BILAL AHMAD 902344797

M e t L i f e I n d i a I n s u r a n c e C o m p a n y L t d P a g e | 1

LOVELY PROFESSIONAL UNIVERSITY

DEPARTMENT OF MANAGEMENT

Report on Summer Training

MetLife India Insurance: Customer perception of insurance as: a tool of investment or a risk cover, a comparative study.

Submitted to: Lovely Professional University

And

MetLife India Insurance Co. Ltd.

In partial fulfilment of the

Requirements for the award of degree of

Master of Business Administration

Submitted by:

Bilal Ahmad Malla

Reg. No. 11011496

DEPARTMENT OF MANAGEMENT

LOVELY PROFESSIONAL UNIVERSITY

PHAGWARA

(2010-12)

Bilal Ahmad Regd No. 11011496


Table of Contents

Executive Summary...................................................................................................................5

HISTORY OF INSURANCE....................................................................................................7

INSURANCE IN INDIA.........................................................................................................12

Insurance..................................................................................................................................13

LIFE INSURANCE.................................................................................................................15

METLIFE PO L I C I E S ..........................................................................................................19

INSURANCE AS INVESTMENT..........................................................................................25

LITERATURE REVIEW.........................................................................................................27

OBJECTIVESOF THE STUDY..............................................................................................31

RESEARCH DESIGNAND METHODOLOGY....................................................................32

METLIFE PROFILE................................................................................................................34

MetLife`S ACHIEVEMENTS................................................................................................41

Chart showing Market Share of ULIPS in Kashmir region.....................................................44

BANCASSURANCE...............................................................................................................45

Banks as Referral Agent of an insurance company.............................................................56

Insurance products distribution by banks as Corporate Agents...........................................57

INCORPORATION OF METLIFE AS A JOINT VENTURE WITH J&K BANK...............58

FACTOR ANALYSIS.............................................................................................................63

ANALYSIS AND INTERPRETATION.................................................................................72

FINDINGS...............................................................................................................................78

RECOMMENDATIONS.........................................................................................................80

CONCLUSION........................................................................................................................81

ANNEXURE............................................................................................................................82

BIBLIOGRAPHY....................................................................................................................85



PREFACE

Every study needs a research to analyze the problem, and thus working on its improvement is

needed. The research provides an opportunity to a student to demonstrate application of

his/her knowledge, skills and competence required during the technical session.

My topic for research is “Customer perception of insurance as: a tool of investment or a

risk cover, a comparative study.”

The research helped me to devote my skills to analyze the problem and to work upon it and

look to suggest the alternative solutions. Further on evaluating it using theoretical and

analytical approach, it helps me to prepare feasible recommendations on the provided data.

I tried my level best to prepare this report error free and without any contamination. Every

effort has been made to offer the accuracy.



DECLARATION

This is to certify that I, Bilal Ahmad Malla, have personally worked on this project regarding “Customer perception of insurance as: a tool of investment or a risk cover, a comparative study”. The data mentioned in this report was obtained during the work done by me under the stewardship and supervision of my training guide Mr. Rayees Ahmad Zargar, ASM MetLife India Insurance Company Ltd. Srinagar.

In preparing this project I had taken assistance of various books, magazines and websites on the subject which are enumerated at the lowest ebb of this project.

Bilal Ahmad Malla.



ACKNOWLEDGEMENT

The successful completion of any task would be incomplete without mentioning the people

who have made it possible. So it`s with the gratitude that I acknowledge the help, which

crowned my efforts with success.

I owe my gratitude to Mr. Bilal Ahmad Bilal , Branch Head, MetLife India Insurance

Co. Ltd., Mr. Javaid Ahmad Senior Sales Manager; for their constant guidance and support.

I extend my deep gratitude to Miss Sukhwindar Mam my faculty training guide of

lovely professional university, for her constant guidance and support.

I would also like to convey my sincere thanks to Mr. Rayees Ahmad Zargar, and to

Mr.Irfan Ali Zargar, for helping me out and showing keen interest in my project.

I would also like to thank the various department officials and staff who not only

provided me with required opportunity but also extended their valuable time and I have

words to express my gratefulness to them.

Last but not the least I am very much indebted to my family and friends for their warm

encouragement and moral support in conducting this project work.

Bilal Ahmad Malla.

Executive Summary



MetLife India Insurance Co. Pvt. Ltd. Is one of the largest, strongest and

most respected financial organizations in USA. It was incorporated in India

on April 11, 2001 as a joint venture between MetLife International Holdings

Inc., The Jammu & Kashmir Bank, M. Pallonji and Co. Pvt. Ltd. And other

private industries. The mission of the company is to provide 5 million

customers in India world class solutions for financial security and in the

process add significant value to its shareholders, associates and society by

2010.

In order to facilitate its mission the need of the company was to analyze the factors

responsible for insurance policies. Keeping in view the need of the company I took it as my

Research Problem and developed the Questionnaire with my training guide. To facilitate this

process firstly I approached CSO’s of various branches of Metlife and discussed the matter

with them. After seeing their positive response towards the same problem as discussed above

the details of customers was made and were approached personally with the prior

appointment at a convenient place of the client at a suitable time and day.

The Research was conducted in Srinagar City. As this is a Exploratory Research

different branches of J&K Bank were allotted to me to discuss the case with the Insurance

Managers/CSO for the smooth conduct of the Survey.

About 100 customers were contacted at various J&K Bank branches and at Head Office Of

MetLife India Insurance .

The main objective of the study is to know the actual problem of lapses

and loopholes in the whole system/process,

The following objectives were set for the present study:

1) To study the insurance as a tool of investment.

2) To study the insurance as a tool of risk cover.



3) To know the factors responsible for the insurance policies.

4) To know the customers perception towards insurance.

After analyzing the respondent’s views about the company a feedback were available to the

company which proved to be helpful for the company in knowing the various strengths and

the weaknesses. After knowing the company got knowledge of the different fields where it

should work if it wants to achieve the sky heights in the industry. Before this research it was

seen that the company was good in introducing new customers to the organization. But a

company cannot be successful if it focuses on new business only which was practiced in

MetLife.

The research was also helpful to the company as to know the perception of customers

towards insurance. The company is not keeping the customers interest away after they invest

but the continuously remain in touch with them and make the various departments customer

friendly which makes the image of the company as a customer focused company. To be a

customer friendly is a very good thing for the organization.

Limitation of Research:

The main limitation of the research that I feel was Shortage of time. This research was of

vast nature and six weeks time was very little for its complete study. Customer perception

level cannot be fully analyzed on the basis of 100 customers only, MetLife globally perform

surveys and this survey will just serve as a part of that in Kashmir region.

At last I can say that to achieve its goals of Insuring 5 Million customers the

MetLife can easily achieve it by simply overcoming such loopholes and there

are lot of opportunities for the Company to grow in the country like India.



HISTORY OF INSURANCE

As with so many things in so many facets of our lives, Insurance too was born

out of a primary need and shaped by socio-economic realities of this time.

The story goes back to around 2100 BC, to the ancient civilization of Babylon

and a business practice called "Bottomry". For all practical purposes form of

marine insurance, bottomry enabled ship owners to borrow money against

their ships to pay for the trip. With Piracy rampant on high seas, traders and

seafarers were reluctant to sail to other lands for fear of their lives and

goods. Bottomry gave them some semblance of security. The arrangement was

that if only their ship returned did traders have to repay to loan, along with

interest, which was pegged at an above market rate for the risk covered. So if

their failed to make it back, they did not have to repay the loan, thereby

recovering some or all of the loans.

O R I G I N S

With the marine route being the bedrock of trade and commerce in

those days, the practice of bottomy evolved, and spread. With the growth of

towns and trade in Europe, medieval guilds (groups organized on the basis of

some common objectives, like traders) pooled in money to protect their

members from loss by fire and shipwreck, to pay ransom if they were

captured by Pirates, and to provides burial and support in sickness and

poverty. By the middle of the 14 t h century, as evidenced by the earliest known

insurance contract (Genoa, 1347). Marine insurance was common among

maritime nations of Europe.

Lloyd's of London, the largest marine insurer today, was founded in

1688, in a coffee shop in London. Lloyd's coffee house became the preferred

place for merchants, ship owners and underwriters to transact business.

Insurance development rapidly with the growth of British commerce in the

17 t h and 18 t h centuries and started becoming organized, along the way going

through a period of defaulters and closures



The British brought insurance to India in 1818, replete with imperialist

prejudices. The Oriental life insurance company, the first insurance company

in the country, insured only European widows, British insurers eventually

began insuring Indian lives, but for a premium that was 15-20 percent higher

than that payable by the British. It was only in 1870 that the disparity was

corrected. Six Indians, peeved by this second-Class treatment, set up by

Bombay Mutual life assurance society, and started Insuring Indian lives at

the same cost as British lives, social discrimination, in fact turned out to be a

catalyst for Indian initiative in the insurance sector. In 1909, activist Ishwar

Chandra Vidyasagar founded the Hindu family Annuity fund- the first

instance of a pension - based investment scheme targeted at Indians.

As had happened in England earlier, a flood of new players and patchy

regulations snowballed into a crisis. Several insurers defaulted on their

contractual obligations to policy holders, citing investment losses; some even

folded up. The insurance Act 1938 introduced state controls on insurance,

but even this failed to safeguard policy holder interest.

N A T I O N A L I Z A T I O N

Post-independence, discontent against insurers reached a pitch. Business

was chaotic, foreign insurer were leaving the country and Indian insurers

driven by greed and business considerations weren’t earning much credibility.

The cry for nationalizing insurance grew louder. A move that insurers were of

course opposed to.

On 19 t h January 1956 the life of insurance business was nationalized. In

one swoop the govt. snapped up 245 insurers and provident societies. Eight

months later the LIC was formed which took over the businesses of the

erstwhile private insurers and started expanding at a frenetic pace. Today this

monolith has 2100 branch offices, 800,000 agents, and offers a bevy of

insurance and investment products. LIC marked insurance less as a risk

management too and more as a saving instrument with a tax edge. A look at

LIC’s policy profile shows that just 18 percent of policies in force currently



are protection plans; insurance cum investment plans account for 60 percent,

with the balance being pure investment plans. Still , households embraced

these safe investments avenues, with the sum assured (or the total value of

cover) increasing from Rs. 1476 crores in 1957 to Rs. 459201 crores in 1998-

1999.

Similar circumstances lead to the nationalization of Non-life (or

general insurance). As in life insurance, pre-nationalization, there were an

inordinately large number of insurers, many of whom were notorious for

floating investment norms and delaying settlement of claims Non-life

insurance was nationalized in 1972. A general insurance corporation (GIC)

was setup as a holding company; a total of 107 private insurers were merged

and grouped to form GIC’s four subsidiaries.

P R I V A T I S A T I O N

There were various reasons given by the government to nationalize the

insurance sector; take insurance to the masses, facilitate the flow of long-

term funds (which insurance companies, by virtue of the business they are

in, have ready access to) into development of infrastructure in the country,

and safeguard the interests of policyholders. Towards this end, state insurers

did develop insurance sector, though most experts believe these monopolies

could have done much, much more.

In the early nineties, the government went on a reforms blinge and

started loosening controls on Indian industry. In 1993, the government

appointed the Malhotra committee, headed by the former RBI governor R.N.

Malhotra, to draw up a blueprint for insurance sector reforms. The Panel

submitted its report a year later, recommending privatization, backed by stiff

entry guidelines and stringent regulations, so as to avoid a repeat of the pre-

nationalization fee-for-all.

The Insurance Regulatory and development Authority (IRDA) was

formed to regulate the sector and oversee the process of privatization. In



2000, the IRDA started giving out licenses, and a year later the first of the

private players started operations. The wheel had come full circle.

