“LIVE PROJECT ON CHANNEL

DEVELOPMENT AT MAX NEW YORK

LIFE”
CERTIFICATE OF APPROVAL
This is to certify that the following Internship Project Report Title
“Channel Development at MNYL” is hereby approved as certified
studies in management carried out in a manner satisfactory to
warrant its acceptance as a prerequisite for the successful
completion of the 1st semester Internship program for which they
have been submitted. It is understood that by this approval the
undersigned do not necessarily endorse or approve any statement
made, opinion expressed or conclusion drawn therein but approve
the Internship Project Report only for the purpose it is submitted.

Internship Project Report Examination Committee for evaluation

of Internship Project Report.

Name Signature

1. Faculty Examiner___________________________________

2. Internel Guide ___________________________________

3. External Guide ----------------------------------------------------

1
 Acknowledgement

I sincerely acknowledge the aspiration support & guidance of all

those people who have been instrumental in making this project

success.

My sincere gratitude to Max New York Life Insurance for

providing me with an opportunity to work with them and giving

necessary information& requisite professional training to tackle

with all situations of that particular field.

I extent my sincere thanks to Mr. Dinesh Sodha Associate

Recruitment Manager-Agency and company project guide, who

has provided me with the necessary information and also for the

support extended out to me in the completion of this report and his

valuable suggestion and comments on bringing out this report in

the best way possible.

2
I also thank to Mrs. Sasmita Bebortha, Head of the institutions and

my internal guide of NSB Bangalore, who has sincerely supported

me with the valuable insights into the completion of this project.

I am grateful to all faculty members of NSB

Finally, I wish to express my gratitude to all those who have been

directly or indirectly involved with the study & its successful

completion.

3
CONTENTS:-
• GENERAL INTRODUCTION ABOUT THE INSURANCE
SECTOR
• INDUSTRY PROFILE
• GENERAL INFORMATION ABOUT INSURANCE
SECTOR IN INDIA
• GENERAL INFORMATION ABOUT THE COMPANY
• ORGANIZATION STRUCTURE
• SELECTION CRITERIA OF MAX NEW YORK LIFE
• RECURITMENT PROCESS
• PRODUCT AND SERVICES OF MAX NEW YORK LIFE
• CONCLUSION
• BIBLIOGRAPHY
OBJECTIVES:
The Recruitment & Selection Process promotes successful hiring
that can truly impact the success and growth of the company.
The selection of a candidate with the right combination of
education ,work experience ,positive attitude, skill and creativity
will not only increase the quality and stability of the work force, it
will also plays a large role in bring the management strategies and
planning to fruition.
DEFINATION
“Recruitment is the process of finding and attracting capable
applicants for employment. This process begins with new recruits
are sought and end when their applications are submitted.”
“Selection is the process of differentiating between applications in
order to identify those with a greater likelihood of success in a job.
Once the potential applicants are identified, the next step is to
evaluate their qualification, qualities, experiences, capabilities,
etc...& make the selection. It is the process of offering jobs to the
desired applicants.”
Aim &Objective of the Project

• To understand in general the recruitment policies &

procedures.

4
 • To know the process of selection in depth.

• To study the present recruitment & selection procedure &

policy at MNYL.

• To study the problems and effectiveness of the present

recruitment & selection policy.

The main focus of the study of this is:-

• To understand the level of recruitment & selection practices o

at MNYL.

• To understand in general the recruitment and selection

procedure of MNYL.

5
To suggest some effective measures to solve the problem of

recruitment at MNYL In order to make this report comprehensive,

questioners are also provided. This study was conducted at Max

New York Life Insurance, Bangalore.

The objective of the questionnaire was to obtain employees’

opinion on recruitment & selection process in their organisation.
Sources of data collection
The data has been collected using both primary & secondary
sources of data. Primary data are to be originally collected, while
secondary data are already existed data.
Primary data is collected from following:
• H R Manager
• Sales & Marketing Manager
• Training Manager
• Other employee of the company
Secondary data is collected from the following:
• Manuals of the company
• From the book
6
The study covers all the research methods, company profile and

evaluation idea. It provides the mapping between the theoretical

aspects, the practical view and insight into the Recruitment &

selection process practiced today in the organization.

 7
General Introduction about the Sector:

Introduction-

Insurance is defined as a cooperative device to spread the caused

by a particular risk over a number of persons who are exposed to it
and
• It does not reduce the risk
• It does not alter the probability of risk, but
• It only reduces/ spreads the financial losses.
Thus, insurance is a financial arrangement that spreads the cross of
losses of losses among the members of an insurance pool.
Insurance may be defined in two ways:
1- Functional Terms.
2- Legal Terms.
Functional Definition-
Insurance is a process in which uncertainties are made certain.
Legal Definition-
Insurance is a contractual agreement whereby one party agrees,
for a consideration called premium, to compensate another party
 8
for losses. Thus, an insurance transaction involves the fallowing:
Insurer: The party agreeing to pay for the losses of the
insured.
Insured: The party who insured his risk with the insurer.
Premium: The Payment to the insurer received from the
insured for indemnifying the losses.
Policy: Is the contract between the insure and insured that sets
the contractual obligation between the two.
Exposure to loss: The insured’s Possibility of incurrence of
loss is called the insured’s exposure to loss.
Insurance business is divided into 4 classes-
• Life insurance
• Fire
• Marine
• Miscellaneous insurance
Insurance provides-
• Protection to investor.
• Accumulation of savings .
• Channeling these savings into sectors needing huge long
term investment.
 9
INDUSTRY PROFILE

