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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
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.
Partners:-
MetLife’s Functional Structure:-
MetLife’s sales function is divided into two functional structures within
the organization. These two Structures are:
Bancassurance
Agency
BANCASSURANCE OR BANCA: -
Banks:-
Axis Bank
Dhanalakshmi Bank
Karnataka Bank
Corporate Agents:-
Karvy Consultants Limited
Geojit Securities
Way2wealth Consultancy
AGENCY:-
Agency Manager(AM)
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
10% LIC
5%
MetLife
8%
3% ICICI
Prudential
Bajaj Allianz
74% Others
Organization Chart of the company
Zonal business
head
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.
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.
A plan which offers both timely and efficient return on investment with
payouts at different milestones.
Survival Benefit
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
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
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.
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.
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
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.
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
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
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
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.
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.
Benefits:
Investment:-
Maximum Age 55 50 50
at Entry
Benefits-
If you are keen on investing lump sum amounts over a shorter horizon, this is
the ideal plan for you.
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
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.
Illustration
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
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
2. No Claim Discounts.
5. Multiple Claims.
Module Overview:-
Duration:
Purpose:
The purpose of this module is to induct the agent into the life insurance
professional sales career.
Learning Objective:
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.
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.
Module Overview
Duration:
3 days 8 hours
Learning Objective:
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:
Purpose:
The purpose of this module is to enable the agents to sell in referral market
professionally.
Learning Objectives:
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
FACT FINDING
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.
Purpose:
Learning objectives
Module Overview:
Duration:
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.
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:
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.
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.
There were certain criteria on which recruitment of Sales managers was done
Confidence
Contacts
Experience
Procedures
Presentation skill
ELIGIBILITY:
Age: above 18 years.
Driving license
Pan card
Passport
Address proof
Fixed salary depends upon the designation, experience, and profile of the
employee.
the managers
SENIOR PARTNER
ASSOCIATE PARTNER
EXECUTIVE SALES
MANAGER
SALES MANAGER
ASSISTANT SALES
MANAGER
PROMOTION OF PRODUCT
Promotion is “the personal or impersonal process of assisting and /or
persuading
Through camp
LOCATING CUSTOMER
Using reference
Self selling
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
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.
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.
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
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.
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.
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.
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.
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
Television ad campaigns over the years is beginning to have its impact now.
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
Bibliography
Met Life India: Bngalore