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GENRAL STUDY ABOUT

LIFE INSURANCE
COMPANY

The Road to Success

MetLifeBusinessOpportunity/Agency/PPT/0809/01

Presented By
Mehandi Hasan

(IBMR Business School Bangalore)


CONTENTS
Particulers Page No.
1. ACKNOWLEDGEMENT
2. EXECUTIVE SUMMARY
3. Introduction of Industry, company and products.
i. Industry –Insurance
ii. Introduction of company
iii. Introduction of products
iv. .Market share

4. Organization Chart of the company

5. Other details Products / diversification etc.


i. Types of product & their details
ii. Training of Advisory Agents in Met Life
Insurance
iii. MDRT (Million Dollar Round Table )
6. Management Functions
i. Operation Department
ii. Human Resource department
iii. Marketing Department
iv. Learning Outcome
7 . SWOT ANALYSIS
8 Chairman report
9 Conclusion.
ACKNOWLEDGEMENT

The project of such magnitude cannot be accomplished without the assistance

and co-operation of several people. Exchange of ideas generates a new object

to work in a better way. So, whenever a person is helped and co-operation by

others, his heart is bound to pay gratitude and is not merely formalities but an

expression of deep sense of gratitude and cumulative appreciation.

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

Madam Dr. Chandra Niranjan who gave me ample opportunity to work in

corporate field. Also I am grateful to Mr. Partho Ganguly ,Ms. Preeti Bhandari

,Mr. Arunanshu and the Management at MetLife Insurance co. for giving me

the opportunity to do our 45 days project training in their esteemed

organization. I am highly obliged to Ms. skanda (Branch manager) for granting

us to undertake our training at M G Road branch Bangalore.

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

able guidance and direction, we were able to give shape to our training. Their

constant review and excellent suggestions throughout the project are highly

commendable.

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

about the actual working and the processes involved in various departments.
EXECUTIVE SUMMARY

In today’s corporate and competitive world, I find that insurance sector has the
maximum growth and potential as compared to the other sectors. Insurance
has the maximum growth rate of 70-80% while as FMCG sector has maximum
12-15% of growth rate. This growth potential attracts me to enter in this sector
and MET LIFE INDIA INSURANCE CO. LTD. has given me the opportunity to
work and get experience in highly competitive and enhancing sector.

 The success story of good market share of different organizations


depends upon the availability of the product and services near to
the customer, which can be distributed through a distribution
channel. In Insurance sector, distribution channel includes only
agents or agency holders of the company. If a company like MET
LIFE INDIA INSURANCE CO. LTD, MAX NEW YORK LIFE, BAJAJ
ALLIANZ, TATA AIG, etc has adequate agents in the market they
can capture big market as compared to the other companies.

 Agents are the best way for a company of Insurance sector


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

Introduction of Industry, company


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

ii. COMPANY OVERVIEW:-


MetLife: A Fortune 500 company in India

The Metropolitan Life Insurance Company (MetLife ®), established in


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

MetLife India Life Insurance Company Private Limited was incorporated in


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

MetLife India is headquartered in Bangalore with offices and presence in


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

ABOUT THE LIFE INSURANCE COMPANY – METLIFE



MetLife is a joint venture between its parent company, Metropolitan Life
Insurance Company (MetLife), Jammu and Kashmir Bank , M. Pallonji and Co.
and other private investors.

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


Company in the U.S.

MetLife operates in 15 countries throughout Americas, Europe and Asia


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

MetLife benefits from its parent company’s global presence in the


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

MetLife, headquartered in Bangalore, delivers value and world class service
to customers through its financial advisors and corporate sales
representatives.

