stand on their own leg. But, what happens if life is cut short by the very own fate? Who would pay for the children's future in terms of their education and marriage? Who will ensure life continuity for them? Also what happens if suddenly disability or illness put us out of action? Should these adversities occur, are we equipped to face the situation? Where would we get the money to face

thecrisis?Wouldlifecontinuesmoothlyforournextgeneration? Find out how much life insurance you need. This shows how much awareness needed about someofthemythsregardinglifeinsurance. Insuranceplaysamajorroleinthe bankingsector;manylargeplayershavestartedentering the market with high competition. As people came to know about the need of life insurance, Max India Ltd withthehelpofforeignpartnerNewYorkLifeInsuranceenteredthemarketwithvariousinnovativelife insurance packages.Max New York Life Insurance the No.1 among the private players was able to capturelargemarketshareinlifeinsurancebusiness. ThoughMaxNewYorkLifeInsuranceisfacingatoughcompetitionfromLIC,itwenttoframeup strategy to enter new markets. Brand awareness was the major factor, which made LIC to have an edge overMaxNewYorkLifeInsurance. ThestudydealswiththeanalysisofawarenesslevelofproductsofMaxNewYorkLifeInsurance Company in the Chennai City. Satisfaction of the services provided by the Life Insurance Companies. IdentifytheawarenesslevelofvariuosschemesofMaxNewYorkLifeInsurance. 1.1.INDUSTRYPROFILE

 Insuranceindustry,earliercomprisedofonlytwostateinsurers. Life Insurers ie Life Insurance Corporation of India (LIC) and General Insurers ie General InsuranceCorporationofIndia(GIC)GIChadfoursubsidarycompanies. With effect from Dec'2000, these subsidaries have been delinked from parent company and made as an independent insurance companies. Oriental Insurance Company Limited, New India Assurance Company Limited, National Insurance Company Limited and United India Insurance Company Limited. The first batch of licenses were issued by the Insurance Regulatory and Development Authority (IRDA)in2001.AsonJune2008followingaretheplayersintheIndianMarket: The total number of life insurers registered with the Authority has gone up to 22. While, the totalnumberofgeneralinsurersregisteredwithIRDAis21. Insurance, in law and economics, is a form of risk management primarily used to hedge against theriskofacontingentloss.Insuranceisdefinedastheequitable transferoftheriskofaloss,fromone entity to another, in exchange for a premium, and can be thought of as a guaranteed small loss to preventalarge,possiblydevastatingloss.Aninsurerisacompanysellingtheinsurance;aninsuredisthe personorentitybuyingtheinsurance.Theinsurancerateisafactorusedtodeterminetheamounttobe chargedforacertainamountofinsurancecoverage,calledthepremium.Riskmanagement,thepractice ofappraisingandcontrollingrisk,hasevolvedasadiscretefieldofstudyandpractice GLOBALINSURANCEINDUSTRY

Global insurance premiums grew by 11% in 2007 (or 3.3% in real terms) to reach $4.1 trillion. The macro-economic environment was characterised by slower economic growth in 2007 and rising inflation. Profitability improved in life insurance and fell slighlty in the non-life sector during the year. Life insurance premiums grew by 12.6%, accelerating in the advanced economies with the exception of Japan and Continental Europe. Non-life insurance premiums grew by 7.6% during the year. Figures for premium income are not yet available for 2008, but the insurance industry is likely to see a slowdown in new business and falling investment revenue. Advanced economies account for the bulk of global insurance. With premium income of $1,681bn, Europe was the most important region, followed by North America ($1,330bn) and Asia ($814bn). The top four countries accounted for nearly 60% of premiums in 2007. The US and UK alone accounted for 42% of world insurance, much higher than their 7% share of the global population. Emerging markets accounted for over 85% of the worlds population but generated only around 10% of premiums.
HISTORYOFINSURANCE

In some sense we can say that insurance appears simultaneously with the appearance of human society. We know of two types of economies in human societies: money economies (with markets, money, financial instruments and so on) and non-money or natural economies (without money, markets, financial instruments and so on). The second type is a more ancient form than the first. In such an economy and community, we can see insurance in the form of people helping each other. For example, if a house burns down, the members of the community help build a new one. Should the same thing happen to one's neighbour, the other neighbours must help. Otherwise, neighbours will not receive help in the future. This type of insurance has survived to the present day in some countries where modern money economy with its financial instruments is not widespread (for example countries in the territory of the former Soviet Union). Turning to insurance in the modern sense (i.e., insurance in a modern money economy, in which insurance is part of the financial sphere), early methods of transferring or distributing risk were practised by Chinese and Babylonian traders as long ago as the 3rd and 2nd millennia BC,

respectively.[8] Chinese merchants travelling treacherous river rapids would redistribute their wares across many vessels to limit the loss due to any single vessel's capsizing. The Babylonians developed a system which was recorded in the famous Code of Hammurabi, c. 1750 BC, and practised by early Mediterranean sailing merchants. If a merchant received a loan to fund his shipment, he would pay the lender an additional sum in exchange for the lender's guarantee to cancel the loan should the shipment be stolen. Achaemenian monarchs of Iran were the first to insure their people and made it official by registering the insuring process in governmental notary offices. The insurance tradition was performed each year in Norouz (beginning of the Iranian New Year); the heads of different ethnic groups as well as others willing to take part, presented gifts to the monarch. The most important gift was presented during a special ceremony. When a gift was worth more than 10,000 Derrik (Achaemenian gold coin) the issue was registered in a special office. This was advantageous to those who presented such special gifts. For others, the presents were fairly assessed by the confidants of the court. Then the assessment was registered in special offices. The purpose of registering was that whenever the person who presented the gift registered by the court was in trouble, the monarch and the court would help him. Jahez, a historian and writer, writes in one of his books on ancient Iran: "[W]henever the owner of the present is in trouble or wants to construct a building, set up a feast, have his children married, etc. the one in charge of this in the court would check the registration. If the registered amount exceeded 10,000 Derrik, he or she would receive an amount of twice as much."[1] A thousand years later, the inhabitants of Rhodes invented the concept of the 'general average'. Merchants whose goods were being shipped together would pay a proportionally divided premium which would be used to reimburse any merchant whose goods were jettisoned during storm or sinkage. The Greeks and Romans introduced the origins of health and life insurance c. 600 AD when they organized guilds called "benevolent societies" which cared for the families and paid funeral expenses of members upon death. Guilds in the Middle Ages served a similar purpose. The Talmud deals with several aspects of insuring goods. Before insurance was established in