a) Origin and development of the industry-

History-

Transaction in the shape of Bottomry Bonds was done in Italy in

the 12th and 13th century A.D. The word “Bima“ was derived from
the Persian word “Bim” meaning “Fear” and “Bima” means
“expense” incurred to get rid of fear.
The Orientation Life Insurance Company was the first one to start
insurance business in India in the year 1818.
Some of the important milestones in the Life Insurance sector in
India:
1912: The Indian Insurance Companies Act was enacted as the
statute to regulate the life insurance business.
1928: The Indian Insurance Companies Act was enacted to enable
the government to collect statistical information about both life and
non- life insurance business.
1938: Earlier legislation consolidated and amended to form the
Insurance Act with the object of protecting the interests of the
 10
insuring public.
The General Insurance Business in India, on other hand, started
with the coming of the Triton Insurance Company Ltd, the first
general insurance company established in the year 1850 in Calcutta
by the British.
1957: General Insurance Council, a wing of the Insurance
Association of India, framed a code of conduct and propagated the
concept of sound business practices.

11
INSURANCE SECTOR REFORMS

In 1993, Malhotra Committee – headed by former Finance

Secretary and RBI Governor R.N. Malhotra- was formed to
evaluate the Indian insurance industry and recommend its future
direction. The Malhotra committee was aimed at creating a more
efficient and competitive financial system suitable for the
requirement of the economy under way and recognizing that
insurance is an important part of the overall financial system where
it was necessary to address the need for similar reforms . in 1994 ,
the committee submitted the report and some of the key
recommendations included:

• Structure: Government stake in the insurance Companies to

be brought down to 50%. Government should take over the
holdings of GIC and its subsidiaries so that these subsidiaries
can act as in independent corporations. All the insurance
companies should be given greater freedom to operate .
• Competition: Private companies with a minimum paid up
capital of Rs. 1 billion should be allowed to enter the sector.
No company should deal in both life and general insurance
through single entity. Foreign companies may allowed to
enter the industry in collaboration with the domestic
companies. Postal life insurance should be allowed to operate
in the rural market. Only one state level insurance Company
should be allowed to operate in each state.
 12

• Regulatory body: The insurance Act should be changed. An

insurance regulatory body should be set up. Controller of
insurance apart of the Finance Ministry –should be made
independent.
• Investments: Mandatory Investment of LIC life fund in
government securities to be reduced from 75% to 50%.
GIC and its subsidiaries are not to hold more than 5% in
any company
• Customer Service: LIC should pay interest on delays in
payments beyond 30 days. Insurance companies must be
encouraged to set up unit linked pensions plans.
Computerization of operations and updating of technology
to be carried out in the insurance industry.
NAME OF THE COMPANY
• Bajaj Allianz Life Insurance Co.Limited
• Birla Sun Life Insurance Co.Lt
• HDFC Standard Life Insurance Co. Ltd
• ICICI Prudential Life Insurance Co.Ltd
• ING Vysya Life Insurance Co.Ltd
• Life Insurance Corporation of India
• MAX NEW YORK LIFE INSURANCE CO. LTD
• Met Life India Insurance Co.Ltd
• Kotak Mahindra old mutual life insurance Co. Ltd
• SBI Life Insurance Co. Ltd
• TATA AIG Life Insurance Co.Ltd
• Reliance Life Insurance Co. Ltd
• Aviva life insurance Co.India Pvt.Ltd
 13
• Sahara India Life Insurance Co. Ltd
• Shriram Life Insurance Co.Ltd
• Bharti AXA Life Insurance Co. Ltd
• IDBI Fortis Life Insurance Co. Ltd
• Oreintal Life Insurance Co. Ltd
• Rose valley insurance Co. Ltd

Market share of Different Insurance Company:

ICICI Prudential 9.1%

HDFC Standard 2.4%
SBI Life 3.0%
Bajaj Allianz 4.2%
Aviva Life Insurance 1.3%
MetLife Insurance 0.6%
Reliance Life Insurance 1.1%
Birla sun life 1.0%
Max new York life insurance 2.3%
Bharti AXA life insurance 0.1%
Tata AIG 1.6%
ING Vysya 0.7%
Kotak Mahindra 0.9%

Growth and Present Status of the Industry

Present Scenario of Indian Insurance Market

With an annual growth rate of 15-20% and the largest number of

life insurance policies in force, the potential of the Indian
insurance industry is huge. Total value of the Indian insurance
 14

market (2004-05) is estimated at Rs. 450 billion (US$10 billion).

According to government sources, the insurance and banking

services’ contribution to the country’s gross domestic product
(GDP) is 7% out of which the gross premium collection forms a
significant part. The funds available with the state-owned Life
Insurance Corporation (LIC) for investments are 8% of
GDP.

Only 20% of the total insurable population of India is covered

under various life insurance schemes, the penetration rates of
health and other non-life insurances in India is also well below the
international level. These facts indicate the of immense growth
potential of the insurance sector.

