GAUHATI UNIVERSITY

A Training Report submitted in partial fulfillment of the requirements for the award of

Degree of the Master of Business Administration (Industry Integrated Program),

Gauhati University on

AGENT RECRUITMENT

At

METLIFE INDIA INSURANCE COMPANY LIMITED

Under Organizational Guidance of Under Institutional Guidance of

Mr. S. Rajesh Ms. Priyanka Verma

SSM, MetLife India Inc. Co. Ltd. HR Faculty, SITAM

Visakhapatnam Visakhapatnam

Prepared and Submitted By

PRIYANKA PATRO

MBA III Semester

Registration No. 10-01-0419

SUN INSTITUTE OF TECHNOLOGY AND MANAGEMENT

VISAKHAPATNAM

1

CERTIFICATE

This is to certify that Ms. PRIYANKA PATRO, a student of Sun

Institute of Technology and Management has prepared her training report,

entitled “AGENT RECRUITMENT” of METLIFE INDIA

INSURANCE COMPANY LIMITED, Visakhapatnam under my

guidance. She has fulfilled all requirements under the regulations of the

MBA (IIP) Gauhati University, leading to the MBA (IIP) Degree.

This work is the result of her own investigation and the project,

neither as a whole nor any part of it was submitted to any other University or

Educational Institution for any research or diploma.

I wish her all success in life.

Ms. Priyanka Verma Mr. Ch. Raghuram

Faculty Guide, SITAM Head of Department, SITAM

2

DECLARATION

I hereby declare that the Training Report conducted at

METLIFE INDIA INSURANCE COMPANY LIMITED

VISAKHAPATNAM

ON

AGENT RECRUITMENT

UNDER THE GUIDANCE OF

Ms. Priyanka Verma

Submitted in partial fulfillment of the requirements for the Degree of

MASTER OF BUSINESS ADMINSTRATION

(Industry Integrated Program)

TO

GAUHATI UNIVERSITY, GUWAHATI

It’s my original work and the same has not been submitted for the award of any

other Degree/diploma/fellowship or other similar titles or prizes.

PLACE: PRIYANKA PATRO

DATE: REG. NO. 10-01-0419

MBA (2010 – 2012)

3

ACKNOWLEDGEMENT

I render my sincere thanks to Mr. S. RAJESH (SSM) of METLIFE

INDIA INSURANCE COMPANY LIMITED, VISAKHAPATNAM for

giving us an opportunity of doing the project work in this esteemed

organization.

I am thankful to Prof. D. Panduranga Rao (CEO), Mr. Srikanth

Jasti (CMD), Mrs. Asha Jasti (ED), Mr. Ch. Raghuram (HOD) and Ms.

Priyanka Verma (Faculty Guide) of Sun Institute of Technology and

Management, Visakhapatnam for their valuable support extended during

the project.

As a token of my feeling, I would like to acknowledge special thanks

to the Faculty members of Sun Institute of Technology and management for

guidance and support extended throughout the period of study.

I would like to acknowledge my sincere thanks to all for their

encouragement throughout the academic period.

PRIYANKA PATRO

Reg. No. 10-01-04-19

4

CONTENTS:CHAPTER – 1 INTRODUCTION

1.1 General Introduction about the sector.1.2 Industry Profile.

a. Origin and development of the industry.b. Growth and present status of the industry.c. Future of the industry.

CHAPTER – 2 PROFILE OF THE ORGANIZATION

2.1 Origin of the Organization.2.2 Growth and development of the Organization.2.3 Present status of the Organization.2.4 Functional Department of the Organization.2.5 Organization structure.2.6 Product and Service profile of the Organization Competitors.2.7 Market profile of the Organization.

CHAPTER – 3 DISCUSSIONS ON TRAINING

3.1 Student’s work profile (Roles & responsibilities), tools & techniques used.3.2 Key learnings.

CHAPTER – 4 STUDY OF SELECTED RESEARCH PROBLEM

4.1 Statement of research problem.4.2 Statement of research objectives.4.3 Research design and methodology.

CHAPTER – 5 ANALYSIS

5.1 Analysis of data.5.2 Summary of Findings.

CHAPTER – 6 SUMMARY AND CONCLUSIONS

6.1 Summary of Learning Experience.6.2 Conclusions and Recommendations.

APPENDICIES

BIBLIOGRAPHY

5

CHAPTER - 1

INTRODUCTION

6

1.1 GENERAL INTRODUCTION ABOUT THE SECTOR.

With largest number of insurance policies in force in the world, Insurance happens to

be a mega opportunity in India. It’s a business growing at the rate of 15-20 percent

annually and presently is of the order of Rs 450 billion. Together with banking services,

it adds about 7 per cent to the country’s GDP. Gross premium collection is nearly 2 per

cent of GDP and funds available with LIC for investments are 8 per cent of GDP. Yet,

nearly 80 per cent of Indian population is without life insurance cover, health insurance

and non-insurance continue to be below international standards. And this part of the

population is also subject to weak social to weak social security and pension systems with

social security. This is an indicator that growth potential for the insurance sector is

immense.

A well-developed and evolved insurance sector insurance sector is needed for

economic development as it provide long-term funds for infrastructure development and

at the same time strengthens the risk taking ability .It is estimated that over the ten years

India would require investment of the order of one trillion US dollar . The insurance

sector to some extent can enable investment in infrastructure development to sustain

economic growth of the country .With a large capital outlay and operations stages .These

includes risks associated with project implementation, including geological risks,

maintenance, commercial and political risks. Without covering these risks the financial

institutions are not willing to commit funds to the sector, especially because financing of

most private is on a limited or non resource basis.

Insurance companies not only provide risk cover to infrastructure project, they also

continuality, they long-term lie long-term funds .Insurance companies are an ideal source

of long-term debt and equity for infrastructure projects. With long-term liability, they get

a good asset liability match by investment their funds in such projects .IRDA regulations

require insurance companies to invest not less than 15 percent of their funds in

infrastructure and social sector/international insurance companies also invest their funds

in such projects .Insurance is a federal subject in India .There are two legislation that

govern the sector –The insurance Act -1983 and the IRDA Act-1999.

7

1.2 INDUSTRY PROFILE.

a. ORIGIN AND DEVELOPMENT OF THE INDUSTRY.

The history of life insurance in India dates back to 1818 when it was conceived as a

means to provide for English widows. Interestingly, as in those days a higher premium

was charged for Indian lives than the non-Indian lives were consider more risky for

coverage.

The Bombay Mutual Life Insurance Company was established business in 1870 .it

was the first company to charge same premium for both Indian and non-Indian lives. The

oriental Assurance Company was established in 880 .the first general insurance

companies –Triton Insurance Company limited was established in 1850 till the end of

nineteenth century insurance businesses was almost entirely in the hands of overseas

companies.

Insurance regulation formally began in India with the passing of the life insurance

companies’ act of 1912 and provident fund insurance companies. Several frauds during

20’s and 30’s sullied insurance business in India. By 1938 there were 176 insurance

companies. The first comprehensive legislation was introduced with the insurance Act o

1938 that provided strict state control over insurance business. The insurance business

grew at a faster pace after Independence.

The government of India in 1956, brought together over 240 private life insurer and

provident societies under one nationalized monopoly corporation and LIC was born.

Nationalized was justified on the grounds that it would create much –needed funds for

rapid industrialization. This was in conformity with the government’s chosen path of

state lead planning and development.

The (non-life) insurance business however continued to thrive with the private sector

till 1972. Their operations were restricted to organized trade and industry in large cities.

8

b. GROWTH AND PRESENT STATUS OF THE INDUSTRY.

The government of India liberalized the insurance sector in March 2000 with the

passage of the insurance regulatory and development authority (IRDA) Bill lifting all

entry the market with some limit on direct foreign ownership .Under the current

guidelines, there is a 26 percent equity cap for foreign partners in an insurance

company .There is a proposal to increase this limit to 49 percent. Premium rates of most

general insurance policies come under the purview of the government appointed tariff

advisory committee.

The insurance sector in India has come a full circle from being an open competitive

market to nationalization and back to liberalized market again .Tracing the developments

in the Indian insurance sector reveals the 360 degree turn witnessed over a period of

almost two centuries.

BRIEF HISTORY OF THE INSURANCE SECTOR

Some of the important milestones in the life insurance business in India are:

1818: Establishment of the oriental life insurance company in Calcutta

1912: The Indian life assurance company’s act enacted as the first statute to regulate the

life insurance business.

1928: The Indian insurance companies act enacted to enable the government to collect

statistical information about both life and non-life insurance businesses.

1938: Earlier legislation consolidated and mended to by the insurance act with the

objective o protecting the interests of the insuring public.

1956: The central government took over and nationalized 245 Indian and foreign insurer

and provident socirties.LIC Act 1956, with a capital contribution of Rs.5 crore from the

government of India.

9

The general insurance business in India, on the other hand can trace its roots to

the triton insurance company ltd. the first general insurance company established in the

year 1850 in Calcutta.

Some of the important milestones in the general insurance in India are:

1907: The Indian mercantile insurance ltd. set up, the first company to transact all classes

of general insurance business.

1957: the insurance council a wing of the insurance association of India frames a code of

conduct for ensuring fair conduct and sound business practices.

1968: The insurance act amended to regulate investment and set minimum solvency

margins and tariff advisory committee set up.