the late 17th century, "friendly societies" existed in England, in which people donated amounts of money to a general sum that could be used for emergencies. Separate insurance contracts (i.e., insurance policies not bundled with loans or other kinds of contracts) were invented in Genoa in the 14th century, as were insurance pools backed by pledges of landed estates. These new insurance contracts allowed insurance to be separated from investment, a separation of roles that first proved useful in marine insurance. Insurance became far more sophisticated in post-Renaissance Europe, and specialized varieties developed. Toward the end of the seventeenth century, London's growing importance as a centre for trade increased demand for marine insurance. In the late 1680s, Edward Lloyd opened a coffee house that became a popular haunt of ship owners, merchants, and ships captains, and thereby a reliable source of the latest shipping news. It became the meeting place for parties wishing to insure cargoes and ships, and those willing to underwrite such ventures. Today, Lloyd's of London remains the leading market (note that it is not an insurance company) for marine and other specialist types of insurance, but it works rather differently than the more familiar kinds of insurance. Insurance as we know it today can be traced to the Great Fire of London, which in 1666 devoured 13,200 houses. In the aftermath of this disaster, Nicholas Barbon opened an office to insure buildings. In 1680, he established England's first fire insurance company, "The Fire Office," to insure brick and frame homes. The first insurance company in the United States underwrote fire insurance and was formed in Charles Town (modern-day Charleston), South Carolina, in 1732. Benjamin Franklin helped to popularize and make standard the practice of insurance, particularly against fire in the form of perpetual insurance. In 1752, he founded the Philadelphia Contributionship for the Insurance of Houses from Loss by Fire. Franklin's company was the first to make contributions toward fire prevention. Not only did his company warn against certain fire hazards, it refused to insure certain buildings where the risk of fire was too great, such as all wooden houses. In the United States, regulation of the insurance industry is highly Balkanized, with primary responsibility assumed by individual state insurance departments. Whereas insurance markets

have become centralized nationally and internationally, state insurance commissioners operate individually, though at times in concert through a national insurance commissioners' organization. In recent years, some have called for a dual state and federal regulatory system (commonly referred to as the Optional federal charter (OFC)) for insurance similar to that which oversees state banks and national banks
1.2.COMPANYPROFILE Max New York Life Insurance Company Ltd. is a joint venture between New York Life; a Fortune 100 company and Max India Limited; one of India's leading multibusiness corporations. The company haspositioneditselfonthequalityplatform.InlinewithitsvisiontobetheMostAdmiredLifeInsurance Company in India, it has developed a strong corporate governance model based on the core values of excellence,honesty,knowledge,caring,integrityandteamwork. Incorporatedin2000,MaxNewYorkLifestartedcommercialoperationin2001.Inlinewithitsvaluesof financial responsibility, Max New York Life has adopted prudent financial practices to ensure safety of policyholder's The company has multichannel distribution that includes the agency distribution, partnership funds. The Company's paid up is Rs.1,782 crore.

distribution, bank assurance, distribution focused on emerging markets and alliance marketing through employed sales force. The company currently has 33 bank assurance relationships, 14 corporate agency tieups and direct sales force at 14 locations. The company has 126 (13 hub office, 113 spoke offices) offices dedicated to emerging markets in Punjab and Haryana. Max New York Life offers a suite of flexibleproducts.Itnowhas35productscoveringbothlifeandhealthinsuranceand8ridersthatcanbe

customized to over 800 combinations enabling customers to choose the policy that best fits their need. Besides this, the company offers 6 products and 4 riders in group insurance business. Thecompanycurrentlyhasmorethan15,660employees. Promoters Max New York Life Insurance Company Ltd. is a joint venture between New York Life, a Fortune

100 company and Max India Limited, one of India's leading multibusiness corporations. Since its inception in 2000, the organization has progressed and positioned itself on the quality platform. In line with its vision to be the most admired life insurance company in India, it has developed a strong corporate governance model based on the core values of excellence, honesty, knowledge, caring, integrity and teamwork. The strategy is to establish itself as a trusted life insurance service provider throughaqualityapproachtobusiness. MaxIndiaLtd Founded in 1985, Max India Limited is a Public Limited company listed on the NSE and BSE of India with over 26,000 shareholders. Today, Max India Limited is a multibusiness corporate, driven by the spiritofEnterprise,focusedonKnowledge,PeopleandServiceorientedbusinessesof: Healthcare(MaxHealthcare) LifeInsurance(MaxNewYorkLifeInsurance) ClinicalResearch(NeemanMedicalInternational) MaxalsoMaintainsInterestsin: SpecialtyPlasticProductsforthepackagingindustry(MaxSpecialityProducts) HealthcareStaffing(MaxHealthStaff) Till1999,TheCompanysMainInterestsandPartnershipswerethefollowing: Business BulkActivePharmaceuticals ElectronicComponentDistribution MobileTelephony

 VSATCommunications PlatingChemicals InformationTechnology Partners DSMGistBrocades Motorola,USA AvnetInc.,USA HutchisonTelecomLtd.HongKong ComsatInvestmentInc.,USA&LockheedMartin,USA Atotech,Germany MindCrossing,USA In 2000, the Company reinvented and restructured itself to focus on the businesses of Life under the them,LifeOurFocus. NewYorkLifeInsurance: New York Life Insurance Company,(www.newyorklife.com) a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States and one of the largest life insurers in the world. Headquartered in New York City, New York Lifes family of companies offer life insurance,annuitiesandlongtermcare insurance.NewYorkLifeInvestment ManagementLLCprovides institutional asset management and retirement plan services. Other New York Life affiliates provide an arrayofsecuritiesproductsandservices,aswellasinstitutionalandretailmutualfunds. New York Life is one of the largest and strongest life insurance companies in the world with more than USD$215 billion assets under management and has received among the highest ratings for financial strength from the life insurance industry's principal rating agencies: A.M. Best (AA+), Standard & Poor's (AA+), Moody's (Aa1), Fitch (AAA). According to Moody's, "New York Life's rating reflects the company's good quality investment portfolio, ample liquidity, and sound capitalization, as well as the good growth potentialofitsinternationalbusiness.