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

 Bancassurance

 Agency

Both types of structures are described as follows:

BANCASSURANCE OR BANCA: -

MetLife is a pioneer in offering life insurance solutions through banks and


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

Banks:-

 The Jammu and Kashmir Bank

 Axis Bank

 Dhanalakshmi Bank

 Karnataka Bank

Corporate Agents:-
 Karvy Consultants Limited

 Geojit Securities

 Way2wealth Consultancy

 Mini Muthoottu Bank

AGENCY:-

Agency is the largest distribution channel of MetLife comprising a large advisor


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

 Agency Manager(AM)

 Sales Manager (SM)

 Advisors:- Advisors are the people who are the regular or non-
regular employees of the METLIFE,

[Commissioned agents are also a part of agency but they are not the
regular employees of the company and are being paid for insuring peoples
with Metlife’s traditional and non traditional insurance policy.]

Market Share of MetLife:-

Market Share

10% LIC
5%
MetLife
8%

3% ICICI
Prudential
Bajaj Allianz

74% Others
Organization Chart of the company

Zonal business
head

manager Zonal Zonal Zonal Assistant


Zonal human operation research territory manager&
resource manager manager manager administrati
on

Manager/exec ABSM/BSM Training Regional


utives manager training
manager

Chief executive Sales manager Training


manager

Advisor Master trainer


Products
Child Plan:-
Met Bhavishya
MetLife offers 'Met Bhavishya' - a guaranteed money back plan that pays out
funds to help to meet the education and career milestones of children. With
this plan, the Life Insured is that of the parent. The plan also has inbuilt
guaranteed additions to add value to the policy over its term.

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

Met Junior Endowment


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

Met Junior - Non Par


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

Met Little Star


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

To ensure this, parents would need an investment and protection package that
is exclusively designed to help you plan for financial security, no matter what
uncertainties life brings.

'Met Little Star', a Unit-Linked, regular premium, child insurance plan helps
parents do just that. It secures finances for child's educational needs and
ensures that plans go as planned, no matter what the circumstances.

\Met Junior Money Back


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

A plan which offers both timely and efficient return on investment with
payouts at different milestones.

Survival Benefit

At the end of 5 years 20% of Sum Assured

At the end of 10 20% of Sum Assured


years

At the end of 15 20% of Sum Assured


years

Upon survival to 40% of Sum Assured plus total


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

(IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE


BY THE POLICY HOLDER )

Retirement

Met Growth
MetLife offers 'Met Growth' - a
Unit- Linked solution to
help in golden years. It is specially designed to provide financial security for
future requirements. This plan allows to start planning immediately by
ensuring the safety of first year premiums. It also helps create retirement
fund faster by giving you 100% allocation from the second year onwards,
coupled with attractive loyalty additions into fund. Guaranteed.
Entry Age (in completed years) Min – 0 years (3 months to be
completed)
Max – 60 years

Maturity Age Min – 18 years


Max – 75 years

Coverage Term 15 / 20 / 25 / 30 years

Premium Payment Term Regular

Minimum Annualized Premium Rs. 12,000

Basic Sum Assured Min - 5 times the Annualized Premium


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

Premium Paying Modes Monthly, Quarterly, Half-yearly, Yearly

Benefit

 Death Benefit
In the unfortunate event of death, the higher of the Sum Assured or the
Fund Value would be payable.
If death of the Person Insured occurs before age 7, the Fund Value plus
the regular premium received by us in the first policy year is payable.
 Maturity Benefit
On maturity, you will receive the Fund Value including the Guaranteed
Loyalty Addition or you can opt for the settlement options.
 Loyalty Additions
You get the guarantee of enhancing your wealth creation through
guaranteed loyalty additions (up to 120% of the first year annual
premium) at the end of the 10th & 15th year plus Guaranteed Additions
as a % of the Fund Value.

At the end of the 10th year: 50% of the first year annualized premium

At the end of the 15th year:


Met Advantage Plus
MetLife offers 'Met Advantage Plus' - a Unit-Linked Pension Plan that allows to
effectively and efficiently accumulate retirement needs. As the name suggests,
it comes with many advantages.One can choose from eight annuity options,
two life cover options and get tax benefits under Section 80 C and 10 (10 A).
One can buy the plan without any hassles and invest more as you approach
retirement by using the top-up functionality. All in all, it’s a plan which works
harder when one stop working. For one, it ensures that you lead a comfortable
lifestyle post retirement.

