introduction on metlife

Chapter One

introduction of the Company

Comparative Study of Met Life India Insurance,HDFC Standard Life Insurance & ICICI Prudential Life Insurance

1.1 Profile of the Company/Firm

Name- MetLife India Insurance Company Ltd.

Address-

Registered Office Address: MetLife India Insurance Company Limited,No.5

Brigade Seshmahal Vani Vilas Road , Basavanagudi,Bangalore,Phone : 080 -

66006969 /26438638,Fax : 080-22421970,Pin : 560004

Branch Address (Summer Training Done): MetLife India Insurance Company

Limited,1st Floor, 2nd Floor,SCO-27, Sec-14,Gurgaon, Haryana,Phone : 0124-

3985900,Fax : 3985904,Pin : 122001

Website : www.metlife.co.in

Email : [email protected]

Type of Company : Multinational Company

Branches of Company : (India)

Andhra Pradesh

Haryana

Pondicherry

Arunachal Pradesh

Himachal Pradesh

Rajasthan

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mailto:[email protected]

http://www.metlife.co.in/


Jammu and Kashmir

Tamilnadu

West Bengal

Bihar

Jharkhand

Tripura

Chandigarh

Karnataka

Uttarakhand

Chhattisgarh

Kerala

Gujarat

Delhi

Madhya Pradesh

Orissa

Goa

Maharashtra

(Foreign)

America (main branch)

Egypt

Korea

Russia

Argentina

Hong Kong

France

Pakistan

Australia

Italy

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Spain

Brazil

Japan

United kingdom

China ,Kuwait & Portugal

1.2 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.

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METLIFE INDIA FACT SHEET

Founded 2001

Started Operation FY 2001-02

Headquarters Bangalore,India

World Wide Web Address www.metlife.co.in

Managing Director Rajesh Relan

Employees 7688

Financial Advisors 56,072

Bancassurance Tie-ups 5 (J&K Bank/Axis Bank/Dhanlakshmi

Bank/Karnataka Bank/Barclays)

Number of Products Over 28 products

Presence through Metlife Offices 192 Offices in 132 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

Life’s 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.

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

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http://www.metlife.co.in/


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 Citigroup’s

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

company’s 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.

The MetLife Organization is a leading provider of insurance,annuities and Employee Benefit

Programmes.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.

1.3 Company’s Vision & Mission

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

the future but it’s 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

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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 company’s to

people’s 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 company’s 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.”

1.4 Product Range of the Company

MetLife deals in the Life Insurance Products. Product Range of MetLife is:

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Traditional Products

Term Plan Endowment PlanMoney Back

PlanChild Money

Back PlanPension 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 : 18 years

Maximum Entry Age : 60 years

Maximum Maturity Age : 65 years

Premium Paying Terms 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.




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Policy Term : 15 & 20 years

Premium Paying Terms : Single Pay, Limited Pay (3 years)

Met 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.




Policy Term : 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.

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 Participating : 15 years - 60 years

Non-Participating : 15 years - 70 years

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Term Participating : 15 years - 30 years

Non-Participating : 5 years - 30 years

Premium Paying Terms Single Pay, Limited Pay (5 or 10) & Regular Pay.

Met Saral : MetLife presents Met Saral – a nonparticipating endowment plan. It’s 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 : 15 years - 50 years


Term : 5 years / 10 years

Premium Paying Terms : Regular Pay

Premium Paying Modes : 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.

PARTICIPATING NON PARTICIPATING

Minimum Entry Age 15 yrs 0 yrs

Maximum Entry Age 70 yrs 70 yrs

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

Money Back Plan : In this plan,money comes back to the life insured after a specific interval of

time as survival benefit. For, eg. Met Sukh, Met Vishwas are money back plans of MetLife.

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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 Max-55 years

Coverage Term : 20 years

Premium Payment Term : Regular

Minimum Sum Assured : Rs. 75,000

Maximum Sum Assured : 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.




Policy Term : 5 or 10 years

Premium Paying Terms : 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.

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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 Child 0 years 0 years

Maximum Entry Age of the Child 8 years 12 years

Minimum Entry Age of the parent 20 years 20 years

Maximum Entry Age of the Parent 50 years 50 years

Policy Term 21 years - Age atEntry 25 years - Age at Entry

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.

Participating Non Participating

Minimum Entry Age of the Child : 0 years 0 years

Maximum Entry Age of the Child : 14 years 14 years

Coverage Terms : 20 years 20 years

Premium Payment Terms : 20 years 20 years



Metmagic Plus : Met Magic Plus is a Unit Linked Non-Medical Regular premium Life

Insurance Plan, it secure your child’s 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 : 18years.

Maximum Entry Age : 55years.

Maturity Age of Life Insured : 70years.

Minimum Policy Term : 10 Years, 15 Years, 20 Years & 25 Years

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 easy super, Met pension par etc.

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 entry : 18 years

Maximum Age at entry : 60 years for 15 policy term & 55 years for 20 year policy term

Premium Payment term (years) : Entire term of the policy

Policy Term : 15 years and 20 years



Premium Payment modes : Annual

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 10 years

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

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

Term Regular Pay

1.5 Size (in terms of manpower and turnover) of the organization

Manpower : At the year ending 2011-2012 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

(2011-12) 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

1.6 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 INDIA INSURANCE

Market Share

MetLifeHDFC StandardICICI PrudentialLICOthers

MetLife India Insurance Company Limited (MetLife), one of India’s 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.

Here is the market share of various Life Insurance Companies in India at the end of FY

2011.

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%


introduction on metlife

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