Under state controls, the insurance sector, both life and non-life grew

steadily. Still , Indians are not adequately insured and lag behind most

countries. Total insurance penetration (insurance premiums as percentage of

gross domestic product) is dismal when compared to its economic standing;

just 2 percent of the population

has some form of life insurance. But in this huge gap lies a huge opportunity,

which is why private insurers are queuing up.

In many ways, the re-entry of private insurers has marked a second

coming for the sector. In just three years the sector has undergone a

makeover, offering the fruits of a free market; more choice, better service,

quicker settlement, tighter regulations, greater awareness. State insurers have

been compelled to get their act together. And, to think of it , these are still

very early days.



INSURANCE IN INDIA


1818 The British introduce life insurance to India, with the establishment of the Oriental Life insurance company in Calcutta.

1850 Non-life insurance debuts, with Triton Insurance Company.

1870 Bombay Mutual Life Assurance Society is the first Indian-owned life

insurance business

1907 Indian Mercantile Insurance is the first Indian non-life insurer.

1912 The Indian Life Assurance Companies Act enacted to regulate the life

insurance business

1938 The Insurance Act, which forms the basis for most current insurance

laws, replaces earlier Act.

1956 Government Steps up LIC.

1958 Life insurance nationalized government takes over 245 Indian and

foreign insurers and provident societies.

1972 Non life insurance nationalized; GIC set up.

1993 Malhotra committee headed by former RBI governor R.N. Malhotra,

setup to draw up a blue print for insurance sector reforms.

1994 Malhotra committee recommends reentry of private players,

autonomy to PSU insurers

1997 Insurance regulator IRDA (Insurance Regulatory and Development

Authority) setup.

2000 IRDA starts giving licenses to private insurers;

ICICI prudential and HDFC standard life first private life insurers to

sell a policy

2001 Royal Sundaram alliance first non-life insurer to sell a policy

2002 Banks allowed to sell insurance plans; as TPA’s enter the scene,

insurers start setting non-life claims in the cashless mode


InsuranceDefinition and Meaning

To insure means to make a contract that promises to payer secure payments of a specified

sum of money in case of accident, damage, loss, injury, death or any other event taking place.

The “Dictionary of Business and Finance” has defined insurance as “a form of contract or

agreement under which one party agrees, in return for a consideration, to pay an agreed

amount of money to another party to make good a loss, damage or injury to something of

value in which the insured has a pecuniary interest as a result of some uncertain event” . It

is a device by which the loss likely to be caused by an uncertain event is spread over a

number of a person who is exposed to it and who proposes to insure themselves against such

events.

MEANING OF INSURANCE

From the above definition, it becomes clear that insurance is a voluntary agreement

between two parties, viz. the insurer and the insured the former to compensate the latter

against the loss suffered by him on the happening of an event. Thus, it is a device though

which the loss is spread over large number parties. Insurance is the undertaking (assurance)

given by a company , society or the State to provide safeguard against loss, provision against

sickness, death etc. in return for a regular payments called premia (plural of premium). The

person or company which undertakes to make payment in case of loss etc. is called the

insurer and the person to whom such payments will be made is called the insured. The

person who pays the premiums or premia is called insurant. The meaning of insurance can

be well understood from the following example of fire insurance.

Suppose there are ten houses in a particular locality costing Rs 1,000 each. On an

average each year one house gets completely destroyed by fire. This means the unfortunate

owner whose house catches fire has to suffer a loss of Rs 1000. Instead, this loss can be



spread over all the ten owners by means of insurance. By providing fire insurance, a sum of

Rs 100 ( in the form of premium) can be collected from each owner and the total amount Rs

1000 so collected can be given to the unfortunate owner to reconstruct the house. In this

way, each year one house can be built. Each owner will annually pay Rs 100 for ten years.

Thus, the loss is spread over all the owners equally. In real practice, however, it is in

proportion to the value of insurance. Thus, insurance is a device by which the loss likely to be

caused by an unforeseen event is spread over a large people who are exposed to it and who

proposed to insurance themselves against such an event.

From the legal point of view, insurance is based on a contract between two parties. It

is a written agreement to make good some loss, damage or injury .The terms and conditions

agreed to are stated in the contract which is known as insurance policy. In this way, the risk

of loss is transferred from the insured to the insurer. Insurance has nowadays become so

popular that practically everything from a pin to a giant structure can be insured against a

possible risk.

Like any other contract, the contract of insurance must also satisfy the following

conditions:

1 There must be an agreement between the two parties, the insurer and the insured.

2 The agreement called insurance policy must be in writing.

3 The parties to the agreement must give their free consent to all terms ad conditions

of it.

4 The parties must be competent to enter into contract

5 There must be mutual consideration

6 The object of the contract must be lawful.



LIFE INSURANCE

Of all forms of insurance, life insurance or assurance occupies a

prominent place in all walks, of life. Almost every wage-earner is nowadays

interested in taking life insurance. It has made such a tremendous progress

that it has occupied a leading position in the field of insurance. This is

because the risk involved is certain. The event is bound to happen soon or

later, e.g. death. Hence sometimes the term "Assurance" is used instead of the

term insurance. A contract of assurance guarantees the payment of a specified

sum of money to the assured on the happening of a specified even. Hence life

assurance Life insurance or assurance is defined as " a contract by which the

insurer, in consideration of a certain premium, either in a lump sum or by

periodic payments, undertakes to pay certain sum of money to the assured on

his reaching " a particular age or to those entitled to it in the event of his

death". Thus, life insurance is a contract between an insurance company and

the insured whereby the insurer, in consideration for a premium, undertakes

to pay a certain sum of money on the death of the insured or n expiry of a

stipulated period whichever occurs earlier. Since each one of us, during our

lives are faced with numerous risks failing health, financial losses, accidents

and even fatalities, our instincts drives us to cover ourselves against those

risks. Though an insurance cover can't protect you against emotional losses

arising out of these risks, if softens the economic crisis that usually

accompanies these losses. Contract of life insurance is mainly based on two

principles, viz., those of utmost good faith and insurable interest. The person

who wants to take our l ife insurance pol icy must possess insurable interest

in the l i fe he wishes to get assured.

Therefore, a person can take out a life insurance policy for himself or

his wife, husband, son, daughter, parents or any other relative in whose life

he or she has insurable interest. Life assurance contact is not a contract of

indemnity. It is a contract for payment of a specific amount because actual

loss of human life cannot be measured in terms of money.



Life insurance differs from other types of insurance in several respects. First

of all , i t is no protection to the life of insured person. It is only a cover under

compulsory saving is provided. It is a kind of channel to mobilize small

savings into investment. Thus, it promotes savings and investment. It is in the

form of a financial aid of the family of an insured person in the event of his

premature death. In case, he survives throughout the term of the policy, he is

paid a lump sum which is nothing but his own savings kept with the insurance

company in the form of premiums deposited. Secondly, in life insurance, the

amount of policy is certainly payable by the insurer sooner later except in the

circumstances of controversial death of the assured. Thirdly, the term of a

life insurance contract is sufficiently long such as 20 years or 25 years in

case of endowment policies. In case of whole life policies it may be still

longer.

Settlement of the life insurance claims

When a policy becomes due for payment in the event of the

policyholder’s death, the following procedure has to be followed by his

nominee to claim the amount of the policy.

Proof of Death: This is the first step in the procedure of getting the amount

claim. The proof of death has to be furnished to the insurance company if the

policy has become due owing to the death of the assured. A certificate given

by doctor who has treated the assured before his death is a satisfactory proof

of his death or the certificate issued by the Municipality can also be a

satisfactory proof of death. The necessary documentary evidence of death

must be submitted to the insurance company.

Proof of age: The assured is required to produce a satisfactory proof of

his age to the insurance company at the time of taking out a policy. This



evidence of age may not be given to the insurance company at the time of

settlement, if the age was admitted by the insurance company earlier. In case,

no such proof was submitted at the time of issue of policy, the claimant of the

policy amount has to submit it , since without such a proof claim cannot be

settled by the insurance company.

Proof of title: The person who lodges a claim with the insurance

company have to establish own legal title to the amount of the policy.

Establishing legal title to the amount of the policy is necessary especially

when no nominee is named in the policy.

If the insurance company is satisfied with all the documentary proofs

submitted, the amount claim is settled by it . In case, there is any dispute

regarding the settlement of claim, the matter is referred to the court for

arbitration purpose.

THE REAL CONCEPT OF INSURANCE

A financial planner once said this about life insurance buying habits of

Indians, they don’t buy insurance, and it’s sold to them. Unfortunately, but

true. Individual awareness and understanding of life insurance products is

extremely low, and many among the insured don’t even know whether the life

insurance policy they own meets their insurance needs, and in large context,

their personal finance needs,. In most cases, chances are, they could be doing

better.

The first and the most important step towards ‘doing better’ involves

being financially being financially literate, and having, at the least, an

elementary understanding of life insurance is all about. This means being

aware of the various types of insurance products on offer in the market, as



well as having the ability to understand one’s life insurance needs and find

appropriate fits.

Life insurance is chiefly a risk management tool, meant to offer

financial protection to your dependants in the unfortunate event of your

death. If you are adequately insured, your life insurance should enable your

dependants ( Spouse, Children, parents) to maintain their current life style

and pursue their life goals till such time as they are in a position to set up an

alternative income stream by themselves. That’s the basic purpose of life

insurance.

But in India, as in most other developing markets, life insurance has

come to represent more than just risk cover. The best selling insurance

products in the market double as investment options and offer attractive tax

breaks. In fact, i t’s because of this two-in-one profile that they appeal to the

average individuals who seeks convenience in personal finance matters.



METLIFE PO L I C I E S

Based on their objective, basis plans offered to insurers can be classified

under three broad categories: pure insurance products (term plans), pure

investment products (pension plans) and investment-cum-insurance products

(endowment , money-back, Investment-cum-insurance products (endowment,

money-back, whole-life and unit- linked insurance plans). Increasingly, insurers

are launching hybrid variants of these plain vanilla plans.

T E R M P L A N S

Term plans are the purest form of insurance. These are no-frills policies

that cover only the risk of your death. In the event of your death during the

policy term, your nominee receives the cover amount. In insurance parlance

holders, mutual funds to unit holders, automobile clubs to members, and so on.

Factor in such freebies while computing your life cover.

E N D O W M E N T P L A N S

While term plans cover just the risk of death, endowment plans also

offer return on the premiums paid by you. So, if you die during the policy

term, your nominee gets the sum assured plus some returns; if you survive the

policy term, you still gets back the sum assured and returns. As much as this

money if you live "Philosophy is an enticing proposition, it comes at a price;

high premiums, which drag down the returns from endowment plans, to barely

4-6 percent a year.

In an endowment plan, you pay premiums for pre-defined tenure and sum

assured. The premium will depend on your age, the sum assured, the plant

tenure and the nature of returns. A portion of premium paid by you is invested

by the insurer on your behalf. Another portion goes towards. Meeting the insurer



administrative expenses, this lowers the effective yield on your investment in

endowment plans.

WHOLE-LIFE PLAN :

The three categories of insurance plans mentioned above provide you life

cover only for a def in i te per iod , up to a cer ta in age ( g e n e r a l l y , 7 0 y e a r s ) .

Whole-life plans, on the other hand, and provides you cover through your

lifetime-the only class of insurance policies to do so.

Typically, whole-life plans are structured such the policyholder has the

option to pay premiums up to a certain age (referred to as the maturity age,

the insurer provides you the option to either continue through your lifetime

(for which no further premiums will have to be paid) or encash the maturity

benefits (sum assured plus bonuses). Some insurers do give the option to

encash the bonus during term itself, which can serve as a useful income

stream during your later years, if you so desire.

But do you really need life cover through your time? Typically, your

life insurance needs start taper off after the age of 50. Your children are

earning and probably in need of life cover themselves.