Insurance Regulatory and Development Authority (IRDA) Bill,

lifting all entry restrictions for private players and allowing foreign
players to enter the market with some limits on direct foreign
ownership.
 15

Though, the existing rule says that a foreign partner can hold 26%
equity in an insurance company, a proposal to increase this limit to
49% is pending with the government. Since opening up of the
insurance sector in 1999, foreign investments of Rs. 8.7 billion
have poured into the Indian market and 21 private companies have
been granted licenses.

Growth in premiums of different insurance companies

companies Premium up to Premium up to Growth %

oct 07 oct 06
(Rs.mill.) (Rs.mill.)
ICICI 31831.8 2080.5 53
Prudential
HDFC 10675.7 6595.7 61.9
standard
SBI life 14717.4 8142.4 80.8
Bajaj Allianz 26498.1 15208.2 74.2
Aviva life 4586.8 3464.2 32.4
insurance
Met life 2756.0 1162.7 137.0
insurance
Reliance life 8571.2 2803.7 205.7
insurance
Birla sun life 7595.4 3844.7 97.6
insurance
Max new 6942.0 3720.4 86.6
York life
insurance
Bharti AXA 258.7 1.1 22907.8
life insurance
Tata AIG 4413.0 3264.8 35.2

ING Vyasya 3047.7 2086.7 46.1

Kotak 3476.6 2172.6 60.0
Mahindra

Market share of Different Insurance Company:

ICICI Prudential 9.1%

HDFC Standard 2.4%
SBI Life 3.0%
Bajaj Allianz 4.2%
Aviva Life Insurance 1.3%
MetLife Insurance 0.6%
Reliance Life Insurance 1.1%
Birla sun life 1.0%
Max new York life insurance 2.3%
Bharti AXA life insurance 0.1%
Tata AIG 1.6%
ING Vysya 0.7%
Kotak Mahindra 0.9%
 17

Future of the industry

Analysis of the 2008 Global CEO Study and the five themes that
emerged from it show that insurance executives recognize the
essential nature of change and acknowledge the need to invigorate
their innovation agendas - what other implications should
insurance leaders consider? Across industries, geographies and
organizations of different sizes, the view was surprisingly similar:
the Enterprise of the Future is hungry for change, innovative
beyond customer imagination, globally integrated, disruptive by
nature, and genuine, not just generous.

Innovative products, smart marketing, and aggressive distribution

have enabled fledgling private insurance companies to sign up
Indian customers faster than anyone expected. Indians, who had
always seen life insurance as a tax saving device, are now suddenly
turning to the private sector and snapping up the new innovative
products.

The future of insurance sector will be very bright .As the day goes
by, every individual in this country will insure themselves and all
their assets and activities .One part of their income will go
regularly to insurance as a premium. This will happen due to
globalisation and increasing cost of services and risk of all type
.Our population will be the largest as we will overtake china .so we
can imagine how it will grow?
 18

GENERAL INFORMATION ABOUT THE COMPANY

Max New York Life is a joint Venture between Max India Limited
and New York Life international , LLC. Together , this partnership
brings in :
1. Financial Strength
2. Integrity
3. Responsibility

• Max India has got a share of 74% and New York Life
has got a share of 26% in Max New York Life
Insurance.

• Max New York Life Insurance have been founded in

the year 2000 and started its operation in the year 2001.

• Max New York Life Insurance has got its head quarter
in Gurgaon , India.

• The chairman of Max New York Life is Mr. Analjit

Singh and Managing Director is Mr. Rajesh Sud.
 • Max New York Life Insurance has got a paid-up capital
of Rs.1,782 crore.
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• Max New York Life Insurance has got a sum assured
more than of Rs. 1,00,000 crore.
• Max New York Life has got more than 3.6 million
number of policies sold.
• Max New York Life has got 14,632 employees all over
India.
• Max New York Life has got 6 products.
• Max New York Life has got more than 87,800 agent
advisor.
• Max New York Life has got around 707 offices across
all over India.
• Max New York Life has got 849 trainers.

GOLDEN OPPORTUNITY:
Max New York Life presents to you a business opportunity that
would open doors to success, money and fame. By being an agent
advisor you can secure lives and make a positive impact in the
community.

With Max New York Life sky is the limit-

• Low start up investment
• Unlimited earnings potentials
• Flexible working hours
• Be your own boss
• Be a part of a world-class team
 20

BEST –IN-CLASS TRAINING:

At Max New York Life , you are assured of our dedication to your
success.
Superior Training Resources & Infrastructure
• Fully in-house & IRDA approved training centers
• Full time professional trainers in each office

Special starting support

• Pre-licensing stipend
• Training programme reimbursements

EARNINGS IF BUSINESS GROWS JUST BY 10% p.a

Year 1 Year 2 Year 3 Year 4

Average 25,000
premium(Rs.)
No. of cases 72
per year
Commission 20.00% 5.00% 5.00% 3.00%
 21

REWARDS AND RECOGNITION PLATFORMS:

CEO’S COUNCIL
↑
MDRT
↑
EXECUTIVE COUNCIL
↑
PAUL COLGAN TROPHY
↑
CENTURION
↑
AGENT OF THE YEAR
↑
PAID CASE, FYC, PERSISTENCY, RIDER, REFERRAL
AND CEIP LEADER
↑
CAREER FOUNDATION CLUB
↑
CAREER PRODUCER AWARD
↑
CAREER SUCCESS AWARD
↑
HI-FLIER
↑
TEN-A-MONTHER
↑
PREMIUM LEADER
 22

MILLION DOLLAR ROUND TABLE:

A Worldwide Organization of the top producers of life insurance

sales with 74 participating Nations and Territories.
• NEW YORK LIFE has been NO.1 in MDRT for 50
consecutive years
• 201 agent advisor from MAX NEW YORK LIFE qualified
for MDRT in 2005.
th
• MAX NEW YORK LIFE is ranked 37 in MDRT rankings
world wide

MAJOR MILESTONES ACHIEVED BY MAX NEW YORK

LIFE
• Secured financial future of over 1.64 million policy holders.
• Sold life insurance cover of over Rs. 49,800 crore.
• First Indian life insurer to be given ISO 9001:2000
certification
 23
Growth & development of the organization:
Awards
:

Amongthetop 2 5 companiesto work forin India

, Businessworld
according to
2 0 0 3G‘ re aW
t o r k p la coefIn
s d ia’

Amongthetop fivemostrespected insurance companiesin Indiaasper

Businessworld
2 0 0 4 & 2 0 s0 6u r v e y

W on Indo
-American CorporateExcellenceAward forBestIndo
-UScompany
in FinancialServicesCategoryin2 0 0 6

Received
‘ BestSix SigmaProject
’ Sakal
award
SixatSigmaExcellence Awards
–2 0 0 6
Amongtop 3 in AsiaLife Insurance Companyof the YearAward 2 007
institutedby AsiaInsuranceReview

Received theAmityCorporateExcellenceAward
–2 0 0 7

Received the
‘ OutlookMoneyAward
’ for being
“ amongthebest newinsurers
in thecountry”.

Firstlifeinsurancecompanyto be awarded
-EximBank
CIICommendation
Certificate for Strong Commitmentto
-2 0 0Excel
8.
 Funds 20-Sept- 17- Growth %Growt %Annual
04 April-09 h Growth
Balanced 10.50 17.90 7.40 70.48 17.62
Fund
Conservativ 10.50 16.30 5.80 55.24 13.81
e Fund
Growth 10.50 22.00 11.50 109.52 27.38
Fund
Secure Fund 10.50 14.90 4.40 41.90 10.48
31-oct-07 17- Growth %Growth %Annual Growth
April-09
Growth 14.3 9.4 (4.9) (34.3) (8.6)
Super

Best Returns with Safety

25
Awards:
 • Among the top 25 companies to work for in India, according
to Business world 2003 ‘Great Workplaces of India’

• Among the top five most respected insurance companies in

India as per Business world 2004 & 2006 survey

• Won Indo-American Corporate Excellence Award for Best

Indo-US company in Financial Services Category in 2006

• Received ‘Best Six Sigma Project’ award at Sakal Six Sigma

Excellence Awards – 2006
• Among top 3 in Asia Life Insurance Company of the Year
Award 2007 instituted by Asia Insurance Review

• Received the Amity Corporate Excellence Award – 2007

• Received the ‘Outlook Money Award’ for being “among the

best new insurers in the country”.

• First life insurance company to be awarded CII-Exim Bank

Commendation Certificate for Strong Commitment to Excel -
2008.

26

Present status of the Organization:

Present Growth

• INSURANCE SALES $ 2,233 $ 2,852

• INVESTMENT SALES 28,265 34,897

• INDIVIDUAL LIFE INSURANCE IN FORCE 651,614

702,320

• POLICYHOLDER BENEFITS AND DIVIDENDS 10,712

12,611

• TOTAL REVENUE 17,470 20,980

• OPERATING REVENUE 11,064 12,304

• ASSETS UNDER MANAGEMENT 225,223 264,910

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PROFITABILITY:

• NET INCOME† 855 2,298

• NET INCOME EXCLUDING NET INVESTMENT GAINS

AND LOSSES† 1,035 1,093

• OPERATING EARNINGS 934 1,093

FINANCIAL POSITION:

• EQUITY 17,510 18,696

• SURPLUS AND ASSET VALUATION RESERVES 12,853

13,859

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 Organization Structure & chart
Chairman

Vice Chairman

Chief Executive
Officer(CEO)

Chief Operating Chief Marketing Chief Financial

Officer(COO) Officer(CMO) Officer(CFO)

Vice President (VP)

Head Office (Head)

(Regional Manager)

Assistant Finance Human Marketing Operations

AchievementsDepartment
Manager
and Awards resource Department Department
Department

Branch Office Head

(Branch manager)

Recruitment Chann
Department el Training Operations Customer
Assistant
Development And Departmen Support &
Department Manager
De
Development t Feedback
Chann
HR el
Recruiters Development
Team
Sales
T Manager
 Financial Adv
SELECTION CRITERIA OF MAX NEW YORK LIFE

Max New York Life has got a point system for the selection
process of the candidates. It basically depends on the following
criteria given below:
1. Age
2. Marital status
3. Qualification
4. Gender
5. Living in city