1972: The general insurance business (nationalization) act, 1972 nationalized the general

business in India with effect from 1st January 1973.107 insurers amalgamated and

grouped into four companies, viz. the National Insurance Company Ltd., the New India

Assurance Company Ltd., and the Oriental Insurance Company Ltd. And the United

India Insurance Company Ltd.GIC incorporated as a company.

NON LIFE INSURANCE MARKET

In Dec 2000, the GIC subsidiaries were restructured as independent insurance

companies. At the same time, GIC was converted into a national re-insurer. In July 2002,

Parliament passed a bill, declining the four subsidiaries from GIC.

Presently there are 12 general insurance companies with 4 public sector companies

and 8 private insurers. Although the public sector companies and 8 private insurers still

dominate the general insurance business, the private players are slowly gaining a

foothold. According to estimates, private insurance companies have a 10 percent share of

the market, up from 4 percent in 2001.

10

Insurance costs constitute around 1.2-2 percent of the total project costs. Under the

existing norms, insurance premium payments are treated as part of the fixed costs.

Consequently they are treated as pass-through costs for tariff calculations.

Insurance, like project finance, is extended by a consortium. Normally one insurer

takes the lead, shouldering about 40-50 per cent of the risk and receiving a proportionate

percentage of the premium. The other companies share the remaining risk and premium.

RE-INSURANCE BUSINESS

Insurance companies retain only a part of the risk (less than 10 per cent) assumed by

them, which can be safely borne from their own funds. The balance risk is insured with

other insurers. Therefore, re-insurance.is insurer’s insurance. It forms the backbone of the

insurance business. It helps to provide a better spread of risk in the international market,

allows primary insurers to accept risks beyond their capacity, settle accumulated losses

arising from catastrophic stability.

While GIC’ subsidiaries look after general insurance, GIC itself has been the major

reinsurer. Currently, all insurance companies have to give per cent of their reinsurance

business to GIC. The aim is to ensure that GIC’S role, as the national reinsurer remains

unhindered. However, GIC reinsures the amount further with international companies

like Swisser (Switzerland), Muniche (Germany), and Royale (UK).

INDIA VS GLOBAL MARKET

India’s insurance penetration is low at 1.95 per cent and risks 51 in the world. In

premium collection the record is better, at 23rd position. The ratio in premium collected to

gross domestic products is a mere 0.58 per cent. Compared with an average of 7.1 percent

in most industrialized countries, India is still at a very nascent stage with an $8-9(Rs.

400-500) per capita expenditure on insurance, out of which $2 to $2.5 (Rs.100-150) will

be on insurance.

11

This was primarily because in India non-life insurance is not considered important

and people perceive it as a necessary expenditure. Non-life insurer premium at a

percentage of GDP is estimated at 2.70 for Japan, 2.55 for South Korea, 1.89 for

Malaysia, 1.62 for Singapore, 1.38 for Taiwan, 1.23 for Thailand, 0.86 for the

Philippines, 0.68 for Indonesia and 0.51 for Pakistan.

Regions USD(Billion) Percentage

North America 689.2 32.7

Latin America 653.0 31.0

Europe 32.9 1.6

Asia 647.1 30.7

India 3.0 0.15

World 2105.8 100.0

MARKET PLAYERS

Presently there are 12 general insurance companies with four public sector

companies and eight private insurers. Although the public sector companies still

dominate the general insurance business the private players are slowly gaining a foothold.

A brief description of various players is given below:

1. METLIFE

MetLife is a leader in the project finance market and manages over $3.0 billion in debt

securities and structured products related to power generation, oil and gas, infrastructure

development and mining. MetLife’s portfolio consists of over 91 issuers located in 7

countries. Over the past five years, MetLife has invested $3.3 billion in project

transactions, including a record $1.1 billion in 2007.

12

MetLife is active in traditional leveraged and single

investor leases across a variety of asset classes. Over $2 billion of lease equity has been

invested over the past five years. With over 140 years of experience, the MetLife

companies are a leading innovator and a recognized leader in protection planning and

retirement and savings solutions around the world. We have established a strong

presence in over 60 countries through organic growth, acquisitions, joint ventures and

other partnerships. We are strengthening our global brand by extending core products

and competencies to markets around the world – an important driver of growth for the

enterprise.

2. RELIANCE

This industry has around Rs 300 crore into its insurance venture through its financial arm

reliance capital ltd. It is the first Indian private company without any foreign insurance

tie-up.

3. ICICI Lombard

ICICI Lombard General Insurance Company Limited (ICICI Lombard) is a 74:26

venture between ICICI Bank Limited ,India’s largest private sector bank and Lombard

Canada Limited ,one of the oldest property and causality insurance companies in

Canada .ICICI Lombard commenced business in September 2001 and is today

operational in 40 cities across India.

13

4. TATA AIG

IT is a joint venture between the Tata groups: India’s most trusted industrial house and

American International Grouping. (AIG), the leading U.S based international insurance

and financial service organization.

5. HDFC CHUBB:

HDFC hold 74 percent and Chubb 26 percent in the new joint venture company, HDFC

Chubb General Insurance Ltd, was initially capitalized at Rs.100 crore.

6. BAJAJ ALLIANZ:

Bajaj Insurance Company limited is a joint venture between Allianz and Automobile

limited. Both enjoy a reputation of expertise stability and strength .The venture Bajaj

Auto holds 74 percent of the paid up equity capital of Rs 110 crore ,while the remaining

26 percent is hold by Allianz.

7. ROYAL SUNDARAM:

Royal sundaram a joint venture between sundaram finance of Chennai India and royal

&sun alliance of UK, is built upon values of trust, truth teamwork commitment and

professionalism

8. CHOLAMANDALAM DBS:

Cholamandal MS General Insurance Company Limited (chola-MS) is a joint venture of

the Murgapa Group & Mitshui Sumitomo. Chola-MS commenced operation in October -

2002 and has issued more than 1.4 lakh policies in its first calendar year of operation.

9. IFFCO-TOKIO GENERAL INSURANCE COMPANY LIMITED:

IFFCO-TOKIO GENERAL INSURANCE CO. LTD. is a joint venture between IFFCO

and The TOKIO Marine and fire insurance co ltd, Japan. /incorporate on 4 th December

2000 and within this short span they have become a leading insurance company in India.

14

10. GIC AND FOUR SUBSIDIARIES:

Prior to 1973,general insurance was urban –centric catering mainly to the needs of

organized trade and industry .One hundred and seven insurer including branches of

foreign companies operating the countries where amalgamated. This were grouped into

four companies National insurance company ltd, the oriental insurance company ltd, the

new India assurance company ltd and the united India insurance company ltd

The government of India subscribed to the capital of GIC .GIC, in turn

subscribe to the capital of the companies .All firm of our companies are government

companies registered under the companies act .GIC into the reinsurance business where

as its subsidiary are into the insurance of non life products .

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CHAPTER - 2

PROFILE OF THE ORGANIZATION

16

2.1 ORIGIN OF THE ORGANIZATION.

For 140 years, MetLife has been insuring the lives of the people who depend on

us.  Our success is based on our long history of social responsibility, strong leadership,

sound investments, and innovative products and services.

Organized by a group of New York City businessmen in 1863, the National Union Life

and Limb Insurance Company began business in July 1864 insuring Civil War sailors and

soldiers against wartime-related disabilities.  It was a difficult beginning.  By the end of

1864, National Union had written only 17 life and 56 accident policies, and was in last

place among the 27 life companies operating in New York State and was running a

deficit of $1,400.

After five difficult years in business and several reorganizations and name

changes, President James R. Dow, (a medical doctor) and the board of directors decided

to drop the casualty business and focus solely on life insurance business.  And so began

Metropolitan Life Insurance Company.

17

When MetLife opened for business on March 24, 1868 (selling a small number of

policies on that date) the telephone had not yet been invented and electric lights were still

uncommon.  The population of the United States was approximately 37 million, and there

were 37 states in the country.  The company’s first home office consisted of two rooms −

enough space for its six employees.

This new venture also faced difficulties. A severe business depression that began

in the early 1870s rapidly put half of the 70 life insurance companies operating in New

York State out of business. Only very large, long-established ordinary life insurance

companies remained strong. Policy lapses over successive years forced the company to

contract until it reached its lowest point in the late 1870s.

In 1879, MetLife President Joseph F. Knapp turned his attention to England,

where "industrial" or "workingmen's" insurance programs were widely successful.

American companies had not bothered to pursue industrial insurance up to that time

because of the expense involved in building and sustaining an agency force to sell

policies door to door and to make the weekly collection of five- or ten-cent premiums.

By importing English agents to train an American agency force, MetLife quickly

transferred successful British methods for use in the United States. By 1880, the company

was signing up 700 new industrial policies a day.

The MetLife agent became an important person in the lives of these striving

families. Manuals instructed agents to call at a home at the same time each week to

ensure familiarity and contact. In the process of collecting premiums, insurance agents

listened to the problems, concerns, and hopes of their clients. So successful was this

approach that by 1909, MetLife became the nation's largest life insurer in terms of

insurance in force, a leadership position we continue to hold today in North America

MetLife India Insurance Company Limited (MetLife) is an affiliate of MetLife,

Inc. and was incorporated as a joint venture between MetLife International Holdings,

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

private investors.

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MetLife is one of the fastest growing life insurance companies in the country. It

serves its customers by offering a range of innovative products to individuals and group

customers at more than 600 locations through its bank partners and company-owned

offices. MetLife has more than 50,000 Financial Advisors, who help customers achieve

peace of mind across the length and breadth of the country.