You yourself would have accumulated, or are well on your way to

accumulating, a sizeable nest-egg to see you through your retirement years.

Only if you have financial dependants or have an income steam to protect

during your post-retirement year does it make sense to buy a whole-life

policy.



UNIT- LINKED INSURANCE PLANS

In insurance-cum-investment plans of the kind listed above, you have little

say in where your money be invested. Your insurer too is governed by

investment restrictions; it can invest just 10 per cent of the premium paid by

you in equities; the greater chunk of 90 per cent has to be invested in debt

paper . While such restr ic t ions are intended to ensure safety of your

investment, they also lead to rigidity in investment and rein in your returns,

to single digits. Unit-linked insurance plans get around such restrictions, by

giving you greater control over where your premium is invested.

Think of them as insurance plans that double as mutual funds. The

annual premium you pay on unit linked plans is linked to the sum assured and

the policy tenure. In the illustration given below for example, for a sum

assured of Rs. 1 lakh on a 20- year plan, the premium payable is Rs 6,000 a

year. In the first year, typically, around 20 per cent of the premium is

deducted by the insurer towards your risk cover and to meet its own

administrative expenses (this figure drops gradually through the plan term,

tapering off at around 5 percent). The balance 80 per cent in the first year

(more in the subsequent years) is invested in an investment plan of your

choice, and your are allocated unit, based on the prevailing net asset value

(NAV) of the plan you have opted for. Just like in a mutual fund.

The investment plans on offer cover the risk reward spectrum. You can

choose from income plans (high on debt, low on equity), growth plans (high

on equity, low on debt) and balanced plans (roughly equal distribution

between debt and equity).

Insurers, based on the historical performance of their plans and their

return expectations, tend to project a range of returns for each plan. Take

note that these are just guesstimates- what end up with could be higher or

lower, depending on your plan's performance.



You can swi tch f rom one p lan to another f ree of cos t once a year (a

nominal amount is charged for additional switches). So, if you think stocks

are going cheap, you can move to the growth plan; or, if you think stocks are

overvalued, you can move your money to the income plan. Thus, unlike

endowment plans, you can control your investment in unit-linked insurance

plans.

Unit-linked plans also enable you to periodically monitor the

performance of your investment. Insurers declare the NAV of the various

plans periodically-generally, once in three months. Exiting these plans is also

easier and it doesn't invite prohibitive penalties. After a lock in period

(generally, one year), you can withdraw your units anytime, in part or in full,

at the then-prevailing NAV; your life cover will be reduced accordingly , You

can also make incremental investments any time, and add a corresponding

amount to your life cover.

By their very nature, unit-linked insurance plans are meant for

individuals who understand investing and the stock market but prefer to leave

it to the experts to do active money management; they are prepared to forfeit

assurance on returns for a chance to take home more than what a conventional

endowment plan would offer.

The case to prefer unit-linked plans over conventional endowment

plans is compelling. Insurance plans are long-term plans, with tenures

stretching to 10, 15, 20 years-durations that give a good chance to reap the

true returns potential of equities. In endowment plans, though your money

stays locked for similar lengths of periods. At least 90 percent of it is

invested in low yielding debt instruments, as a result of which returns from

them are p e d e s t r i a n . I n o t h e r w o r d s , e n d o w m e n t p l a n s d o n ' t m a x i m i z e

r e t u r n s , especially for knowledgeable investors. Unit-linked plans offer that

possibility.



PENSION PLANS

Pension plans differ from the five types of insurance plans mentioned

above in a fundamental way: not all of them offer life cover. So, why are we

talking about them here? Because pension plans feature among the bevy of

products offered by insurers and are pitched as retirement planning schemes,

similar to other investment- based insurance plans.

Pension plans are investment options that let you set up an income

stream in your post-retirement years by routing your savings through an

insurer, who invests it on your behalf for a fee. The precise returns you will

get depend on several factors: your age when you begin investing, the

contributions you make, your investment preferences based on your risk

profile, the age at which your want the money to start coming back to you,

and the number of years for which you want the returns.

Immediate or deferred? The payback from pension plans generally takes the

form of an annuity you are paid a certain sum every year. There are two types

of annuities, depending on when the insurer begins the annuity paybacks.

With an immediate annuity, the payments start the year you buy the contract.

You hand over a lump sum (Say, your superannuation benefits) to your

insurer and choose the periodicity of payments and the number of years for

which you want a pension, based on your assessment of your life expectancy

and needs of your financial dependants. Typically, this option would appeal

to those who retired or are about to retire, are looking to set up an immediate,

regular income stream, and feel ill-equipped to handle their investments on

their own.

The other type of annuity is a deferred annuity, wherein the annuity

payments are deferred for later years (at a predefined age of vesting, as i t is

called). During the accumulation phase, your investments earn a return, and

grow without being taxed-unti l you receive your annuity payments.

Consequently, investments in well-managed annuity plans have the potential

to grow substantial ly over a long period. However, you are l iable to tax (at

appropriate slab rates) on your annuity withdrawals, which are treated as



income. Therefore, deferred annuit ies make financial sense if you're l ikely

to move to lower tax bracket after your retirement.

Deferred annuity schemes enforce a savings discipline: unlike with self

managed investments, you are committed to making periodic payments.

Additionally, since these are conceived of as long- term investment vehicles,

premature withdrawals invite prohibitive penalties, so it 's important to stick

with them; only then will you also benefit from the power of compounding.

Increasingly, insurers are packing in a few options that provide greater

flexibility to your pension plan.

Participative or unit-linked? The most important among this relates to

where your money is invested and by extension, how much returns you can

expect. Based on the surety of returns (which is reflected in the manner in

which these plans are structured), pension plans can be classified as

participative or unit-linked. In a participative plan, at the time of investing ,

the insurer will indicate (not assure) the annuity amount you are likely to

receive during the benefit period.

No such indicative assurances are given under unit-linked pension

plans. Your contributions are directed to an investment plan of your choice.

For each investment you make, you will be given some units, based on the

scheme's then- prevailing NAV. As in unit-linked insurance plans, you can

choose from a variety of scheme profiles (typically, income, growth and

balanced) and make a free switch once a year (a nominal charge is levied for

additional switches). Each contribution made by you will entitle you to

additional units. Depending on the performance of your scheme, the value of

your investment will appreciate or depreciate. Pension plans facilitate

disciplined, long-term investing-one of the pillars of wealth creation. Each

year, you set aside a certain, pre-specified sum towards you retirement kitty.

This money says invested for long periods of time, reaping the benefits of

compounding. Premature withdrawals invite prohibitive penalties- typically;

you lose 7 percent of the current value of your investment if you withdraw

within a year, 3.5 to 5 percent within 3 years and 3.5 percent after three

years. On reaching the vesting age, you can withdraw your money.



Alternatively, you can use it (in part or in full) to buy a participative annuity,

from your existing insurer or from another insurer. The variable option gives

you a play on equities, and therefore has the potential (but no assurance) to

outperform the fixed- return option. It 's a risk- return trade-off, and you have

to find your fit .

Some insurers, on some of their plans, give you the option to bundle

life insurance along with these pension plans. You can c h o o s e t h e a m o u n t

o f l i f e c o v e r y o u w a n t , b a s e d o n w h i c h a premium will be deducted

from your contribution, which will make a difference to your maturity

amount: It will show up as marginally lower annuities in participative plans

and lower sum invested in unit-linked plans

INSURANCE AS INVESTMENT

Endowment plans are the best selling life insurance product in the

country. This single fact says a lot about how most Indians who get

themselves covered like their insurance products to be: insurance cum

investment plans. Individuals have been known to banks on endowment plans

to get their lives insured, save on tax, build a retirement corpus, and fund

their children’s education and among other things. But are they maximizing

their returns, or can they do better, without compromising on the life

insurance benefits? In other words, do life insurance plans make good

investments?

The answers to these questions are not straight forward, given the

number of factors that influence returns on your investments. These include

the impossibility of predicting interest rates and tax rates over twenty years

or more-tenures typically of insurance contracts .Yet, with some realistic

assumptions, it is possible to assess if endowment plans make good

investments.



THE RETURN EQUATION

Illustration : The case of a healthy 30- year old male who wants life cover of

Rs 5 lakh for 20 years. He has two options before him. The first is to buy an

endowment plan which gives him life cover of Rs 5 lakh by way of a term

plan ( the cheapest life cover), and invest the premium differential in

investments of his choice.

We have considered Insurance plans from LIC, the country’s largest

Life Insurer. The endowment plans is Endowment Assurance Plan, in which

he will have to pay an annual premium of Rs 23,978. The term plan is Jeevan

Anmol, in which a cover of Rs 5 lakh can be had for a premium of Rs 1,528 a

year. The differential of Rs 22,450 is invested in various instruments. In

order to give an idea of the return possibilities, we looked at three

instruments that span the risk- rewards spectrum: PPF (risk-free, moderated

returns), debt funds (moderate risks, moderate returns) and equity funds (high

risk, high return. ( In an endowment plan they declare an annual bonus of Rs

50 per Rs 1,000 sum assured – a realistic assumption – through the term

yields Rs 10 lakh (tax – free) the end of the term, which translated into a

return of 6.6 per cent a year. That’s significantly less than what in other

options would yield, even if the premium differential was invested in a

comparable risk-free instrument, like the 8 per cent PPF; the returns would

increase further if the premium differential was able to earn the historical

returns debt funds and equity funds has been known to give over such long

periods.

THE ROAD AHEAD

Returns from endowment plans have fallen sharply; between 1999 and

2005, bonus rates have dropped from 9 percent of sum assured to 4 percent

and these could drop even further

FALLING RETURNS

There are guidelines on where life insurer can invest the money they collect

by way of premiums from you on endowment plans. Around 90 per cent of it

is to be invested in safe debt instruments, leaving just 10 percent for the high



yielding asset class that is equities. It follows that profits of insurers will

closely track returns from debt paper.

Literature Review

1. M. ShriNivas Osmania University Hyderabad , 2008

This study was a modest attempt to analyze the causes for lapsation after

privatization on the basis of the experiences of the functionaries like branch

managers, development officers, Agency managers and insurance agents

(CSO’s) who are the core marketing staff for MetLife India Ins. Co. Pvt. Ltd.

After privatization significant progress has taken place in Indian insurance

sector especially in life insurance business. However still lot of potential for

life insurance consumption is available in India as the India's Life Insurance

penetration and density is low when compared to Asian average or world

average. In spite of rapid progress the sector is suffering with high rate of

lapsation of policies . This study reveals that forced selling of policies

without caring for matching of MetLife products with requirements of the

policy holders plays a vital role in lapsation of policies in the first year of

policy life. This is happening due to the fact that beneficiaries are unaware

about the insurance products and their comparative merits and limitations. In

addition the services after sale of policies are not as per the requirements of

the policy holders. Hence there is a need to organize special training camps

to agents and awareness camps to beneficiaries periodically. Attention has to

be paid on not to yield for forced selling, target oriented last movement

selling without caring for matching of insurance products with that of the

requirements of policy holder.

2. Misbah Showkat, Student of K.U., J&K, 2008

In her study Misbah has clarified that For the purpose of identifying prime

causes for lapsation, the perceptions of the core functionaries in the

marketing network of MetLife are ascertained by canvassing questionnaire.

They include Branch managers, Area Managers, Sales Managers,



Development Officers and Agents. For the purpose stratified random

sampling is applied in selecting sample of Branch managers (BMs),

Development Officers (Dos) and Banca Agents. The study is confined to the

city of Srinagar. The findings include awareness levels of the customer

(about personal risks, insurance and insurance product knowledge), product

mismatch (lack of need based selling/ forced selling/ wrong selling),

incompetent services (by agent and MetLife), financial problems of customers

(due to insufficient income, inflation, lack of financial planning ),

Competition (with other financial institutions and other investments with

higher returns).

