CHAPTER-1

PROFILE OF THE COMPANY

1.Profile of the Company/Firm

Name- MetLife India Insurance Company Ltd, Email- indiaservice@metlife.co.in Website- www.metlife.co.in

Address Registered Office Address: Metlife India Insurance Company Ltd. 5th floor Orchid Centre Golf Course Road, Sector 53, Gurgaon, phone:0124-4179000, 0124456773422 Fax: 0124-2572748 Pin: 122002 Branch Address(where training is done): MetLife India Insurance Company Ltd. Flat no.305 & 306 3rd Floor, Ashirwad Chowk, Aggarwal Mall Plot no.3 Sec-5 Dwarka, Delhi, phone:01164736190, 01164736191 pin:110075

Type of Company- Multinational Company

Branches of the Company(India) Andhra Pradesh Arunachal Pradesh Assam Bihar Chandigarh Chhattisgarh Delhi Goa Gujarat Haryana Himachal Pradesh Jammu and Kashmir Jharkhand Karnataka Kerala Madhya Pradesh Maharashtra Orissa Puducherry Rajasthan Tamilnadu Tripura Uttrakhand West Bengal

(Foreign) America (main branch) Argentina Australia Brazil China Egypt Hong Kong Italy Japan Kuwait Korea France Spain United kingdom Portugal Russia Pakistan

2. Nature of the organization

Introduction of the organization-MetLife India Insurance Company Limited (MetLife) is an affiliate of MetLife, Inc. and was incorporated as a joint venture between MetLife International Holdings, Inc., The Jammu and Kashmir Bank, M. Pallonji and Co. Private Limited and other private investors. It is a private limited insurance company Through its domestic and international subsidiaries and affiliates, MetLife, Inc. reaches more than 90 million customers around the world it is the capitalized private sector multinational company MetLife, Inc. is the holding corporation for the Metropolitan Life Insurance Company or MetLife for short. The firm was founded on March 24, 1868. For most of its life the company was a mutual organization, but it went public in 2000. MetLife is the largest life insurer in the United States, with more than $3.3 trillion of life insurance in force. A leader in savings and retirement products and services for individuals, small business, and large institutions, MetLife serves 90 of the largest Fortune 100 companies. MetLife India Insurance Co. Pvt. Ltd is a joint venture between MetLife Group and its Indian partners, including J&K Bank, Dhanalakshmi Bank, Karnataka Bank, Karvy Consultants, Geojit Securities, Way2Wealth , and Mini Muthoothu. MetLife is insuring the lives of the people for around 140 years. MetLife entered Indian insurance sector in

2001. MetLife was the first insurance company which established a financial holding company with a nationally chartered bank. Today, when people are feeling a greater financial burden than ever before, MetLife is helping millions of its customers in creating their own personal safety net by taking insurance plans.

METLIFE INDIA Founded Started Operation Headquarters World Wide Web Address Managing Director Employees Financial Advisors Bancassurance Tie-Ups Number Of Products Presence Through MetLife Offices Presence Through Bank Partners

FACT SHEET 2001 FY 2001-02 Bangalore, India www.metlife.co.in Rajesh Relan 7688 56,072 5 (J&K Bank/Axis Bank/Dhanalakshmi Bank/Karnataka Bank/Barclays) Over 28 products 192 offices in 131 cities 1910 offices in 686 cities

History- The origins of Metropolitan Life Insurance Company (MetLife) go back to 1863, when a group of New York City businessmen raised $100,000 to found the National Union Life and Limb Insurance Company. The new company insured Civil War sailors and soldiers against disabilities due to wartime wounds, accidents, and sickness. In 1868, after several reorganizations and five difficult years, the company decided to focus on the life insurance business. A new company was chartered to sell "ordinary" insurance to the middle class.

