A

SYNOPSIS ON

CUSTOMER AWARENESS REGARDING MET LIFE INDIA INSURANCE COMPANY IN SHRI NAGAR, J&K

UNDER SUPERVISION OF:

SUBMITTED BY
NAME :

ENROLLMENT NO :

Submitted in partial fulfillment of the requirements for qualifying

MBA

CUSTOMER AWARENESS REGARDING MET LIFE INDIA INSURANCE COMPANY IN SHRI NAGAR, J&K

Under Supervision of Submitted By: Name Programme Code Enrollment No. Name of the Study Centre Study Centre Code Regional centre

: : : : : : MBA

TABLE OF CONTENTS
S. NO. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. CONTENTS PAGE NO.

Title of the project.......4 Introduction to topic.....5 Rationale of study.....8 Objective of the study...9 Research Methodology.....10 Expected Contribution from Study........12 Limitation.13 Chapterisation....14 Bibliography...........15 Questionaire..16

CUSTOMER AWARENESS REGARDING MET LIFE INDIA INSURANCE COMPANY IN SHRI NAGAR, J&K

2. INTRODUCTION
Successful financial planning is like a three-legged stool. One leg is investment planning, one is estate planning and the third is insurance planning. Take one leg away, and your ability to achieve your financial goals is likely to be severely threatened.

Insurance is basically a sharing advice. The losses to assets resulting from natural calamities like fire, earthquake, accidents, etc. are met out of the common pool contributed by large number of persons who are exposed to similar risks. This contribution of many is used to pay the losses suffered by unfortunate few. However the basic principle is that loss should occur as a result of natural calamities or unexpected events, which are beyond the human control. Secondly insured person should not make any gain out of insurance. It is natural to think of insurance of physical assets such as motor car insurance or fire insurance but often we forget that creator of all these assets is the human being whose efforts have gone a long way in building up the assets. In that sense, human life is unique income-generating assets. Unlike the physical assets, which decrease in value with passage of time, the individual becomes more experienced and more matured as he advances in age. This raises his earning capacity and purpose of life insurance is to protect the income in the event of his premature death. The individual himself also needs financial security for the old age or on his becoming permanently disabled when his income will stop. Insurance also has an element of saying in certain cases. Life insurance is chiefly a risk management tool, meant to offer financial protection to your dependents in the unfortunate event of your death. If you are adequately insured, your life insurance should enable to your dependents {spouse, children, and parents} to maintain their current life style and pursue their goals---till such time as they are in a position to set up an attractive income stream by themselves. Thats the basic purpose of life insurance. But in India, as the 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.

COMPANY OVERVIEW
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. 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 32,000 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 in force), 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.

The origins of metropolitan life insurance company (metlife) go back to 1863, when a group of New York city businessmen raised $100,000 to found the national union life and limb insurance company. The new company insured civil war sailors and soldiers against disabilities due to wartime wounds, accidents, and sickness. in 1868, after several reorganizations and five difficult years, the company decided to focus on the life insurance business. a new company was chartered to sell "ordinary" insurance to the middle class. the founders 6

chose the name because they had been most successful in new york city, or the "metropolitan" district. This new venture also faced difficulties0 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, MET LIFE 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 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, MET LIFE quickly transferred successful British methods for use in the United States. By 1880, the company was signing up industrial policies a day. Rapidly increasing volume quickly drove down distribution costs, and the new program proved immediately successful.

COMPANYS EQUITY PARTNERS MET LIFE INC J&K BANK PALLONJI MISTRY COMPANYS BANCASSURANCE PARTNERS AXIS BANK BARCLAYS THE DHANLAKSHMI BANK J&K BANK KARNATAKA BANK

Techno

g3.

RATIONALE OF STUDY

This study will analyze Consumer behavior against brands of the products the study of how people buy, what they buy, when they buy and why they buy. It blends elements from psychology, sociology, sociopsychology, anthropology and economics. It attempts to understand the buyer decision processes/buyer decision making process, both individually and in groups. It studies characteristics of individual consumers such as demographics, psychographics, and behavioral variables in an attempt to understand people's wants.

4. OBJECTIVES OF THE RESEARCH

1. To know the customer awareness about METLIFE insurance company in Shrinagar. 2. To know the motive of buying an insurance policy. 3. To know the customer preference for different insurance company. 4. Customer opinion about public and private sector.

5. RESEARCH METHODOLOGY
Introduction and Meaning
Research is a careful investigation or inquiry especially through search for new facts in branch of knowledge or to establish relationship between effect and cause. And especially marketing research that helps in problem solving in the marketing field, demands critical analysis of the problems that are latent or potential in nature. Research methodology, is considered a kin to clinical operations where in-depth diagnosis, prescription and medicines are applied. Research methodology is the sketch and plans to define a problem, appropriating research design, designing instrument for collection of data, and data interpretations etc. In general, Research problem is the one that requires a researcher to find out the best solution for the given problem that is to find out the course of action, the action the objectives can be obtained optimally in the context of a given environment.

