PROJECT REPORT OF METLIFE INDIA INSURANCE CO. PVT. LTD. ON SUMMER TRAINING REPORTPROJECT TITLEBrand Awareness of Metlife

Metlife India Insurance co. Pvt. Ltd.NOIDA OFFICE K-4 SEC 18, OCEAN HIGHTS BUILDING NOIDA U.P. (India)

SUBMITTED TO: MRS. RUPA RATHEE FACULTY: MBA HINDU INSTITUTE OF MANAGEMENT

SUBMITTE BY: RAMPAL ROLL NO.-40 SEM. :3RD

AKNOWLEDGEMENTI would like to take this opportunity to thank all those people who have directly or indirectly helped me to provide my training program a success. My stint with Metlife India Insurance co. Pvt. Ltd. It was an experience that will go a long way in molding my corporate behavior. Firstly I would like to extend my sincere thanks to Mr. VIPIN BALIAN for providing me with this opportunity to work in an out to the ordinary project that made my internship with Metlife India Insurance co. Pvt. Ltd. a great learning experience that I have gained here. My sincere thanks to my industry mentor MR. VIPIN BALIAN from (MET LIFE NOIDA BRANCH) and MRS RUPA RATHEE faculty mentor (institute of Management) for giving their valuable time and suggestion and the kind of guidance at various stages of this project. I would also like to mention special thanks to all production managers and other staff members at the speedomax office of Metlife India Insurance co. Pvt. Ltd. That was a constant source of information about the nuances of business, for providing me great working environment at Metlife India Insurance co. Pvt. Ltd. .

(RAMPA L)

PREFACE: Progress is a continuous process. It is relative and absolute. We cant stop a certain destination and declare that target has been achieved and we need not go further. The summer training program is designed to give the future managers feel of the corporate happenings and work culture. These real life situations are entirely different from the stimulated exercise enacted in an artificial environment inside the classroom and it is precisely because of this reason that this summer training program is designed, so that the manager of tomorrow not feel ill in the case when the time comes to shoulder responsibilities. The summer training is a bridge between the institution and organization. Summer training program made us to understand how theoretical knowledge will be applied in the practical field. It was exactly in this context that I was privileged to join Met Life Insurance (No one US Insurance Company) on the 1nd of May 2006, as a summer trainee.. Met Life Insurance is known not only for its professional management, but also for its enlightened and progressive approach towards employee welfare and betterment of the society. The experience that I have gathered over the past two months has certainly provided me with an orientation, which, I believe, will help me shoulder any assignment successfully in future. During this period the report which I made was done after a deep, comprehensive and full-fledged study and is based on my original research and investigation.

Table of Content Acknowledgement Preface Executive Summary Company Profile Introduction Objective Research methodology Hypothesis Analysis Product Range Limitations Conclusion

Recommendation Bibliography

Annexure - Questionnaire

Executive Summaryo The project basically aims to perform the Brand Awareness for Metlife insurance company private limited. o In this project the special emphasis lies on insurance product of Metlife insurance company.o To analyze how investment decisions are made in Indian

insurance market keeping in view the existing potential and trends of insurance industry.

COMPANY PROFILEWith over 137 years of experience, the MetLife companies serve millions of customers in the Americas and Asia with one goal in mind to build financial freedom for everyone. The MetLife companies are a leader in group benefits that serve 88 of the top one hundred FORTUNE 500* companies, and provide benefits to 37 million employees and family members through its plans sponsors in the U.S. The MetLife companies are also ranked #1in group life and #1 in commercial dental in the U.S. The MetLife companies are the number one life insurer in the U.S. with approximately US $2.8 trillion of life insurance in force. In India, MetLife was incorporated in 2001, and aims to differentiate itself through customized need based selling, simple and innovative products, and technology-backed service experience, to tread its path to build financial freedom for everyone.

Our Vision and Mission Build financial freedom for all through leadership in providing financial advice and building long-term relationships through innovative protection, accumulation and retirement products, robust underwriting processes and creating world-class customer service experience for our customers. We want to provide customers in India with world-class solutions for financial security, and in the process add significant value to our shareholders, associates and society.

