PROJECT REPORT

ON
CUSTOMERS ATTITUDE TOWARDS PNB
METLIFE INSURANCE

Submitted in the partial fulfillment of requirements for the award

of the degree of

Bachelor of Business Administration

SESSION (2016-2017)
Submitted to: Submitted by:
Department of Puneet Sehgal
Management studies BBA 4th sem
Roll no:bba 15/038

Satyug Darshan Technical Campus, Bhopani Lalpur

Road, Village Bopani, Faridabad, Haryana 121002

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 STUDENT DECLARATION
I Puneet Sehgal , student of BBA industry integrated hereby declare that
the project report entitled Customer Attitude Towards PNB MetLife
Insurance is my original work, carried out under the guidance of my college
faculty guides and my company guides Mr. Amit Virmani . This report
neither full nor in part has ever been submitted for award of any other degree
of either this university or any other university.

Puneet Sehgal

BBA 4th Semester

Roll no: bba15/038

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 PREFACE

Practical training is an important part of management courses. Theoretical

studies are not sufficient to get into corporate world and understand the
complexities of large-scale organizations.

Practical training exposes us to real practices of management in the

organization. It also exposes students to the treasures of experience,
knowledge and leaning which prerequisites of making a successful career
are.

I deem it privilege to have undergone this project. I acknowledge that the

practical training that I got from this cannot be gained otherwise. I found my
project very interesting and challenging.

I am extremely thankful to Mr. AMIT VIRMANI for giving me an

opportunity to undergo training in PNB MetLife India Insurance Co. Ltd.
and making my stay at PNB MetLife Insurance a memorable learning
experience.

Puneet sehgal

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 INDEX

S.N. CONTENTS PAGE NO.

A. Executive Summary 5

B. Introduction to topic 7

C. Introduction 12

D. Company Profile 26

E. Research Design 35

F. Data Analysis 37

G. Findings 57

H. Suggestions 59

I. Conclusion 61

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 J. Bibliography 62

EXECUTIVE SUMMARY

Now a day, the insurance sector is playing a vital role in the portfolio
of finance sector. So insurance industry is much concentrating over
analyzing customers attitude and behavior, which is very essential for the
growth of the company to take competitive advantage in the market.

Title of the Study: Customer attitude towards PNB MetLife

Insurance

Statement of the Problem: The study has been undertaken to know the
Customers attitude towards PNB MetLife insurance.

Objectives of the Study:

To study of customer awareness for PNB MetLife Insurance.

To understand the customers attitude towards PNB MetLife Insurance.
To know the customers attitude towards the products.
To know the customers attitude towards the service provided by the
company.
To examine the consumers buying behavior.
To know the factors which influenced the customers to purchase
policy?

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Data Source:

Primary data: Through survey method by using

Questionnaire.
Secondary data: Secondary data consists of readily available
information on various web-sites, journals, insurance books
& company database.

Sampling method:

Sample size: 100 sample

Sample unit: Existing customers of PNB Met Life Insurance.
Sample area: Faridabad city.

Limitation of the study:

This survey was restricted to Faridabad city only. Time limit was major
constraint. The Sample size restricted to 100 only.

Benefits to the Organization:

This project will help the organization to know the customers attitude
towards the products of the company. This will help the organization to
provide better services to its clients.

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Findings:

35% of policy holders are more concentrated on Unit linked

plans; it is due to the reason that the returns on these policies
are more compared to the traditional policies.

The major competitors are LIC and ICICI Prudential.

87% of the respondents would like to invest up to 20% of their annual

income in life insurance and keep the substantial part of the income
for their livelihood.

Suggestions:

Service should focus on enhancing the customer experience and maximizing

customer convenience. This calls for effective CRM system, which
eventually would create sustainable competitive advantage and build long
lasting relationship.

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 INTRODUCTION TO THE TOPIC

Consumer Behavior:
Consumer behavior is the study of how people buy, what they buy, when
they buy and why they buy. It blends elements from psychology, sociology,
socio-psychology, 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. It also tries to assess influences on the
consumer from groups such as family, friends, reference groups, and society
in general.

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Attitude:

Attitude is a hypothetical construct that represents an individual's like or

dislike for an item. Attitudes are positive, negative or neutral views of an
"attitude object": i.e. a person, behavior or event. People can also be
"ambivalent" towards a target, meaning that they simultaneously possess a
positive and a negative bias towards the attitude in question.

Attitudes are composed from various forms of judgments. Attitudes develop

on the ABC model (affect, behavioral change and cognition). The affective
response is a physiological response that expresses an individual's
preference for an entity. The behavioral intention is a verbal indication of the
intention of an individual. The cognitive response is a cognitive evaluation
of the entity to form an attitude. Most attitudes in individuals are a result of
observational learning from their environment.

Attitude-Behavior Consistency: Consumers often do not behave

consistently with their attitudes for several reasons:

Ability: He or she may be unable to do so. Although junior high

school student likes pick-up trucks and would like to buy one, she
may lack a drivers license.

Competing demands for resources: Although the above student would

like to buy a pickup truck on her sixteenth birthday, she would rather
have a computer, and has money for only one of the two.

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 Social influence: A student thinks that smoking is really cool, but
since his friends think its disgusting, he does not smoke.

Measurement problems: Measuring attitudes is difficult. In many

situations, consumers do not consciously set out to enumerate how
positively or negatively they feel about mopeds, and when a market
researcher asks them about their beliefs about mopeds, how important
these beliefs are, and their evaluation of the performance of mopeds
with respect to these beliefs, consumers often do not give very reliable
answers. Thus, the consumers may act consistently with their true
attitudes, which were never uncovered because an erroneous
measurement was made.