3. Irfan Ali Zargar, student of Kashmir University, J&K, 2007

In his study Irfan Ali has listed that purchase of insurance more than

affordability, purchase of wrong type policies, purchase of expensive policies

etc are some of the causes for lapsation. He has included the Srinagar city as

epicenter, since Srinagar is the best site of Kashmir valley for successful

business. Presently he is the Area manager of Sales Department; this is the

result of his sincere efforts towards the mission of organization. The

conclusion and recommendations were very helpful to the management. He

has reinstated almost 100 (one hundred) lapsed policies .

4. IRDA journal Aug., 2008:

The focus of this issue of journal is on “LAPSATION OF LIFE INSURANCE

BUSINESS”. It starts with an article discussing inter alia the vulnerabilities

that insurers are exposed to account of early lapsation. In the next article, a

team of life insurance domain consultants project ‘persistency’ of business

as the fifth ‘p’, which is as important as the other four ‘p’s of Marketing.

Another article draws light about the important role that the distributor

[Agency personnel or CSO] plays in ensuring that life insurance contracts

don’t die an immature death. One significant adverse feature of high

lapsation in life insurance is the financial crisis that it brings about, both for

the insurer as well as the insured. This journal also focuses on the remedial

measures adopted by life insurers. Although in an insurance contract, the


http://www.britannica.com/EBchecked/topic/207178/financial-planning


insurer promises to pay the assured sum on the happening of the event,

sometimes the claims are not paid on account of various reasons, this gives

birth to the problem of “REPUDATION OF CLAIMS”.

5. Life Insurance Companies Are Consistently Coming up With

More New Policies

Now days there are so many ways where we can save our earnings and invest for the future.

Investing in life insurance policy is one of the foremost way of doing that. MetLife has got so

many products from which we can benefit ourselves. They are the whole term life insurance

policy, the mortgage policy, the health insurance policy, the universal life insurance policy

and many more. All the products offered by MetLife are very good, we can benefit ourselves

from them if we in invest according to our requirements. MetLife offers various products for

various life stages, it has got wealth accumulation plans, retirement, child care plans. So we

should invest according to our need. Before investing in life insurance we should consult

various persons like friends, family members etc. especially we should consult the customers

of that very company in which we want to invest. We should inquire various important things

from which reinstatement is one. We should always take decisions keeping in view both the

aspects ie; could be, could not be. If somehow your policy gets lapsed then reinstatement is

the obvious tool to change its states. Hence reinstatement is a compulsory thing which we

should take care of. From the track record it is confirm that MetLife is using this tool with

good technique.

6. PREMIUMS AND REINSTATEMENT

Renewal premiums are those paid after the initial premium. MetLife offers its customers so

many frequency with which renewal premiums will be paid. Renewal payment options given

by MetLife are monthly, quarterly, semi-annually and annually. A policy at MetLife will

lapse if the renewal premium has not been paid and the grace period has expired. Grace

period at MetLife is a specified period of time, usually 30 or 31 days after the due date,

during which the premium may be paid without penalty and coverage remains in force. If a

renewal premium is not paid by the end of the grace period, the policy lapses, which means

coverage ends and the company is no longer bound by the insurance contract. Metlife may



waive its right to have premiums paid on the due date.

If your policy lapses because you did not pay the premium by the end of the grace period,

you may be able to reinstate your policy at MetLife with some special ease than other

companies. It is because the reinstatement guidelines followed at MetLife are quite different

from others, they are more customer focused. Policies at may be reinstated after termination.

Payment of past due premiums is required. MetLife require an application and evidence you

are insurable under their underwriting rules then in effect. Reinstatement takes effect on the

date Metlife approve the application of reinstatement. If MetLife do not decline reinstatement

in writing within 45 days, the policy will be reinstated on the 45th day after date of the

conditional receipt will give you in exchange for your payment of all premiums due.

7. Keep your Life Insurance Policy Current

There are two basic types of life insurance, and premium payments are processed differently

for each of them. Failure to pay your premiums will have a different effect on your policy

depending on the type of product purchased. There are many reasons why policy at MetLife

lapses. The two most common reason a customer let's a Life Insurance Policy lapse is

because they forgot to renew it or they don't think they can afford the premium. Allowing a

Life Insurance Policy to lapse is a very bad thing. Don`t think you can simply call MetLife

and reinstate your policy some time after it lapses similar to a cable, cell phone or electricity

bill but the fact is you can't. If you allow your policy to lapse it is very likely you will need to

apply for a new policy. This can be very costly as you may have had a term life insurance

policy locked in 10 years ago when you were young and healthy. There is no doubt your

premium will now go up even with the same death benefit but how much the premium goes

up depends on how well your health is. Don't forget to renew it! MetLife have made it very

easy to ensure you never forget to renew it. So before you invest in MetLife make sure that

you are satisfied with the reinstatement procedure so that in will not prove costly to you.


http://www.compuquotes.com/term-life-insurance-articles.html


OBJECTIVESOF THE STUDY

Objectives of the Study :

The main objective of the study is to know the actual problem of

lapses and loopholes in the whole system/process,

The following objectives were set for the present study:

1) To study the insurance as a tool of investment.

2) To study the insurance as a tool of risk cover.

3) To know the factors responsible for the insurance policies.

4) To know the customers perception towards insurance.



RESEARCH DESIGNAND METHODOLOGYRESEARCH DESIGN

A Descriptive Research was adopted to conduct this study.

In order to realize the objective of the study, primary data was collected through

“QUESTIONNAIRE” besides the use of Secondary data.

Sampling Plan

The population of interest was the policy holders of Kashmir valley. Respondents from

Srinagar were selected for the sample. The customers were approached at their respective

residences, business establishments or at the concerned bank branches. Some of the

customers were contacted telephonically.

DATA COLLECTION

Data Source:

Primary as well as secondary were used

Primary data has been collected from the survey conducted through

systematic gathering of data from structured sample of customers through

questionnaire.

Secondary data comprised mainly of management books and various

websites.

The report mainly consists of primary data gathered through the questionnaire

filled by the respondents.

.

INTERVIEWING PROCESS

The survey was conducted through interviews with the FA’s and customers

were asked the reason of lapsed policies and the interviewer noted down the

responses. This ensured high response rate and eliminated wrong irrelevant

responses.



Pilot survey

The questions in questionnaire were pre tested for errors and ease of understanding. The

errors thus determined were eliminated. The understanding issues were also eliminated to the

extent they could be without any effect on the intended purpose of the query.

This brought some changes in the questionnaire.

Statistical tools

SPSS 16.0 and Microsoft Excel were used for tabulation of data, percentages

are drawn for generalizing the study and graphs are used for having better

pictorial representation.



METLIFE PROFILE



The spirit of MetLife’s commitment………..

V I S I O N

Build financial freedom for all through leadership in providing

professional financial advice and building long term relationships through

innovative protection, accumulation and retirement products, robust

underwriting processes and creating a world-class customer service

experience for our customers.

O U R M I S S I O N

By 2010, provide 5 million customers in India world-class solutions for

financial security and in the process add significant value to our

shareholders, associates and society.

O U R C O R E V A L U E S

1We lead through innovation to offer world class and competitive

products to our customers.

2We build long term relationships with our customers by creating a world

class service experience through operational excellence and the

innovative use of technology.

3We create a customer centered and result focused division that inspires

and has the buy in of all our associates and has their buy-in.

4We are committed to creating a high performance organization by

creating an environment that allows each one of our associates to

perform at their peak. As a result we will also be recognized as an

employer of choice.

5We are committed to partnering with our internal and external customers

for mutual success.

6We work with integrity, fairness and financial prudence in all our

dealings keeping the interest of our shareholders, customers and

employees paramount.



………….Partnering for excellence

MetLife proudly inherits its parent company's over- 136 year- o l d r e p u t a t i o n

o f h e l p i n g b u i l d f i n a n c i a l f r e e d o m f o r e v e r y o n e .

Ranked 38 on the Fortune 500 list (April 2004) MetLife insurances

(MetLife) is one of the largest, strongest and most respected financial

organizations. MetLife through its ' affiliates is the number one life insurer in

the U.S with approx. @2.5 trillion of life insurance in force (as of Dec. 2002)

and has been delivering reliable, high quality service to its customers since

1868.

MetLife is a leader in group benefits that serve 88 of the top one

hundred FORTUNE 500® companies, and providing benefits to 37 million

employees and family members through its sponsors in the U.S. The MetLife

companies are also ranked #1 in group life and #1 in commercial dental in the

U.S. Headquartered in New York. MetLife through its affiliates, subsidiaries

and representative offices, operates in 15 countries throughout the America,

Europe and Asia. MetLife's institutional clients have approx. 35 million

employees and members. MetLife has assets under management worth $255

billion.

(FORTUNE 500® is a registered trademark of FOURTUNE® Magazine, a

division of Time, Inc)

MetLife insurance Company private Limited was incorporated in India

on April 11, 2001 as a joint venture between MetLife international Holdings

Inc., The Jammu and Kashmir Bank, M. Pallonji and Co. Private Limited and



other private investors. MetLife has-developed and distributes a range of life

insurance in India.

MetLife is headquartered in Bangalore with officers and presence in

major Indian cities, and an additional 1000 outreach points through its

channel partners.

Through our highly professional agency system, we are dedicated to

helping Indian consumers plan for their financial security through customized

solutions.

MetLife 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 prudence in all its dealings.

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.

Drawing from these experiences, MetLife will be able to address the needs of

the Indian customer.

MetLife aspires to build on MetLife history of meeting policy holder

and contract obligations and the, ability to withstand the impact of adverse

economic factors. The MetLife brand, known for empowering people to feel

protected, guided and hopeful about their lives, will do the same for its

Indian customers.

In the past two years, MetLife has made significant contributions to

the growth of MetLife international. Since selling its first policy in January

2002, MetLife has experienced strong growth from its agency force, which

increased 45% during 2003 alone. The company presently has more than

240,00 policies in place and has recently entered the institutional market with

a group life product. While group insurance in India is not currently a large

market, the segment is forecasted to grow rapidly in the next two-to-three

years. By focusing on this untapped market, MetLife can meet the needs of

large corporations, helping them establish benefit programs that help them

attract and retain top talent. However, it is pertinent to mention here that



India's Banc assurance and Corporate Agency has also played a significant

role in contributing to this success. The goal is for MetLife to contribute

significantly to the MetLife mission of reaching 100 million customers by

2010. To help reach that goal, MetLife plan on launching innovative products

in the near future, this will act as a major differentiator among competitors.

In additions, with the launch of the new MetLife television commercials,

which is a first for our India operation, this will add greatly to MetLife's

global brand recognition. The combination of this brand and the continued

outstanding efforts will provide the fuel to drive MetLife further up the road

of success.

MetLife delivers value and world-class service to customers through its

financial advisors and corporate sales representatives. The mission of

MetLife Insurance is to build financial freedom for all . What is financial

freedom? It is all about securing one's future. It about approaching life’s

major milestones without any worries. True financial freedom arises from

identifying your financial capabilities, setting realistic goals based on your

dreams and aspirations and achieving them through a comprehensive plan.

Most importantly, while you set out to draw up financial plans for your life-

you need to understand that it isn't a one-time plan. The planning that goes

into attaining your financial freedom should be dynamic, since life itself is

dynamic. What's good for you today might not be next year.

During the course of your life you need to achieve your aspirations

(life owning of house), meet certain financial obligations (life educating your

children or-getting them married), ride over unforeseen contingencies and

plan a financially independent retirement phase. The Met Advice Financial

Planning could be the first step in your planning exercise. It attempts to give

you on overview of the various investment options available in the market

today.