Our Core Values

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

Corporate PartnersAs the vital channel for MetLifes products, we have chosen some exemplary banks and financial institutions. These will serve as the interface between our customers and we to aid us understand the unique needs and aspirations of every Indian. And update our products with features that form the cornerstones of financial freedom.

Management Team

Rajesh Relan (Managing Director) Chaner chellani (officer agency sales) Miro farrigua (chief financial officer) B Ashwin (Chief Administrative Officer) K P sarma (appointed actuary) Phanesh msvs (chief actuary) K R Anil Kumar (chief planning, legal and compliance officer and financial controller) Smitashree menon (director HR) Sanyog Jain (director (training and development) Pankaj Raj (dep. Director marketing) Sameer Bansal (dep. Director bank assurance & business partner ships) M S Suresh (GM employee benefits)

ObjectivesThe main objectives of Sales Promotions areTo educate customers in the right use of product. To maintain friendly and cordial relations with the public. To persuade proposed customers to buy existing products. To establish goodwill for the product.

RESEARCH METHODOLOGYType of the Research : Exploratory Research Sampling Type : Employees, Govt.Employees, Self Employed Sample size : 70 Sampling Unit : Ghaziabad, Delhi,

Data Collection Method: 1. Primary Sources

Customer Visit

2. Secondary Data

Concerned Data Business news papers, magazines, Journals

Internet.

Hypothesis 1. The marketing strategies of MetLife Insurance company pvt. Ltd. have a direct bearing with the perception of the products or service in a consumers mind. 2. Marketing strategies practices have highest influence on profitability in comparison to other aspects and factors. Research frame The study involved an analysis of the marketing strategies and public relations practices of a leading newspaper daily. As the thesis project tried to establish a relationship between the marketing strategies, Promotion of the company, Its Brand marketing, consequences in terms of profitability, the framework for the research was chosen to be EXPLORATORY in nature. Exploratory research is that part of the overall market research, which is used to discover something new. Normally in any case there can be a number of opportunities or possible problems and it is impractical to study each of them. Exploratory research in such a case is very useful to find out the most likely alternatives. These alternatives are then turned into hypothesis. Hypotheses are tentative and logical answers to questions that serve as guides for most research projects. The various means of going about or executing exploratory research are Survey of knowledgeable person Case study This thesis report is largely based on Survey of knowledgeable persons and Survey of knowledgeable persons. The case study method could not be applied to a very great extent due to the intricacies involved and hence its role was limited.

Methods Used Under This Study 1. SURVEY OF KNOWLEDGEABLE CUSTOMER This pertains to the collection of data from a primary source. People those who have MetLife Policies and those people who have other company policies. About the product of MetLife. Its brand awareness. DEPTH INTERVIEW A larger part of the information was collected using this method. Although there was a proper formal questionnaire for the customer either MetLife or any other company , the interview with Sales Manager of the company was a more flexible one. This helped in obtaining facts and data that would not have been obtained otherwise. PRIMARY DATA Lucky enough to be a part of MetLife Insurance Company, myself it was easy to meet with the Sales Manager 1. Vipin Balian ( Sales Manager ) 2. Rishi Raj ( Sales Manager )

2. SEARCH OF SECONDARY DATA Probably the quickest and the most economical way of finding possible hypothesis to take advantage of others work and utilize earlier efforts. Secondary data gives one a n already built platform to work on. A large volume of basic research is reported in professional and trade journals and these sources are maintained in public libraries, newspapers, , and government documents. Specifically speaking, this method is most convenient for students and is also the most economical. Constraints of cost time and also overall research tools and resources make this method most dependable. While doing this project on MetLife India Insurance Company Ltd. the secondary data was collected from:

1. INTERNET www.google.com www.metlife.co.in www.metlife.com http://en.wikipedia.org/wiki/Marketing_strategy 2. MAGAZINES & NEWSPAPERS BUSINESS TODAY TIMES OF INDIA BUSINESS LINE ECONOMIC TIME

ANALYSIS1. life insurance corporation control 79 % of Insurance market Delhi And NCR regions where as MetLife is fastly emerging and its rank is now 9th and its growth rat is 146% . 2. Maximum policies are brought by the age group of 30-40 followed by 25-30 AGE GROUP 30-40 25-30 20-25 30-35 40-45 45-50 50(ABOVE STAKE .30 .18 .16 .12 .10 .10 .04

3. The role of channel of in information in insurance has a significant part to play. The public perception in long term investment giving low returns need to be changed as per my studies the maximum reach in the market is through advisors /insurance agents which almost has 40% reach stake .The second most reachable channel of information is Friends and relatives which contributes 25% TV/Media holds 30% and brokers investment agent has 5% stake in the channel through which information about insurance about insurance is disseminated. 4. The customers preferences amongst attributes of service and credibility is slightly more towards credibility as 51% persons has preference at credibility where as rest 49% preferred services over credibility.