Entry Age (in completed years) Min – 20 years


Max – 55 years

Minimum Term 10 years

Minimum Vesting Age 45 years

Maximum Vesting Age 65 years

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


Regular Premium: Rs. 10,000

Premium Paying Term Single Pay & Regular Pay

Benefits

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

Vesting Benefit
On the vesting date, i.e. at the end of the accumulation term,you can take one-
third of your retirement kitty as a tax-free lump sum and utilize the balance to
buy annuities. Or you can use the entire retirement kitty to buy annuities.

Met Pension-Par
'Met Pension (Par)' serves as a friendly helping hand so one can stay financially
independent even after retirement. It helps to build up a fund for golden years.

With this plan,one can ensure his\her enjoy retirement as a happy new
chapter.

Entry Age (in completed Min – 18 years


years) Max – 60 years

Minimum Term 10 years

Minimum Vesting Age 45 years

Maximum Vesting Age 70 years

Minimum Sum Assured Rs. 50,000

Maximum Sum Assured No Limit

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

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

Benefits

Death Benefit
In case of death while one is saving for retirement, the death benefit payable is:
1. Return of premiums.
2. Accrued reversionary bonus, if any.
3. Any insurance on the life of the Insured that may be provided by riders to this
policy.
Vesting Benefit
On the vesting date, you can take one third of your retirement kitty as a tax-free
lump sum and utilize the balance to buy annuities or you can use the entire
retirement kitty to buy annuities. The retirement fund on the date of vesting is
equal to the Sum Assured plus Guaranteed Additions plus the compounded
reversionary bonuses plus the terminal bonus, if any.

Guaranteed Additions

Savings:-
Met Sukh
MetLife offers 'Met Sukh'- a guaranteed money-back policy which provides
guaranteed periodic survival benefits at the end of 5, 10, 15 & 20 years and
guaranteed additions of 10% of the Sum Assured for the entire term. It not
only covers your life, but also guarantees you cash payments at various
milestones along with guaranteed growth of your savings.

Entry Age Min - 15 years


Max - 55 years

Coverage Term 20 years

Premium Payment Term Regular

Minimum Sum Assured Rs. 75,000

Maximum Sum Assured No Limit


Benefits

Death Benefit
In the unfortunate event of death of the Person Insured, the Sum Assured along
with the Guaranteed Additions are payable.
The policyholder is entitled to Guaranteed Additions of Rs. 100 per Rs. 1,000 of
the Sum Assured for each completed year.

Maturity Benefit
On maturity, the life insured will receive the Survival Benefits plus the
Guaranteed Addition.

Survival Benefits

At the end of 5 years 20% of the Sum Assured

At the end of 10 years 20% of the Sum Assured

At the end of 15 years 20% of the Sum Assured

Upon survival to 40% of the Sum Assured


maturity plus Total Guaranteed
Additions

Met Suvidha
'Met Suvidha' is a flexible Endowment Plan that combines savings and security.
In addition to providing you protection till the maturity of the plan, it helps you
save for your specific long term financial objectives. This long term savings-
cum-protection plan comes to a customer at affordable premiums.
Met Suvidha is available in both participating as well as non-participating
versions.

Minimum Entry Age Par: 15 years - 60 years


Non-Par: 15 years - 70 years

Term Par: - 15 years - 30 years


Non-Par: 5 years - 30 years

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


Regular Pay

Minimum Annual Premium Amount Rs. 2,500

Minimum Sum Assured Rs. 75,000

Maximum Sum Assured No Limit

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

Met 100
'Met 100' - a whole life policy where customer pay premiums for 15, 20 or 25
years.

It helps create a legacy for the children, leaving money for a dependant spouse
and, more importantly, provides insurance cover at affordable rates.
Met 100 is available in participating as well as non- participating versions.