Changing behavior: People like to believe that their behavior is rational;

thus, once they use our products, chances are that they will continue unless
someone is able to get them to switch. One way to get people to switch to
our brand is to use temporary price discounts and coupons; however, when
consumers buy a product on deal, they may justify the purchase based on
that deal (i.e., the low price) and may then switch to other brands on deal
later. A better way to get people to switch to our brand is to at least
temporarily obtain better shelf space so that the product is more convenient.
Consumers are less likely to use this availability as a rationale for their
purchase and may continue to buy the product even when the product is less
conveniently located. (Notice, by the way, that this represents a case of
shaping).

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Changing beliefs: Although attempting to change beliefs is the obvious
way to attempt attitude change, particularly when consumers hold
unfavorable or inaccurate ones, this is often difficult to achieve because
consumers tend to resist. Several approaches to belief change exist:

Change currently held beliefs: It is generally very difficult to

attempt to change beliefs that people hold, particularly those that are
strongly held, even if they are inaccurate. For example, the petroleum
industry advertised for a long time that its profits were lower than
were commonly believed, and provided extensive factual evidence in
its advertising to support this reality. Consumers were suspicious and
rejected this information, however.

Change the importance of beliefs: Although the sugar

manufacturers would undoubtedly like to decrease the importance of
healthy teeth, it is usually not feasible to make beliefs less important--
consumers are likely to reason, why, then, would you bother bringing
them up in the first place? However, it may be possible to strengthen
beliefs that favor us--e.g., a vitamin supplement manufacturer may
advertise that it is extremely important for women to replace iron lost
through menstruation. Most consumers already agree with this, but
the belief can be made stronger.

Add beliefs: Consumers are less likely to resist the addition of

beliefs so long as they do not conflict with existing beliefs. Thus, the
beef industry has added beliefs that beef (1) is convenient and (2) can
be used to make a number of creative dishes. Vitamin manufacturers

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 attempt to add the belief that stress causes vitamin depletion, which
sounds quite plausible to most people.

Change ideal: It usually difficult, and very risky, to attempt to

change ideals, and only few firms succeed. For example, Hard Candy
may have attempted to change the ideal away from traditional beauty
toward more unique self expression.

Attitude Change:

Changing the Function that the Product Serves.

Associate the Product with a Famous Personality or an Established

Organization.

Changing Attitudes by Presenting the Product in a New Light.

Change the Beliefs of the Consumer Regarding the Product.

Try to Change the Perception of the Consumer.

Need to understand:

Why consumers make the purchases that they make?

What factors influence consumer purchases?

The changing factors in society.

Consumer Buying Behavior refers to the buying behavior of the ultimate

consumer. A firm needs to analyze buying behavior for:

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 Buyers reactions to a firms marketing strategy has a great impact
on the firms success.

The marketing concept stresses that a firm should create a

Marketing Mix that satisfies customers, therefore need to analyze the
what, where, when and how consumers buy.

Marketers can better predict how consumers will respond to

marketing strategies.

If a marketer can identify consumer buyer behavior, he or she will be in a

better position to target products and services at them. Buyer behavior is
focused upon the needs of individuals, groups and organizations.

It is important to understand the relevance of human needs to buyer behavior

(remember, marketing is about satisfying needs).

Let's look at human motivations as introduced by Abraham Maslow by his

hierarchy of needs: The hierarchy is triangular. This is because as you move
up it, fewer and fewer people satisfy higher level needs. We begin at the
bottom level.

Physiological needs such as food, air, water, heat, and the basic necessities
of survival need to be satisfied. At the level of safety, man has a place to live
that protects him from the elements and predators. At the third level we meet
our social and belongingness needs i.e. we marry, or join groups of friends,
etc.

The final two levels are esteem and self-actualization. Fewer people satisfy
the higher level needs. Esteem means that you achieve something that makes

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you recognized and gives personal satisfaction, for example writing a book.
Self-actualization is achieved by few. Here a person is one of a small
number to actually do something. For example, Neil Armstrong self-
actualized as the first person to reach the Moon.

INTRODUCTION

Introduction to Insurance:

The business of insurance is related to the protection of the economic value of

assets. Every asset has a value. The asset would have been created through the
efforts of the owner. The asset would have been created through the efforts of
the owner. The asset is valuable to the owner, because he expects to get some
benefits from it. It is a benefit because it meets some of his needs. The benefit

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may be an income or in some other form. In the case of a factory or a cow, the
product generated by it is sold and income is generated. In the case of a motor
car, it provides comfort and convenience in transportation. There is no direct
income. Both are assets and provide benefits.

Every asset is expected to last for a certain period of time during which it
will provide the benefits. After that, the benefit may not be available.

There is a life-time for a machine in factory or a cow or a motor car. None of

them will last forever. The owner is aware of this and he can so manage his
affairs that by the end of that period or life-time, a substitute is made
available. Thus he makes sure that the benefit is not lost. However, the asset
may get lost earlier. An accident or some other unfortunate event may
destroy it or make it incapable of giving the benefits. An epidemic may kill
the cow suddenly. In that case, the owner and those enjoying the benefits
therefore, would be deprived of the benefits. The planned substitute would
not have been ready. There is an adverse or unpleasant situation. Insurance is
a mechanism that helps to reduce the effects of such adverse situations. It
promises to pay to the owner or beneficiary of the asset, a certain sum if the
loss occurs.