 BoardofDirectors Mr.AnaljitSingh Chairman,MaxIndiaLimited ViceChairman,MaxNewYorkLifeInsurance.

Mr.Anuroop(Tony)Singh Mr.RajeshSud Mr.RajitMehta Mr.JohnHarrison Mr.RichardMucci Dr.S.S.Baijal Dr.OmkarGoswami Mr.RajeshKhanna RajeshSud RajitMehta AnilMehta SunilKakar AjaySeth

CEO&ManagingDirector, ExecutiveDirector&ChiefOperatingOfficer, Director,MaxNewYorkLifeInsurance Director,MaxNewYorkLifeInsurance

Director,MaxNewYorkLifeInsurance Director,MaxNewYorkLifeInsurance Director,MaxNewYorkLifeInsurance ManagingDirectorandCEO, ChiefOperatingOfficer SeniorDirectorNewMarketsSBU SeniorDirector&ChiefFinancialOfficer SeniorDirectorLegal&Compliance

DebashisSarkar

SeniorDirector&ChiefMarketingOfficer

FACTSHEETAsofJanuary31st,2009 Founded :2000 :April2001 :NewDelhi,India :http://www.maxnewyorklife.com :AnaljitSingh :RajeshSud

StartedOperations Headquarters

WorldWideWebAddress Chairman

ManagingDirector&CEO PaidUpCapital Employees

:Rs.1,782crore :35 :15,660

NumberofProducts(Individual)

NumberofRiders/Options(Individual) :8 ProductCombinationsPossible NumberofProducts(Group) :Over800 :6 :4

NumberofRiders/Options(Group)

NumberofOffices

;570

NumberofOfficesDedicated ToRuralBusiness NumberofCities MDRTs 1.3.PRODUCTPROFILE 1.3.1.PROTECTION FiveYearRenewableandConvertible: Five Year Renewable and Convertible Term Insurance (NonParticipating) provides you with a low cost insurance cover during its tenure of five years. It is also convertible any time into any permanent life insurance policy from MNYL, so that you are able to take advantage of increasing your savingswhenyourresponsibilitiesincreaseviz.onmarriage,oronchildbirth :126(13huboffices,113spokeoffices) :375

:343(forcalendaryear2007)

 Leveltermpolicy In the exciting journey of your life, there will be uncertainties. Additionally there may be times

and occasions when you have to assume additional responsibilities as the head of the family. Max New York Life's Level Term (Non Participating) Policy insures your life at a very low cost and reduces any hardshipyourfamilymayhavetobearintheunfortunateeventofyourdeath. 1.3.2.CHILDREN Children'sEndowmentto18(Par) Children'sEndowmentParticipatingInsurancetoage18withwholelifeoption enablesyoutoprovideforhighereducationofyourchild. Children'sEndowmentto24(Par) SMARTStepsPlan Ondeathoflifeinsured:Refundofpremiumsplusinterest. OnMaturity:SumAssured. OnSurrenderofPolicy:Surrendervalue. Bonus:From3rdpolicyyear,wewilldeclarebonuseseveryyear TaxBenefit

AnunmatchedinvestmentopportunitybywayofwellmanagedInvestmentFunds Anocompromise360degreeprotectiontoyourchildrenifyouarenotalive Financialprotectionforyourlovedonesifyouarenotalive Facilityofpartialwithdrawalsforthoseunplannedexpenses

1.3.3.INVESTMENT LifeMakerPremiumInvestmentPlan LifeMakerPlatinumPlan Choiceofattractiveinvestmentfunds Flexibilitytomanageinvestmentsthroughswitchingandredirection Additionalprotectionagainstdiseaseanddisabilitythroughriders Flexibilitytoinvestalumpsumamountthroughtopups FreeLoyaltyUnits Fiveattractiveinvestmentfundstochoosefrom Flexibilitytochoosepremiumpaymentterm Additionalprotectionagainstdiseaseanddisabilitythroughriders Flexibilitytoinvestalumpsumamountthroughtopups FreeLoyaltyUnits Taxbenefitonpremiumsandmaturityvalue

Taxbenefitonpremiumsandmaturityvalue

LifeInvestPlan SMARTAssurePlan 1.3.4.RETIREMENT AplaceforyourhardearnedsavingsRangeofprofessionallymanagedfunds FreedomfromtrackingthemarketDynamicfundallocation Freedomfromworrieswithlifecover FlexibilityforunexpectedexpensesPartialwithdrawals Yourtooltofightinflationtheincreasingpremiumoption Totalprotectionoptionpersonalaccidentanddreaddiseaseriders Awholeoflifesolutioncoverageupto85yearsofage FlexibleInvestmentwithchoiceoffourattractivefundoptions Investabigamountinyourplanthroughtopupsasperyourcashflow Guaranteedfreeunitsintheformofloyaltyunits Choiceoflevelorincreasingdeathbenefit Liquiditythroughpartialandfullsurrendersafterthreeyears Flexibilitytochoosepremiumpaymenttermasperyourcashflow

 EasyLifeRetirement(Par)Plan On the chosen retirement date: Sum Assured plus additional insurance coverage purchased in

wayofbonuses. On death of life insured: Refund of accumulated premiums plus cash value of additional pure

endowmentspurchasedfrombonuses ChoiceofAnnuity

TaxBenefit 1.Yourpremiumsareeligiblefordeductionu/s80CuptoRs.1,00,000/everyyear. 2. 1/3rd of the corpus can be commuted at vesting age the amount commuted are eligible for taxexemptionu/s10A SMARTInvestPensionPlan RETURNSSMART Invest pension plan provides you competitive returns to secure the golden

yearsofyourlife PROTECTION SMART Invest pension plan ensures that your hard earned funds are invested

prudently,effectivelycombatingInflation,preservingyourobjectiveofasecureretirement LIQUIDITYSMARTInvestpensionplanprovidesyoueasyliquidityforunforeseenexpenses FLEXIBILITYSMARTInvestpensionplanprovidesyouflexibleoptionsforyourchangingneeds

1.InvestmorethroughTopupstomatchyourcashflow 2.FlexibilitytochoosePremiumPaymentOption 3.FlexibilitytochooseDefermentPeriod