1868 March 25, one day after the Company opened its books , the first policy carrying the name of the Metropolitan Life Insurance Company was issued . Dr. James R. Dow, a retired physician from Brooklyn, NY, was named Metropolitan Lifes first President. He held this position until 1871. In 2000, Metropolitan Life Insurance Company (MetLife) launched the seventh largest IPO ever held in the United States. Organized by a group of New York City businessmen in 1863, the National Union Life and Limb Insurance Company began business in July 1864 insuring Civil War sailors and soldiers against wartime-related disabilities. By the end of 1864, National Union had written only 17 life and 56 accident policies, and was in last place among the 27 life companies operating in New York State and was running a deficit of $1,400. After five difficult years in business and several reorganizations and name changes, President James R. Dow, (a medical doctor) and the board of directors decided to drop the casualty business and focus solely on life insurance business. And so began Metropolitan Life Insurance Company. MetLife opened for business on March 24, 1868 (selling a small number of policies on that date) .The population of the United States was approximately 37 million.The companys first home office consisted of two rooms enough space for its six employees. By 1880, the company was signing up 700 new industrial policies a day. Rapidly increasing volume quickly drove down distribution costs, and the new program proved immediately successful. The MetLife agent became an important person in the lives of these striving families. Manuals instructed agents to call at a home at the same time each week to ensure familiarity and contact. In the process of collecting premiums, insurance agents listened to the problems, concerns, and hopes of their clients. So successful was this approach that by 1909, MetLife became the nation's largest life insurer in terms of insurance in force, a leadership position we continue to hold today in North America

Current Era-In 1998, the board of directors authorized demutualization. Eighteen months later in April 2000, MetLife held an IPO, resulting in the issuance of 202,000,000 shares at the price of $14.25 per share. At the time of the IPO, MetLife, Inc. had nine million shareholders and was the most widely held stock in North America. In 2001, MetLife was the first insurance company to establish a financial holding company with a nationally chartered bank through its purchase of Grand Bank, which was renamed MetLife Bank. The company also invested $1 billion in the U.S. stock market during 2001, immediately after the September 11th terrorist attacks. MetLife acquired Travelers Life & Annuity and substantially all of Citigroups international insurance businesses for $12 billion. At the time of the deal, which was completed on July 1, 2005, the Travelers acquisition made MetLife the largest individual life insurer in North America based on sales. Current MetLife chairman C. Robert (Rob) Henrikson was appointed chairman of the board of directors, president and chief executive officer of MetLife in 2006. In 2008, MetLife Bank, N.A., a division of MetLife Inc., purchased the residential mortgage business of Memphis-based First Horizon National Corporation. The purchase included the home loan unit of First Tennessee Bank National Association (outside Tennessee), with 230 offices in the US. The same year, MetLife also purchased the reverse mortgage division of Florida-based Everbank Financial Corp. In 2010, MetLife completed its purchase of American Life Insurance Company (Alico), from American International Group (AIG). The $16.2 billion acquisition of Alico expanded the companys life insurance and employee benefits business into more than 60 countries compared to 17 countries before the acquisition. On March 21, 2011, MetLife announced that Steven Kandarian, who had headed MetLife's investment department would succeed Robert Henrickson as President and CEO as of May 1, 2011.

Business Sector- Metlife is a fast upcoming professional insurance company in India. It is operating in the insurance sector. MetLife is one of the fastest growing life insurance companies. T h e M e t L i f e o r g a n i z a t i o n i s a l e a d i n g p r o v i d e r of i n s u r a n c e , a n n u i t i e s a n d e m p l o ye e b e n e f i t p r o g r a m s . MetLife India has developed and distributes a range of life insurance products In India.

MetLife is a leader in savings and retirement products and services for individuals, small businesses and large institutions. The company conducts its business operations through five segments namely, institutional, individual, international, auto and home, as well as the corporate. MetLife is operating in the area of insurance.