Insurance business is divided into four classes:

Life Insurance Business.

Fire Insurance Business.

Marine Insurance Business.

Miscellaneous Insurance Business

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Insurance in India:

Insurance in India refers to the market for insurance in India which covers
both the public and private sector organizations. It is listed in the
Constitution of India in the Seventh Schedule as a Union List subject,
meaning it can only be legislated by the Central government.

The insurance sector has gone through a number of phases by allowing

private companies to solicit insurance and also allowing foreign direct
investment. India allowed private companies in insurance sector in 2000,
setting a limit on FDI to 26%, which was increased to 49% in 2014.
However, the largest life-insurance company in India, Life Insurance
Corporation of India is still owned by the government and carries a
sovereign guarantee for all insurance policies issued by it.

History of Insurance in India:

In India, insurance has a deep-rooted history. Insurance in various

forms has been mentioned in the writings of Manu (Manusmrithi),
Yagnavalkya (Dharmashastra) and Kautilya (Arthashastra). The
fundamental basis of the historical reference to insurance in these
ancient Indian texts is the same i.e. pooling of resources that could be
re-distributed in times of calamities such as fire, floods, epidemics and
famine. The early references to Insurance in these texts have reference
to marine trade loans and carriers contracts.
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 Insurance in its current form has its history dating back until 1818,
when Oriental Life Insurance Company was started by Anita Bhavsar
in Kolkata to cater to the needs of European community. The pre-
independence era in India saw discrimination between the lives of
foreigners (English) and Indians with higher premiums being charged
for the latter. In 1870, Bombay Mutual Life Assurance Society
became the first Indian insurer.
In the year 1912, the Life Insurance Companies Act and the Provident
Fund Act were passed to regulate the insurance business. The oldest
existing insurance company in India is the National Insurance
Company, which was founded in 1906 and is still in business.
The Government of India issued an Ordinance on 19 January 1956
nationalizing the Life Insurance sector and Life Insurance Corporation
came into existence in the same year. The Life Insurance Corporation
(LIC) absorbed 154 Indian, 16 non-Indian insurers as also 75
provident societies245 Indian and foreign insurers in all.
In 1972 with the General Insurance Business (Nationalization) Act
was passed by the Indian Parliament, and consequently, General
Insurance business was nationalized with effect from 1 January 1973.
107 insurers were amalgamated and grouped into four companies,
namely National Insurance Company Ltd., the New India Assurance
Company Ltd., the Oriental Insurance Company Ltd and the United
India Insurance Company Ltd. The General Insurance Corporation of
India was incorporated as a company in 1971 and it commence
business on 1 January 1973.

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Life Insurance:

Life insurance, originally conceived to protect a man's family when his death
left them without income, has developed into a variety of policy plans.

Life insurance or life assurance is a contract between the policy owner and
the insurer, where the insurer agrees to pay a sum of money upon the
occurrence of the insured individual's or individuals' death or other event,
such as terminal illness or critical illness. In return, the policy owner (or
policy payer) agrees to pay a stipulated amount called a premium at regular
intervals or in lump sums. There may be designs in some countries where
bills and death expenses plus catering for after funeral expenses should be
included in Policy Premium. In the United States, the predominant form
simply specifies a lump sum to be paid on the insured's demise.

As with most insurance policies, life insurance is a contract between the

insurer and the policy owner (policyholder) whereby a benefit is paid to the
designated Beneficiary (or Beneficiaries) if an insured event occurs which is
covered by the policy. To be a life policy the insured event must be based
upon life (or lives) of the people named in the policy.

Life policies are legal contracts and the terms of the contract describe the
limitations of the insured events. Specific exclusions are often written into
the contract to limit the liability of the insurer; for example claims relating to
suicide, fraud, war, riot and civil commotion.

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Life based contracts tend to fall into two major categories:

Protection: designed to provide a benefit in the event of specified

event, typically a lump sum payment. A common form of this design
is term insurance.

Investment policies: where the main objective is to facilitate the

growth of capital by regular or single premiums. Common forms (in
the US anyway) are whole life, universal life and variable life
policies.

Some of the important milestones in the life insurance business

in India are:

1818:-The British Introduce to India. With the establishment of the

Oriental Life Insurance Company in Calcutta.

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

1870:- Bombay mutual Life Assurance Society is the first India

owned life insurer.

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

1912: The Indian Life Assurance Companies Act enacted as the first
statute to regulate the life insurance business.

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 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 amended to by the

Insurance Act with the objective of protecting the interests of the
insuring public.

1956: 245 Indian and foreign insurers and provident societies taken
over by the central government and nationalized. LIC formed by an
Act of Parliament, viz. LIC Act, 1956, with a capital contribution of
Rs. 5 crore from the Government of India.

1972: The General Insurance Business (Nationalization) Act, 1972

nationalized the general insurance business in India with effect from
1st January 1973.

1993:-Malhotra Committee, headed by former BBI governor

R.N.Malhotra, set up to draw up a blue print for insurance sector
reforms.

1994:-Malhotra Committee recommends re-entry for private players,

autonomy to PSU insurers.

1997:-Insurance regulator IRDA (Insurance Regulatory and

Development Authority) set up.

2000:- IRDA starts giving licenses to private insurers.

2002:- Banks were allowed to sell insurance plans, as TPAs enter the
scene, insurers start selling non-life claims in the cashless mode.