4.FlexibleInvestmentfunds 5.DynamicFundAllocation TaxBenefit 1.Yourpremiumsareeligiblefordeductionu/s80CCCuptoRs.1,00,000/everyyear. 2. Onethird of the corpus can be commuted at vesting age the amount commuted are eligible fortaxexemptionu/s10A 1.3.5.HEALTH LifeLineMediCashPlan Cashlesshospitalizationavailableinover4000+networkhospitalsacrossthecountryFixed daily

hospitalizationbenefitavailableirrespectiveofamountofactualbilling. Benefits are payable in addition to any other health insurance cover that you may have with us

oranyotherinsurer. The premiums are guaranteed for five years from the effective date. After five years, the

Company may revise the premium rates based upon the actual review of the claims experience subject topriorapprovalofIRDA. GuaranteedLongTermcoveragefor10yearssubjecttopaymentofpremiummadebyyou. Premiumdiscountincasepolicyisclaimfreeforfirst5years. TaxbenefitonthepremiumpaiduptoRs.15,000undersection80DoftheIncomeTaxAct.

 LifeLineWellnessPlan

LifeLineSafetyNetPlan ComprehensiveInsuranceplangivingfinancialprotectionfrom:

1.Death 2.CriticalIllness 3.TotalandPermanentDisability 4.AccidentalDeathBenefit 5YearsPremiumGuarantee

HighCoverageTenure(Upto30Years) TaxBenefitundersection80C

REVIEWOFLITERATURE

REVIEW OF LITERATURE
Literature review is a survey and discussion of the literature in a given study, argued, and established about a area of study. It is a concise overview of what topic, and it is usually organized chronologically or thematically. A literature review is written in essay format. It is not an annotated bibliography, because it groups related works together and discusses trends and developments rather than focusing on one item at a time. It is not a summary; rather, it evaluates previous and current research in regard to how relevant and useful it is and how it relates to your own research. .BOOKS 1. Title: Effective Customer Relationship Management: How Emotion Drives Sustainable Success Author: Amy Sauers Abstract: By 2005, companies worldwide had created a $76-billion customer relationship management (CRM) software industry. These pioneers strove to streamline their customer transactions and maximize touchpoints over the lifecycle. On average, these dedicated, innovative firms spent the better part of a year implementing expensive CRM systems and renewing maintenance contracts. After all this devotion, investment, and IT integration, how could it be that up to 70% of CRM projects "fail to live up to expectations"? This book investigates the reason for relationship marketings failure, and uncovers that this failure is not due solely to CRM IT implementation and strategy problems. The failure to establish long-term relationships with customers is because companies and research have ignored the emotional-relational component of developmental stages in human relationships. Relationship marketing is incomplete unless it models the stuff of real interpersonal relationships

 developmental stages, trust, emotional mechanisms, and deeply felt commitment. Therefore, traditional CRM software and, by implication, the relationship marketing vision of the firm is simply looking in the wrong place. The CRM technology itself tends to obfuscate the naked realization and raison detre, as James Autry profoundly mused, that There is no business, there are only people. The research in this book empirically maps the customers emotional-relational journey, so that marketing may be better able to connect on an emotional level to where customers are in the relationship stages to earn, not only commitment and profits, but also relational wellbeing.

OBJECTIVES

 3.OBJECTIVES:

 PrimaryObjective Toanalysetheawarenesslevelofmaxnewyorklifeinsurancecompanyproductsinchennai SecondaryObjective:

To determine the reason for choosing a particular life insurance company products in terms of its features

To identify the awareness of max new york life insurance company products.
To determine the satisfication level of services offered by max new york life insurance company amoungthepolicyholders

3.1.NEEDANDSCOPEOFTHESTUDY Theresearch conductedonfindingthe awarenesslevelofmaxnewyorklifeinsurancecompany productsinchennai

The research identifies the factors considered by the investors for choosing a particular product The research finds criteria chosen by the investors in selecting a specific insurance company The research finds out how effective the customers are aware about the insurance sector The research finding that further development activities of Max NewYork Life Insurance Company.

 3.2LIMITATIONSOFTHESTUDY The study was restricted to chennai city alone and so this may not represent the universal as a whole. Some of the respondents might not have given the actual facts in order to avoid the frequent visitsofmarketingexecutivesfromtheinsurancecompanies. Timeisthemajorlimitingfactorastheavailabletimeforthesurveywasonlythreemonths Researcher has used non probabilistic sampling technique. So the sample may not be the same representativeofthewholepopulation Duetotimeconstraintsurveywasrestrictedto300respondentsinchennaicity. Anotherlimitationofsurveyresearchisthattheinterviewmightmaketherespondentalertand cautions,hemaynotanswerthequestioninanaturalway

 RESEARCHMETHODLOGY
3.3RESEARCHMETHODOLOHY:

Market research is the systematic design, collection, analysis reporting of data and findings relevanttoaspecificmarketingsituationfacingthecompany NATUREOFRESEARCH: Researchisbasicallyoftwotypes: 1. Exploratory Research seeks to discover new relationships. These are drawn from ideas developedinthepreviousresearchstudiesordrawnfromthetheory. 2. Conclusiveresearchhelpsexecutivestochooseamongthevariouscourseofaction. Max New York Life Insurance Company Ltd. is a joint venture between New York Life, a Fortune of 100 companies and Max India Ltd, one of India's leading multibusiness corporations. Since its inceptionin2000,theorganizationshasprogressedandpositioneditselfonthequalityplatform. The study is aimed to know the awareness level of Max New York Life Insurance Company for Max New York Life Insurance company ltd, Amanjikarai, Chennai. The second aim is to find out the awareness level of schemes offered by Max New York Life Insurance and find out the position of Max NewYorkLifeInsurancecomparedwithotherlifeInsurancecompanies. The survey is to be conducted among 300 respondents who belong to Chennai city alone. Sampling technique adopted is Nonprobability Sampling, Quota Sampling. The statistical tool used to analyzearepercentageandvalueanalysis,ChiSquare,Rankingmethod.