3.Companys Vision and MissionVision Meaning: A vision statement is sometimes called a picture of your company in the future but its so much more than that. Your vision statement is your inspiration, the framework for all your strategic planning. A vision statement may apply to an entire company or to a single division of that company. Whether for all or part of an organization, the vision statement answers the question, Where do we want to go? What you are doing when creating a vision statement is articulating your dreams and hopes for your business. It reminds you of what you are trying to build. MetLife Vision-to build financial freedom for everyone-guides the companys to peoples growing needs for first rate financial products and services through various life stages and economic cycles. Today, a time when consumers are feeling a greater financial burden than ever before, Metlife is helping millions of customers create their own personal safety net. In the future, MetLife will continue to grow its business with focus, innovation and profitability.

Mission Meaning: A mission statement is a brief description of a company's fundamental purpose. A mission statement answers the question, "Why do we exist?" The mission statement articulates the company's purpose both for those in the organization and for the public. Every business should have a mission statement, both as a way of ensuring that everyone in the organization is "on the same page" and to serve as a baseline for effective business planning.

MetLife Mission-Our companys purpose is to simplify and aid the decision-making process for our customers in buying a financial product. We will make information available to the customer in the simplest and easily comprehendible way so that customers can make an informed choice best suited for their individual needs. The following principles will be the pillars of MetLife business: #Be honest and provide un-biased comparison to our customers #Make information available in the simplest and easily comprehendible way to our customers #Use power of technology to drive growth and do better business #Be cost-effective and lean in our operations #Pass on benefits to customers and partners

4.Product range of the company

MetLife deals in the life insurance products. Product range of MetLife is:-

Life Insurance Products Traditional Products

Term plan

Endowment plan

Money back plan

Child money back plan

Pension plan

Term plan-

This is a plan to cover the risk of early death. Met suraksha, met suraksha trop, met suraksha plus etc are the terms plans of MetLife.

*Met suraksha-MetLife offers Met Suraksha - Term Assurance (TA), a non participating term assurance plan which provides you life cover at a nominal cost. To put it simply, it is a life insurance plan that gives you complete protection to enjoy life to the fullest. Minimum Entry Age Maximum Entry Age 18 years 60 years

Maximum Maturity Age 65 years Policy Term 5, 10, 15, 20, 25 years and Term to age 60 Premium Paying Terms Single Pay, Limited Pay (3 years), Regular Pay

*Met Suraksha Trop-MetLife offers Met Suraksha - Term with Return of Premium (TROP), a non participating term assurance plan which provides you life cover at a nominal cost. To put it simply, it is a life insurance plan that gives you complete protection to enjoy life to the fullest. Minimum Entry Age Maximum Entry Age 18 years 50 years

Maximum Maturity Age 65 years

Policy Term Premium Paying Terms

15 & 20 years Single Pay, Limited Pay (3 years), Regular Pay

*Met Suraksha Plus-MetLife offers Met Suraksha Plus- Term Assurance (TA) a non participating term assurance plan which provides you life cover. It is designed for people who want to take care of their financial commitments, should anything unfortunate happen, at a nominal cost. Minimum Entry Age Maximum Entry Age Maximum Maturity Age Policy Term 18 years 60 years 70 years 10-35 years

Endowment plan

This is a plan to provides savings and security. met suvidha, met saral, met 100 etc are the endowment plans of MetLife.

*Met Suvidha-Met Suvidha is a Flexible Endowment Plan that combines savings and security. In addition to providing you protection till the maturity of the plan, it helps you

save for your specific long term financial objectives. This long term savings-cumprotection plan comes to you at affordable premiums.

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

*Met Saral-MetLife presents Met Saral a non- participating endowment plan. As the name suggests, its a simple savings plan which gets you into the savings habit without any medical tests. All you need to do is fill in a simple application form and you are ensured a guaranteed maturity amount of Rs 1,00,000, even in the case of your death during the term. Minimum Entry Age Maximum Maturity Age Term Premium Paying Terms Premium Paying Modes 15 years - 50 years 60 years 5 years / 10 years Regular Pay Annual, Semi-Annual