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Life Insurance Industry today:

Currently there are 24 Life insurance companies operating in India as detail

hereunder:

Life Insurance Corporation (LIC) of India is a public sector company.

There are 23 Life Insurance companies in private sector.

The postal department under the Indian government also transacts

Life insurance business via Postal Life Insurance, but is exempt from
the purview of regulator.

Life Insurance Companies in India:

Public sector Company:

Life Insurance Corporation of India.

Private sector Company:

AEGON Religare Life Insurance Co. Ltd.

Aviva Life Insurance Co. India Ltd.
Bajaj Allianz Life Insurance Co. Ltd.
Bharti AXA Life Insurance Co. Ltd.
Birla Sun Life Insurance Co. Ltd.
Canara HSBC Oriental Bank of Co. Ltd.

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 DHFL Pramerica Life Insurance Co. Ltd.
Edelweiss Tokio Life Insurance Co. Ltd.
Exide Life Insurance Co. Ltd.
Future Generali India Life Insurance Co. Ltd.
HDFC Standard Life Insurance Co. Ltd.
ICICI Prudential Life Insurance Co. Ltd.
IDBI Federal Life Insurance Co. Ltd.
IndiaFirst Life Insurance Co. Ltd.
Kotak Mahindra Old Mutual Life Insurance Ltd.
Max Life Insurance Co. Ltd.
PNB MetLife India Insurance Co. Ltd.
Reliance Life Insurance Co. Ltd.
Sahara India Life Insurance Co. Ltd.
SBI Life Insurance Co. Ltd.
Shriram Life Insurance Co. Ltd.
Star Union Dai-lchi Life Insurance Co. Ltd.
Tata AIA Life Insurance Co. Ltd.

Top 10 Most Reputed Insurance Companies in India:

Life Insurance is one thing that almost all of us have to think about and
indeed should be possessing at least one, from a leading insurance company.
The need for insurance would arise only when a liability or financial loss
occurs when a family member passes away, especially who was the bread
winner of the family. Most of the time, people just take it for granted on
insurance policies as a piece of boring paper, or consider as an investment in
something where the returns are not immediate. However one has to
understand the importance that, if you do not take one now, then the loss that
you may have to face later, either in your business or family would be much
beyond expectations.

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Choosing the right kind of insurance policy would definitely set up the right
way and it could indeed be really amazing. Choose one from the most
reputed company and secure your familys future. Here is a list of few
companies that rank among the top 10 insurance companies in India in 2015.

Life Insurance Corporation of India (LIC)

LIC is the oldest and most trusted name among the life insurance companies
in India, which was established in 1956 and continues to serve the public
with some excellent policies and products. The Mumbai based company
provides employment to nearly 112000 people and is known for excellence
of its services. If you are planning to take up a life insurance, then these are
the names to trust. Investing in one of these companies ensures that your
future is in secure hands.

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ICICI Prudential Life Insurance

ICICI Prudential Life Insurance is a leading life insurance company in India,

which was initiated in 2000 to become the first private company to enter the
insurance sector. The company is a joint venture between ICICI and the UK
based firm, Prudential PLC, and has its head quarters in UK.

HDFC Standard Life Insurance

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Another popular choice among life insurance companies in India is HDFC
Standard Life Insurance Company, which started business in 2000, when
HDFC joined hands with UK based financial services company, Standard
Life plc. The head quarters of the company are located in Mumbai.

Birla Sunlife Insurance

A trusted name in the insurance sector in India is that of Birla Sunlife

Insurance, which was set up in the country in 2000, as a joint venture
between Aditya Birla Group and a Canadian financial leader called Sunlife
Financial INC. The company has registered whopping sales figures in life
insurance policies.

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Bajaj Allianz Life Insurance

Featuring next on the list of top 10 life insurance companies in India in 2015
is Bajaj Allianz Life Insurance, which was established in 2001, as
collaboration between Bajaj Finserv ltd and Allianz SE. The head office of
this company is located in Pune and it has shown significant growth in
recent times.

SBI Life Insurance

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State Bank of India is a leading name in the banking sector, and the life
insurance company launched in 2001 by SBI in collaboration with BNP
Paribas is equally trusted name in the insurance sector. The ratio of capital
holdings between the two companies is 74% and 26% respectively.

Max Life Insurance

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The next name among the top 10 life insurance companies in the country in
2015 is that of Max Life Insurance, a tie up between Max India Limited and
Mitsui Sumitomo Insurance Company Limited, a leading global insurance
company. The company was founded in 2000 and is head quartered in New
Delhi.

Tata AIG Life Insurance

Tata AIG Life is another renowned player in the insurance sector.

Established in 2001, the company is a joint venture of Tata Group and
American International Group (AIG). The company is based in Mumbai and
has registered immense success in life insurance sector.

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Reliance Life Insurance

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Another leading life insurance company in India is Reliance Life Insurance,
which is a subsidiary of Reliance Capital Company. The company began its
operations in 2001 and is based in Navi Mumbai and the Japanese company,
Nippon took over 26% of its share in 2011. It has an employee base of 1000
people at present.

ING Vysya Life Insurance

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ING Vysya Life Insurance Company is among the leaders in the insurance
market in India in 2015. The company was established in 2001 and is based
in Bangalore. It caters to a huge customer base of over a million people in
the country.