MetLife, Inc., through its affiliates, reaches more than 70 million customers in the

Americas, Asia Pacific and Europe. Affiliated companies, outside of India, include the

number one life insurer in the United States (based on life insurance enforce), with over

140 years of experience and relationships with more than 90 of the top one hundred

FORTUNE 500® companies. The MetLife companies offer life insurance, annuities,

automobile and home insurance, retail banking and other financial services to individuals,

as well as group insurance, reinsurance and retirement and savings products and services

to corporations and other institutions.

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2.2 GROWTH AND DEVELOPMENT OF THE ORGANIZATION.

Celebrating 140 years, MetLife, Inc. is a leading provider of insurance and

financial services with operations throughout the United States and the Latin America,

Europe, and Asia Pacific regions.  Through its domestic and international subsidiaries

and affiliates, MetLife, Inc. reaches more than 70 million customers around the world and

MetLife is the largest life insurer in the United States (based on life insurance in-force).

The MetLife companies offer life insurance, annuities, auto and home insurance, retail

banking and other financial services to individuals, as well as group insurance and

retirement & savings products and services to corporations and other institutions. 

HELPING AND HEALING PEOPLE

In 1909, MetLife Vice President Haley Fiske announced that "insurance, not

merely as a business proposition, but as a social program," would be the future policy of

the company. As a first step, Fiske hired the pioneering industrial social worker Lee

Frankel to work at MetLife. Frankel envisioned insurance as a powerful means toward

improving the lot of the underprivileged. To this end, he established MetLife's Welfare

Division.

20

SUPPORTING COUNTRY AND COMMUNITY

Over the years, MetLife has made a difference by supporting urban renewal

projects and community financing. The company's social commitment and its

commitment to the security of its policyholders have proven to be good business.

Concern for the financial security of its policyholders led the company to shy

away from investing in the stock market. This policy resulted in MetLife surviving the

crash of 1929 relatively unscathed while countless other financial institutions collapsed

with devastating effects on the American people. The financial strength of the company

allowed MetLife to pay out cash surrenders to its policyholders, and the Company even

honored requests from policy holders whose premiums had lapsed. For many, these

payments made the difference between financial failure and survival.

Beginning in the 1930s, the company broadened its tradition of public service

from promoting individual health to fostering national social and economic goals. In

1930, MetLife was the undisputed leader of the insurance industry, insuring every fifth

man, woman, and child in the United States and Canada. Traditionally, the company had

invested a substantial portion of its assets in urban and farm mortgages and in loans to

individuals. But the collapse of real estate values during the Great Depression and the

decline of interest rates made these customary investment options less attractive.

MISSION STATEMENT

To be recognized as the financial services firm of choice in the communities we serve,

today and tomorrow.

We succeed at accomplishing this by putting our client's needs first and making certain

we focus on building financial freedom for them and their loved ones.

21

VISION STATEMENT

MetLife’s vision of being the leading global life insurance and employee benefits

company guides the company’s response to people’s growing need for first-rate financial

products and services through various life stages and economic cycles.

VALUES OF METLIFE

1. PERSONAL RESPONSIBILITY

"Coming into your own", performs as a Leader to be really effective and successful

by acting and making decisions independently to get results.

2. PEOPLE COUNT

It's all about People, MetLife's key resource. MetLife will succeed because we are

winning from within.

3. PARTENERSHIP

Functioning productively in teams towards a common purpose; realizing the

collective power of diverse work-groups.

4. FINANCIAL STRENGTH

It is operating with an intense dedication to managing monetary resources for strong

business results.

5. INTEGRITY AND HONESTY

Conducting all business endeavors with truth, sincerity and fairness.

6. INNOVATION

Continuously creating and introducing new and original ideas and ways of doing

things.

22

2.3 PRESENT STATUS OF THE ORGANIZATION

MetLife’s vision of being the leading global life insurance and employee benefits

company 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.

On November 1, 2010, MetLife added significant scale and reach to its

international footprint by acquiring American Life Insurance Company (Alico) from

American International Group, Inc. (AIG) for $16.4 billion.  Starting in 1921, Alico grew

to become one of the largest and most diversified international insurance companies in

the world—and the first foreign life insurance company licensed to sell in Japan.  The

acquisition of Alico transformed MetLife into a global life insurance and employee

benefits powerhouse, with 90 million customers in more than 60 countries around the

globe.

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 140 years of

integrity, social responsibility, strong leadership and financial strength.

23

In 2010, MetLife completed its purchase of American Life Insurance Company

(Alico), from American International Group (AIG).The $16.2 billion acquisition of Alico

expanded the company’s life insurance and employee benefits business into more than 60

countries compared to 17 countries before the acquisition. On March 21, 2011, MetLife

announced that Steven Kandarian (who had headed MetLife's investment department)

would succeed Robert Henrickson as President and CEO as of May 1, 2011.

METLIFE PARTNERS

1. GEOJIT SECURITIES

Geojit Securities was founded by Mr. C. J. George in 1987 as a Proprietorship for

doing Broking business in Cochin Stock Exchange. In 1994, the business was taken over

by Geojit Securities Ltd, a Joint Venture between Mr. C. J. George and the Kerala State

Industrial Development Corporation Ltd. In the following year, the company came up

with an IPO and the shares were listed in various Stock Exchanges in India in 1995.

2. JAMMU & KASHMIR BANK LIMITED

Jammu and Kashmir Bank Limited was incorporâted on 1st October, 1938 and

commenced its business from 4th July, 1939 at in Kashmir (India). The Bank was the

first in the country as a State owned bank. According to the extended Central laws of the

state, Jammu & Kashmir Bank was defined as a government Company as per the

provision of Indian companies' act 1956. In the year 1971, the Bank received the status of

scheduled bank. It was declared as "A" Class Bank by RBI in 1976.

24

3. KARNATAKA BANK LIMITED

Mangalore–headquartered Karnataka Bank, a leading private sector Bank having

a network of 433 branches across 19 States and 2 Union Territories, is more than 84 years

old. The Bank is a technology savvy, customer centric progressive bank with a national

presence, driven by the highest standards of corporate governance and guided by sound

ethical values. All the 433 branches of the Bank are under the umbrella of core banking

solution.

4. KARVY

In 1982, a group of Hyderabad-based practicing Chartered Accountants started

Karvy Consultants Limited with a capital of Rs. 1,50,000 offering auditing and taxation

services initially. Later, it forayed into the Registrar and Share Transfer activities and

subsequently into financial services. All along, Karvy's strong work ethic and

professional background leveraged with Information Technology enabled it to deliver

quality to the individual.

5. MINI MUTHOOTTU

Established in 1921, Mini Muthoottu with an illustrious history of banking behind

them today operates from 75 branches in Kerala and 5 in Bangalore. All business

concerns of Mini Muthoottu function under the strict guidelines set by the Department of

Company Law Affairs and Reserve Bank of India. Mini Muthoottu, under the able

leadership of its Chairman, Mr. Roy M Mathew, offers both the resources and capabilities

like any national player coupled with individualized attention to its customers.

25

2.4 FUNCTIONAL DEPARTMENT OF THE ORGANIZATION.

MetLife provides the following functional areas or departments:

1. RETAIL SALES

An aggregated measure of the sales of the insurance policies over a stated time

period, typically based on a data sampling that is extrapolated to model an entire

country.

2. UNDER WRITING

Sign and accept liability under an insurance policy, thus guaranteeing payment in

case loss or damage occurs or accept a risk or liability.

3. ACTUARIAL

The Actuarial Department of an insurance company was assigned the task of

determining the relationship between the distance to a fire station and the amount

of damage to a house. This is one factor that is utilized in determining the cost of

insurance for a home owner.

4. INSURANCE OPERATIONS

Insurance Operations generally consist of the actual issuance of the policies and

the billings.

5. CUSTOMER SERVICE

The Customer Service Department handles complaints received from policy

holders and the broader public, in a fair objective and businesslike manner.

The Customer Service Department is an independent unit subject to the Service

Division.

6. QUALITY AND PROCESSES

Quality Process uses a phased approach, designed to support the entire product

life cycle from inception, design and development, through rollout, to updates and

support.

7. HUMAN RESOURCES

Human Resources exactly say: resources for humans – within the workplace! Its

main objective is to meet the organizational needs of the company it represents

and the needs of the people hired by that company.

26

Following are the communication departments of MetLife:

1. AUDIT COMMITTEE COMUNICATIONS

  The MetLife Audit Committee has established procedures for the receipt,

retention and treatment of complaints regarding accounting, internal accounting

controls or audit matters. Any interested party may address such concerns, and

suspected fraud or unethical behaviors to the Audit Committee by writing to:

MetLife, Inc. Audit Committee 

c/o Corporate Secretary

1095 Avenue of the Americas

New York, NY 10036

2. NON-MANAGEMENT DIRECTOR COMMUNICATIONS

Interested parties may communicate known or suspected concerns that may

include, but are not limited to, accounting, internal accounting controls or audit

matters, or fraud and unethical behaviors to specific Non-Management Directors of

MetLife, or as a group, by writing to:

MetLife, Inc. Non-Management Directors

C/o Corporate Secretary

1095 Avenue of the Americas

New York, NY 10036 

3. EMAIL COMMUNICATIONS

Any employee, customer, shareholder or other interested party may communicate

known or suspected concerns regarding accounting, internal controls or audit matters,

or fraud and unethical behaviors to MetLife by e-mailing correspondence

to SIULINE@MetLife.com. MetLife will treat such communications as confidential

and take all reasonable precautions to protect such transmissions. Interested parties

may also report concerns in writing or by calling the Compliance & Fraud Hotline at

1-800-462-6565.