Non-Par Par

Minimum Entry Age 15 yrs 0 yrs

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

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


Terms

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


Assured

Maximum Sum No limit (subject to UW) No limit (subject to


Assured UW)

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

Death Benefit Met 100 - Non-Par


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

Protection:-

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

Met Suraksha TROP


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

Met Mortgage Protector


This plan which provides life cover for home loans taken for any period above 5
years. It is a decreasing term insurance with single and limited premium
options. The plan covers an amount equal to the outstanding amount as per
the policy schedule.

It ensures the assets that have created stays with family.

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

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

Minimum Entry Age 18 years

Maximum Entry Age 60 years

Maximum Maturity Age 70 years

Minimum Sum Assured Rs. 5,000

Maximum Sum Assured Rs. 50,000

Policy Term 5 or 10 years

Premium Paying Terms Single Pay


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

Benefits:

Met Suvidha - Par Maturity Benefit


In the event of death during the term Met Suvidha - Par
of the policy, the beneficiary will On maturity of the policy, you will
receive the base Sum Assured, the receive the base Sum Assured, the
accrued reversionary bonus and accrued reversionary bonus and
terminal bonus if any. terminal bonus if any.

It is an Endowment plan that offers both savings and life insurance.

Flexible premium paying options to suit various income cycles.

A plan which participates in the bonuses declared by the company.

Customization possible with Accident Death Benefit, Critical Illness, Term,


Waiver of Premium Riders for comprehensive protection.

Investment:-

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


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

(IN THESE POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS


BORNE BY THE POLICY HOLDER )
Met Easy

A simplified unit-linked plan which offers an opportunity to systematically build


wealth and protection for you and your family.

10 years 15 years 20 years

Minimum Age 8 3 0 (3 months to be


at Entry completed)

Maximum Age 55 50 50
at Entry

Minimum 20,000 15,000 12,000


Premium

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


Premium

Sum Assured 5 times the 7.5 times the 10 times the


annualized regular annualized regular annualized regular
premium premium premium

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


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

Benefits-

Death Benefit received by us in the your wealth creation


In the event of death first policy year is with loyalty additions
In the 1st Policy Year: payable. that are added to
Higher of 50% of the your policy on
Maturity Benefit
Sum Assured or the maturity.
Fund Value is On maturity, you will
payable. receive the Fund
After the 1st Policy Value including the
Year: Higher of 100% Loyalty Addition or
of the Sum Assured or you can opt for the
Fund Value. If death settlement options.
of the Person Insured
Loyalty Additions
occurs before age 7,
With Met Easy, you
the Fund Value plus
the Regular Premium get the benefit of
potentially enhancing
Met Smart Gold
MetLife offers 'Met Smart Gold'- a Unit-Linked wealth creation cum protection
plan for the well-heeled. It's specially conceived so that one can get a plan to
match his specific financial requirements.

If you are keen on investing lump sum amounts over a shorter horizon, this is
the ideal plan for you.

Met Smart Plus-Regular Pay


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

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


years)
Max – 70 years

Maturity Age 100 years

Premium Payment Term Regular

Minimum Annualized Rs. 12,000


Premium

Minimum Basic Sum Rs. 60,000


Assured

Premium Payment Modes Monthly, Quarterly, Half-yearly, Yearly

Met Smart Plus- Single Pay


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

Met Smart Premier- Regular Pay


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

Met Smart Premier- Single Pay


Payable lump sum at the time of policy taken.

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

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

Met Health Care is a long term health insurance plan from MetLife. This plan
covers

1. Hospitalization expenses by providing a Daily Cash benefit as chosen by


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

All the above benefits can be availed without the hassle of undergoing any
medical examination. Just fill up the simple application form and start enjoying
the unmatched benefits of Met Health Care.