COMPANY PROFILE

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PNB MetLife India Insurance Company Limited

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PNB MetLife India Insurance Company Limited (PNB MetLife) is one of
the fastest growing life insurance companies in the country having as its
shareholders, MetLife International Holdings Inc. (MIHI), Punjab National
Bank Limited (PNB), Jammu & Kashmir Bank Limited (JKB), M. Pallonji
and Company Private Limited and other private investors, with MIHI and
PNB being the majority shareholders. PNB MetLife was previously known
as MetLife India Insurance Company Limited and has been present in India
since 2001.

PNB MetLife brings together the financial strength of a leading global life
insurance provider, MetLife, Inc., and the credibility and reliability of PNB,
one of India's oldest and leading nationalized banks. The vast distribution
reach of PNB together with the global insurance expertise and product range
of MetLife makes PNB MetLife a strong and trusted insurance provider.

PNB MetLife is present in over 150 locations across the country and serves
customers in more than 8,000 locations through its bank partnerships with
PNB, JKB and Karnataka Bank Limited.

PNB MetLife provides a wide range of protection and retirement products

through its Agency sales of over 10,000 financial advisors and multiple bank
partners, and provides access to Employee Benefit plans for over 800
corporate clients in India. With its headquarters in Bangalore and Corporate
Office in Gurgaon. PNB MetLife is one of the

Fastest growing life insurance companies in the country. The company

continues to be consistently profitable and has declared profits for last five
Financial Years.

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About MetLife:

MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates

(MetLife), is one of the largest life insurance companies in the world.
Founded in 1868, MetLife is a global provider of life insurance, annuities,
employee benefits and asset management. Serving approximately 100
million customers, MetLife has operations in nearly 50 countries and holds
leading market positions in the United States, Japan, Latin America, Asia,
Europe and the Middle East.

PNB MetLife Values:

Put Customers First: Caring for and respecting customers is core to

everything we do. It defines our work and shapes the culture for our
people radiating out to our shareholders and communities.
Be The Best: We are relentless in our search for new and better ways
of doing things. As a leader in our industry, we constantly raise the
bar, take calculated risks and learn quickly from our mistakes.
Make Thing Easier: Products in our industry aren't always easy to
understand. That's why we are always looking for simpler ways to
connect customers to the best solutions. By doing this, we aim to
exceed their expectations and build trust.
Succeed Together: United by our purpose, we live by a collective
commitment to honesty, integrity and diversity. We are open and
inclusive proudly taking and applying the best ideas from every part
of our company.

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"Coming into your It's all about People, Functioning
own", MetLife's key resource. productively in teams
performing as a Leader MetLife will succeed towards a common
to be really effective because we are winning purpose; realizing the
and from within. collective power of
successful by acting diverse work-groups.
and
making decisions
Independently to get
results.

Operating with an Conducting all business Continuously creating

intense dedication to endeavors with truth, and introducing new
managing monetary sincerity and fairness. and original ideas and
resources for strong ways of doing things.
business results.

Management Team:

Tarun Chugh joined PNB MetLife in February 2014 to lead the India
business. He brings over 20 years of experience in the BFSI sector to his

Page 35
role at PNB MetLife, with extensive work experience within the insurance
industry. Tarun is a part of the Asia Leadership Group (ALG) with key
responsibilities of driving growth and development of the India business.

PNB MetLife has a Management Team who are established experts in their
field of work with Mr. Tarun Chugh at the helm. Each of the Management
Team members has worked across the BFSI category and is specialists with
a strong focus on Customer Centricity.

Key Persons (as defined by IRDAI):

Chief Executive Officer Tarun Chugh

Appointed Actuary P. K. Dinakar
Chief Investment Officer Sanjay Kumar
Chief of Internal Audit Bishwajit Choudhary
Chief Finance Officer MSVS Phanesh
Chief Compliance Officer Vijaya Sanjay Nene
Chief Risk Officer Anjan Bhattacharya

Corporate Social Responsibility at PNB MetLife

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PNB MetLife has taken the first step in giving back to the local
communities and launched its CSR initiative. The company has joined hands
with bank partners, Jammu & Kashmir Bank Limited (JKB) and Karnataka
Bank Limited (KBL) to support the cause of education and development of
underprivileged children.

TAGLINE

Peace of Mind, Guaranteed

MASCOT- A DOG NAMED SNOOPY

PNB MetLife Approach:

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Partners:

Punjab National Bank

J & K Bank

Karnataka Bank Ltd.

Geojit

J & K Grameen Bank

Birders Technologies Pvt. Ltd.

American Express Banking Corp.

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Products and Plans:

Online plans:

A. Term plan:

MetLife Mera Tera Plan

B. Health plan:

MetLife Major Illness Premium Back Cover

Individual plans:

A. Protection plan:

MetLife Mera Tera Plan

MetLife Family Income Protector Plus

B. Retirement plans:

MetLife Monthly Income Plan - 10 pay.

C. Monthly Income plans:

MetLife Monthly Income Plan - 10 pay.