*Met 100-MetLife presents Met 100 a whole life policy where you pay premiums for 15, 20 or 25 years. It helps create a legacy for the children, leaving money for a dependant spouse and, more importantly, provides insurance cover at affordable rates. Met 100 is available in both participating as well as non-participating versions. Par Non-Par

Minimum Entry Age Maximum Entry Age Premium Paying Terms

15 yrs 70 yrs 15, 20, 25 yrs

0 yrs 70 yrs 15, 20, 25 yrs

Money back plan

In Money Back Plans, the money comes back to the Life Insured after a specific interval of time as Survival Benefit. For ex met sukh, met vishwas are money back plans of MetLife. *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 Premium Payment Term Minimum Sum Assured Maximum Sum Assured 20 years Regular Rs. 75,000 No Limit

*Met Vishwas- MetLife offers 'Met Vishwas', - a single premium, micro insurance, nonparticipating term assurance plan which provides you life cover at a nominal cost. On survival, you get 110% or 125% of the premium Minimum Entry Age Maximum Entry Age Maximum Maturity Age Minimum Sum Assured Maximum Sum Assured Policy Term Premium Paying Terms 18 years 60 years 70 years Rs. 5,000 Rs. 50,000 5 or 10 years Single Pay

Child money back plans

These are back plan that pays out funds to help you meet the education and career milestones of the child. met bhavishya, met junior moneyback, met magic plus, are some the child money back plans. *Met Bhavishya- MetLife offers 'Met Bhavishya' a guaranteed money back plan that pays out funds to help you meet the education and career milestones of your children. With this plan, the Life Insured is that of the parent. 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 you 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. Option A Minimum Entry Age of the 0 years Child Maximum Entry Age of the Child Minimum Entry Age of the 20 years parent Maximum Entry Age of the Parent Policy Term 50 years 50 years 20 years 8 years 12 years Option B 0 years

21 years - Age at 25 years - Age at Entry Entry

*Met Junior Money back- MetLife offers 'Met Junior Money Back a money back plan that combines savings and security. Your child's well-being is your highest priority. So we offer you a money back plan which provides guaranteed periodic survival benefits at the end of 5, 10 & 15 years, along with guaranteed growth of your savings. A plan which offers both timely and efficient "return on investment" with payouts at different milestones. Par Minimum Entry Age of the Child Maximum Entry Age of the Child Coverage Terms 0 years 14 years 20 years Non Par 0 years 14 years 20 years

Premium Payment Terms

20 years

20 years

*Metmagic Plus- Met Magic Plus is a Unit Linked Non-Medical Regular premium Life Insurance Plan, it secure your childs future. Met Magic plus provides the benefit of insurance protection to your family, particularly your child, even when you are not around.

Minimum Entry Age Maximum Entry Age Maturity Age of Life Insured Minimum Policy Term

18years. 55years. 70years. 10 Years, 15 Years, 20 Years & 25 Years

Pension plan

A pension plan is a plan in which an employee transfers part of his or her current income stream toward retirement income which he gets in the future after retirement . Some of the pension plans of MetLife are Met smart one, met easy super, met pension par etc.

*Met smart one-met smart one , which is investment cum protection single premium plan which along with its various investment management options facilitates accelerated wealth creation with Loyalty additions. With this plan you may also choose NAV GUARANTEE FUND which offers you attractive guaranteed Net Asset Value (NAV).

Minimum Age at Entry(LBD) Maximum Age at Entry(LBD)

0 years (3 months)

65 years

Minimum/Maximum Age at 18/75 years Maturity Policy Term 10-20 years

*Met Easy Super- While you plan to secure the happiness and future of your loved ones, give wings to your dreams of wealth creation. Security for your family and your need of wealth creation should work together as you move ahead in life. We understand that at MetLife, and hence we bring you Met Easy Super an Easy Protection, Super wealth creation plan. While you ensure security for your loved ones, we work towards your goals of wealth creation - because you and your family deserve the very best.