 

27

4. CORPORATE COMMUNICATIONS

 Any employee, customer, shareholder or other interested parties may

communicate known or suspected concerns regarding accounting, internal accounting

controls or audit matters, or fraud and unethical behaviors to MetLife by writing to:

MetLife, Inc.

c/o Corporate Secretary

1095 Avenue of the Americas

New York, NY 10036

5. SECURITY HOLDER COMMUNICATIONS TO THE BOARD OF

DIRECTORS

Communications from security holders to individual Directors or to the Board of

Directors may be submitted by writing to the following address:

MetLife, Inc. Board of Directors

c/o Corporate Secretary

1095 Avenue of the Americas

New York, NY 10036

28

2.5 ORGANIZATIONAL STRUCTURE.

CEO

(Chief Executive Officer)

CMO

CHANNEL HEAD

REGIONAL HEAD

BRANCH HEAD

SALES MANAGER

ADVISORS / AGENTS

CUSTOMERS

29

BOARD OF DIRECTORS

Henrickson, C. Robert

Chairman of the Board, MetLife Insurance

Kandarian, Steven A.

President & Chief Executive Officer, MetLife, Inc.

Burwell, Sylvia Mathews

Sylvia Mathews Burwell, age 46, is President of the Global Development Program at The

Bill and Melinda Gates Foundation

Castro-Wright, Eduardo

Eduardo Castro-Wright, age 56, has been Vice Chairman of Wal-Mart Stores, Inc. since

November 2008 and President and Chief Executive Officer of its Global.com and Global

Sourcing organizations since June 2010.

Grisé, Cheryl W.

Cheryl W. Grisé, age 59, was Executive Vice President of Northeast Utilities, a public

utility holding company, from December 2005 until her retirement effective June 2007.

Hubbard, R. Glenn

R. Glenn Hubbard, Ph.D., age 53, has been the Dean of the Graduate School of Business

at Columbia University since 2004 and the Russell L. Carson Professor of Economics and

Finance since 1994.

Keane, John M.

John M. Keane, age 68, is a Senior Partner of SCP Partners, a venture capital firm, and

President of GSI, LLC, an independent consulting firm.

30

Kelly, Jr., Alfred F.

Alfred F. Kelly, Jr., age 52, is the CEO of the NY/NJ 2014 Super Bowl Host Committee.

Previously, he was the President of American Express Company.

Kilts, James M.

James M. Kilts, age 63, has been a Partner, Center view Partners Management, LLC, a

private equity and financial advisory firm, since October 2006.

Kinney, Catherine R.

Catherine R. Kinney, age 59, retired from NYSE Euro next in March 2009.

 Price, Hugh B.

Hugh B. Price, age 69, has been the John L. Weinberg/Goldman Sachs Visiting Professor

of Public and International Affairs at the Woodrow Wilson School of Princeton

University since August 2008.

Satcher, David

David Satcher, M.D., Ph.D. is the Director of the Satcher Health Leadership Institute &

the Center of Excellence on Health Disparities at the Morehouse School of Medicine

Sicchitano, Kenton J.

Kenton J. Sicchitano, age 67, was a Global Managing Partner of PricewaterhouseCoopers

LLP, an audit/assurance, business advisory and tax services firm, until his retirement.

 Wang, Lulu C.

Lulu C. Wang, age 67, is Chief Executive Officer of Tupelo Capital Management LLC,

an investment management firm which she founded in 1997. Ms. Wang has been engaged

in professional money management since 1972.

31

EXECUTIVE OFFICERS

Henrickson, C. Robert

Chairman of the Board

Kandarian, Steven A.

President and Chief Executive Officer

Carr, Gwenn L.

Executive Vice President, Office of the Chairman

Goulart, Steven J.

Executive Vice President and Chief Investment Officer

Hijkoop, Frans

Executive Vice President and Chief Human Resources Officer

Latrenta, Nicholas D.

Executive Vice President and General Counsel

Lippert, Martin

Executive Vice President, Global Technology

Morris, Maria R.

Executive Vice President, Global Operations, Integration

Mullaney, William J.

President, U.S. Business

Toppeta, William J.

President, International

Wheeler, William J.

Executive Vice President and Chief Financial Officer

32

MANAGEMENT TEAM

Rajesh Relan

Managing Director & Country Manager

MSVS Phanesh

Appointed Actuary

Sameer Bansal

Director- Agency

Joydeep Mukherji

Chief Financial Officer

Balachander Sekhar

Director - Marketing, Products & Business Development

KR Anil Kumar

Director - Legal & Risk and Company Secretary

P. S. Sankaran

Director – Compliance & Internal Controls

KS Raghavan

Chief Operating Officer

Gaurav Sharma

Director - PNB Partners

33

2.6 PRODUCT AND SERVICE PROFILE OF THE ORGANIZATION

COMPETITORS

Insurance products accounted for 53% of MetLife’s 2009 $49 billion of revenue.

MetLife is the largest life insurer in the United States and Mexico and is the second-

largest foreign provider of insurance in Japan and worldwide its customers total 90

million individuals.

METLIFE PLANS

1. CHILD PLAN

Met Bhavishya

Met Junior Endowment

Met Junior Money Back

2. RETIREMENT

Met Pension-Par

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3. SAVINGS

Met Sukh

Met Suvidha

Met Saral

Met 100

4. PROTECTION

Met Suraksha

Met Suraksha TROP

Met SurakshaPlus

Met Mortgage Protector Plus

5. RURAL

Met Vishwas

Met Suvidha Rural

Met Grameen Ashray

6. INVESTMENT

Met Smart Platinum

Met Smart One

Met Easy Super

7. HEALTH

Met Health Care

Met Health Cash

8. MONTHLY INCOME

Met Monthly Income Plan

Met Monthly Income Plan 7 Pay

35

1. CHILD PLAN

Met Bhavishya

MetLife offers 'Met Bhavishya' - a guaranteed money back plan that pays out funds to

help you meet the education and career milestones of your children. With this plan, the

Life Insured is that of the parent. The plan also has inbuilt guaranteed additions to add

value to the policy over its term.

Death Benefit

In the event of death of the Person Insured (the parent), the family will receive a lump

sum payment of Sum Assured. The fixed term payment and maturity benefits will

continue irrespective of the death of the Life Insured and all future premiums on the

policy would be waived.

Maturity Benefit

On maturity of the policy, the plan offers Guaranteed Periodic Additions and Terminal

Additions:

1. Guaranteed Periodic Additions of 5% of the Sum Assured for every completed year.

2. Terminal additions of 20% of the total Guaranteed Periodic Additions.

Guaranteed Payouts

Option A: Policy matures at age 21 of the child.

Age of the Child Percentage of Payout Assumed Milestone

15 years 20% of Sum Assured Class X

17 years 30% of Sum Assured Class XII

20 years 50% of Sum Assured College

21 years Guaranteed Additions Higher Education

Option B: Policy matures at age 25 of the child.

36

Age of the Child Percentage of Payout Assumed Milestone

17 years 20% of Sum Assured Class XII

21 years 30% of Sum Assured College

23 years 50% of Sum Assured Higher Education

25 years Guaranteed Additions Wedding

Met Junior Endowment

MetLife offers 'Met Junior' - a flexible endowment plan that combines savings and

security. Your children's well-being is your highest priority. So we offer a plan which

offers both timely and efficient "Return on Investment".

Death Benefit

Met Junior-Non Par: In the event of death of the Person Insured, the nominee will receive

the Sum Assured.

If death occurs before age 7, then the death benefit is equal to the return of premiums plus

interest on premiums.

If death occurs before age 7, then the death benefit is equal to the return of premiums plus

interest on premiums.

Maturity Benefit

Met Junior - Non Par: On attaining maturity, the Person Insured will receive the Sum

Assured.

Met Junior Money Back

MetLife offers 'Met Junior Money Back' - a money back plan that combines savings and

security. Your child's well-being is your highest priority. So we offer you a money back

plan which provides guaranteed periodic survival benefits at the end of 5, 10 & 15 years,

along with guaranteed growth of your savings.

Death Benefit

37

In the event of death of the Person Insured, the Sum Assured along with the Guaranteed

Additions are payable.

The policyholder is entitled to Guaranteed Additions of Rs. 100/ per Rs. 1000/- Sum

Assured for each completed year.

If death occurs before age 7, then the Death Benefit is equal to the return of premiums

plus interest on premiums.

Maturity Benefit

On maturity, the Life Insured will receive the Survival Benefits plus the Guaranteed

Addition.

Survival Benefit

At the end of 5 years 20% of Sum Assured

At the end of 10 years 20% of Sum Assured

At the end of 15 years 20% of Sum Assured

Upon survival to

maturity

40% of Sum Assured plus total

Guaranteed Additions

2. RETIREMEN

Met Pension Par

Met Pension (Par) serves as a friendly helping hand so you can stay financially

independent even after retirement. It helps you build up a fund for your golden years.

Death Benefit

Return of premiums.

Accrued reversionary bonus is to be paid.