P R O D U C T S O F M E T L I F E

1. MET 100

2. MET SUKH

3. MET MORTAGAGE PROTECTOR SINGLE PAY

4. MET PLATINUM (PARTICIPATIVE ENDOWNMENT)

5. MET 100 GOLD (PARTICIPATIVE WHOLE LIFE)

6. MET 100 PLATINUM (PARTICIPATIVE WHOLE LIFE)

7. MET GOLD (NON PARTICIPATIVE ENDOWNMENT)

8. MET BHAVISHYA

9. MET SUVIDHA (NON PARTICIPATIVE REGULARPAY)

10. MET SUVIDHA (NON PARTICIPATIVE LIMITED PAY)

11. MET SUVIDHA (NON PARTICIPATIVE SINGLE PAY)

12. MET SUVIDHA (NON PARTICIPATIVE SINGLE PAY)

13. MET SUVIDHA (PARTICIPATIVE LIMITED PAY)

14. MET SUVIDHA (PARTICIPATIVE LIMITED PAY)

15. MET SUVIDHA (PARTICIPATIVE SINGLE PAY)

16. MET PENSION (PARTICI PATIVE SINGLE PAY)

17. MET PENSION (PARTICIPATIVE REGULAR PAY)

18. MET PENSION (PARTICIPATIVE LIMITED PAY)

19. MET SURAKSHA (NON PARTICIPATIVE REGULARPAY)

20. MET SURAKSHA (NON PARTICIPATIVE LIMITEDPAY)

21. MET SURAKSHA (NON PARTICIPATIVE SINGLEPAY)

22. MET SURAKSHA LIMITED TO AGE 60 (NON PARTICIPATIVE

REGULAR. PAY)


LIMITED PAY)




SINGLE PAY)

25. MET SMART PLUS-RP

26. MET SMART PREMIER-RP

27. MET SMART PLUS SINGLE

28. MET SMART PREMIER SINGLE

29. MET ADVANTAGE PLUS-



MetLife`S ACHIEVEMENTS

MetLife enjoyed a golden performance on May 15, 2009 (New York) - At the 15th Annual

FCS Annual Portfolio Awards, the Financial Communications Society (FCS): four awards, all

Gold trophies, plus the Best-in-Show Multicultural award for its "South Asian Brand

Television Campaign," created by IW Group. The award was sponsored by Forbes. MetLife

also won Gold in the new ROI category, which recognized the success of marketing

campaigns for their stated return on investment.

MetLife’s corporate vision – to build financial freedom for everyone – guides the

company’s response to people’s growing need for first-rate financial products and

services through various life stages and economic cycles. MetLife’s trusted brand,

capital strength, and existing relationships with millions of individual and institutional

customers around the globe uniquely position MetLife among its competitors.

The "everyone" in MetLife’s vision took on added meaning in 2000 as the company

welcomed an important new constituency: shareholders. MetLife transformed itself

from mutual to stock ownership in April of that year through a demutualization and

initial public offering that was completed in just 18 months after Board authorization.

The year 2001 was a true test of the qualities that define MetLife. The company’s core

values, brought to life in what MetLife does every day, were no more evident than in

MetLife’s response to the tragic events that shook our nation on September 11.

MetLife responded quickly. The company served its customers, communities and

employees during this difficult time. At the same time, MetLife invested $1 billion in

a broad array of publicly-traded common stocks.

In 2001, MetLife was the first insurance company to establish a financial holding

company with a nationally chartered bank. Leveraging its unparalleled distribution

channels, MetLife entered the retail-banking arena with the launch of MetLife Bank,

making it an easy and convenient way for MetLife’s customers to realize their

financial goals.

MetLife announced in 2002 that it would be continuing its long-standing relationship

with Snoopy and the rest of the PEANUTS® characters. The company signed a new

contract that would allow the characters to appear in MetLife’s domestic and

international advertising for the next 10 years.



The sale of State Street Research & Management Company to BlackRock, Inc. was

announced in 2004. In line with MetLife’s strategy to focus on core business growth,

the sale benefited many of the company’s Individual and Institutional Business clients

who held investments through State Street Research, as it became part of one of the

largest publicly traded investment management firms in the U.S.

The company’s stated long-term goal is to become the recognized leader throughout

the world for relationship building, connectedness and caring in financial services – in

the "giant league" with over 100 million people as MetLife customers by the year

2010.

MetLife took a major step toward realizing this goal in 2005, when it acquired

Travelers Life & Annuity and substantially all of Citigroup’s international insurance

businesses for $12 billion. Completed on July 1, 2005, the Travelers acquisition made

MetLife the largest individual life insurer in North America based on sales, the second

largest provider of retail annuities and the largest provider of institutional annuities.

Working Mother magazine honoured MetLife in 2005 by naming the company one of

the "100 Best Companies for Working Mothers," for the seventh consecutive year. In

2005, the company was named to Diversity Inc.’s list of the Top 50 Companies for

Diversity. In early 2006, MetLife was also named to the National Association for

Female Executives’ annual list of Top 30 Companies for Executive Women.

In 2006, MetLife appointed C. Robert (Rob) Henrikson chairman of the board of

directors, president and chief executive officer of MetLife, Inc. Henrikson was

appointed CEO on March 1, 2006 and chairman of the board on April 25, 2006.

Henrikson has been the architect of an aggressive growth strategy that included

double-digit organic growth, the divestiture of non-core businesses, and an M&A

strategy which resulted in market leadership in all of MetLife’s core product lines.

Before it was commonly talked about, Henrikson recognized the opportunities

presented by the changing demographics in a global marketplace and set the company

on a course for continued success by developing innovative products and services and

strengthening the company’s distribution power in the U.S. and 16 markets in Asia

Pacific, Latin America and Europe.

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. At no

time in the company’s history has MetLife been as well positioned to capitalize on its



history, its reputation for security and stability, and its innovative products and

services as it is today.

In the future, MetLife will continue to grow its business with focus, innovation and

profitability. This will be accomplished by drawing on the reservoir of history that has

produced an enduring set of corporate values based on more than 138 years of

integrity, social responsibility, strong leadership and financial strength.

Some other achievements

Largest life insurer in the US with approximately $3.4 trillion of life insurance in force1

Serves 70 million customers and experiences the existence of over 140 years in the

industry

Ranked 39 on the FORTUNE 500 listing

Ranked 6th In Fortune Magazine 2009 List of “America’s Most Admired Companies”

Named by Forbes magazine as “The Best Managed Insurance Company in America

(2008)”

3rd Runner up in customer loyalty survey Conducted by Business Standard & AC Nielson in 2008

Chart showing Market Share of ULIPS in Kashmir region

1Metlife inc. through its affliates



Bajaj Allianz27%

ICICI Prud33%

MetLife40%

Market Share Of Major Players

Inference and analysis:

The Graph shows that 31.39 Cr is the market share of Kashmir region

regarding ULIPS(Unit Linked Insurance Policies ), 27 Cr is that of ICICI

prudential and 22.5 Cr that of Bajaj Allianz.

Inference :

It implies that major portion of ULIPS market is that of MetLife India

Insurance Ltd. But there is a tough completion among the three that is Bajaj

Allianz, ICICI Prudential and MetLife. So, MetLife have an edge over others

and should continue the same in the market.

BANCASSURANCE



B A N C A S S U R A N C E

Banc assurance in its simplest form is the distribution of insurance

products through a bank's distribution channels. In concrete terms banc



assurance, which is also known as Allfinanz - describes a package of financial

services that can fulfill both banking and insurance needs at the same time.

It takes various forms in various countries depending upon the

demography and economic and legislative climate of that country.

Demographic profile of the country decides the kind of products banc

assurance shall be dealing in with, economic situation will determine the

trend in terms of turnover, market share, etc., whereas legislative climate will

decide the periphery within which the bane assurance has to operate.

The motives behind banc assurance also vary. For banks it is a means

of product diversification and a source of additional fee income. Insurance

companies see banc assurance as a tool for increasing their market

penetration and premium turnover. The customer sees banc assurance as a

bonanza in terms of reduced price, high quality product and delivery at

doorsteps. Actually, everybody is a winner here.

Benefits to bank

Using bank as a distribution channel benefits both the insurance

company and the bank. Benefits of using bank as a distribution channel are:

1) Banks provide a readymade infrastructure and, therefore, reduces

the time and cost in establishing distribution network by the

insurance company Bank can supplement fee income without

utilizing large amounts of capital.

3) Leverage its strength in distribution of banking.-products.

4) Customer retention by offering convenient window for banking and

insurance products.

Benefits to the insurance companies

Benefits that would accrue to the insurance companies:

1 Banks have the potential to avoid expensive agency system and



facilitate prospecting of smaller term life insurance policies which

are not covered by the existing agency system.

2 Banks' customer focused information system in the banks facilities

automating the process of prospecting customers for specific

products.

3 Banks provide an effective channel for direct marketing by periodic

mailing and also online access.

4 Access to readymade customer base for selling insurance products.

5 Avoiding wasteful expenditure on data procurement, data

warehousing and data mining.

Critical success factor

Bank Assurance has been successful for selling insurance products due to:

Easy accessibility

Customer trust on bank

Frequent interaction with the customer

Quick service

Improved sales

Reduced cost of

High conversion rates of the customer

Convergence of Banking and Insurance Industries

Key Issues for Banks in India

As banks in India increasingly show active interest in entering the insurance

sector, several managerial issues, regular concerns and operational challenges

are beginning to surface. Her we seek to review the factors driving the

phenomenon and then to consider some of the technical challenges that

converge poses to senior bank managers. In particular, it advocates the need



for a coherent articulation of the convergence proposal by every bank

involved, and the implications the initiative holds for the core banking

business. The study closes by considering some of the long-term implications

in the initiative for public sector banks, which dominate the Indian financial

system. The objective of the paper is to raise the awareness of banking and

finance professionals about the global phenomenon of convergence in the

financial sector and certain unique issues in the Indian context due to

ownership and other aspects that underline the need for a careful trading of

the path.

The pressure to move towards convergence

There are three factors driving banks in India to look at entry into the

insurance sector:

1) The attraction of fee income in the face of declining interest spread

2) The scope to divert the staff rendered surplus due to massive

computerization

3) The motivation to enlarge the product range to bank customers.

It is relevant to note that the factors that have pushed banks abroad into financial convergence

by way of Banassurance are not entirely the same as in India. In continental Europe, well

established Banasurance programmes contributes 20 to 30 % of the retail banking profits. The

main driving force in their case has been to establish synergy with insurance to secure an

additional and more stable stream of income. Banks have sought to leverage their extensive

customer base and sell a range of financial services to increase customer retention. Another

motive for banks overseas has been to reduce the risk based capital requirement for the same

level of revenue.

In a study published by the Economist Intelligence Unit in 1996 titled “Creating

tomorrow’s leading retail bank”, one of the conclusions was that as retail banking became

intensely competitive from electronic commerce, banks needed to quickly take up customer-



centric business model, and Banc assurance emerged an important activity to aid banks

”based on their segmentation knowledge, develop pricing strategies and channel offerings

for every single customer that are customized to the fullest possible extent”.

Declining interest spread

Banks in India at the present stage are not driven by such a customer segmentation approach

before embarking on a new sector such as Insurance. At the same time, the three factors

mentioned above are becoming important. While Indian banks have recorded an increase in

net interest income spread) in the recent past, this is largely due to containment of interest

expenditure in a softer interest regime witnessed at present. The ratio of spread earning

foreign banks, as yields on assets have declined more than proportionately vis-à-vis the cost

of liabilities.

The net interest margin of the banks in India (as a percentage of total assets) was 2.85

% in 2001, which came down to 2.57 % in 2002. It is still higher than more competitive

markets, such as UK (2.02 %), France (1.03 %), and Germany ( 0.8 %), and it can be

expected that the margin would shrink to international levels as the competitive condition

intensify.