Minimum/Maximum age 18 years-55 years (At first entry, for the


of entry Principal insured)
3 months-55 years (For Secondary Insured
lives)

Cover ceasing age 65 years

Maturity/Death Benefit No Maturity/Death Benefit payable


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

Premium paying Yearly. Half-Yearly mode is avaiable only if each


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

Illustration

Benefit Option 1 Option 2 Option 3 Option 4 Option 5

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

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

Recuperation Rs. 3000 Rs. 6000 Rs. 9000 Rs. 10000 Rs. 10000
Benefit

Critical Illness Rs. 1 Lakh Rs. 2 Lakh Rs. 3 Lakh Rs. 3 Lakh Rs. 3 Lakh
Benefit

Accidental Total Rs. 1 Lakh Rs. 2 Lakh Rs. 3 Lakh Rs. 3 Lakh Rs. 3 Lakh
& Permanent
Disability Benefit
Benefits

Death/Maturity Benefit

There is no Death/Maturity Benefit under Met Health Care.

Tax Benefits

The premium paid (excluding the service tax) under this plan is eligible
for Tax Benefits under Section 80 D of the Income Tax Act, 1961 as per
the provisions and conditions given therein and are subject to any changes
made in the tax laws in future.

Reasons to Buy

1. Coverage for the entire family.

2. No Claim Discounts.

3. Guaranteed Cover* till age 65.

4. Payouts in addition to other Insurance Plans.

5. Multiple Claims.

Training of Advisory Agents in Met Life


Insurance

The training program of the insurance agents in Met Life Insurance is


called Pathshala and is divided into four modules which are as follows:
 CST (Compliance and Sales Training)

 PAP (Professional Advisory Program)

 EAP (Expert Advisory Program)

 MAP (Master Advisory Program)

CST Training Program:


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

Module Overview:-

Duration:

3 days of 8 hours each.

Purpose:

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

Learning Objective:

Understand & relate to MetLife


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

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

Comprehensive understanding of the products:

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

PAP Training Program:


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

Module Overview

Duration:
3 days 8 hours

Learning Objective:

Understanding taxation for the current financial year


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

EAP Training Program:

EAP Program also known as Expert Advisory Program is the third module of
the training program. This course will work wonders for the agents, provided
that they work the course well.

Module overview:

Duration:

2 days 8 hours each

Purpose:

The purpose of this module is to enable the agents to sell in referral market
professionally.

Learning Objectives:

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


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

Sales Process

In this part the agents are introduced about their customers. They follow
an outline called sales Turbine and practiced it week after week until it
becomes natural to them. The outline is as follows

PROSPECTING

Prospecting is the first step of the sales process which means to prospectfor
different customers through personal contacts or from any other source. We
can also prospect a customer by taking referrals from our old customers.

APPROACH

Approach is the process after prospecting a customer in which we have to


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

FACT FINDING

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


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

SOLUTION

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

CLOSING

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

MAP Training Program


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

Purpose:

Learning objectives
Module Overview:

Duration:

2 day 8 hours each.

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

Understanding Financial Markets


In this part the agents are introduced to the financial markets, it’s type i.e.
classification of the financial market etc, mutual funds etc.

Understanding Estate Planning especially how it relates to insurance

In this part the agents are introduced to estate planning, different


methods of transferring the ownership, procedure to make a gift, what is a
trust, what is the importance of will, what are procedures involved in the
transfer of property based on a will.

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

Purpose of MDRT:

To provide incentives for all insurance and financial servicesprofessionals


and advisors to reach their full potential in theprofessional development
, technical competence and salesperformance.
To evaluate professional standard and prestige of insurance and financial
services of the professionals and advisors.

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

Code of Ethics:

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

Annual Meeting of MDRT:


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

The MDRT Annual Meeting is an opportunity for the agents


to:

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

The advisory agents after crossing all the four modules of training program
are then placed in different branches of Metlife India
Management Functions

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

These works are as follows:

WORK OF OPERATION MANAGER IN METLIFE INSURANCE:

1. Login the policy.

2. Recruit the advisor.

3. Collection of premium through cash, DD, and cheque.

4. Collection of renewal premium.

5. Managing the policy document.

6. Managing the queries of customer.

7. Maintenance of attendance registers

8. Handling the various receipt

9. Keeping the track of all the stationary items, proposed

forms (policy document, advisor recruitment form).


10. Update the record of the entire sales manager.

11. Scanning the entire document of the login policy and

sending to the head office.