Any insurance on the life of the Insured that may be provided by riders to this policy is

paid.

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Vesting Benefit

On the vesting date, you can take one third of your retirement kitty as a tax-free lump

sum and utilize the balance to buy annuities or you can use the entire retirement kitty to

buy annuities. The retirement fund on the date of vesting is equal to the Sum Assured

plus Guaranteed Additions plus the compounded reversionary bonuses plus the terminal

bonus, if any.

Guaranteed Additions

Guaranteed Additions equal to 10% of the Sum Assured are payable at the end of the

15th policy year, in the form of a one-time lump sum addition to the Sum Assured.

Guaranteed Additions are available on policies with terms greater than 15 years.

Policy Loan

No loans are available under this policy

3. SAVING PLAN

Met Sukh

MetLife offers Met Sukh - a guaranteed Money-Back Policy which provides guaranteed

periodic survival benefits at the end of 5, 10, 15 & 20 years and guaranteed additions of

10% of the Sum Assured for the entire term. It not only covers your life, but also

guarantees you cash payments at various milestones along with guaranteed growth of

your savings.

Death Benefit

In the unfortunate event of death of the Person Insured, the Sum Assured along with the

Guaranteed Additions are payable.

The policyholder is entitled to Guaranteed Additions of Rs. 100/ per Rs. 1,000 of the Sum

Assured for each completed year.

Maturity Benefit

On maturity, the life insured will receive the Survival Benefits plus the Guaranteed

Addition.

39

Survival Benefits

Met Suvidha

Met Suvidha is a Flexible Endowment Plan that combines savings and security. In

addition to providing you protection till the maturity of the plan, it helps you save for

your specific long term financial objectives. This long term savings-cum-protection plan

comes to you at affordable premiums.

Death Benefit

Met Suvidha - Par

In the event of death during the term of the policy, the beneficiary will receive the base

Sum Assured, the accrued reversionary bonus and terminal bonus, if any.

Met Suvidha - Non Par

In the event of death during the term of the policy, the beneficiary will receive the base

Sum Assured.

Maturity Benefit

Met Suvidha - Par

On maturity of the policy, you will receive the base Sum Assured, the accrued

reversionary bonus and terminal bonus, if any.

Met Suvidha - Non Par

On maturity of the policy, you will receive the base Sum Assured.

40

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

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

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

Upon survival to maturity 40% of the Sum Assured plus

Total Guaranteed Additions

Bonuses

Bonuses are available only on participating policies. The bonuses are not guaranteed as

they are based on the Company’s actual investment returns, persistency and expense

experience. No bonus is payable for the first 2 years of the policy.

Met Saral

MetLife presents Met Saral - a non- participating endowment plan. As the name suggests,

it’s a simple savings plan which gets you into the savings habit without any medical tests.

All you need to do is fill in a simple application form and you are ensured a guaranteed

maturity amount of Rs 1,00,000 even in the case of your death during the term. Take the

first step towards a better financial future for yourself and your family. Ensure and insure

the first Lakh.

Death Benefit

In the event of death, the Sum Assured equal to Rs 1,00,000 is payable.

Maturity Benefit

On Maturity, of the policy the Sum Assured equal to Rs 1,00,000 is payable.

Met 100

MetLife presents Met 100 - a whole life policy where you pay premiums for 15, 20 or 25

years. It helps create a legacy for the children, leaving money for a dependant spouse and,

more importantly, provides insurance cover at affordable rates.

Death Benefit

Met 100 - Par

In the event of death, the Sum Assured plus the Reversionary Bonus and Terminal

Bonuses, if any, are payable.

Met 100 - Non-Par

In the event of death, the Sum Assured is payable.

41

Maturity Benefit

Met 100 - Par

On maturity of the policy, the Sum Assured plus the Reversionary Bonus and Terminal

Bonuses, if any, are payable.

Met 100 - Non-Par

On maturity of the policy, the Sum Assured is payable.

4. PROTECTION

Met Suraksha

MetLife offers Met Suraksha - Term Assurance (TA), a non participating term assurance

plan which provides you life cover at a nominal cost. To put it simply, it is a life

insurance plan that gives you complete protection to enjoy life to the fullest. You can

further customize your plan with two riders – Accidental Death Benefit and Critical

Illness.

Death Benefit

In the event of death of the Person Insured, the Sum Assured is payable.

Maturity Benefit

There is no Maturity benefits available under this plan.

Met Suraksha TROP

MetLife offers Met Suraksha - Term with Return of Premium (TROP), a non

participating term assurance plan which provides you life cover at a nominal cost. To put

it simply, it is a life insurance plan that gives you complete protection to enjoy life to the

fullest. You can further customize your plan with two riders – Accidental Death Benefit

and Critical Illness.

Death Benefit

In the event of death of the Person Insured, the Sum Assured is payable.

42

Maturity Benefit

On maturity of the policy, you receive the total of all premiums plus the Guaranteed

Additions. The Guaranteed Additions are equal to 10% of premiums (including policy

fee) paid (and excluding extra premiums and rider premiums if any).

Met Surakhsha Plus

MetLife offers ‘Met Suraksha Plus’- Term Assurance (TA) a non participating term

assurance plan which provides you life cover. It is designed for people who want to take

care of their financial commitments, should anything unfortunate happen, at a nominal

cost. To put it simply, it is a life insurance plan that gives you the complete protection so

that you can enjoy life to the fullest.

Death Benefit

In the unfortunate event of death of the Person Insured the Sum Assured are payable.

Maturity Benefit

There is no maturity benefits available under this plan

Met Mortage Protector Plus

MetLife presents 'Met Mortgage Protector Plus' – a plan which provides you life cover

for home loans taken for any period above 5 years. It is a decreasing term insurance with

single and limited premium options. The plan covers you for an amount equal to the

outstanding amount as per the policy schedule.

Death Benefit

In the unfortunate event of death of the Life Insured, the outstanding loan amount is

payable to the beneficiary.

Maturity Benefit

Not applicable.

43

5. RURAL

Met Vishwas

Met Vishwas is a single premium, micro insurance, non- participating term assurance

plan which provides you life cover at a nominal cost.

Death Benefit

In the event of death of the Person Insured the Sum Assured is payable.

Maturity Benefit

On surviving the Coverage Term, you receive:

1. 110% of the single premium paid for a 5 year coverage term.

2. 125% of the single premium paid for a 10 year coverage term.

Guaranteed Surrender Value

In case of any emergency, should you need to surrender your policy early, you will get

surrender benefits as per table below:

Policy

Year

Percentage of Single

Premium payable as

Surrender Benefit

(5 year coverage term)

Percentage of single premium

payable as Surrender Benefit

(10 year coverage term)

1 60% 60%

2 70% 65%

3 80% 70%

4 90% 75%

5 100% 80%

6

Not applicable

85%

7 90%

8 100%

9 110%

10 120%

Met Suvidha-Rural

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Met Suvidha (Rural) is a participating flexible Endowment Plan that combines savings

and security. In addition to providing you protection up to maturity, it helps you save for

your specific long term financial objectives.

Death Benefit

Met Suvidha - Par

In the event of death during the term of the policy, the beneficiary will receive the base

Sum Assured, the accrued reversionary bonus and terminal bonus if any.

Maturity Benefit

Met Suvidha - Par

On maturity of the policy, you will receive the base Sum Assured, the accrued

reversionary bonus and terminal bonus if any.

Bonuses

Bonuses are available only on participating policies. The bonuses are not guaranteed as

they are based on the Company’s actual investment returns, persistency and expense

experience. No bonus is payable for the first 2 years of the policy.

Met Grameen Ashray

MetLife offers Met Grameen Ashray - a simple micro insurance, non- participating plan

which provides you life cover at a nominal cost.

Death Benefit

In the event of death of the Person Insured the Sum Assured is payable.

Surrender Benefits

- There are no Surrender benefits for Regular Premium policies.

- Single Premium Policies can be surrendered after completion of 2 years from the date of

commencement. Upon receipt of a surrender request, a cash surrender value of 30%, 20%

or 10% of the Single Premium will be payable if the surrender is made in Year 3 or Year

4 or Year 5 respectively.

6. INVESTMENT

45

Met Smart Platinum

MetLife is proud to present Met Smart Platinum, a Unit-Linked Plan which can be

customized to match your ever changing financial needs! This whole life plan offers you

the flexibility of short premium payment commitments along with a multitude of other

benefits including the unique Auto Rebalancing Portfolio Strategy.

Death Benefit

In the unfortunate event of death, while the policy is in force & before the maturity date,

your nominee will get the following death benefit

i) If the death of the Person Insured occurs before the attainment of age 60:

The death benefit payable will be higher of

- The Base Fund Value (the value of units pertaining to Base Premium Account), or

- The Base Sum Assured less all Partial Withdrawals made in accordance with the Partial

Withdrawal provisions in the last 24 months preceding the date of death of the Person

Insured, or

- 105% of the total Regular/Limited Premiums paid

ii) If the death of the Person Insured occurs on or after the attainment of age 60:

The death benefit payable will be higher of

- The Base Fund Value (the value of units pertaining to Base Premium Account) or

- Base Sum Assured less all Partial Withdrawals made in accordance with the Partial

Withdrawal provisions, during the last 24 months immediately preceding the date of

death or all Partial Withdrawals made in accordance with the Partial Withdrawal

provisions post attainment of age 60, whichever is higher or .