The data was collected by the means of conducting survey through Structured Questionnaire through personal interview and also scheduled interviews were conducted when meeting with the higherofficials. TheMarketingResearchProcesshas5majorsteps: 1. Definingtheproblemandresearchobjectives. 2. Developingtheresearchplan. 3. Collectingtheinformation. 4. Analyzingtheinformation. 5. Presentingthefindings. TheResearchPlanhas5aspectsthataretobeconsidered. 1. Datasources. 2. Researchapproaches. 3. Researchinstruments. 4. Samplingplan. 5. Contactmethods. DATASOURCE: Therearetwotypesofdatasources i. ii. Primarydata Secondarydata

A)Primarydata: Consistoforiginalinformationgatheredforaspecificpurpose. Theprimarydataiscollectedbyinterviewingpeopleindividually. B)Secondarydata: Consist of information that already exists somewhere. It provides as a starting point for research. It canbeobtainedfromjournals,manualsetc. Researchapproaches: The primary data can be collected in four ways observations, surveys, focus group and experiment. Theresearcherhasfollowedthesurveymethod. Surveymethod: This method is best suited for descriptive research surveys are done to learn about peoples

knowledge,beliefs,preferences,satisfactionandsoon. ResearchInstruments:

For collecting primary data two research instruments are used. Questionnaire consists of set of

questionspresentedrespondentsfortheiranswers.Thedifferentformsofquestionnaireare: CloseendedQuestions: Thistypeofquestionsspecifiesallthepossibleanswersandtherespondentsaremadetochooseamong them. Dichotomousquestions: This type of questions contains only two options for the respondents to choose out of them: like YES/NO,AGREE/DISAGREEandsoon. Openendedquestions: Thistypeofquestionsallowtherespondentstoanswerintheirownwordsintheformoftheiropinions, suggestions,commentsetc., SamplingPlan: Forthesamplingplanthreedecisionshavetobemade. Samplingunit:

 Thesamplingunitdefinesthetargetpopulationthatwillbesampled. Samplesize: Thenumberofpeopletobesurveyedgivesthesamplesize. SamplingProcedure:

Therearetwomethodsofsampling. [a]Probabilitysampling [b]Nonprobabilitysampling Probabilitysampling In this method every item in the universe or population has a known chance or probability of being chosen.Thisimpliesthattheresearcherselectthesampleobjectively. TYPESOFPROBABILITYSAMPLING:

i.

Random sampling is the process of drawing a sample from a population in such a way thateachmemberofthepopulationhasanequalofbeingincludedinthesample.

ii.

Stratified Random Sampling: The population is sub divided into homogenous groups called state then a sample is selected from each stratum at random to form the stratified sample.

iii.

Systematic or Quasi random sampling: The units of population are arranged in an order and then the first items are selected at random and every kth unit forms the systematic sample.

iv.

Clustersampling:samplingmethodsin which universeelements arechoseningroupsare calledsamplingmethods.

v.

Area sampling: It is a special form of Cluster sampling in which the sample items are clusteredonageographicareabasis.

NonProbabilitySamplingMethods: Thesemethodsdonotprovideeverytimeintheuniversewithaknownchanceofbeingincluded inthesample.Theselectionprocessissubjective. TypesofNonProbabilitySampling i. Conveniencesampling: The researcher selects the most accessible population members from which to obtain information.Theitemsselectedbythismethodarecheapandeasytofindandmeasure. ii. Judgementsampling: The selection of samples is by means of expert judgement, which they consider best for the study.

 iii. Quotasampling: The population is divided into state on the basis of demographics and then quotas are establishedforeachstratum.Thequotasmaybeproportionalordisproportional. Contactmethods: Thefollowingmethodsareused PersonalInterview: ThePersonalInterviewsarefacetofaceinterviewsthatenabletheresearchertoaskmorequestions andrecordobservationsoftherespondentsonamoreaccuratebasis. RESEARCHTOOLSUSEDFORDATAANALYSIS: Mail Telephone PersonalInterview

a. PercentageAnalysis b. Chisquaretest c. RankingMethod d. Rankcorrelationmethod PERCENTAGEMETHOD Afterthecollectionofdata,thedatawaseditedandtabulated.Percentageswerefoundoutandthe analysisandinterpretationsweremadebasedonthat. CHISQUARETEST: An important technique available in statistics to analyze the collected data is the ChiSquare Analysis. ChiSquare (symbolically written as X2 test) is a nonparametric test used most frequently by marketing researcher to test hypothesis. This test is employed for testing hypotheses when distribution ofpopulationisnotknownandwhennominaldatahastobeanalyzed.Thetestissimilarinapproachas zandttests.X*2testissimilarttestinthatbothdependuponthedegreesoffreedominvolved,curveis greatly skewed. As the number of degrees of freedom increases, the distribution curve becomes more symmetricalandresemblesthenormalcurve. RANKINGMETHOD: Respondentsaretoldtorankvariousalternativesonthebasisofthepreferenceandprioritytheygive.

 SAMPLINGMETHODOLOGYANDDESIGN: Samplesize Sampletechnique SampleUnit 300 NonprobabilitysamplingQuotasampling Policy holders and nonpolicy holders of Life insurancecompanies SampleArea CoverageDuration Researchtoolsused ChennaiCity 2months a) PercentageAnalysis b) ChisquareTest c) RankingMethod

ANALYSISANDDATA INTERPRETATION

 TableNo:4.1 AgeoftheRespondents AGE <20yrs 2140 4160yrs >60yrs Total Inferencesfortableno:4.1inPercentageAnalysis: Outofthetotalrespondentsinthesurveyundertakenforthestudy8%belongtotheagegroup of less than 20 and 52% l respondents belong to the age group of between 2140 years and 30% NOOFRESPONDENTS 24 157 90 29 300 PERCENTAGE 8 52 30 10 100

between 4160 years and remaining 10% belong to the age group of more than 60 years among the totalrespondents. ChartNo:4.1 AgeoftheRespondents

AgeofRespondents
10 8

<20yrs 30 2140 4160yrs >60yrs 52

 TableNo:4.2 GenderoftheRespondents Gender Male Female Total Inferencesfortableno:4.2inPercentageAnalysis No.ofrespondents 221 79 300 percentage 74 26 100

 Outofthetotalrespondentsinthesurveyundertakenforthisstudy74%belongtothegender ofthemaleandtheremaining26%belongtothegenderoffemale. ChartNo:4.2 GenderoftheRespondents