HUMAN RESOURCE DEPARTMENT

(a) RECRUITMENT PROCESS OF SALES MANAGER

There were certain criteria on which recruitment of Sales managers was done

These criteria were:

 Confidence

 Contacts

 Experience

 Procedures

 Must have a bike and mobile

 Good communication skill

 Presentation skill

Recruitment is also done on then basis of references and campus


selection.
JOB PROFILE OF SALES MANAGER:

 Recruitment and training of advisors

 Monitoring the work of advisors

 Create club membership, advisors and business

(b) RECRUITMENT OF ADVISORS

ELIGIBILITY:
 Age: above 18 years.

 Education qualification: minimum 12th standard(PUC)

 Good contact no.

DOCUMENT NEED FOR ADVISORS:


 Age proof

 Driving license

 Pan card

 Passport

 Address proof

 Bank a/c detail

BENEFITS TO THE ADVISORS:

 Commission: 2-40 % on premium.

 Contest: every month.

COMPENSATION STRUCTURE OF SALES MANAGER:


It is based on two parts:
 Fixed salary
 Variables

Fixed salary depends upon the designation, experience, and profile of the
employee.

Variables include incentives, performance bonus, allowances etc.

INDUCTION AND TRAINING OF SALES MANAGER:


 Training is done once a month

 Problems regarding their work is discussed

 New issues are informed to working people

 Latest way of performing task is provided to

 the managers

MARKETING STRATREGIES OF THE COMPANY

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


our Customer Relationships jobs support each of our clients to reach
their financial goals and build safety nets they can trust. Want to take
your talent for building relationships and delivering exceptional service to
the next level? You’ll find everything you need to meet your goals at
MetLife.

Marketing careers at MetLife play a pivotal role in positioning a wide


array of insurance and financial services products that are essential to
our success and our mission of building financial freedom for people
everywhere. MetLife's core marketing functions work together to provide
the insight and knowledge needed to generate successful,
comprehensive, end-to-end solutions that are critical to our varied lines
of business. As one of the most recognized brands anywhere, MetLife
offers jobs in Marketing with a truly global reach.

From conducting market research and analyzing competitive intelligence


to identifying market opportunities and developing communications
programs, careers in marketing at MetLife are as dynamic as the
markets we serve and as diverse as the marketing functions we perform.
We actively seek experienced marketers with proven track records of
success in the following disciplines: market research, competitive
intelligence, communications, database management, lead generation,
marketing strategy, business development and sales support, incentives
and recognition, field marketing, and multicultural marketing. Whether
you have a degree or related industry experience, we'll provide you with
the tools, training and opportunities you need to reach your professional
goals at every step of your career.

PROMOTIONAL CRITERIA IN METLIFE INSURANCE

SENIOR PARTNER

ASSOCIATE PARTNER

SENIOR BUSINESS DIVISION


MANAGER
BUSINESS DIVISIONAL
MANAGER

EXECUTIVE SALES
MANAGER

SENIOR SALES MANAGER

SALES MANAGER

ASSISTANT SALES
MANAGER

PROMOTION OF PRODUCT
Promotion is “the personal or impersonal process of assisting and /or
persuading

a prospective customer to buy a product or service or to act favorably upon the

idea that has commercial significance to the seller”.

Reliance life insurance promotes their product through:


 Through banner

 Through camp

LOCATING CUSTOMER

Marketing and personnel contact

Using reference

Self selling

Through recruitment of advisor and their contacts

TARGET CUSTOMER
Temples, schools, advocate assistant, matrimonial, CA, clerk, musical and dance

Classes, gym, fashion designer, railways colonies, bank RTO, NGO, hotel

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

LEARNING OUTCOME
 Interacting with strangers
 Telecalling
 Whom to approach
 Communicative skills
 Logging process
 How to behave in organization
 Culture of organisation

SWOT ANALYSIS

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

Weaknesses
 Limited Market Penetration
 Low Market Share
 Not a well know name in Interiors of India
 FDI allowed only upto 26%
Opportunities
 Cross sell financial Services are Untapped
 Untapped Rural Market
 Brand and Line Extension
 Niche market

Threats
 Increasing expenses and Low Profit Margins
 Government Regulations and political situation
 Vulnerable to entry of new Players
 Increasing Interest rates

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

economic environments seen in decades, proving that MetLife’s customers


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

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

Extending Our Lead in the U.S.