- 105% of the total Regular/Limited Premiums paid.

Maturity Benefit

The policy matures upon attaining age 99 years. The maturity benefit is equal to the Total

Fund Value in the Unit Account determined using the Net Asset Value on the maturity

date will be payable.

46

Met Smart One

You work hard to fulfill your family dreams and wish everything that is best for them,

whether it is your children's education or your child marriage or buying your dream

house. We at MetLife understand that your hard earned money should work equally

harder for you. Hence we bring to you Met Smart One, which is investment cum

protection single premium plan which along with its various investment management

options facilitates accelerated wealth creation with Loyalty additions.

Death Benefit

In the unfortunate event of your demise, while the policy is in force & before the maturity

date, your nominee will get the following death benefit

i) If the death of the Person Insured occurs before the attainment of age 60:

The death benefit payable will be higher of

- The Single Premium Fund Value

- The Base Sum Assured less all Partial Withdrawals made in accordance with the Partial

Withdrawal provisions in the last 24 months preceding the date of death of the Person

Insured, or

- 105% of the total Single Premium paid

ii) If the death of the Person Insured occurs on or after the attainment of age 60:

The death benefit payable will be higher of

- The Single Premium Fund Value

- Base Sum Assured less all Partial Withdrawals made in accordance with the Partial

Withdrawal provisions, during the last 24 months immediately preceding the date of

death or all Partial Withdrawals made in accordance with the Partial Withdrawal

provisions post attainment of age 60, whichever is higher or.

- 105% of the Single Premium paid.

Maturity Benefit

On maturity of the policy you will receive the Total Fund Value as on the maturity date.

47

If you wish to defer your maturity proceeds, you may choose to do so with the Settlement

Option.

Met Easy Super

While you plan to secure the happiness and future of your loved ones, give wings to your

dreams of wealth creation. Security for your family and your need of wealth creation

should work together as you move ahead in life. We understand that at MetLife, and

hence we bring you Met Easy Super – an Easy Protection, Super wealth creation plan.

While you ensure security for your loved ones, we work towards your goals of wealth

creation - because you and your family deserve the very best.

Death Benefit

In the unfortunate event of death, while the policy is in force and before the maturity

date, your nominee will get the following death benefit:

i) If the death of the Person Insured occurs before the attainment of age 60:

The death benefit payable will be higher of

- The Fund Value (the value of units pertaining to Regular Premium Account), or,

- Sum Assured less all Partial Withdrawals made in accordance with the Partial

Withdrawal provisions in the last 24 months preceding the date of death of the Person

Insured.

- 105% of the Total Regular Premiums paid less all Partial Withdrawals, made in

accordance with the Partial Withdrawal provisions in the last 24 months preceding the

date of death of the Person Insured.

ii) If the death of the Person Insured occurs on or after the attainment of age 60:

The death benefit payable will be higher of

- The Fund Value (the value of units pertaining to Regular Premium Account), or,

- Sum Assured less all Partial Withdrawals made in accordance with the Partial

Withdrawal provisions, during the last 24 months immediately preceding the date of

death or all Partial Withdrawals made in accordance with the Partial Withdrawal

48

provisions post attainment of age 60, whichever is higher

Maturity Benefit

On maturity of the policy you will receive the Total Fund Value as on the maturity date.

If you wish to defer your maturity proceeds, you may choose to do so with the Settlement

Option.

7. HEALTH

Met Health Care

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

Against Hospitalization expenses by providing you a Daily Cash benefit as chosen by

you. Against 10 major Critical Illnesses by providing you a lumpsum benefit. Against

Total & Permanent Disability due to accident by providing you a lumpsum benefit.

Death/Maturity Benefit

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

Tax Benefits

The premium paid (excluding the service tax) under this plan is eligible for Tax Benefits

under Section 80 D of the Income Tax Act, 1961 as per the provisions and conditions

given therein and are subject to any changes made in the tax laws in future.

Met Health Cash

Met Health Cash is a health insurance plan from MetLife. The plan covers you against

hospitalization expenses by providing you a Fixed Daily Hospitalization Cash Benefit

(Fixed DHCB) as chosen by you.

Conditions apply.

Family means spouse and up to 4 children. Every additional family member shall be

underwritten as per the underwriting conditions laid by the Company from time to time.

49

Death/ Maturity Benefits

There are no Death/ Maturity benefit under Met Health Cash.

Tax Benefits

The premium paid (excluding the service tax) under this plan is eligible for Tax Benefits

under Section 80 D of the Income Tax Act, 1961 as per the provisions and conditions

given therein and are subject to any changes made in the tax laws in future.

8. MONTHLY INCOME

Met Monthly Income Plan

MetLife offers 'Met Monthly Income Plan' a participating plan which guarantees you a

monthly regular income for you and your family when you are there and even if you are

not there for 15 years or till end of the policy term.

Death Benefit

In the unfortunate event of your death your nominee/beneficiary will receive:-

1. During the Premium Payment Term - 25% of the Base Sum Assured plus all accrued

simple reversionary bonuses is payable immediately. The monthly regular income also

starts from the first monthly anniversary falling after the date of death and continues to be

paid to the nominee/beneficiary for the next 15 years.

2. After the Premium Payment Term - 25% of the Base Sum Assured plus all accrued

simple reversionary bonuses is payable immediately. The monthly regular income to the

nominee/beneficiary continues for the remaining term till maturity. At the maturity date

as chosen at inception, the policy ceases with payment of "Terminal Bonus", if any.

Survival Benefits

You get a monthly regular income that you have chosen at the inception of the policy for

15 years after the end of the Premium Payment Term. The monthly regular income

commences from the monthly anniversary date that immediately succeeds the completion

of the Premium Payment Term.

50

Maturity Benefit

On attaining the maturity age you will receive the accrued Simple Reversionary Bonuses

along with the Terminal Bonus, if any.

Met Monthly Income Plan 7 pay

MetLife offers 'Met Monthly Income Plan-7 Pay' where you are required to pay premium

only for 7 years and get back the Guaranteed Monthly Income that you choose at

inception for 8 years. At the end of the term you will also get the accrued bonuses as a

lump sum.

Survival Benefits

You get a monthly regular income that you have chosen at the inception of the policy for

8 years (Maximum of 96 months) after the end of the Premium Payment Term. The

monthly regular income commences from the monthly anniversary date that immediately

succeeds the completion of the Premium Payment Term.

Maturity Benefit

On attaining the maturity age you will receive the accrued Simple Reversionary Bonuses

along with the Terminal Bonus, if any.

Death Benefit

In case of unfortunate death during the term of the Policy, your family will immediately

get a guaranteed sum equal to 24 times the chosen monthly income. In addition to this, all

accrued bonuses (non-guaranteed) till date will also be paid to the nominee.

Met Monthly Income Plan 15 Pay

MetLife presents, Met Monthly Income Plan 15 Pay where you now have the option to

pay for 15 years and get a steady guaranteed# monthly income for 15 years. What’s

more, at the end of the term you will also get the accrued bonuses# as a lumpsum

51

Survival Benefits

You get a monthly regular income that you have chosen at the inception of the policy for

15 years after the end of the Premium Payment Term.

Death Benefit

In the unfortunate event of death of the Person Insured while the policy is in force, the

nominee/beneficiary will receive:-

1. During the Premium Payment Term - 45 times the chosen monthly income plus all

accrued simple reversionary bonuses is payable immediately. The monthly regular

income also starts from the first monthly anniversary falling after the date of death and

continues to be paid to the nominee / beneficiary for the next 15 years. At the end of 15

years from the date of first monthly regular income payment (maximum of 180 monthly

income payments), the policy ceases with payment of “Terminal Bonus”, if any.

Premium payments cease immediately on death of the Policyholder during the premium

payment term

2. After the Premium Payment Term - 45 times the chosen monthly income plus all

accrued simple reversionary bonuses is payable immediately. The monthly regular

income to the nominee/beneficiary continues for the remaining term till maturity is

payable. No reversionary bonus is declared for policies in case death claims have been

paid (i.e. maximum of 180 monthly income payments from the date of commencement of

the first monthly income payment). At the maturity date as chosen at inception, the policy

ceases with payment of “Terminal Bonus”, if any.

Maturity Benefit

On attaining the maturity age you will receive the accrued Simple Reversionary Bonuses

along with the Terminal Bonus, if any. This will be payable along with the final

installment of the monthly regular income.

52

2.7 MARKET PROFILE OF THE ORGANIZATION

With over 140 years of experience, the MetLife companies are a leading

innovator and a recognized leader in protection planning and retirement and savings

solutions around the world. We have established a strong presence in over 60 countries

through organic growth, acquisitions, joint ventures and other partnerships. We are

strengthening our global brand by extending core products and competencies to markets

around the world – an important driver of growth for the enterprise.

Around the world, the MetLife companies offer life, accident and health insurance,

retirement and savings products through agents, third-party distributors such as banks and

brokers, and direct marketing channels. We work with families, corporations and

governments to provide them with solutions that offer financial guarantees in their lives.

Our name is recognized and trusted by 90 million customers worldwide and over 90 of

53

top 100 FORTUNE 500® companies in the United States. We have the experience,

global resources and vision to provide financial certainties for an uncertain world.

GLOBAL PROCUREMENT

General Information on our Procurement Process Global Procurement's vision is

to bring value to the enterprise by delivering procurement services in an efficient,

Professional manner and at a competitive cost. In support of this mission, MetLife has

implemented streamlined electronic tools for both Sourcing and requisitioning, allowing

us to provide the most professional processes.