D. Money Back plan:

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 MetLife Money Back Plan

E. Investment plans:

MetLife Smart Platinum

MetLife Easy Super

MetLife Dhan Samridhi

MetLife Smart One

F. Child plans:

MetLife Smart Child

MetLife College Plan

G. Saving plans:

MetLife Endowment Saving Plan

MetLife Bachat Yojana

MetLife Bhavishya Plus

H. Rural plans:

MetLife Grameen Ashray Plan

MetLife Bachat Yojana

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 MetLife Bhavishya Plus

I. Health plans:

MetLife Major Illness Premium Back Cover

Group plans:

A. Corporate Solutions:

MetLife Group Term Life Plus

MetLife GDAS

MetLife Group Gratuity

MetLife Superannuation

MetLife Unit Linked Employee Benefit Plan

MetLife Traditional Employee Benefit Plan

MetLife Complete Care Plus

B. Group Loan Protection:

MetLife Loan & Life Suraksha

MetLife Loan Assure

MetLife Flexi Shield

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 Group Saving Solutions:

MetLife Group Saving Plan

RESEARCH DESIGN

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Title of the Study: Customer attitude towards PNB MetLife
Insurance

Statement of the Problem: The study has been undertaken to know the
Customers attitude towards PNB MetLife insurance.

Objectives of the Study:

To study of customer awareness for PNB MetLife Insurance.

To understand the customers attitude towards PNB MetLife Insurance.
To know the customers attitude towards the products.
To know the customers attitude towards the service provided by the
company.
To examine the consumers buying behavior.
To know the factors which influenced the customers to purchase
policy?

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Data Source:

Primary data: Through survey method by using Questionnaire.

Secondary data: Secondary data consists of readily available
information on various web-sites, journals, insurance books &
company database.

Sampling method:

Sample size: 100 sample

Sample unit: Existing customers of PNB MetLife Insurance.
Sample area: Panipat city.

Limitation of the study:

This survey was restricted to Panipat city only.

Sometimes we cannot get proper response from the respondents.

It is very hard to get information from each & every individual by

filling questionnaire. Sometimes we cannot get proper response from
the respondents.

Language also becomes barriers. Some persons cannot understand

English and cannot give proper response.

It is also difficult to know whether willing respondents are true

representative.

Time was the major constraint.

The study is limited to specific area only and the data is collected
from the 100 respondents.

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Benefits to the Organization:

This project will help the organization to know the customers attitude
towards the products of the company. This will help the organization to
provide better services to its clients.

DATA ANALYSIS

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 Customer Profile

AGE

frequency percentage cumulative percentage

20- 42 42% 42%

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 30
30- 30 30% 72%
40
40- 20 20% 92%
50
50- 8 8% 100%
60
total 100 100%

AGE
20-30 30-40 40-50 50-60

8%
20%
42%

30%

Analysis:

From the pie chart it depicts that majority of Customers age is in between
20-40 age.

GENDER

frequency percentage

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 male 67 67%
female 33 33%
total 100 100%

male; 67
total; 100

female; 33

Analysis:

Out of 100 Respondents

67% of respondents are male

33% of respondents are female.

MARITAL STATUS

frequency percentage
married 76 76%
unmarried 24 24%
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 total 100 100%

marital status
married unmarried

24%

76%

Analysis:

Out of 100 respondents majority of respondents are married.

EDUCATION

frequency percentage cumulative

percentage
12TH 43 43% 43%
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 u.g 33 33% 76%
p.g 18 18% 94%
professional 6 6% 100%
total 100 100%

education
12TH u.g p.g
professional

6%
18%
43%

33%

Analysis:

According to analysis majority of clients are 12th.

OCCUPATION

frequency percentage
Government Employee 10 10%
Business 26 26%
Private Employee 28 28%
Professional 5 5%
Others 31 31%
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 total 100 100%

occupation
Government Employee Business
Private Employee Professional
Others

10%
31%
26%
5%
28%

Analysis:

Out of 100 Respondents

10% of respondents are Government employees.

26% of respondents have their own Business.

28% of respondents are Private employee.

5% of respondents are Professionals.

31% of respondents are others.

ANNUAL INCOME

frequency percentage
Below 1 lakhs 28 28%
1-2 lakhs 30 30%
2-3 lakhs 27 27%
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 3-4 lakhs 13 13%
Above 4 lakhs 2 2%

INCOME
Below1 lakh 1-2 lakhs 2-3 lakhs
3-4 lakhs Above 4 lakhs

30%
27%
28%
2% 13%

Analysis:

Out of 100 respondents the pie chart depicts that majority of respondents
have annual income of 1-2 lakhs per annum.

IN WHICH COMPANY YOU HAVE INVESTED?

frequency percentage
SBI Life 3 3%
Tata AIG 5 5%
ICICI Prudential 17 17%
LIC of India 61 61%
HDFC standard life 8 8%
Others 6 6%
total 100 100%

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 LIC of India ; 61%

HDFC standard life ; 8%

ICICI Prudential ; 17% Others; 6%
Tata AIG ; 5% SBI Life ; 3%

Analysis:

The chart depicts that the customers of PNB MetLife are also having
policies in the other companies; this indicates that the customers options for
different plans which they prefer in other companies.

WHAT % OF SAVING WOULD YOU LIKE TO INVEST IN

LIFE INSURANCE PLOCIY ANNUALLY?

frequency percentage
Up to 20% 87 87%
21% -30% 13 13%
31%- above 0 0%
TOTAL 100 100%

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 21 % -30% ; 13%

Up to 20% ; 87%

Analysis:

Most of the customers would like to invest up to 20% and keep the
substantial part of the income for their livelihood.

WHICH POLICY HAS YOU TAKEN FROM PNB

METLIFE?

frequency percentage
Pension plan 27 27%
Children plan 14 14%
Protection plan 11 11%
Investment plan 10 10%
unit linked 35 5%
Other 3 3%
total 100 100%

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 Other; 3%
Pension plan ; 27%
unit linked ; 35%

Children plan ; 14%

Investment plan ; 10%
Protection plan ; 11%

Analysis:

According to the analysis, unit linked plan has captured the mindsets of the
customers compared to traditional plans.