A Person to fulfill the criteria of Max New York Life has to be

minimum 18 years old an above. He / she should have minimum
qualification of +2/PUC. He /she should have lived in that
particular place for more than 5 years
POINT SYSTEM IN TABLE:
POINTS 1 2 3
AGE Below 25 25-35 Above 35
MARITAL Un married Married
STATUS
GENDER Male Female
QULIFICATION Under Graduate/ Post
graduate graduate
LIVING IN A No Yes
CITY> 5YRS
 31

PROCESS OF RECRUITMENT :-

NAME GATHERING
↓
CALLING AND INVITING FOR SCREENING
↓
SCREENING
↓
P-200
↓
EVALUATE P-200
↓
CARRIER INTERVIEW (BY OFFICE HEAD OR BRANCH
HEAD)
↓
BATCH
 32

EXPLANATIONS:

NAME GATHERING: The initial stage of the recruitment

process is name gathering or data collection from your natural
market like friends, family, neighbour, references etc.

CALLING AND INVITING FOR SCREENING: Now the

second step is after gathering the name , number and their details.
Calling those candidates who are eligible for according to the
MNYL point systems and inviting them to come and attend the
screening in the company premises.

SCREENING: Now in the screening we check whether the

candidate is matching with the company profile or not. We take his
mental ability test and his problem solving capability test

CAREER SEMINAR: Career seminar is mainly about 30-40

mins where the HR Manager explain him about the job profile the
incentives and also about the work culture and product and
services of the company.

P-200: In the career seminar it self we a book know as P-200

where the candidate have to write the name , numbers and other
details of the those whom he knew very well like his friends
family, neighbour, references etc.

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EVALUATE P-200:- Now next step is to evaluate P-200
according to the age, sex, annual income earned, marital status,
dependents and liability of the person etc. This helps in assessing
the capability of the candidate whether he can generate the
business for the company or not.

CAREER INTERVIEW: The next step is career interview this

interview is taken by branch head or office head in this one p-200
is evaluated. If candidates market is found worth it he is selected to
attend the training. This interview is conducted basically to check
how much good network the candidate is having and whether he is
able to generate the business or not

BATCH:- Now the last step is when the person sits in the batch
and attend the training in MNYL.

TRAINING PROCESS:-

• Now in MAX NEW YORK LIFE the training is given for 13

days or 50 hours according to IRDA rules where the first
6day the candidate is given the product training and
remaining 7day the candidate is given IRDA training.
• After the training is over the candidate has to write an
examination of IRDA after passing the examination the
person within 2-3 days get a code from IRDA after getting
the code the person become eligible to work MNYL.
• With this code the agent can do the business any where in all
over India it stays valid for three year.

34
 • Now in case the person is very busy and its quiet impossible
for him to attend the training for 13 days he/she can go for
online training of minimum 25 hours.

• The training clearing certificate is given by RNIS COLLEGE

OF INSURANCE.

FEES STRUCTURE:-
IRDA FEES – Rs. 450/-
REGISTRATION- Rs. 200/-
BOOKS – Rs. 200/-
SALES KIT – Rs. 200/-
BAG – Rs. 100/-

AGENTS DOCOMENTATION:
1. Educational proof
th
• 12 pass certificate
• Graduation/ Post graduation certificate
2. Age proof
th
• 10 pass certificate
• PAN card

3.Address proof

• Voter ID
• Ration card
• Gas/elec/ tele phone bill
4. 6 photos
5. Examination fees – Rs.1200/- DD in favour of MAX NEW
YORK LIFE payable at Mumbai.
35
PRODUCT AND SERVICES OF MAX NEW YORK LIFE

Max New York Life has got mainly 5 products they are as follows
• Life pay money back plan
• Whole life insurance policy
• Life partner plus
• Smart investment pension plan
• Smart assure plan
• Smart Xpress growth plan
• Smart Xpress child plan

LIFE PAY MONEY BACK PLAN

Money back plans help you in providing for future expenses by making
available lumpsum funds at specific intervals. Money back plan keeps
paying you a part of the sum assured at regular intervals, to take care of your
periodic needs, and balance keeps growing to take care of your periodic
needs, and the balance keeps growing to take care of your long term saving
needs.

PLAN DETAILS:-

MINIMUM MAXIMUM
ENTRY AGE 91 DAYS 55 YEARS(16/20
YEAR PLAN)
 51 YEARS (24
YEAR PLAN)
SUM ASSURED Rs.50,000 No limit
PREMIUM Annual, semi-
PAYMENT annual,Quaterly,Monthly
OPTIONS

BENEFITS:-

• Money back at regular intervals

• Additional guaranteed maturity benefit equal to 105 of sum
assured paid as part of the last installment
• On maturity, along with the last installment of living benefit,
we shall pay sum assured of paid up additions, bought by the
bonuses declared, if any
• In case of the unfortunate death of the life insured, after
attaining ten years of age , but before maturity, a death
benefit equal to the basic sum assured plus additional sum
assured of paid up additions purchased through bonuses if
any, would be paid immediately to the beneficiary
• Living benefit , if already paid , will be in addition to the
death.
• Bonus – this is a participating plan, eligible for bonuses.
• The premium paid by the individual under this plan , qualify
for income tax rebate under section 80C of the Income Tax
Act, while the pay backs and maturity benefits are exempt
from tax under section 10(10D) of the Income Tax Act.