Last August, we took a bold step in reorganizing our businesses in the United
States to position MetLife for further success. Specifically, we combined the
former Institutional and Individual Businesses, as well as our Auto & Home unit,
into a single organization now called U.S. Business. This realignment
recognized that we can better serve both employee benefit plan sponsors and
individual customers through a single, integrated organization.

In U.S. Business — which consists of Insurance Products, Retirement Products,


Corporate Benefit Funding and Auto & Home — premiums, fees & other
revenues grew 2% over 2008 to $28.6 billion. Importantly, this growth was
achieved while we simultaneously maintained our pricing and risk management
discipline. Briefly, I would like to

share some highlights of the performance of these businesses to illustrate how


our financial strength, scale and experience are benefiting us:

In Insurance Products, premiums, fees & other revenues increased 4% as


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

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


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

The demand for the guarantees associated with many of our annuity products
helped drive a 5% increase in premiums, fees & other revenues in our
Retirement Products business. In addition, total annuity deposits

grew 10%. In 2009, we also maintained our leading position in the annuity
marketplace, ending the year as the number one seller of annuities, according
to VARDS and LIMRA.

Financial strength and long-term experience are just two factors that have
made us a leader and expert in

providing pension closeouts, structured settlements and other solutions that


make up our Corporate Benefit Funding business. During 2009, we
continued to capture market share in the structured settlement
business, growing premiums for this product line 53% over 2008. In addition,
our long history of developing innovative pension risk transfer solutions
enabled us to generate $944 million in pension closeout premiums.

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

Expanding Our International Reach

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

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

Demonstrating the Value of MetLife

Over the course of 2009, we continued to see the benefits of the initiative we
took to reposition MetLife’s investment portfolio prior to the recession. As the
year progressed, net unrealized losses dropped dramatically. At

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

In addition, we took a number of proactive steps in 2008 and 2009 to further


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

not let the recession distract us from the strategic efforts we began in 2007.
Specifically, we made significant progress on our Operational Excellence
initiative in 2009, achieving our goal of attaining at least $400 million in pretax
annualized savings one year ahead of our target. As a result, we have increased
our pre-tax annualized savings goal by $200 million to reach $600 million by
year-end 2010.

Affirming MetLife’s Strong Financial Position

Before I conclude this letter, I feel it is important to highlight two key issues
that affirmed MetLife’s great financial strength last year.

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

Looking ahead, I am very optimistic about MetLife’s future. Despite all that has
occurred in the global economy over the past 18 months, we have grown
revenues and stayed true to our disciplined focus on risk management,
underwriting and improving our expense margins.We will continue to bring an
intense focus to executing our growth strategies, enabling us to meet the
expanding financial needs of customers around the world. This is what MetLife
is all about.
CONCLUSION
Our exhaustive research in the field of Life Insurance threw up some interesting

trends which can be seen. A general impression that we gathered during Data

collection was the immense awareness and knowledge among people about

various companies and their insurance products. People are beginning to look

beyond LIC for their insurance needs and are willing to trust private players

with their hard earned money.

People in general have been impression by the marketing and advertising

campaigns of insurance companies. A high penetration of print, radio and

Television ad campaigns over the years is beginning to have its impact now.

Another heartening trend was in terms of people viewing insurance as a tax

saving and investment instrument as much as a protective one. A very high

number of respondents have opted for insurance for such purposes and it

shows how insurance companies have been successful to attract public money

in recent times.
The general satisfaction levels among public with regards to policy and agents

still requires improvement. But therein lies the opportunity for a relative new

comer like MetLife.

Bibliography
Met Life India: Bngalore

1) Sales Manager : Mr. Purushothaman.K

2) Branch Manager: Skanda