SPECIFY THE REASON FOR INVESTING IN PNB

METLIFE?

frequency percentage
Service 19 19%
Saving 8 8%
Tax benefit 25 25%
Return on investment 48 48%
total 100 100%

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 Service; 19%

Return on investment ; 48% Saving; 8%

Tax benefit ; 25%

Analysis:

Most of the customers 48% invest in PNB MetLife Insurance for getting
high returns on investment. And minority is 8% of respondents have
invested in PNB MetLife for savings purpose.

HOW DID YOU COME TO KNOW ABOUT PNB METLIFE?

frequency percentage
Periodicals 21 21%
Family & Friends 41 41%
Financial Consultant 28 28%
Advertisement 8 8%
Others 2 2%
Total 100 100%

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 Financial Consultant ; 28%
Advertisement ; 8%
Others; 2%

Periodicals; 21%
Family & Friends ; 41%

Analysis:

Chart indicates that majority of customers have come to know about PNB
MetLife Insurance from their Family& Friends.

WHO INFLUENCES YOU, WHILE MAKING

PURCHASING DECISION?

frequency percentage
Friends & Colleague 22 22%
Family & Relatives 18 18%
Financial Consultants 51 51%
Advertisements 5 5%
Others 4 4%
total 100 100%

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 5% 4% 22% Friends & Colleague
Family & Relatives
51% 18%
Financial Consultants
Advertisements
Others

Analysis:

Out of 100 Respondents

40%&of respondents have been influenced by reference groups while

making purchase decision (company /policy decision)

51% of respondents have been influenced from Financial Consultants

while making purchase decision.

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WOULD YOU LIKE TO RECOMMEND PNB METLIFE TO
OTHERS?

frequency percentage
yes 79 79%
no 21 21%
total 100 100%

yes; 79

total; 100

no; 21

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Analysis:

79 % of respondents have positive attitude towards PNB MetLife that

they willingness to recommend PNB MetLife to others.

21% of respondents have not going to recommend PNB MetLife.

IT IS EASY TO INVEST IN PNB METLIFE.

frequency percentage
Strongly agree 51 51%
Agree 31 31%
Neither agree nor disagree 5 5%
Disagree 13 13%
total 100 100%

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 Disagree; 13%
Neither agree nor disagree ; 5%

Strongly agree ; 51%

Agree; 31%

Analysis:

Out of 100 Respondents majority of the customers strongly agree saying that
it is easy to invest in PNB MetLife.

PNB METLIFE MAINTAINS GOOD RELATIOS WITH

CUSTOMERS.

frequency percentage
Strongly agree 15 15%
Agree 53 53%
Neither agree nor disagree 32 32%
Disagree 0 0%
Total 100 100%

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 Strongly agree ; 15%
Neither agree nor disagree ; 32%

Agree; 53%

Analysis:

68% of respondents (15% strongly agree + 53% Agree) have positive

attitude towards service provided by the company.

32% of respondents have not in a position to decide the service

provided by the company.

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 YOU BUY PNB METLIFE PRODUCTS BECAUSE IT
GIVES HIGH RETURN ON INVESTMENT

frequency percentage
Strongly agree 57 57%
Agree 32 32%
Neither agree nor disagree 11 11%
Disagree 0 0%
Total 100 100%

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 Neither agree nor disagree ; 5%

Agree; 36%
Strongly agree ; 59%

Analysis:

57% of customers have taken PNB MetLife Insurance products for high
return on investments and strongly agree with that.

YOU BUY PNB METLIFE PRODUCTS BECAUSE IT

GIVES HIGH SECURITY.

frequency percentage
Strongly agree 40 40%
Agree 51 51%
Neither agree nor disagree 9 9%
Disagree 0 0%
Total 100 100%

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 Neither agree nor disagree ; 5%

Agree; 36%
Strongly agree ; 59%

Analysis:

Majority of the customers agree with the security of their investment made
in PNB MetLife insurance and a substantial part of the customers strongly
agree with that.

YOU BUY PNB METLIFE PRODUCTS BECAUSE IT

GIVES GOOD SERVICE.

frequency percentage
Strongly agree 17 17%
Agree 52 52%
Neither agree nor disagree 30 30%
Disagree 1 1%
Total 100 100%

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 Neither agree nor disagree ; 5%

Agree; 36%
Strongly agree ; 59%

Analysis:

69% of respondents have positive attitude towards service provided

by the company.

30% of respondents have not in a position to decide the service

provided by the company.

1% respondent have negative attitude towards service provided by the

company.

YOU BUY PNB METLIFE PRODUCTS BECAUSE IT

GIVES TAX BENEFIT.

frequency percentage
Strongly agree 59 59%
Agree 36 36%
Neither agree nor disagree 5 5%
Disagree 0 0%
Total 100 100%

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 Neither agree nor disagree ; 5%

Agree; 36%
Strongly agree ; 59%

Analysis:

Out of 100 Respondents

59% of respondents are strongly agreed.

36% of respondents are agreeing. & 5% respondents are partial.

FINDINGS

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 35% of policy holders are more concentrated on Unit linked plans; it
is due to the reason that the returns on these policies are more
compared to the traditional policies.

All the respondents are having insurance policies, which shows that
their willingness to cover his/ her life risk cover and give protection to
his/her family.

87% of the respondents would like to invest up to 20% of their annual

income in life insurance and keep the substantial part of the income
for their livelihood.