Minimum Age at entry* Maximum Age at entry*

18 years 60 years for 15 policy term & 55 years for 20 year policy term

Premium Payment term (years) Policy Term Premium Payment modes

Entire term of the policy

15 years and 20 years Annual

*Met Pension Par-Met Pension (Par) serves as a friendly helping hand so you can stay financially independent even after retirement. It helps you build up a fund for your golden years. With this plan, you can ensure you enjoy retirement as a happy new chapter.

Entry Age

Min 18 years Max 60 years

Minimum Term

10 years

Minimum Annual Premium Premium Payment Term

Rs. 4000 p.a. for Regular Pay

Single Pay, Limited Pay (3 or 5 Pay) & Regular Pay

5.Size (in terms of manpower and turnover) of the organization

Manpower-at the year ending 2010-2011 total manpower(employees) of MetLife is 63,760 in number of which approx 56,072 are its financial advisors.

Turnover-total turnover of MetLife India till 2010-2011 is 15550 crores. During the fiscal (2010-11) MetLife had a total revenue of Rs 2,615.13 crores, MetLife India breaks even, posts Rs 35 crores profit in the financial year 2010-2011

6. Organization structure of the company

Chairman

Vice President

President

Chief Executing Officer

Manager Director of England

Manager Director of France

Manager Director of India

Manager Director of Italy

Manager Director of Australia

Zonal business head

Manager Zonal human resource

Zonal operation manager

Zonal research manager

Zonal territory manager

Assistant manager& administration

Training Manager

Regional training manager

Financial Advisor

Master trainer

7.Market share & position of the company in the industry

Market Share definition- The percentage of an industry or market's total sales that is earned by a particular company over a specified time period. Market share is calculated by taking the company's sales over the period and dividing it by the total sales of the industry over the same period. This metric is used to give a general idea of the size of a company to its market and its competitors. Market Share of MetLife is 3% in the whole insurance industry Market Share of MetLife:-

Market Share
10% 5% 8% 3% MetLife ICICI Prudential Bajaj Allianz 74% Others LIC

MetLife India Insurance Company Limited (MetLife), one of Indias fastest growing life insurance companies, today crossed the one million mark in policies issued, taking the total number of lives insured to two million (including the group business).The company, which started its operations in India in the year 2002, is today one of the fastest

growing life insurance companies in the country, with a presence in over 690 locations and a market share of 3%. It is present at the 8 position in the insurance market of India.

Here is the market share of various Life Insurance Companies in India at the end of FY 2010. LIC 74% ICICI Prudential 8% Bajaj Allianz 5% SBI Life 3.3% HDFC Standard 3.2% Birla Sun life 3.1% Reliance Life 3.1% MetLife 3% Max New York 1.1% OM Kotak 1% AVIVA 0.7% Tata AIG 0.5% ING Vysya 0.3% Shriram Life 0.3% Bharti Axa Life 0.2%

8.Present Leadership
C. Robert Henrikson (Chairman) Steven A. Kandarian (President & CEO) Rajesh Relan (Managing Director & Country Manager) MSVS Phanesh (Appointed Actuary) Sameer Bansal (Director Agency)

Joydeep Mukherji (Chief Financial Officer) Balachander Sekhar (Director Marketing, Products & Business Development) KR Anil Kumar (Director Legal & Risk and Company Secretary) P. S. Sankaran (Director Compliance & Internal Controls) KS Raghavan (Chief Operating Officer) Gaurav Sharma (Director PNB Partnerships) During summer training I have done my training under the guidance of Ms. VEENU DUA.

There are 3 styles of leadership 1.Autocratic leadership 2.Democratic leadership 3. Delegative Leadership

Miss Veenu Dua has given us training in the democratic style, which is generally the most effective leadership style. She offered guidance to trainees, she also participate in the training program and allow input from all the trainees. She encouraged trainees to participate in the training process, trainees feel engaged in the process and felt very motivated and creative.

Skills of Mentor1) communication skills 2) human skills 3) writing skills 4) speaking skills 5) decision making skills 6) problem solving skills 7) social skills 8) informational skills 9) interpersonal skills