All vendors interested in being considered for procurement opportunities with

MetLife must first be registered on Ariba eSourcing. After a vendor completes and

electronically submits the form, a member of the Procurement team will review it. The

vendor will electronically be notified as to whether their registration was accepted or

denied, based on a variety of criteria (i.e. accuracy of information, profile of company,

presence of relevant attachments.

54

CHAPTER - 3

DISCUSSIONS ON TRAINING

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3.1 STUDENT’s WORK PROFILE (ROLES AND RESPONSIBILITIES), TOOLS

AND TECHNIQUES USED.

I had undergone my internship training at MetLife for a period of 3 months

from 15th of September to 16th of November 2011. I have gained a lot of knowledge and

practical experience during the training. During this period I learned the following:

DEFINITION OF IRDA AGENT

IRDA agent is qualified person who is authorized by insurance regulatory

development authority to do insurance businesses for any one life and general insurance

company.

QUALIFICATION TO BECOME AN IRDA AGENT

1. Minimum age is 18 tears

2. Educational qualification for urban areas: 12th pass

3. Educational qualification for rural areas candidate: 10th pass.

4. 50 hours raining from an IRDA approved institute.

5. Prospect has to clear the pre-recruitment test conducted by insurance

Institute of India.

TYPES OF AGENT

There are three types of agents. They are as follows:

1. Individual agent

2. Corporate agent

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3. Insurance brokers

PROCEDURE TO GIVE LICENSE TO AGENT

1. INDIVIDUAL AGENT

Case 1: Fresh licensing

Person has to submit all the required documents and then undergo for 50 hours training

and after he has to appear for the pre-recruitment test. When he clears the test we will

issue him a license and agency code.

Case 2: Composite agent

Person has to submit all the required documents along his original life license and then

undergo for 50 hours training and after that has to appear for the pre-recruitment test.

When he clears the test we will issue him a license composite license and agency.

Case 3: Transfer of license

For getting an agent license transfer to the company from his previous General insurance

company we require “NO Objection certificate” in original from previous company.

RENEWAL OF LICENSE

Agency license is valid only for three years. At the end of third year agent has to

again go for refresh training for 25 hours no examination this time.

Please look at the fee structure payable at the time of renewal.

1. Rs 250 if license is renewed before 30 days from its expiry date.

2. Rs 350 if license is renewed less than 30 days and before expiry of license.

3. Rs 1000 if license renewed after date of expiry.

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In case 2&3 agent has to write a requisition letter for renewing his license stating the

reason for delay in renewal.

2. INSURANCE BROKER

“INSURANCE BROKER “ means a person for the time-being licensed by the

Authority under regulation 11 who for a remuneration arranges insurance contracts

with insurance companies and/or reinsurance companies on behalf of his clients.

The “insurance broker” wherever it appears in these regulations shall be deemed

to mean a direct broker, a reinsurance broker or a composite broker, as the case may

be, unless expressly stated to the contrary;

Insurance broker can be an individual or a firm or a company formed under the

companies’ act 1956 or a co-operative society registered under the co-operative

societies Act, 1912 or under any law for the registered of co-operative societies or

any other person by the authority to act as an insurance broker.

3. CORPORATE AGENT

The applicants for corporate agency should normally be a company whose

principal business should be other than distribution of insurance products .Insurance

distribution should be a subsidiary activity. While selecting the agent stress should be

placed on the availability of client base or access to data which would facilities

identification of prospects .The applicants could be any of the entities indicated in sub

regulation 2(k) of IRDA (Licensing of corporate agents) regulations. The chief

insurance executive the designated officer and either specified person who will be

employed by applicant should be whole time employees if the applicant.

CORPORATE AGENCIES

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Corporate agencies are also licensed with us and can source business.

Corporate agencies are basically private limited or partnerships firms that source a

wide bouquet of financial products corporate &services in addition to life &

general insurance products.

CORPORATE AGENCIES LICENSING

Every CA needs to have one chief insurance executive and any number of

specified people.

Both the CIE and the specified person need to undergo 50 hrs IRDA training and

clear the examinations.

Each branch needs to have 1 specified person licensed for each branch location.

For licensing of a corporate agent/CIE/specified person all documentary

requirements need to be complete.

DOCUMENTATION REQUIRED

Corporate agreement signed by CIE.

8 photographs of CIE /Specified person.

Name and address, father’s name and date of birth of director /partner.

Board resolution extra from board resolution confirming the CIE and

Authority person on the letter head of the company

Partnership deed or moa(in case of a company)

Form A1 and A2

Company’s address proof.

RECRUITMENT AGENT

The responsibility of recruiting of agents lies with the sales manager and team of

CSO’s.

After recruiting the agent sales manager submits the form online and also courier

all required documents to corporate office.

At co, CDT enters the details in the system and keeps record-SM wise.

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Reappear case

Cases where the agent fails in the exam and wishes to appear, the documentation

required are:

Exam form (iii yellow form)

Demand draft Rs 500(for iii) in favor of reliance general insurance company

limited payable at Mumbai.

NEW LICENCING PROCESS

SM COMPLETE

Forms fully (yellow

form+form va+training

sponsorship form agent

docs+demand draft).

Puts the details of

intermediary in AMS.

On successful completion of

inserting details of IMD a

reference code is generated

SM has to put this reference

no on form VA &training

sponsorship form.

Completely check forms.

Courier to CO channel

development team.

Courier dispatch details stored

at the branch by SM.

Channel development team.

Opens courier.

Check docs.

Approved it online if docs

are proper.

Reject & return incomplete

docs .immediately to SM

with rejection report based

on reference no.

Channel development team.

Photocopies yellow form.

Send training enrollment

form to training institute.

Files form VA+other agent

Channel development team.

Follow up with institute for

training completion

certificate.

Receives and files TCC’S.

Receives test result from III

website.

Published declared result.

Gets agent license code from

IRDA site and upload.

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Release codes to SM.

TRAINING

As per IRDA guidelines ,training of agent for 50 hrs is mandatory

Agent can opt for any of the methods of training:

1. ONLINE TRAINING

Conducted by various vendors and managed .centrally. A unique user ID and pass word

is given to agent.

2. MANUAL TRAINING

Conducted by various institute approved by IRDA. It takes duration 10 working days to

complete full training. In case of CA, CS CWA, MBA and life insurance license holders

also 50 hrs training is mandatory.

Training programme covers the following aspect:

IRDA Training-Basics & principles of insurance

Product Training

Revision & Mock test

Training Completion Certificates.(TCC)

It is issued by the training institute for each candidate who completes the 50 hours

training.

In respect of successful candidates in Exam, we will issue license and agency

code to agent so that he will start placing business with us.

Only yellow Color III exam form bearing serial no. to be used for exam.

DD. should be payable at Mumbai only.

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Candidates to carry the Admit Cards and individual Training certificates in the

exam center.

The candidates will not be allowed to appear for the exam if he fails to carry these

documents.

Candidates can appear for exam only on the date and slot as fixed for them.

There are two types of exams held for the agents:

1. MANUAL EXAM

Manual exams are centralized.

Centralized regular exams are held twice a month on 1st and the 3rd

Sunday.

There is special exams also held on the 2nd and 4th Sunday each

month provided the registered candidates are =>100.

2. ONLINE EXAM

Online Exams are held in most cities in the affiliated institutes

from III and can be conducted between Mondays to Friday with

prior notice to the institute. Results in online exams are instant.

As soon as agent code is generated Branch will receive a welcome

from CO

TERMINATIONS OF AGENTS

Agent can be terminated for any of the following reason:

Resignation

Death of Agent

Violation of code of conduct

Failure to achieve Minimum Assured Business.

In all above cases (except death) agent will cease to receive commission post termination

date.

Case where the agent wants to surrender his license: Documents required:

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Approved resignation letter/termination letter read from the company

Original photo ID card.

Letter stating his intention to surrender the agency.

Other docs. Like kits, cover note, stationary, agent manuals, for brochures etc

RSM’s Confirmation for No dues to agent to Channel Development Team.

Age Proof Education Proof

CAREER SKILL TRAINING (CST)

Our training program focuses on developing skills, knowledge and competencies

through a high-quality curriculum, and allows you to gain the experience you need to

succeed in an insurance career. The program is divided into several components:

IRDA exam and licensing

Classroom training on knowledge and skills

In-agency on-the-job training

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1. Birth certificate

2. Mark sheet/School Leaving

Certificate

3. Driving License

4. Other life insurance policy

5. Pan card’

6. defense ID card

7. Passport

8. Domicile certificate,

PF statement from employers

9. Marriage Certificate

10. Baptism certificate issue by

Churches

1. 10th std mark sheet or higher (for

rural)

2. 12th std mark sheet or higher (for

urban)

3. Other certificates viz. provisional,

character, leaving from

college/school

4. Membership certificate from

CA/CS/CWA and MBA (AICTE

approved or recognized institutes)

5. Valid diploma courses (Equivalent

to 12th STD): Mark sheet/Certificate

mentioning 3 yrs diploma.

CST trains you for the IRDA license exam, while simultaneously integrating the

additional skills that differentiate a MetLife Advisor from the others in the industry. Hone

your prospecting, target marketing, need-based selling, and customer service skills. Even

after your initial training is over, MetLife will continue to help you refine your skills.