Re-deploying surplus staff:

The second factor driving banks into insurance sector, viz. deploying staff ( most clerical)

rendered surplus by the ongoing technology initiative, is a unique factor in India. Employee

costs for Indian Banks have been high, especially for public sector banks at about 20 % of

total expenses. The core banking initiatives undertaken by a number of banks will

substantially streamline the transaction processing and back office operations, resulting in the

need for major re-shuffle of personnel. As per an estimate, at least 20% of the clerical staff

members engaged in these functions would need to be diverted for other work, and several



banks are proposing to utilize them to undertake simple marketing or loan recovery initiative.

In this context, a related question is whether the ongoing IT initiatives in banks are clearly

planned with a view to quickly benefit from cross selling financial products to their vast

customer base. A World Bank Review team that visited India in February 2001 to follow up

the implementation of the Financial Sector Development Project had commented that the IT

initiatives of Indian banks are not being driven by business or customer needs. The team

found an undue focus on the hardware part of the technology without a corresponding

attention being paid to the productivity aspect. This is an important observation that

underlines the need to target the technology spend in banks to draw more value from

customer, a key difference that characterizes the initiatives of banks abroad towards the

convergence process.

Expanding the range of Products:

The third factor encouraging banks into insurance, viz. the urge to provide a broader

range of products to customers, is an outcome of increasing competition in the banking

industry. Banks have realized the importance of introducing new products and services which

enhance the standing of the banks among customers. Introducing of new products brings

publicity to banks and helps enhance their reputation among the peers.

It is, however, important to recognize that banks in India tend to launch new products or

services without having doing adequate homework. Banks in developed markets offer new

services such as selling insurance products based on a deep study and research of customer

behavior and their expectations, and extensive cost/benefit analysis. Product launches are

preceded by a clear goal setting for the marketing team to achieve minimum levels of

business. Marketing budgets are set, and the benefits flowing from the initiatives are closely

monitored. On the other hand, most banks at home do not draw a clear roadmap for

implementing new products, or set up a proper system to evaluate the benefits of new

products at regular intervals. This is an important issue in the convergence process, which



needs serious attention from the top level in the banks to achieve expected results.

Regulatory support for the convergence process in India

India is one of the select countries that have provided a regulatory baking to the coming

together of banking and insurance at a fairly stage of opening up the insurance sector. The

banking regulator has divided the initiatives of banks to enter into the insurance business

under three broad categories:

Banks aspiring to take only distribution of insurance products without any form of risk

participation. Such banks are freely permitted to do subject to certain filling requirements.

a) Bank proposing to take strategic equity stake in insurance ventures up to 10% of

the equity capital of the insurance venture. Such initiatives are allowed in the case

of strong banks with good profit record

b) Banks seeking to form insurance joint ventures with up to 50% equity stake (and

exceptionally up to 74%). This is allowed by the central bank in the case of very

strong banks having a minimum net worth of not less than 500 crores, capital

adequacy ratio of not less than 10%, good profit record and low level of impaired

loans.

The Indian regulations concerning bank’s entry into insurance sector compare favorably with

several other Asian countries. Thailand, for example allows banks to hold a maximum of only

10% of shares in insurance companies, while Taiwan allows only 5 %.

EVOLUTION OF THE CONVERGENCE PROCESS

The model that allows pure distribution of insurance products through bank branches is

catching up in India, with more than 20 banks announcing distribution arrangement for life



and non life insurance products.

Referral Model:

There are two distribution models practiced here: the ‘referral’ arrangements and the

‘corporate agency’ arrangement. The referral arrangement refers to process whereby

insurance company secures customer leads from the bank branch manager, by placing an

insurance agent at the bank premises other means. It is a form of uncommitted relationship

under which banks provide physical infrastructure to insurance companies within their select

branches and earn a fee for each referral made by him. The insurance regulator has prescribed

rules to restrict the referral model from becoming a major alternative to the more serious and

binding corporate agency arrangement.

Corporate Agency:

Under the Corporate Agency Model, a bank becomes the authorized agent of an insurance

company (life and non life) to distribute its products actively to customers. In the process, the

bank agrees to undertake certain responsibilities. Corporate agency is a committed form of

relationship that requires the bank staff involved in insurance selling to be trained and

qualified for the purpose and the bank assuming responsibility to oversee that the sales

activity is pursued as per the Insurance Regulations. In particular, the bank staff is expected

to follow the standards of customer service prescribed the regulator.

Under both Referral and Corporate Agency arrangements, a bank is allowed to tie up on

exclusive basis with one life insurer and one non-life insurer. In other words, multiple tie-ups

with several insurance companies is not allowed, so that bank can develop the required

expertise by aligning with one firm. Banks aspiring to distribute products of more than one

insurance company are required to take license as a broker and set up a separate firm owned

by the bank

As at March 2003, the regulator has approved strategic equity stake by four banks in

Insurance companies. A strategic alliance may enable the bank partner to cooperate in

developing insurance products suited to the bank distribution, and possibly in sharing

customer information. The regulator has also approved full fledged joint venture arrangement

in the case of four banks, with equity stake ranging from 26% to 74%.



Ideal Bancassurance model:

Is there an optimal Bancassurance model suitable for India? There is no straight answer. The

form of convergence that a bank chooses with an insurance company depends on the vision

of the bank board, the size of the bank, its geographical reach and the client mix, and the

capacity of the bank management to successfully manage the integration process. Given the

divergent size and other characterizes of banks in India, it is likely that there will be multiple

banassurance models here, perhaps all practiced successfully.

In the popular model of entering into distribution agreements, the fundamental challenge for

the bank and the insurance company is to reach a decision on a suitable commission structure,

which provides adequate incentives to both. The major challenge in a corporate agency

relationship is to make it work at the operational level. The task involved in making the

frontline bank staff become competent insurance sales person and in the process overcoming

several cultural and mindset barriers is somewhat indeed in our environment..

In the case of a bank assuming strategic equity stake without assuming risk participation in

the insurance business, the key issue is what propels the bank to opt for this arrangement:

whether it is proposed as a prelude to a more integrated form of entry, or an arrangement of

convenience. In strategic stake relationship[s, the bank tends to remain a minority partner,

thereby being unable to being about an alignment of its own interests with the insurance

venture. Since the bank will be sharing equity partnership in the insurance firm with other

minority and major holders, the inter se relationship issues would also assume importance.

In a joint venture structure, both the partners are usually involved in setting up a new

company as a green field operation, and the issues here are deeper. The decision of the bank

to enter into a joint venture should be based on extensive discussions and negotiation between

the bank and the insurance partner. A joint venture is a long term arrangement that should be

well thought out and should work out in the mutual interest of both parties. There should be a

strong commitment on the part of both the parties to create a truly partnership – based

organization that reflects the virtues of both. Since bank- sponsored insurance ventures tend



to draw more value from the bank partner than from the insurance partner at least in the early

stages, the needs and expectations of both have to be balanced to create a participatory

arrangement.

An important issue for bank-sponsored insurance joint ventures in India is the higher level of

equity ownership that the bank is required to take up in the early stages in accordance with

the ownership rules in force, and the timing and manner of diluting the bank’s stake in the

period ahead. Experience shows that the Indian banks are not adept at looking at equity

ownerships with the eyes of an investor. A shrewd investor always spots opportunities for

diluting the stake partly or fully at the right time with a view to book capital gains; Indian

banks tend to carry on with the original level of equity holding irrespective of the

performance of the invested entities until the regulatory authority directs them to disinvest.

This is the case in respect of the asset management companies and other outfits set up by

public sector banks, which continue to remain under their dominant ownership until the

central bank directs them to lower the ownership levels, or totally exit from the business.

It is too early to assess the performance of the relationship[ between banks and the insurance

companies in India under the arrangements currently in force. Experience in other countries

suggests that not all Banassurance models have been successfully everywhere. Quite a few of

them have succumbed to problems encountered during the implementation phase.

Business risk

A bank may also run the risk of adverse impact on the banking relationship with a customer

following a dispute between the customer who has bought an insurance product from the

bank, and the insurance company. This could arise in distribution of non—life insurance

products, such as property insurance cover, or marine cargo cover. Any dispute in claim

settlement could spill over to the banker-borrower relationship. For example, non settlement

of a claim under a fire insurance policy may result in the loan becoming a non-performing

asset, with the client seeking to take the bank to task for selling a policy on which the



settlement is not forthcoming.

Strong customer education at the timer of distributing the insurance policy by stressing the

respective role of the bank and the insurer, and clear description in product literature about

the insurance responsibility for claim settlement would help to mitigate the risk.

In our context, as earlier stated, the Indian regulations apply the exclusivity principle in

distribution arrangements between a bank and an insurer, which could add to the dimension

of the risk. Since a bank is allowed to tie up with only one insurer, it will be obliged to place

the business relating to all its clients with the insurance company concerned. The capabilities

of the latter to service the needs of the large number of bank clients would become a critical

factor.

Channel conflict risk

One of the risks insurance companies run in entering into the banc assurance distribution

arrangements is invoking the potential ire of the agency force. Individual agents are the main

source of procuring business for insurance companies. The powerful agents usually

Bancassurance partnership that competes with their business sources. There have been

instances of agents boycotting insurance companies on account of bank distribution

arrangements and create problems of channel management for insurers.

This may have indirect problems for the bank taking up insurance distribution. Faced

with such action, an insurance company tying up with bank may choose to design a different,

probably less attractive or remunerative products for the bank distribution.

Banks as Referral Agent of an insurance companyMajor aspects of the Insurance Regulations

1. A Referral arrangement is entered into with a bank for access to its database,

provisions of physical infrastructure and for display of publicity material of the



insurer.

2. A bank entering into such arrangement shall not be allowed to enter into any

similar arrangement with another life insurance or non- Life Insurance Company.

3. Where a bank has been licensed to act as a corporate agent for an insurance

company, the bank shall not enter into referral arrangement with another insurance

company.

4. The purchase of insurance products by the customers of bank should be on a

voluntary basis, and this should appear prominently in all publicity materials

distributed by the bank and the insurer.

5. There shall be no linkage either direct or indirect between the provision of

banking services and sale of insurance products.

6. Every referral arrangement shall be for a fixed period.

7. A copy of the Referral Agreement entered into between the bank and the

insurance company should be filed with the Insurance Regulatory Authority and

RBI.

8. Referral fee paid to the bank should be treated as acquisition cost to the insurer

concerned, and the total of such referral fees paid should beat a proportion to the

gross premium income earned through the arrangement. For instance, where the

referral arrangement generates 10 % of the gross premium, the maximum payout

as referral fee cannot exceed 5.5% of the premium amount.

9. No commission or other remuneration shall be paid along with referral fee.

Insurance products distribution by banks as Corporate Agents.Major aspects of the Insurance Regulations

1. A Corporate Agent cannot be an agent for more than one Life Insurance or one non-

life Insurance company at the same time.

2. Every bank aspiring to become a corporate agent should designate an officer as the



‘Corporate Insurance Executive’ (CIE). CIE’s are generally a director or a senior

officer who shall be overall in-charge of the function of corporate agency.

3. Only Specified Persons (SPs) in a corporate agent shall solicit and procure insurance

business.

4. Both CIE’s and SP’s should undergo the practical training of 100 hours and pass the

test conducted for Corporate Agents by IRDA before they are given the license. IRDA

has prescribed those employees possessing CAIIB qualification, or marketing,

Chartered accountancy, cost accountancy, MBA qualification or such specified

qualifications, need to undergo only 50 hours of training before taking the mandatory

test.

5. The insurer shall issue a license to the bank as the Corporate Agent, which shall be

valid for a period of three years and could be renewed thereafter. There is a token fee

of Rs 250 for issuing the license.

6. A Corporate Agent is entitled for commission remuneration as provided in the

Insurance Act, 1938 which ranges from a minimum of 2%for single premium policies

and 40 % for policies with regular premium mode.