ADDITIONAL BENEFITS:-
 • Personal accident benefit rider - additional life cover in case
of accidental death.

• Term rider – additional life cover

• Dread Disease Rider – additional benefit against dreaded
diseases
• Waiver of premium Rider – waiver of future premiums in
case of disability.
• Term renewable and convertible rider – renewable additional
life cover with an option to convert to a permanent plan
• Payor Rider – Waiver of future premium in case of death and
disability

POLICY TERM:-
END OF 16 YEARS 20 YEARS 24 YEARS
POLICY
YEAR
4th 10% 10% 10%
th
8 20% 15% 10%
12th 30% 20% 15%
th
16 50% 25% 15%
th
20 40% 20%
th
24 40%
WHOLE LIFE INSURANCE

A Whole life policy provides benefits for as long as you live, and
beyond. In addition to which it also builds a cash surrender value.
In a whole life participating policy, the basic amount insured is
guaranteed. In addition, this makes you eligible for bonuses two
years after your policy comes into effect.

38
PLAN DETAILS:-

MINIMUM ISSUE AGE 91 days

MAXIMUM ISSUE AGE 70 years
EXPIRY AGE 100 years
MINIMUM FACE AMOUNT Rs. 1 lac
MAXIMUM FACE AMOUNT Rs. 10 crore

BENEFITS:-
• You get protection for life with a guaranteed Death Benefit.
• Your policy acquires a cash surrender value after 3 years
premium have been paid.
• Loan facility to fund unforeseen expenses , after your policy
has acquired a cash surrender value.
• Finally , aguaranteed, fixed premium throughtout life allows
you to plan your finances better.

ADDITIONAL BENEFITS:-
• Personal accident benefit rider:- offers you an additional
benefit against death in an accident or total and permanent
disability, caused by an accident.
• Term rider :- This rider allows you to match your changing
needs and buy additional life insurance for a limited time
period at the lowest possible costs.
• Term renewable and convertible rider :- provide additional
life insurance for a 5 year term at an affordable rate.
 • Waiver of premium rider :- in case the life insured becomes
totally disabled because of an injury or sickness, this rider
ensures that specified premiums due for the policy are
waived till he/she is able again.
39

• Dread disease rider :- medical expenses are escalating by the

day. This rider provides an additional benefit if the life
insured is diagonised as suffering from any of the specified
dread disease.
• Payor rider :- allows the unique advantage , when the insured
is a minor, of guaranteeing the benefit , even if the proposer
were unable to pay premiums, due to either death or
disability.

SPECIAL FEATURES:-
• Personal insurance plan
• Free look
• Premium payment option
LIFE PARTNER PLUS(ENDOWMENT TO AGE 75 PLAN)

A life insurance plan that offers you protection for life , cash
bonuses, and multiple options to utilize these cash bonuses to meet
all your individual requirements.

PLAN DETAIL:-
ENTRY AGE 91days to 55 years
20 year to 55 years
MATURITY AGE 75 years
PREMIUM PAYMENT TERM 3,7,10,20 years
PREMIUM PAYMENT Annual, semi-annual,quaterly,
OPTIONS monthly
PREMIUM PAYMENT Annual=1, semi-annual=0.52,
FREQUENCY FACTOR quaterly=0.265, mon thly=0.09

40

KEY BENEFITS:-
• On maturity guaranteed sum assured plus sum assured of
paid up additions, if any

• Living benefits, from age 61 to 17 of life insured, a

guaranteed amount equal to 7.5% of the sum assured will be
paid every year.
• On death of life insured, sum assured plus sum assured of
paid up additions, if any ,is paid to the nominee without
deducting any living benefits that may have already been
paid.

ADDITIONAL BENEFITS:-
• Bonus this is a participating plan, eligible for bonuses. The
company may declare bonuses, from time to time, from the
third policy year and these will be paid out, based on your
choice of bonus options.
• Tax benefits:- the premiums paid by the individual under this
plan may qualify for deduction from your income under
section 80C of the income tax, while the payback and
maturity benefits are exempt from tax under section 10(10D)
of income tax Act.

CUSTOMISED OPTIONS:-
 • Personal accident benefit rider:- additional life cover in case
of death/permanent disability by accident.
• Term rider:- additional life cover
• Dread disease rider :- additional benefit against dread
diseases
41

• Waiver of premium rider:- waiver of future premiums in case

of disability
• Term renewable and convertible rider:- renewable additional
life cover with an option to convert to a permanent insurance
plan
• Payor benefit rider

BONUS OPTIONS:-
• Buy paid up additions – increase the death benefit of your
base policy.
• Premium offset use it to offset against future premium
payable
• Cash get the amount in your hands
SMART INVESTMENT PENSION
Is an ULIP Premium automatically increase at a fixed rate and
helps you combat inflation and effectively preserve your
objective of secure retirement.
PLAN DETAILS:-

ENTRY AGE BETWEEN 18 TO

60 YEARS
CHOSEN BETWEEN 50 T0
VESTING(RETIREMENT) 70 YEARS
AGE
DEFARMENT PERIOD 10 YEARS TO 52
YEARS
(SUBJECT TO
MINIMUM AGE
ON VESTING OF
50 YEARS)
MINIMUM ATP REGULAR PAY-
Rs.10,000
SINGLE PAY-
Rs.1,50,000