Genderofrespondents
80 70 60 50 40 30 20 10 0 Male Female 26 Male Female

74

 TableNo:4.3 IncomeleveloftheRespondents INCOMELEVEL <2lacks 24lacks 4.16lacks >6lacks Total NOOFRESPONDENTS 131 111 42 16 300 PERCENTAGE 44 37 14 5 100

 Inferencesfortableno:4.3inPercentageAnalysis: Outofthetotalrespondentsinthesurveyundertakenforthestudy44%belongtotheincome leveloflessthan1.5lacksand37%belongtotheincomelevelofbetween1.53lacksandtheremaining 14%belongtotheincomelevelofbetween35lackswithonly5%belongtotheincomelevelofmore than5lacks. ChartNo:4.3 IncomeleveloftheRespondents

Incomelevelofrespondents
5 14

44

<2lakhs 24lakhs 4.16lakhs >6lakhs

37

 TableNo:4.4 4.4Insurancestatuslevelamongtherespondents RESPONSE Insured Notinsured Total NOOFRESPONDENTS 270 30 300 Inferencesfortableno:4.4inPercentageAnalysis: PERCENTAGE 90 10 100

 It was found that 90% of the respondents were already insured with existing Life Insurance Companyandtheremaining10%ofthemwerenotinsuredinanyLifeInsuranceCompany. ChartNo:4.4 4.4Insurancestatuslevelamongtherespondents

Insurancestatuslevelamongthe respondents
10

Insured Notinsured

90

 TableNo:4.5 4.5Nameofthecompanyinvestedbytherespondents COMPANIES LIC BAJAJALLIANCE MNYL ICICIPrudential Total NOOFRESPONDENTS 45 15 225 15 300 PERCENTAGE 15 5 75 5 100

 Inferencesfortableno:4.5inPercentageAnalysis: Among all the respondents it was found that 75% of the respondents were insured with MNYL Company and 15% of them were insured in LIC and 5% of respondents are insured with Bajaj alliance andtherest5%onICICIprudential. Chartno:4.5 4.5Nameofthecompanyinvestedbytherespondents

PolicyHolders
5 15

5 LIC BAJAJALLIANCE MNYL ICICIPrudential

75

 TableNo:4.6 4.6AwarenessofMaxNewYorkLifeInsuranceCompany RESPONSE Aware Unaware Total 44 300 15 100 NOOFRESPONDENTS 256 PERCENTAGE 85

 Inferencesfortableno:4.6inPercentageAnalysis: Among all the respondents it was found that 85% of the respondents of people were aware of MaxNewYorkLifeInsuranceCompanyandtheremaining15%oftherespondentswereunaware. ChartNo:4.6 4.6Nameofthecompanyinvestedbytherespondents

AwarenessofMNYL
90 80 70 60 50 40 30 20 10 0 Aware Unaware 85 Aware Unaware

15

 TableNo:4.7 4.7ModethroughwhichrespondentsknowaboutMaxNewYorkLifeInsuranceCompany MODE Relatives Friends Advisors/Agents Advertisements Total Inferencesfortableno:4.7inPercentageAnalysis: Outofthetotalrespondents49%knowaboutMaxNewYorkLifeInsurancethroughAdvertisements either through Television, Newspapers and 18% of them know about Max New York Life Insurance NOOFRESPONDENTS 40 44 47 125 256 PERCENTAGE 16 17 18 49 100

through the approach of the advisors to them and 17% of the respondents know through friends and theremaining16%ofrespondentsthroughrelatives. ChartNo:4.7 4.7ModethroughwhichrespondentsknowaboutMaxNewYorkLifeInsuranceCompany

ModethroughwhichtheyknowMNYL

16

Relatives 49 17 Friends Advisors/Agents Advertisements

18

 TableNo:4.8 4.8AwarenessofMaxNewYorkLifeInsuranceProducts: RESPONSE NOOFRESPONDENTS PERCENTAGE

Aware

225

85

Unaware Total

45 270

15 100

Inferencesfortableno:4.8inPercentageAnalysis: Itwasfoundthat85%oftherespondentsofpeoplewereawareoftheproductsofferedbyMax NewYorkLifeInsuranceCompanyandtherestwereunawareoftheproducts.

 ChartNo:4.8 4.8AwarenessofMaxNewYorkLifeInsuranceProducts:

AwarenessofMNYLProducts
90 80 70 60 50 40 30 20 10 0 Aware Unaware 15 85 Aware Unaware

 TableNo:4.9 4.9Policiesinvestedbytherespondents POLICIES LifeMakerPremium LifeInvest SmartStepPlus SmartAssure WholelifePlan LifeLine Total NOOFRESPONDENTS 11 22 50 7 40 95 225 Inferencesfortableno:4.9inPercentageAnalysis: PERCENTAGE 5 10 22 3 18 42 100

Itwasfoundthat42%oftherespondentsinvestinlifelinepoliciesand22%investtowards Smartstepplus,18%investinWholelifeplanand10%investinLifeinvest,5%onlifemakerpremium, 3%investonSmartassurepolicies. ChartNo:4.9 4.9Policiesinvestedbytherespondents

45 40 35 30 25 20 15 10 10 5 5 0 LifeMaker Premiun LifeInvest

Policiesinvestedbyrespondents
42

22 18 PERCENTAGE

SmartStep SmartAssure Plus

Wholelife Plan

LifeLine

 TableNo:4.10 4.10:REASONSFORCHOOSINGAPARTICULARPRODUCT: REASONS Safety TaxBenefits ServiceQuality Flexibility Total NOOFRESPONDENTS 72 115 18 20 225 PERCENTAGE 32 51 8 9 100

Inferencesfortableno:4.10inPercentageAnalysis: Itwasclearfromthetablethatamongalltherespondentsnearlyhalf(51%)ofthemwere choosingaparticularproductfortaxbenefitsand30%saiditwasforSafetyandtheremaining17%for ServiceQualityandFlexibility. ChartNo:4.10 4.10:REASONSFORCHOOSINGAPARTICULARPRODUCT:

Reasonsforchoosingaproduct
9 8 32 Safety TaxBenefits ServiceQuality Flexibility

51

 TableNo:4.11 4.11SatisfactionoftheservicesofferedbyMNYLamongtherespondents RESPONSE HighlySatisfied Satisfied Neutral Dissatisfied HighlyDissatisfied Total NOOFRESPONDENTS 140 47 25 11 2 225 PERCENTAGE 62 21 11 5 1 100

 Inferencesfortableno:4.11inPercentageAnalysis: OutofthetotalrespondentswhopossessLifeInsurancepolicy62%arehighlysatisfiedand21% aresatisfiedwiththeservicesprovidedbyMNYLLifeInsuranceCompanyand11%goestoneutral,5% of them say that they are not satisfied and only 1% are highly dissatisfied with the services provided by theirLifeinsuranceCompanies. ChartNo:4.11 4.11SatisfactionoftheservicesofferedbyMNYLamongtherespondents

SatisfactionlevelofMNYLpolicyholders
5 11 1

HighlySatisfied Satisfied Neutral 21 62 Dissatisfied HighlyDissatisfied

PRODUCTS

Highly Aware(*4)

Aware(*3)

NotMuch aware(*2)

Notatall aware(*1)

TOTAL

WAVALUE

WEIGHTEDAVERAGEMETHOD:
TableNo:4.12 4.12LevelofAwarenessofMaxNewYorkLifeInsuranceproducts:

LifeMaker Platinum lifeInvest SmartStepPlus SmartAssure WholeLifePlan LifeLine INFERENCE:

24 45 80 70 99 126

34 35 89 74 55 29

37 70 20 41 35 52

130 75 36 40 36 18

402 1.570313 500 1.953125 663 2.589844 624 2.4375 667 2.605469 713 2.785156

Fromtheabovetableitwasshownthatthemostoftherespondentsarehighlyawareaboutthe

LifeLinePlanfollowedbyWholeLifePlanandSmartStepPlusandmostofthemarenotmuchaware abouttheLifeMakerandLifeInvest. .

 ChartNo:4.12 4.12LevelofAwarenessofMaxNewYorkLifeInsuranceproducts:

IWAVALUE
3.000

2.500

2.000

1.500 2.590 1.000 1.570 0.500 1.953 2.438 2.605

2.785

IWAVALUE

0.000 LifeMaker Platinum lifeInvest SmartStep SmartAssure WholeLife Plus Plan LifeLine

CHISQUARETABLES 4.13ChiSquareTestI

 4.13IncomeLevelVsAwarenessofMaxNewYorkLifeInsuranceProducts Awareness/AI <2lakhs 24lakhs >4lakhs Total

Aware NotAware Total

105 20 125

74 17 91

46 9 54

225 45 270

H0:Thereisnosignificantdifferencebetweentheincomelevelofrespondentsandtheirawarenessof MaxNewYorkLifeInsuranceProducts H1:ThereissignificantdifferencebetweentheincomelevelofrespondentsandtheirawarenessofMax NewYorkLifeInsuranceProducts Oi 105 Ei 103.78 20 74 17 46 21.21 75.55 15.44 45.66 1.218 1.544 1.544 0.336 .06988609 .031942653 .15624124 .002469268 OiEi 1.218 (OiEi)^2/Ei .014287823

9 Total

9.33

0.336

.012077943 0.2869

Degreeoffreedom:(r1)(c1)=(21)(31)=2 Levelofsignificance:5% CalculatedValue=0.2869 TabulatedValue=5.9 CV<TV Nullhypothesisisaccepted

Solution: ThereisnosignificantRelationshipbetweenIncomelevelofthecustomertotheawarenessabout theMNYLP INFERENCE: FromtheaboveanalysisitwasshowntheIncomelevelofthecustomerwasindependentto

theirawarenessabouttheMaxNewYorkLifeInsuranceProducts

 4.14ChiSquareTestII

4.14AgeVsAwarenessofMaxNewYorkLifeInsurance Awareness/Age Aware Unaware Total <20yrs 17 7 24 2140yrs 149 8 157 H0:ThereisnosignificantdifferencebetweenAgeofrespondentsandtheirAwarenessofMaxNew YorkLifeInsurance. H1:ThereissignificantdifferencebetweenAgeofrespondentsandtheirAwarenessofMaxNewYork LifeInsurance. Oi 17 7 149 8 81 9 23 Ei 20.25 2.25 132.4688 14.71875 75.9375 8.4375 24.46875 (OiEi) 3.25 4.75 16.53 6.719 5.063 0.563 1.469 (OiEi)2/E 0.521604938 10.02777778 2.062993925 3.066945329 0.3375 0.0375 0.088162516 4160 81 9 90 >60yrs 23 6 29 Total 270 30 300

6 Total Degreeoffreedom=(r1)(c1) =(21)(41) =3

2.71875

3.281

3.96012931 20.1026

Tabulatedvaluefor3degreeoffreedomat5%=7.815 CalculatedValue=20.1026 SinceCalculatedvalue<tabulatedvalue NullHypothesisAccepted. Solution: ThereisnorelationshipbetweentheageandawarenessofMaxNewYorkLifeInsurance.

 INFERENCE: FromtheaboveanalysisitwasshownthatthereisnorelationshipbetweenAgeofrespondents

andtheirAwarenessofMaxNewYorkLifeInsurance. 4.15ChiSquareTestIII

4.15GenderVsCompanywheretherespondentInsured CompanyVsGender LIC BajajAlliance MNYL ICICIPru TOTAL H0:ThereisnosignificantdifferencebetweenGenderofrespondentsandthecompanywherethey insured H1:ThereisasignificantdifferencebetweenGenderofrespondentsandthecompanywherethey insured . Oi 32 8 172 9 13 7 Ei 33.15 11.05 165.75 11.05 11.85 3.95 (OiEi) 1.15 3.05 6.25 2.05 1.15 3.05 (OiEi)2/E 0.039894419 0.841855204 0.235671192 0.380316742 0.111603376 2.355063291 Male 32 8 172 9 221 Female 13 7 53 6 79 TOTAL 45 15 225 15 300

53 6 Total Degreeoffreedom=(r1)(c1) =(31)(21) =2

59.25 3.95

6.25 2.05

0.6592827 1.063924051 5.6876

Tabulatedvaluefor2degreeoffreedomat5%=5.9 CalculatedValue=5.6876 SinceCalculatedvalue<tabulatedvalue NullHypothesisAccepted. Solution:

ThereisnorelationshipbetweentheGenderofrespondentsandthecompanywherethey insured INFERENCE: FromtheaboveanalysisitwasshownthattheGenderofrespondentswasindependenttothe

companywheretheyinsured

RANKCORRELATIONANALYSIS
Notat all aware (*1) TOTAL WA VALUE RANK 6 19 26 29 100 312 1.793103

PRODUCTS (MALE) LifeMaker Platinum

Highly Aware (*4)

Aware (*3)

NotMuch aware (*2)

LevelofAwarenessofMaxNewYorkLifeInsuranceproductsWITHGENDEROFRESPONDENTS:

lifeInvest SmartStep Plus SmartAssure WholeLife Plan LifeLine TABLENo.4.16 PRODUCTS

Life Maker Platinum

35

27

54

58

387 2.224138

5 3

62 54

69 57

15 32

28 31

513 2.948276 482 2.770115 4 2

76 97

42 22

28 40

28 15

514 2.954023 549 3.155172 1

MALE(X) 6

FEMALE(Y) 6

di 0

di*2 0

PRODUCTS (FEMALE) LifeMaker Platinum lifeInvest SmartStep Plus SmartAssure WholeLife Plan LifeLine

Highly Aware (*4)

Aware (*3)

NotMuch aware (*2)

Notat all aware (*1) TOTAL

WA VALUE RANK 6

5 8 10 8

8 16

30 17

90 1.764706 113 2.215686 5 3

18 16

20 17

5 9

8 9

150 2.941176 142 2.784314 4 2

23 29

13 7

7 12

8 3

153 3 164 3.215686 1

life Invest Smart Step Plus Smart Assure Whole Life Plan Life Line

5 3 4 2 1

5 3 4 2 1

0 0 0 0 0

0 0 0 0 0

RANKCORRELATION=[1{6(di
2

/(n3n2))}]

=10=1

XandYareperfectlycorrelated.

5.1 FINDINGS

AwarenessofMNYL: 85%oftherespondentsareawareofMNYLand15%areunaware. Outofthe85%respondents:

49%ofrespondentsareawarethroughagents. 18%areawarethroughmedia. 17%areawarethroughfriends. 16%areawarethroughrelatives. REASONSFORCHOOSINGPRODUCTS: Amongalltherespondents51%hadchosentaxbenefitsasthemostpreferredone. 30%chooseinsuranceforsafetypurposes. 10%chooseinsuranceforServicequality. 9%preferinsuranceforitsflexibility.

AwarenessofMNYLproducts: Amongalltherespondents82%areawareofalltheMNYLproducts.Inthis82%respondent: 88%areawareofLifeline. 76%areawareofSmartstepplus. 70%areawareofWholelifeplan. 64%areawareofLifeinvest. 58%areawareofsmartassure. Only31%areawareofLifemakerplatinum SatisfactoryLevel:

Amongthe225MNYLinvestors: 62%arehighlysatisfied,21%aresatisfied. 11%areneithersatisfiednordissatisfied. 5%aredissatisfied,1%arehighlydissatisfied.

5.2SUGGESTIONS
Thecompanyshouldconcentratemoreonadvertisementsthroughmagazines,newspapers,and mediatoacquireastrongcustomerbase.



Thecompanycaninfluencebymeetingthepersoninvitingforanentryfreestall. Mostofthepeopleareinvestingfortaxbenefits.Sothecompanycanintroducemoretax schemes.

CustomersarenotmuchawareaboutLMP.SoMNYLneedstofocusmoreonthisproductto createawareness.

5.3 CONCLUSION
.

Theagegroupoflessthan20yearshastobeconcentratedaspremiumpayablebythemisvery lowandawarenesscanbeimprovedeasily.

10%oftherespondentsarenotinsuredwithanyLifeInsuranceCompanyand15%areunaware ofMaxNewYorkLifeInsurance.Thereforethecompanycaninfluencethecustomersby meetinginperson,invitingforanentryfreestall.

Directandfrequentcontactwiththepolicyholderswhenevernewschemesareintroducedby thecompany.

Companycanbringinmoreadvantagesoftaxbenefitsandsafetythroughadvertisements.

5.4 BIBLIOGRAPHY

Kotler,P(2004)MarketingManagement:11thEditionPearsonEducation(Singapore)Pvt.Ltd: NewDelhi.PP:129139

 SanthiSophia(1997);QuantitativeMethods;DreamVisuals;4.14.33 KothariC.R(1999);ResearchMethodology:SecondEditionWishwaPrakasan;

<www.maxnewyorklife.com>

QUESTIONNAIRE
Name: Address: Age: <20years Gender: Male Occupation: Incomelevel(perannum): <2lakhs 24lakhs 4.16lakhs >6lakhs Female 2140 4160 >60

1. Areyouapolicyholderinanylifeinsurancecompany? Yes No 2. Ifyes,pleasespecifythecompany LIC BajajAlliance MaxNYlife ICICIprudential Others(specify)............................... 3. AreyouawareofMaxNewYorkLifeInsuranceCompany? Yes No

4. Ifyes,howcomeyouknowaboutMaxNYLife? Relatives Friends Advisors/agents Media 5. AreyouawareofvariousproductsofMaxNewYorkLifeInsuranceCompany? Yes NO 6. Ifyes,(pleasespecifytheawarenesslevelofproducts) Products/Awareness HighlyAware Aware Not Much Not at all Level Aware Aware/Dont know LMP LI SSP SA WLP LL (ForMaxNewYorkLifeinsurancepolicyholders) 7. Pleasespecifythepoliciesyouinvested, LifeMakerPlatinum LifeInvest SmartAssure WholeLifePlan

SmartStepPlus LifeLine


8.Pleasespecifythereasonsforchoosingaparticularproduct,

Safety
Flexibility

Taxbenefits

Servicequality

9.PleasespecifythesatisfactionlevelofservicesofferedbyMaxNYLifeInsuranceCompany,

HighlySatisfied Satisfied Dissatisfied

neitherSatisfiednorDissatisfied HighlyDissatisfied

10.PleasegiveyourvaluablesuggestionsonimprovingtheservicelevelofMaxNewYorkLifeInsurance Company.