Research Design
The research design of this survey will be considered as descriptive and exporative research as the survey is directed towards eliciting public opinion towards METLIFE INDIA INSURANCE. A well-structured questionnaire qualifying objectivity of the survey is used to collect data from the respondents.

Sampling Design
Universe for this project is Shrinagar City.

Sample size
In view of the constraints, sample size was restrained to 100.

Sampling unit
Any person whether holding or not holding life insurance policy, in the age slab of 20 to 60 years and residing in the Shrinagar city. 10

Data Collection
To accomplish the objectivity of this survey, primary data will be needed; however, secondary data of the MET LIFE and other companies will be used for literature review and to have general inferences. To elicit data from the survey universe, Shrinagarstructured questionnaire was administered. The secondary data required will be explored from company information brochures and Internet.

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6. EXPECTED CONTRIBUTION FROM THE STUDY

The study will help to introduce innovative products offering a right mix of flexibility/risk/return depending, which will suit the requirement of the customers and should target specific niches, which are poorly served or not served at all. As the result of the study People of MET LIFE INDIA INSURANCE Company should approach the targeted people only with the right products as the outcome of the study.The study will help the MET LIFE agents to directly approach the local consumers with the right products ,so that there overhead to find the target customer in the local market will be reduced at large.

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7. LIMITATION
The report may be beneficial to company. But there are some limitations of the study:The size of the research may not be substantial and it is limited to the Shrinagar . There may be lack of time on the part of respondents. There may be some bias information provide by company professionals. As only single cities are surveyed or covered. It does not represent the overall view of Indian Market. It is very much possible that some of the respondents may have given the incorrect information.

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8. BIBLIOGRAPHY

Books
1. Mishra, M.N., Insurance Principles and Practices (S.Chand & Co., Delhi, 1999) 2. Kotler, Philip, Marketing Management (Prentice Hall India, 2004) 3. Kothari, C.R., Research Methodology: Methods & Techniques (Wishwa Publication, Delhi, 1990) 4. Magazines and Journal OutlookInsurance Special, June 12, 2005 5. The Charted Accountant Journal, June 16, 2005

Web sites www.METLIFE.com www.bimaonline.com

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9 Dear Sir/Madam

Questionaire

I am the student of MBA at doing a project Customer awareness regarding MET LIFE INDIA INSURANCE Company. Please co-operate to fill this questionnaire.

1. Have you heard about Privatization in Life Insurance sector?

(a) Yes

(b) No

2. Have you heard about Private insurance company METLIFE India Life?

(a) Yes

(b) No

3. From where did you come to know about MET LIFE INDIA INSURANCE?

(a) Electronic Media

(b) Print Media

(c) Agents

(d) Others

4. Do you think services provided by Private sector will be better than Public sector companies?

(a) Yes

(b) No

If Yes, Remarks________________________________________________

If No, Why ____________________________________________________

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5. Do you have Insurance Policy?

(a) Yes

(b) No

6. With which company do you have Insurance Policy?

____________________________________________

7. What according to you are the motives of buying Life Insurance Policy?

(a) Tax Saving

(b) Life Cover

(c) Liquidity

(d) Secure Investment

8. Do you have any plan to buy Insurance Policy in near future?

(a) Yes

(b) No

9. If you have any plan to buy an Insurance Policy, which policy would you .prefer ?

(a) Saving Plan

(b) Protection Plan

(c) Pension Plan

(d) Childrens Plan

10. If you are not taking any insurance policy, please tell us the reasons why?

(a) We could not afford 16

(b) We dont see any benefit with the system

(c) We dont want insurance

(d) We dont understand how system works

11.

From which company would you like to take insurance 1. If you have any plan to buy an Insurance Policy, which policy would you .prefer ?

(a) METLIFE INDIA INSURANCE INSURANCE

(b) HDFC STANDARD LIFE

(c)

LIC

(d) ICICI

(e)

OTHERS

12. What are Customer Preference for different insurance companies?

(a) METLIFE INDIA INSURANCE INSURANCE (c) LIC

(b) HDFC STANDARD LIFE

(d) TATA AIG

(e)

KOTAK MAHINDRA

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13. Do you agree that met life have a good brand value than other companies?

(a) Yes

(b) No

(c) Cant say

14 which attribute you consider while taking policy from MetLife or other company?

(a) brand

(b) premium

(c) services

d) Security

BACKGROUND DATA 1. Name _________________________________________

2. Sex:

(a) Male

(b) Female

3. Age:

(a) Below 18

(b) 18-35

(c) 35-50

(d) Above 50

4. Education:

(a) Under Graduate

(b) Graduate

(C) Post Graduate

5. Occupation:

(a) Service 18

(b) Profession

(c) Business

(d) Others

6. Income:

(a) Less than Rs. 50,000

(b) Rs. 50,000 to 1,50.000

(c) Rs. 1,50,000 to 3,00,000

(d) Rs. 3,00,000 & above 7. Address __________________________________________ __________________________________________ __________________________________________

8.Phone no. __________________________________________

*Thanks for your valuable time and co-operation*

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