BENEFITS:-

• Death benefit in case of unfortunate death of the policy

holder prior to the vesting date.
• Annuity payout options
• Annuity guaranteed for 5/10/15/20 years and thereafter
• Life annuity with returns of annuity purchase price
• Investment options
• Tax benefits under sec 80c of the Income tax act 1961
• Premium payment option
• Premium payment frequency
• Payment of Top Up premium
• Allocation of premium
• Change in vesting date
• Switching
• Premium redirection
• Surrender
• Premium payment discontinuation
• Grace period and revival of lapsed policy
• Free look period
 43

INVESTMENT OPTIONS:-

ASSET TYPES SECURE CONSERVATIV BALANCED GWORTH GROWTH

FUND(%) E FUND(%) FUND(%) FUND(%) SUPER
FUND(%)
GOVT.SECURITIES 50-100 50-80 20-50 0-30 0-20
CORPORATE 0-50 0-50 20-50 0-30 0-20
BONDS
MONEY MARKET 0-40 0-40 0-40 0-40 0-30
EQUITIES NIL 0-15 10-40 20-70 70-100

SMART Steps Plus

Unit Linked Child Plan

FEATURES:-
 Designed plan for your child’s future needs
 360 degrees protection to your children if you are not alive or
if you get critically ill.
 Financial protection for your loved ones if you are not alive
 Facility of partial withdrawals for those unplanned expenses

PLAN DETAILS

CRITERIA ELIGIBILITY
LIFE INSURED PARENT
UNDER THE
POLICY
AGE OF LIFE 21YEARS TO
INSURED 50 YEARS
AGE OF CHILD 91 DAYS TO 15
YEARS
MAXIMUM 60 YEARS
MATURITY
AGE
POLICY TERM MINIMUM: 10
YEARS
MAXIMUM: 25
YEARS
PREMIUM BAND 1:Rs.
BANDS 20,000 –
Rs.49,999
BAND 2 :Rs.
50,000 –
Rs.1,49,999
BAND 3 :Rs.
1,50,000-
Rs.2,99,999
BAND 4 :Rs.
3,00,000 –
Rs.4,99,999
BAND 5 :Rs.
5,00,000 and
above
PREMIUM EQUAL TO
TERM THE POLICY
TERM
 SUM ASSURED MINIMUM:
ANNUAL
PREMIUM *
POLICY
TERM* 0.5
MAXIMUM:
ANNUAL
PREMIUM *
POLICY TERM

BENEFITS:
• 100% of sum assured shall be paid on the death of the life
insured
• The company shall continue to operate the unit account
even after the death of the life insured until maturity date
• The company will itself bear and pay all future ATP’s as
per fund allocation chosen by policy holder until maturity
date
• The fund value shall be paid on maturity date to nominee
• The family income benefit @5% of sum assured will be
paid to nominee on each policy anniversary following the
death of the life insured until maturity date
• Dread disease benefit
1. Lower of 50% of sum assured or Rs. 10 lacs shall be paid
immediately
2. The company shall continue to operate the unit account even
after the happening of the event
• Investment decision options
1. Switching
2. Premium redirection
• Top- ups
 • Premium payment
• Grace period and revival
46

• Tax benefit
• Free look period
• Expert advice at your doorsteps
INVESTMENT OPTIONS

ASSET SECURE(%) CONSERVATIVE(%) BALANCED(%) GROWTH(%) GROWTH

TYPES SUPER(%)
GOVT. 50-100 50-80 20-50 0-30 0-20
SECURITIES
CORPORATE 0-50 0-50 20-40 0-30 0-20
BONDS
MONEY 0-20 0-20 0-20 0-20 0-20
MARKET
EQUITIES NIL 0-15 10-40 0-20 0-20

SMART Xpress
GROWTH PLANS:

FEATURES

• Provides money market funds that guarantees your NAV

will be equal to or more than the previous day’s NAV
• Provides systematic transfer plan that lets you take
advantage of the ups & downs of the markets
• Flexibility
• Comprehensive cover
• Investment options
 INVESTMENT OPTION:-

Asset Sec Conse Bala Gro Growt Dynamic High

Types ure( rvativ nced wth h opportun growth
%) e(%) (%) (%) Super ity fund fund
(%)
Govt. 50- 50-80 20-50 0-30 0-20 0-100 0-30
Securities 100
Corporate 0-50 0-50 20-40 0-30 0-20 0-100 0-30
Bonds(inv
t. Grade)
Money 0-20 0-20 0-20 0-20 0-20 0-40 0-30
Market
Instrument
s/Cash
Equities Nil 0-15 10-40 20-70 70-100 0-100 70-100

HEALTH PLAN
• Complete family coverage: 10 year term.
• Maximum of 38 critical illness covered.
• Cover even at the age of 65
• No increase in renewal premium- 5 years rate of guarantee of
premium
• Comprehensive expense coverage- hospitalization,
surgery,congenital surgical correction and critical illness
coverage.
• Easy claim process: through photocopies of bills.
Wholesome protection:
• 500 days of hospitalization @ Rs. 1000 = Rs. 500000
• Critical illness of the policyholder = Rs. 400000
 • Critical illness of spouse= Rs. 200000
• Surgical cash- Rs. 200000 (indexing @ 5%Lower charges
%)= Rs. 390000

48
Tax benefit
:
Tax benefit up to Rs. 15000 claimed U/S 80(D).

Benefits structure for family ( covering policyholder, spouse,

children)

Benefits Units/scale of benefits(Rs.)