5. The customer preferences amongst the four attributes of investment in insurance viz Investment ,saving for future ,risk cover & tax saving is as below Order First preference Second preference RISK COVER SAVING FOR 1 FUTURE TAX SAVING 2 3 4 SAVING FOR TAX SAVING SAVING FOR FUTURE FUTURE INVESTMENT INVESTMENT RISK COVER RISK COVER SAVING FOR FUTURE RISK COVER Third preference INVESTMEN T TAX SAVING Fourth preference INVESTMENT TAX SAVING

6. Results drawn on the basis of likert scale rating method gave Following conclusions :(1) As far as service is concerned MetLife Insurance is the best service provider Closely followed by LIC and ICICI Prudential. The excellent customer perception about service of MetLife insurance is due of its Bank partner, which has been the best service provider among private and Public sector banks in India. (2) In terms of accessibility LIC is No. one followed by MetLife is No.9 in Life Insurance Company, the accessibility of LIC can be attributed to the vast network of its agents operating in life insurance services in the country. MetLife swiftly gaining ground due of enhanced network of distribution (Branches) and insurance agent/advisor. Company has 53 branches and a advisor force of 50000 persons. (3) The credibility of LIC is far better than all other insurance companies operating in India. The reason behind the high credibility of LIC is due of its being a public sector undertaking apart it is the oldest life insurance company operating since 1955 in India. Customer Preferences Of Following Attributes In Buying Life /General Insurance (a) Investment (b) Saving for future (c) Risk cover

(d) Tax saving

METLIFE PRODUCT PORTFOLIO

Risk of dying too soon Whole life-met 100 Met surakhsa Met mortgage

ProtectionWhole life Term life RidersMultipurpose Met ultimate Met smart plus

Risk of disability & major illness: ADB, TERM, WOP and CI

Saving + risk cover Met bhavishya Met suvidha Met sukh

Risk of living too long Met pension Met advantage plus

Met smart premier

AccumulationEndowment Money back

RetirementPension product and annuities

Plan nameMinimum entry Age Maximum entry Age Maximum maturity age Minimum sum assured Term of policy

Met surakhsa18 yrs 60 yrs(trop) 65 yrs Ta :50,000; trop : 2 lacks 5,10,15,20,25 yrs (TA); 15&20 yrs (trop) yrs(TA),50

Met mortgage18 yrs 60 yrs 65 yrs 50000 5 to 25 yrs

premium paying Eq. to premium paying Eq. to premium paying option option term Premium paying Options Minimum premium Bands Riders allowed Death benefit Maturity benefit Surrender value Bonus Plan optionsSingle pay ,regular pay, limited pay Rs 600(TA), 2500(trop) Rs Single pay, limited pay(2/3 of policy term)

As applicable to minimum FA No bands No riders

Plus, gold ,platinum & platinum plus ADB, CI FA+ RIDERS ANY) (IF

Out standing loan nill Single pay

Ta(nil),trop (110 % of premium paid) Ta(nil)

nil Ta, trop

nil NA

Plan nameMinimum entry Age Maximum entry Age

Met 1000 (non par), 15 YRS (PAR) 75(NON PAR)

Met bhavishyaOption A 8, 50 21,71 100,000 Option A Option B 12,50 25,75 100,000 Option B

Met sukh15 yrs 55 yrs 75 yrs 75000 20 yrs

Maximum maturity 1OO YRS OF AGE age Minimum sum assured Term of policy premium term50000 100 YRS

paying 15 yrs (par), 20 YRS , 25 21- age of 25YRS child LIMITED PAY : 15 YRS , 20, 25 YRS RS 2500 (>15 YRS) NON PAR, RS 1000 (