7. The bank as a Corporate Agent shall be responsible for all acts of CIE and SPs. It

shall ensure that only trained, skilled and authorized persons in the bank solicit or

procure insurance business.

8. The corporate agent shall not force any person to buy an insurance product. The

employee selling the products shall give adequate pre-sales and post-sales advice to

the insurer, and render all possible help and cooperation to an insured in completion

of all formalities and documentation in the event of a claim. The Sp’s should explain

to the prospect the nature of information required in the proposal form by the insurer

and also the importance of disclosure of material information.

9. The corporate agent shall bring to the notice of the insurer any adverse habits of the

prospect, and not induce a prospect to submit wrong information.

10. The corporate agent shall not offer different rates, advantages, benefits other than

those offered by the insurer.

11. The corporate agent shall not have portfolio of insurance business from one person or

organization in excess of fifty percent of total premium procured in nay year.



INCORPORATION OF METLIFE AS A JOINT VENTURE WITH J&K BANK

Our Banc assurance partner in life insurance is MetLife India, which is a joint venture of

MetLife International Holdings Inc, the No 1 Life Insurer of USA, J&K Bank, M. Pallonji &

CO and private equity investors with the following capital structure

MetLife India 26% 41.60 Crores

J&K Bank Ltd 25% 40. 00 Crores

M.Pallonji & co 31% 49. 60 Crores

Other private equity 18% 28.80 Crores

Investors

Total 100% 160 .00 Crores

The initial authorized share capital of the joint venture company was Rs 110 crores

divided into 11. 00 Crores equity shares of Rs 10/- each. However the joint ventures will

require approximately Rs 450 Crores of capital over six years from the date the joint venture



company was duly registered. In October 2003 the joint venture partners contributed

additional share capital of Rs 50.00 crores out of which the bank’s contribution was 12.50

crores thereby raising the Bank’s share to Rs 40.00 crores.

MetLife India formally launched its operation in J&K State on 7 th of March 2002 at Srinagar

with a small range of products namely Met Sukh ( Money Back Policy), Met Shanti

(Endowment Policy) and Met 100 ( Whole Life Product). The product range was enhanced

by introducing some new products as per the insurance needs of customers.

The existing product range includes the following:

Met Mortgage Protector policy:

Specially devised to secure the interest of J&K Bank staff and the borrowers availing the

Housing Loan, Car loan and term Loan facilities with a repayment period of 5 years and

above

Met Gold ( Endowment)

Met 100 Gold (Whole Life Policy)

Met Suvidha ( Endowment)

Met 100 Platinum (Participating whole life for face amounts above Rs 5 lacs)

In addition to the above products Metlife India has recently launched a pension product

namely Met Pension.

The bank has been selling the insurance products of MetLife India as theirCorporate Agents

w.e.f. 23.06.03. MetLife India sold about 10000 policies with Annualized premiums of Rs

1027.62 Lacks through our branches . Bank earned a commission income of Rs 263.93 Lacks

during the said period. The quantum of life insurance business mobilized by J&K bank

during the year 2002-03 constitutes about 38% of the total business done by MetLife India



through the country during the said period. The bank while using its 520 branch distribution

channels for sales of MetLife India products provided a ready made infrastructure to Metlife

India thereby reducing the time and cost in establishing a distribution network for the

company’s products. Commission is paid on the following rates to Bank by MetLife

40% (maximum) For the first Year Premium

7.5 % For 2nd and 3rd year

5% For 4th year and onwards

Bank in association with its Bancassurance partner i.e MetLife India has been providing fast

and competent insurance services to its customers and earned their loyalty. Employee

productivity of the bank has also increased as its customers buy the insurance products of

their choice in less time at one shop. Presently the bank has got about 200 trained/licensed

Insurance Managers and about 400 Clerks ( having product knowledge) whose services are

utilized in prospecting the insurance customers for Bancassurance business throughout the

country.

Objective

To generate fee income for the Jammu & Kashmir Bank of Rs 40 Crores by the 7th year of

operation.

Assumptions

1) Insurance income will pay Jammu & Kashmir Bank 40% Commission subject to

regulations

2) Reimbursement of expenses incurred by the bank will be determined. Average

premium per policy Rs 5000

Products

3) Traditional Life Products similar to that of LIC

4) Endowment

5) Money Back



Strategy is to price similar to LIC to achieve expense loading, thereby giving better

value to the customer

Other Products

6) Credit Insurance

7) Capital Repayment

Operational Plan

8) Identify JKB branches and employees who will be designated for insurance sales.

9) Put them through IRDA agent licensing for composite licenses ( both for life and non

life)

10) Additional training to gain prospecting and selling skills

11) Marketing and sales support to be provided by MetLife India Insurance Company

12) Products sold through JKB branches to be Co-branded.

Underwriting

13) MetLife will install electronic underwriting software at all designated branches of

Jammu & Kashmir Bank

14) It is anticipated that approximately 85% of all applications will be electronically

underwritten

15) MetLife offices will issue policies and courier them to Jammu & Kashmir Bank

Branches

Policy Holder Services

16) The IT architecture will facilitate providing customer service from Jammu & Kashmir

Bank branches.

17) MetLife will also consider establishing a call centre for Jammu and Kashmir

Bank Customer.

Additional Support

18) MetLife will enjoy special advisors ad station them in Jammu & Kashmir Bank to

support the sales efforts of J&K Bank employees.

19) MetLife will open dedicated offices in Jammu & Kashmir to provide pre and post

sales support to Jammu & Kashmir Bank.

20) These dedicated offices will also have full-time courier agents to develop the markets

in Jammu & Kashmir.



21) These offices would also support the rural branches of J&K Bank to generate business

from rural areas to comply with IRDA regulations.

22) Continue Interactive process between MetLife India Insurance Company and Jammu

& Kashmir Bank.

23) Identify branches and employees for licensing training

24) MetLife India will identify dedicated ban assurance coordinators

25) Joint effort to help Jammu & Kashmir Bank secure corporate agency License.

26) Discuss and finalize distribution agreement

27) Jammu & Kashmir Bank to send IT Director to MetLife to understand IT architecture

of J&K Bank as well as MetLife India

FACTOR ANALYSIS:-

Table 1



KMO and Bartlett's Test

Kaiser-Meyer-Olkin Measure of Sampling Adequacy.

.507

Bartlett's Test of Sphericity

Approx. Chi-Square 143.946

df 120

Sig. .067

Table 2

Communalities

Initial Extraction

Future Benefits 1.000 .560

Emergencies 1.000 .605

Children 1.000 .687

Savings 1.000 .435

Investments 1.000 .554

Tax Benefits 1.000 .538

Better rate of return for the premium paid

1.000 .719

Brand image of the company

1.000 .713

Product Flexibility 1.000 .659

Effective Advertisements

1.000 .668

Financial advisor 1.000 .670

Interest Rates 1.000 .599



Low cost risk cover 1.000 .661

Choice of premium options

1.000 .460

Inflation 1.000 .685

Provides money at the time of need

1.000 .838

Extraction Method: Principal Component Analysis.

Table 3

Total Variance Explained

Component

Initial EigenvaluesExtraction Sums of Squared

LoadingsRotation Sums of Squared

Loadings

Total% of

VarianceCumulati

ve % Total% of

VarianceCumulati

ve % Total% of

VarianceCumulati

ve %

1 2.044 12.776 12.776 2.044 12.776 12.776 1.683 10.519 10.519

2 1.649 10.305 23.081 1.649 10.305 23.081 1.503 9.394 19.913

3 1.494 9.338 32.419 1.494 9.338 32.419 1.502 9.390 29.303

4 1.424 8.899 41.318 1.424 8.899 41.318 1.421 8.883 38.186

5 1.232 7.702 49.020 1.232 7.702 49.020 1.355 8.469 46.655

6 1.147 7.168 56.188 1.147 7.168 56.188 1.304 8.149 54.804

7 1.062 6.639 62.827 1.062 6.639 62.827 1.284 8.023 62.827

8 .945 5.909 68.736

9 .862 5.386 74.122

10 .829 5.181 79.303

11 .750 4.684 83.987

12 .598 3.735 87.722



13 .576 3.601 91.323

14 .506 3.159 94.483

15 .481 3.007 97.490

16 .402 2.510 100.000


Table 4

Component Matrixa



Component

1 2 3 4 5 6 7

Future Benefits .588 -.100 -.116 .215 -.050 -.301 -.226

Emergencies .504 -.006 -.261 -.062 .325 .393 -.139

Children -.117 .223 .613 .457 .104 .043 -.162

Savings -.102 -.398 -.016 .280 .405 .076 -.134

Investments -.614 -.149 .357 -.050 .062 -.014 -.143

Tax Benefits .448 .233 .072 -.032 .049 .189 .489

Better rate of return for

the premium paid.155 -.024 .248 -.449 .152 -.638 .041

Brand image of the

company.198 -.518 .085 .228 .261 .171 .498

Product Flexibility -.586 -.261 -.250 -.262 .159 .249 .174

Effective

Advertisements-.321 .436 .293 .207 .457 -.066 .185

Financial advisor .407 -.216 .587 -.201 .222 -.029 .149

Interest Rates .006 -.244 .144 .593 -.378 .135 -.077

Low cost risk cover .281 .636 .196 -.040 -.076 .345 -.112

Choice of premium

options-.285 .376 -.032 -.102 -.273 .078 .381

Inflation -.075 .367 -.369 .091 .587 -.046 -.230



Provides money at the

time of need .046 -.202 .381 -.553 -.027 .458 -.366


a. 7 components extracted.

Table 5

Rotated Component Matrixa

Component

1 2 3 4 5 6 7

Future Benefits -.720 .105 -.143 .039 .012 -.078 .056

Emergencies -.248 .160 -.227 .372 .427 .332 -.189

Children -.115 .021 .800 -.074 -.097 .060 -.123

Savings .010 .611 .105 -.125 .140 .032 -.122

Investments .425 .126 .331 -.448 -.151 .131 .084

Tax Benefits -.057 -.136 .022 .716 -.018 -.026 .041

Better rate of return for

the premium paid-.140 -.042 -.020 -.063 -.040 -.003 .832

Brand image of the

company.084 .643 -.023 .480 -.232 -.073 -.034

Product Flexibility .717 .215 -.248 -.157 .089 .022 -.069

Effective

Advertisements.283 -.018 .651 .093 .299 -.222 .129



Financial advisor -.160 .238 .229 .370 -.236 .381 .444

Interest Rates -.240 .168 .182 -.109 -.451 -.107 -.503

Low cost risk cover -.156 -.548 .291 .313 .200 .282 -.183

Choice of premium

options.398 -.454 .033 .143 -.115 -.237 -.060

Inflation -.013 .047 .097 -.077 .803 -.151 -.018

Provides money at the

time of need .141 -.040 -.046 -.074 -.103 .891 .066


Rotation Method: Varimax with Kaiser Normalization.

a. Rotation converged in 16 iterations.

Table 6



Component Transformation Matrix

Component 1 2 3 4 5 6 7

1 -.760 .004 -.201 .575 .014 .204 .098

2 -.016 -.779 .374 .171 .440 -.173 -.028

3 -.009 .006 .732 .065 -.462 .397 .299

4 -.337 .312 .453 -.013 -.073 -.497 -.576

5 .131 .542 .275 .178 .704 .062 .286

6 .328 .011 -.004 .352 .070 .549 -.679

7 .428 .049 -.054 .693 -.294 -.468 .159


Rotation Method: Varimax with Kaiser Normalization.

INTERPRETATION AND ANALYSIS:-

The output of the factor analysis is obtained by requesting Principal Component Analysis

(PCA). We get output in Tables as shown above comprising of KMO test of 0.507 for all 16

variables and the Eigen values of all the factors which have Eigen values 1 or greater than 1

(I have assumed only extracted factors having Eigen values 1 or more).