1 2 3 4 5
1. hospital
a. daily 1000 2000 3000 4000 5000
b. ICU 2000 4000 6000 8000 10000
c. post 3000 6000 9000 12000 15000
hospitalizatio
n
2.critical
illness
a. policy 400000 80000 1200000 1600000 2000000
holder 0
b. spouse 200000 40000 600000 800000 1000000
0
3. surgical 200000 40000 600000 800000 1000000
benefit 0

a) Minor surgery:
 5% cash benefit applicable for policy in a year
maximum of Rs. 25000
b) Intermediate surgery:
7.5% 0f cash benefit applicable for policy in a year
maximum of Rs. 40000

49

c) Major Surgery:
17.5% of cash benefit applicable for policy in a year.
d) Supra Major Surgery:
50% of cash benefit applicable for policy in a year.
e) Other Category of Surgery:
2.5% of surgical cash benefit maximum of Rs.
10000.

Benefit Structure for Parents

Benefits Units/scale of benefits(Rs.)

1 2 3 4 5
1. hospital
a. daily 1000 2000 3000 4000 5000
b. ICU 2000 4000 6000 8000 10000
c. post 3000 6000 9000 12000 15000
hospitalizatio
n
2.critical 100000 20000 300000 400000 500000
illness 0

3. surgical 100000 20000 300000 400000 500000

benefit 0
a) Minor surgery:
10% cash benefit applicable for policy in a year
maximum of Rs. 25000
b) Intermediate surgery:
15% 0f cash benefit applicable for policy in a year
maximum of Rs. 40000
50
c) Major Surgery:
35% of cash benefit applicable for policy in a year.
d) Supra Major Surgery:
100% of cash benefit applicable for policy in a year.
e) Other Category of Surgery:
5% of surgical cash benefit maximum of Rs. 10000.
SMART Assure (ULIP)
Here the investment of the investor is made on the debt equity
ratio basis, according to the risk bearing capacity of the investor.
The investor can also opt for increasing premium option the
premium will be increasing in fixed percentage every year which
helps the investor in two ways:
• As an additional disciplined saving every year.
• As a hedge against every increasing cost of living.
Designed based on investor needs
• Funds are managed professionally.
• Dynamic fund allocation
• Life coverage
• Partial withdrawals
• Increasing premium option in case of inflation.
• Total protection option, personal accident, dread disease
option
• Coverage up to 85 years.
 51

Premium & Options :

a) level premium:
ATP will be unchanged throughout the policy term.
b) increasing premium:
5% of ATP and 5% of sum insured
c) minimum ATP is Rs. 20000.
Minimum top – up is Rs. 5000.
Maximum is 25% of ATP.
d) policy term 10 – 30 years.
Life insured must be 91 days to maximum 75 years.
Dread disease drivers benefits should be from the age of 20 –
50 years.
Personal accident benefit is from the age of 20 years to 55
years.
Coverage
Minimum Sum Assured = ATP * Policy Term * 0.5
Maximum Sum Assured = ATP * Policy Term
e.g., Minimum Sum Assured=50000*20*0.5 = Rs. 500000
Maximum Sum Assured=50000*20= Rs. 1000000
Between Rs. 5 lac and Rs. 10 lac can be sum
assured.

Choose the investment fund:

 Out of 5 available funds the customer should select
his investment funds. Risk will be borne by the investor in his
selected plan. Premium paid in this plan are associated with the
capital markets. The unit fund value may go up and down
according to the changes in the capital market.
So it’s the investor responsibility to balance the level
of risk and return.
52
The investor can invest on one or more unit linked investment
funds of the company.
Those are Secure Funds, Conservative Funds, Balanced Funds,
Growth Funds and Growth Super Funds.
 53
CONCLUSION
My Experience with MNYL will always be grateful for me. I
learned many things in MNYL. The very first thing I learned in
MNYL is to handle objections from the customers. Different type
of scripts of MNYL helps in this.
Working on deadline for achieving target is most crucial process in
this sector and I am thankful to my sales Manager who were
always behind meto support during initial call and helps me to
complete my training. The GO meet to reward successful AA and
SM for the month is another example which clearly emphasizes
that MNYL has strong belief in maintaining a healthy relationship
with their stakeholders.
Overall “Recruiting Agent Developing The Agency Channel ”
was a fair attempt from me. During the project I was able to make
200 names. My telephonic conversation with the prospect always
gave me a positive direction to build my confidence and even in
bad phase of response I learnt the art of making calmness. I shared
lot of activities with my colleagues. All the trainees from different
background also remained a source of energy for m
 54
BIBLIOGRAPHY
WWW.GOOGLE.COM
WWW.MAXNEWYORKLIFE.COM
WWW.HINDUBUSINESS.COM
EXISTING RECORD OF COMPANY
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