Classes, self-study courses, and the attainment of professional designations will always

be an important part of your on-going training.

3.2 KEY LEARNINGS.

I have updated the employee information at the office.

I have updated the salary sheet report for the purpose of verification.

I have learned about the recruitment process regarding the agents.

I had got an opportunity to interact with the agents, customers, sales

managers, trainers, trainees, superiors, subordinates, peer groups ,

Applicants, students and several other professionals.

We had also gained Knowledge regarding several aspects of Agent

Recruitment.

During our internship I got an opportunity to conduct recruitments and to

select skilled and talented candidates for the organization.

I have analyzed the key strengths of the organization.

Good Infrastructural Facilities

Positive Work Environment

Healthy Interpersonal Relations

Excellent Customer Service

Optimum Market Share & Brand Equity

Excellence in Project Execution

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CHAPTER - 4

STUDY OF SELECTED RESEARCH

PROBLEM

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4.1 STATEMENT OF RESEARCH PROBLEM.

The process flows for recruitment of agents and their satisfaction level.

Recruitment is a process to discover the sources of manpower to meet the

requirement of the staffing schedule and to employ effective measures for attracting that

manpower in adequate numbers to facilitate effective selection of efficient personnel.

Every organization needs to look after recruitment and selection in the initial

period and thereafter as and when additional manpower is required due to expansion and

development of business activities.

Right person for the right job’ is the basic principle in recruitment and selection.

Ever organization should give attention to the selection of its manpower, especially its

managers. The operative manpower is equally important and essential for the orderly

working of an enterprise. Every business organization/unit needs manpower for carrying

different business activities smoothly and efficiently and for this recruitment and

selection of suitable candidates is essential.

MEANING

Recruitment means to estimate the available vacancies and to make suitable

arrangements for their selection and appointment. Recruitment is understood as the

process of searching for and obtaining applicants for the jobs, from among whom the

right people can be selected.

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In recruitment, information is collected from interested candidates. For this

different source such as newspaper advertisement, employment exchanges, internal

promotion, etc. are used.

4.2 STATEMENT OF RESEARCH OBJECTIVE.

To estimate the satisfaction level of the agents and to know their view about

recruitment process and service level of the organization.

Huge number of research has been done regarding the Agent Recruitment

program. Each and every factor at MetLife is studied. This study reports the findings on

Agent Recruitment Process at MetLife.

The Study is intended to achieve the following objectives;

To find out the current practices adopted for the Agent Recruitment of the

potential candidates.

To find out the new methods of Agent Recruitment Process of the external

candidates.

To find the reasons of the high attrition rate.

To find the ways to reduce high attrition rate.

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4.3 RESEARCH DESIGN AND METHODOLOGY.

For investigation and acquiring scientific knowledge about any problem situation

or subject, the researcher has to make out the methodology of study, which refers to the

methods or techniques using conducting the study. To make the present study more

scientific the following methodology has been adopted.

METHOD OF DATA COLLECTION

For the present study the methods of research utilized are;

1. HISTORICAL METHOD

In historical method it includes personal bulletins, personal policy book records

and documents applied by them.

2. SURVEY METHOD

But when in the case of survey method it includes that the data collected from

schedules and questionnaires.

Source of data collections are generally two types. They are;

1. PRIMARY DATA

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Primary data are data that were freshly gathered for a specific purpose or for a

specific research problem.

2. SECONDARY DATA

Secondary data are data that were collected for another purpose and already exist

somewhere.

The data collected for analysis is of primary type as the data has been collected

directly from the agents. A questionnaire based on the objective of the research problem

was developed to gauge the satisfaction level of the Agents. The final conclusions &

suggestions were inferred from the analysis of the collected data.

LIMITATIONS OF THE STUDY

While conducting the research work the researcher has to face some or other

difficulties. The present study does not escape from it. The limitations are as follows;

The time allowed for data collection was about two months it is difficult to

get all the information with in the short span of time.

METLIFE -Visakhapatnam being a Life Insurance Company most of the

data are kept confidential.

The hindrances before the researcher was most of the executives as well as

the workers were busy with their normal work.

Finally the company is big concern and has a huge records & data and the researcher has

to carry out his study omitting many of the cases and records.

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CHAPTER - 5

ANALYSIS

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1.1 SUMMARY OF FINDINGS.

The information collected from the respondents the following findings are ascertained

from the above analysis & interpretation.

Most of the respondents have completed 10-15 years of service in the

organisation and are graduates.

Majority of the respondents are SM and SSM.

Majority of the respondents are satisfied with the recruitment programmes

conducted.

All the respondents felt that there is an improvement in the work area after

completion of recruitment.

All the respondents agreed to the fact that improves their skill & knowledge

recruitment and also supports their future personal requirements.

Most of the respondents recommended more number of recruitment

programmes which would be helpful in their work area and which improves

their efficiency.

SUGGESTIONS

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MetLife can conduct campus interviews to get potential candidates to the

organization.

Depending upon the job description MetLife can take graduates.

MetLife can motivate the agents with promotions and good increments.

MetLife can recruit and select fresh candidates depending upon their skills and

knowledge. So that they can get chance to prove them.

CHAPTER - 6

SUMMARY AND CONCLUSIONS

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6.1 SUMMARY OF LEARNING EXPERIENCE.

The MetLife Insurance Company Limited is a good company. It is having good

name in the market. It is having a good market share also. It is recruiting the agents

basing on their qualification .They are trying to maintain a good relation with the agents

and the managers. They are providing license to the agents so that customers will believe

them. They are settling the claims as soon as possible.

In the current scenario, Recruitment of the right person at the right place is an

important function of the Human resource department of all companies. And it is no

surprise that retention of employees is a major challenge for the companies. This study is

intended to find out the Agent Recruitment process at MetLife.

The objective of the study is to find the Agent Recruitment process prevalent at

MetLife as Agent Recruitment process is very important function of the HR department.

The study aims to identify the sources of recruitment of the potential candidates. The

primary purpose of the study is to examine the prevailing procedure for recruitment of

candidates.

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The study reveals that a good Recruitment Process was adopted by the

company. The management is committed to fulfill the requirement of our internal &

external customer, to prevent the mistake to happen through optimize & harmonies

interrelated process, rather than individual function. The findings suggest varied and not-

so- expensive ways for retaining people.

6.2 CONCLUSIONS AND RECOMMENDATIONS.

From the above discussion we can conclude that:

The relationship of the sales managers with the agents is not so good.

The agent recruitment process is very lengthy.

The agents are not satisfied with the service provided by MetLife.

The agents were given 50 hours of training from the company.

The compulsory training for 50hours which was given to the agents by

MetLife was satisfactory.

The agents are not satisfied with the commission structure given by

MetLife.

The renewal of the license is renewed after 3 yrs.

They are taking more time period to settle the claim.

Recommendations regarding this study are:

The agent recruitment process should be changed to some extent

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The company should try to improve the relationship between the agents

and sales manager.

The company should try to provide better services to the agents.

The commission structure has to be modified a little more.

The training programme needs some changes.

The period of training should be reduced a little more.

The renewal period of the license given to the agents should be increased.

APPENDICES

QUESTIONNAIRE

1. How long have you been associated with MetLife?

a. 6 Months b. 1-2 Years

c. 6 - 12 Months d. More than 2 years

2. Have you been given training from MetLife?

a. Yes b. No

If yes, how do you rate it?

a. Above Average b. Below Average

c. Average

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3. Do you think it is necessary to complete 50 hours of to become an agent?

a. Yes b. No

4. If yes which type of training programme will you prefer?

a. Online training b. Manual training

5. Are you affiliated of IRDA?

a. Yes b. No

6. Do you have affiliation with some other organizations?

a. Yes b. No

If Yes, then with whom?

a .ICICI Lombard b .Bajaj Allianz

c .United India Assurance d .National Insurance

7. How do you find the recruitment process of MetLife?

a. Lengthy b. Short

c. Appropriate

8. Who are the persons responsible for the recruitment process of agents?

a. SM & CSO’S b. SM & other agents

c. SM & BM d. only BM

9. Are you satisfied with the service standards of MetLife?

a. Yes b. No

10. Are you satisfied with the support services of MetLife?

a. Yes b. No

11. If yes how would you rate them?

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a. Good c. Average

b. Bad

12. Is high qualification necessary to be an agent in MetLife?

a. Yes b. No

13. Do you think that it is necessary to be authorized by IRDA to become an agent in

MetLife?

a. Yes b. No

14. Which type of agent you want to become?

a. Individual agent b. Corporate agent

c. Insurance broker

15. After how many years the license provided by IRDA is renewed?

a. 1 year b. 2 years

c. 3 years d. 4 years[

16. Are you satisfied with the commission structure?

a. Yes b .No

17. What time period you has taken to settle the claims?

a. 15 days b.25 days

c. 1 month d. more than 1 month.[

18. With whom you have negotiated to settle the claims?

a.BM b. SM

c. claims department’s d. Area manager

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19. In metro cities what type of exams are conducted for agent recruitment?

a. online exam b. manual exams

20. Will you support for some changes in the recruitment process of MetLife?

a. Yes b. No

BIBLIOGRAPHY

LIST OF REFERENCES

Life insurance (insurance services) - ICFAI Publications

THE WEB SITES REFERRED

1. www.insuranceindia.com

2. www.metlifeindia.com

3. www.google.com

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