Many customers expect some extra facilities from the Company.

The major competitors are LIC and ICICI Prudential.

Maximum business comes from financial consultants with aggressive

selling.

Most of the respondents are satisfied with attending query, which

shows that the company is capable of understanding the customers
attitude & provide optimal solution.
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 The customers of PNB MetLife are also having policies in the other
companies this indicates that the customers opt for different plans
which they prefer in other companies.

51% of the customers strongly agree that investing in PNB MetLife is

easy.

79% of the customers would like to recommend PNB

MetLife to others.

57% of the customers have invested in PNB MetLife because of high

return on investments.

Most of the customers have positive attitude towards safety and

secured on their investment.

68% of respondents have positive attitude towards service provided

by the company and 32% of respondents have not in a position to
decide the service provided by the company.

In these days LIC created a very well image in the mind of

General public because it is semi Government Company and also an
oldest company. In short most people of Indian believe upon the LIC
only.

Most of people believe that private insurance companies

carried out fraud activity thats why they never believe upon the
private players.

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 Majority think that insurance is important, at the same time
there are very less people who dont know the significance of
insurance.

Findings show that almost all people could deal with their
problems effectively after the insurance guidance. But some people
said it wasnt helpful for them and they couldnt tackle the problems
as they thought.

Page 70
 SUGGESTIONS &
RACOMMENDATION

Company has to create sense of security among the customers.

Because most of the people fear about security in Private life
insurance companies. So Company has to explain and highlight about
IRDA, which will give support to the private life insurance.

As the competition is increasing the company should use the new

emerging methods for collection of premiums to get the competitive
advantage on others.

Service should focus on enhancing the customer experience and

maximizing customer convenience. This calls for effective CRM

Page 71
 system, which eventually would create sustainable competitive
advantage and build long lasting relationship.

Whenever company launches new products, company should conduct

some Events for existing customers, which ensures direct interaction
with existing customers.

MetLife must give more advertisements on electronic media and print

media, as it help in enhance its goodwill and more people are willing
to buy insurance product.

An insurance company must work with honesty to win the confident

of its customer.

PNB MetLife should offer best product and service at low cost in
effective way.

Each and Every product launched by the Insurance Company should

be in favor of increasing need of policy holders.

IRDA should be more and more responsible to the insurance sector by

determining some standard. It should be mandatory to every insurer to
make more and more responsible and responsive to the policy holders
so that comprehensive understanding may be developed among policy
holders. It may be beneficial on both sides.

Page 72
 CONCLUSTION

PNB MetLife Insurance Company is well structured company in all respects

it has got well-organized distribution system. It has also a proper procedure
for running activities systematically. The major competitors are LIC and
ICICI Prudential. Financial consultants are the one who influence the
customers decision. Maximum business comes from financial consultants
with aggressive selling. Family welfare is the main factor, which investors
think while investing in any life insurance company. But other factors such
as returns, security, and tax benefit are also carrying almost same preference.

Page 73
 BIBILOGRAPHY AND
REFRENCES

BROCHURES /INFORMATION BOOKLETS:

Product list PNB MetLife.

Annual Report PNB MetLife.

The Insurance Regulatory and Development Authority Bill, 1999

NEWSPAPER:

The Economic times.

BOOKS:

Marketing Management: Philip Kotler.

Policy Holder Hand Book PNB MetLife.

WEBSITES:

www.irda..gov.in

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www.ibef.org/industry/insurance-sector

www.policyholder.gov.in

www.business-standard.com

www.pnbmetlife.com

www.bankbazaar.com

ANNEXURE
Page 75
QUESTIONNAIRE

Page 76
 Can you mention the names of Life Insurance Company?
________________________________________

In which company you have invested?

SBI Life ( ) Tata AIG ( ) ICICI Prudential ( )

LIC of India ( ) HDFC standard life ( )

Others_____________

What % of your savings would you like to invest in Life insurance

Policy annually?

Up to 20% ( ) 21 % -30% ( ) 31%- above

()

Which policy have you taken from PNB MetLife?

Pension plan ( ) Children plan ( ) Protection plan ( )

Investment plan ( ) unit linked ( ) Other__________

Specify the reason for investing in PNB MetLife?

Service ( ) Saving ( )

Tax benefit ( ) Return on investment ( )

How did you come to know about PNB MetLife?

Periodicals ( ) Family & Friends ( )

Financial Consultant ( ) Advertisement ( )

Others __________________________

Who influences you, while making purchase decision (Company /

policy decision)?

Friends & Colleague ( ) Family & Relatives ( )

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 Financial Consultants ( ) Advertisements ( )

Others
___________________________________________________________
______

Would you like to recommend PNB MetLife to others?

Yes ( ) No ( )

Reason:
___________________________________________________________
____

It is easy to invest in PNB MetLife.

Strongly agree ( )

Agree ( )

Neither agree nor disagree ( )

Disagree ( )

Strongly disagree ( )

PNB MetLife maintains good relation with Customer (after sales

service).

Strongly agree ( )

Agree ( )

Neither agree nor disagree ( )

Disagree ( )

Strongly disagree ( )

Page 78
 You buy PNB MetLife products because it gives.

Factors Strongly Agree Neither Disagree Strongly

agree agree nor disagree
disagree
High
Return on
investmen
t
High
Security
Good
Service
Tax
benefit

Which kind of facility do you expect from PNB MetLife?

__________________________________________________________________
_____

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