The first step in interpreting the output is to look at the factors extracted, their Eigen values

and the cumulative percentage of variance. From table 3 that the seven factors extracted

together account for 62.83% of the total variance (information contained in 16 original

values). This is good for me, because we are able to economise on the number of variables

(from 16 I have reduced them to 7 underlying factors), and I lost only 37.17% of the

information content (62.83% is retained by the 7 factors extracted out of the 16 original

variables).

Now I have to move to interpret what these 7 extracted factors represent. This can be done

with the help of table 5 (rotated component matrix).



Looking at table 5, the rotated component matrix I notice that variable no.’s 5 and 9, having

loadings of .425 and .717 respectively. This means that factor 1 is the combination of these

two variables, which are

I prefer the insurance policy only for purpose of investments. I prefer the insurance because of its product flexibility.

Now I have to find a suitable phrase, which captures the essence of the original variables,

which continues the underlying concept. In this case factor 1 could be named as benefits.

Now I have to interpret factor 2. The 3rd column of the table 5 states the variable 4 and 8 have

high holdings of .611 and .643 respectively. This indicates that the factor 2 is the combination

of these 2 variables which are:

I prefer to insurance only for the purpose of savings. I prefer the insurance because of brand image of the company.

Now I have to find a suitable phrase, which captures the essence of the original variables.

The factor 2 could be named as risk.

Now I have to interpret factor 3. The 4th column of the table 5 states the variable 3 and 10

have high holdings of .800 and .643 respectively. This indicates that the factor 3 is the

combination of these 2 variables which are:

I prefer to insurance plans for my children.

I prefer the insurance policy because of its effective advertisements.


The factor 3 could be named as future value.

Now I have to interpret factor 4. The 5th column of the table 5 states the variable 6 have high

holdings of .716. This indicates that the factor 4 does not have any combination, so it should

be taken as only one factor and the factor is:

I prefer the insurance for the purpose of tax benefits.

Now I have to find a suitable phrase, which captures the essence of the original variable. The

factor 4 could be named as it is.

Now I have to interpret factor 5. The 6th column of the table 5 states the variable 2 and 15

have high holdings of .427 and .800 respectively. This indicates that the factor 5 is the

combination of these 2 variables which are:



I prefer the insurance plans for emergencies.

I prefer the insurance because rate of inflation is increasing.


The factor 5 could be named as value of money.

Now I have to interpret factor 6. The 7th column of the table 5 states the only variable 16 have

high holdings of .891. This indicates that the factor 6 does not have any combination, so it

should be taken as only one factor and the factor is:

I prefer the insurance policy because it provides me money at the time of need.

I did not think that the name of the factor should be changed.

Now I have to interpret factor 7. The 8th column of the table 5 states the only variable 7 have

high holdings of .832. This indicates that the factor 7 does not have any combination, so it

should be taken as only one factor and the factor is:

I prefer the insurance policy because it gives me better rate of return for the premium

paid.

I did not think that there is no need to change the name of this factor.



ANALYSIS AND INTERPRETATION:-

Q.1

INTEPRETATION:-

It is clear from the questionnaire that saving of money in Kashmir is 100%.

Q.2



INTEPRETATION:-

Out of 100 respondents 92% have insurance policies and only 8% respondents do not have

insurance policies.

Q.3



INTEPRETATION:-

When we talk about premiums paying annually 36% pay 10000-15000,23% pay 15000-

20000,24% pay 5000-10000 and only 9% 1000-5000.

Q.4



INTEPRETATION:-

Most of the people in Kashmir take insurance for the purpose of risk cover and savings as it is

clear from the data obtained from questionnaire which is 27% and 26% respectively out of

100%. A very less number of respondents take insurance for the purpose of investment and

rate of return and 6% respondents do insurance for other purposes.

Q.5



INTEPRETATION:-

When we talk about the duration of the insurance policies of customers 30% of customers

are insured from last 4 years,26% customers are insured from 3 years, 12% customers are

insured from more than 4 years and rest of the customers are insured from last 2 and 1 year.

Q.6

INTEPRETATION:-

35% of respondents are having the term insurance because it is considered as the purest form

of insurance, 25% are having endowment plans , 23% are having ULIPs and only 9%

respondents are having multiple plans.

Q.8



INTEPRETATION:-

From 100 respondents only 8% respondents do not have any insurance policy and from these

8% respondents 50% said that because of daily expenses they don’t have insurance policy,

25% say because of less salary and 12.50% do not give any reason.

Q.9

INTEPRETATION:-



Out of 100 respondents 71% were male and 29% were female respondents.

Q.10

INTEPRETATION:-

Most of the respondents were from the age group of 30-40 years and the ratio was 37%, 30%

from 40-50, 25% from 20-30 and only 8% were above 50.

Q.11

INTEPRETATION:-



Out of 100 respondents 41% were serviceman, 26% were businessman and 33% don’t specify

what they are doing.

FINDINGS

1. Most number of the customers prefers the insurance policies are done for future

benefits, moreover people also prefer insurance in order to take the advantage of tax

benefits.

2. Most of the families in Kashmir valley are middle class so the save less amount that is

why Kashmir valley don’t have maximum percentage of insured people.

3. Most of the customers prefer medium premium policies because of the low incomes.

Analysis showed that 36% customers pay about 10000-15000 premium annually.

4. Most number of the customers who are insured is youngsters between the ages of 25-

35. It is because of the awareness which the youngsters possess nowadays about

insurance.

5. Females are not concerned about insurance because analysis showed that 71%

respondents were males whereas only 29% females are there. It is because that most

number of the females doesn’t work there in Kashmir valley.

6. Convenience sampling became necessary because in filling the questionnaire you will

find 2 out of 10 are insured so you need to have proper database of the customers to

make your research more fruitful.

7. Maximum number of the customers prefers term insurance because they don’t want to

indulge in this for a very longer period of time they want returns in a short span of

time.



8. Metlife is not very good at attracting the new customers because most of the

customers in our study were insured from last more than 4 years that suggests new

customer’s inclusion is very slow.

9. The most important reasons for the customers to have insurance are “RISK COVER”

and “SAVING”. Customers feel somehow secure in insuring themselves.

10. Customers who are associated with Metlife are illiterate so the F.A’s have to put lot of

efforts in convincing the customers.

11. Metlife lack in advertisement in Srinagar..

Religion plays a very important part in hindering the sales of insurance companies in

Kashmir valley because Muslims don’t insure themselves as it is against their religion.



RECOMMENDATIONS

MetLife has got a good distribution in the valley, it has also benefitted from the

distribution of the J&K bank as much as it could. But it should use other marketing

tools; it should make more and more people aware about the MetLife. Only then

MetLife will be able to capture maximum market share.

The effort which MetLife is making to introduce new customers to the company is

good but they should put some more effort in retaining the existing customers.

The company should make the people aware about the growth of the company and its

achievements; this can be done by publishing the performance reports in the various

newspapers etc. By doing this people will understand that if they will invest in

MetLife then their investment is secure.

The staff should be asked to behave in more customers’ friendly nature.

It should be made sure that renewal premium notices should be delivered to every

customer and on time.

Premium receipts is an important document, it should be delivered to the customers as

soon as possible.

Proper guidance and training should be provided to the financial advisors and channel

sales officers so that they will sell different products to different customers on merit

basis i.e., a customer should be advised to buy a product which he/she can afford. The

MetLife salesman should not sell products as per commission level.

MetLife should provide user friendly online system which will help

customers to check their policy details anywhere and at any time and

get all necessary information about their policies and also MetLife.

The customers should be updated regarding the products of the company.

Customers should be advised to keep proper track of the policies, MetLife should also

help customers in this.

Policy bonds should be dispatched as soon as possible and the different documentary

processes should be eased up to some extent so that it becomes easy to buy an

insurance product.

Different information database of customers should be updated on timely bases so that

proper track of customers will be kept which will help in updating customers about

the MetLife.



Conclusion

It was revealed from the research that MetLife is a successful player due to its various

remarkable efforts towards the customers. Due to these factors more than half of the

customers agreed that they will suggest others to join the MetLife, likewise to several

other things customer feedback was supporting to the MetLife which is good from

company`s perspective.

Another aspect which came in front of us after the analysis was that there are

customers who are not happy from the services provided by the company, which is

not good for MetLife. It was also revealed that MetLife has used the goodwill of J&K

bank upto a great extent and also its distribution in the valley. MetLife is also having

a good distribution but it should use other marketing tools as well in introducing the

customers to MetLife. It was also seen that MetLife is making good efforts to bring

new customers to the company but the retention part is not performing as it should be.

No doubt that MetLife is continuously growing and also that with a

remarkable growth rate. Due this growth rate the market share of MetLife has

increased from 1.8% in 2006 to 3.8% in 2009(Q1). But if the company wants to

achieve new heights and wants to grab the maximum of the market then they

definitely need to work in some of the fields so that the company will perform as it is

expected by the customers. Simply we can say that MetLife has to become more

customer focused and they need to provide quality services to the customers.



ANNEXURE

QUESTIONNAIRE

Dear Sir /Madam,

I (Bilal Ahmad) the student of Lovely Professional University, Phagwara conducting a survey

on “Customer perception of insurance as: a tool of investment or a risk cover, a comparative

study”. I request you to fill this questionnaire and I assure you that this data will be used only

for study academic purposes and it will be kept confidential.

Q1. Do you save money?

a.) Yes b.) No

If no, go to question no. 8

Q2. If yes, do you have an insurance policy?

a.) Yes b.) No

If no, go to question no.8

Q3.How much insurance premium are you paying annually?

a.) 1000-5000 b.) 5000-10000

c.) 10000-15000 d.) 15000-20000

Q4. For what purposes you are taking the insurance policy?

a.) Investment b.) Savings

c.) Risk cover d.) Rate of return

e) Others

Q5.) How long you have been you have been insured?

a) 1 year b.) 2 years

c.) 3 years d.) 4 years

e.) More than 4 years

Q6.)What insurance plan do you have?

a.) Term Insurance b.) ULIP



c.) Endowment d.) Multiple plans

Q7.) Rate the following factors on a scale of 1-5 which impacts your perception level towards

insurance?

Where, 1 being strongly agree, 2 being agree,3 being neither agree nor disagree, 4 being

disagree, and 5 being strongly disagree.

Statement 1 2 3 4 5

a.) I prefer the insurance policy for future benefits.

b.) I prefer the insurance plans for emergencies.

c.) I prefer to insurance plans for my children.

d.) I prefer to insurance only for the purpose of savings.

e.) I prefer the insurance policy only for purpose of

investments.

f.) I prefer the insurance for the purpose of tax benefits.

g.) I prefer the insurance policy because it gives me better rate

of return for the premium paid.

h.) I prefer the insurance because of brand image of the

company.

i.) I prefer the insurance because of its product flexibility.

j.) I prefer the insurance policy because of its effective

advertisements.

k.) I prefer insurance plan because the financial advisor helps

me a lot.

l.) I prefer the insurance plan because of good interest rates.

m.) I prefer the insurance plan because of low cost risk cover.

n.) I prefer the insurance plan because of choice of premium

options.

o.) I prefer the insurance because rate of inflation is increasing.

n.) I prefer the insurance policy because it provides me money

at the time of need.



Q8 .) Why don’t you have any insurance policy?

a.) Less salary b.) Family size

c.) Daily expenses d.) Any other reason

Q9.) Personal details?

i) Name ___________________________________.

ii) Gender

a.) Male b.) Female

iii) Age

a.) 20-30 Years b.) 30-40 Years

c.) 40-50 Years d.) Above 50

iv) Occupation

a.) Businessman b.) Salaried person

b.) Any other

.........................Thank you for your cooperation.........................

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BILAL AHMAD 902344797

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