Met Life Project Intro1 Repaired) Repaired)

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ASummer Training Report

Subject Code: 536322(36)

On

Comparative study of insurance products of Met Life

insurance and SBI Life insurance in Raipur city

Submitted for partial fulfillment of requirement for the award of

degree

Of

Master of Business AdministrationOf

CHHATTISGARH SWAMI VIVEKANAND TECHNICAL

UNIVERSITY

BHILAI (C.G.)

Session 2011-12

Supervised By External Guide Supervised By Internal Guide

Name Kishan Kumbalkar Name Reshma Shrivastava

Designation SBM Designation

Department Sales Department


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Submitted by

Sonal Soni

Roll No. 5053610103

Enrollment No. AG8155

MBA III Semester (Section- C)

2011

DEPARTMENT OF MANAGEMENT

DISHA INSTITUTE OF MANAGEMENT AND TECHNOLOGY(Disha Education Society)

Satya Vihar, Vidhansabha-Chandrakhuri Marg, Mandir Hasaud,

Raipur (C.G.)492007


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DECLARATION

I the undersigned solemnly declare that the report of the Summer Training work

entitled COMPARATIVE STUDY OF INSURANCE PRODUCTS OF MET LIFE

INSURANCE AND SBI LIFE INSURANCE IN RAIPUR CITY is based my own work

carried out during the course of my study under the supervision of Mr. Kishan Kumbalkar.

I assert that the statements made and conclusions drawn are an outcome of the project

work. I further declare that to the best of my knowledge and belief that the project report

does not contain any part of any work which has been submitted for the award of any other

degree/diploma/certificate in this University or any other University.

Sonal Soni


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Certificate by Organization


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CERTIFICATE BY INTERNAL GUIDE

This to certify that the report of the project submitted is the outcome of the project

work entitled Comparative study of insurance products of Met Life insurance

and SBI Life insurance carried out by Sonal Soni bearing Roll No 5053610103

& Enrollment No AG8155 carried by under my guidance and supervision for the

award of Degree in Master of Business Administration of Chhattisgarh Swami

Vivekanand Technical University, Bhilai (C.G), India.

To the best of the my knowledge the report

i) Embodies the work of the candidate him/herself,

ii) Has duly been completed,

iii) Fulfils the requirement of the ordinance relating to the MBA degree of

the University and

iv) Is up to the desired standard for the purpose of which is submitted.

_______________________

(Signature of the Guide)

Name:

Designation:

Department:

Name & Address of the Institute

The project work as mentioned above is hereby being recommended and forwarded

for examination and evaluation.


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CERTIFICATE BY THE EXAMINERS

This is to certify that the project entitled

Comparative study of insurance products of Met Life insurance and SBI Life

insurance in Raipur city

Submitted by

Sonal Soni Roll No. 5053610103 Enrollment No. AG8155

Has been examined by the undersigned as apart of the examination for the award ofMaster of Business Administration degree of Chhattisgarh Swami Vivekanand

Technical University, Bhilai (C.G.).

________________

________________

Name & Signature of Name & Signature of

Internal Examiner External Examiner

Date:

Forwarded by

Academic Head

Department of Management


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ACKNOWLEDGEMENT

I am thankful to MetLife India Insurance Co. Ltd.for providing me an opportunity to undertakeproject in their esteemed organization. I would like to special thanks to my project manager Mr.

Kishan Kumbalkar, Senior Business Manager at MetLife India Insurance Co. Ltd, Raipur, who

helped me throughout the project and also encouraged me to take this project in future course for

my career.

I am also thankful to Prof.Reshma Shrivastava (faculty member) for providing me guidance in

preparing my project report.

Last but not the least I am also thankful to all the staff members of MetLife India Insurance Co.

Ltd to make my project successful and to all the respondents who helped me by filling the

questionnaire.


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ABSTRACT

In todays emerging Indian economy the role and scope of Insurance companies has increased

manifold and hence this sector has seen tremendous growth and competition over the years.. This

study evaluates various insurance companies in terms of product. In this study I will go through

the products of MET Life insurance and evaluate some of the products and compare those

products with SBI Life insurance products so that company can easily improve their productivity

and boost their sales. In this study, a research will be conducted by using a structured

questionnaire to compare the products. It also helps in knowing customers needs which is very

beneficial for company to increase productivity and boost sales. It is also helpful to understand

various marketing strategies adopted by various insurance companies so that company can

increase their market share by modifying marketing strategies and can better serve the customers

needs.


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Declaration by the student i

Certificate of the Company ii

Certificate by internal guide iii

Certificate by Examiner iv

Acknowledgement v

Abstract vi

TABLE OF CONTENT

Chapter Title Page No.

1 Introduction 1

1.1 Objectives of the study 2

1.2 Limitation of the study 3

1.3 Introduction to insurance 4

1.4 Need of insurance 5

2 Company Profile 6

2.1 Met Life Values 8

2.2 Facts about Met Life 9

2.3 Vision and Mission 10

2.4 Partners 10

2.5 Introduction of SBI Life Insurance 11

2.6 Met Life Products 12

3 Research Methodology 18

3.1 Meaning 19

3.2 Research Design 19

3.3 Sample Size 19

3.4 Types and Techniques 20

3.5 Tools used 20

3.6 Data Collection 20

4 Data Analysis and Interpretation 21

5 Comparative Analysis 35

6 Findings 397 Conclusion 41

8 Recommendation 43


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LIST OF FIGURES AND TABLES

TITLEFIGURE NO. / TABLE

NO.

PAGE NO.

Met Protect v/s SBI Smart ShieldTable-5.1 36

Met bhavishya v/s SBI Scholar 2Table-5.2 37

Met Suvidha Par v/s SBI Sudarshan Table-5.3 38

Is it Essential to have life insurance 4.1 21

Customers invested there money for life insurance 4.2 22

Why customers have chosen Met Life 4.3 23

Various plans in which customers are insured 4.4 24

Difference between Met Life and SBI Life insurance 4.5 25

Customers satisfied with companies Child plan 4.6 26

Preferred criteria for selecting insurance policy 4.7 27

Customers satisfied with companies Term plan 4.8 28

Company offering less premium and more returns 4.9 29

Companies protection plan preferred by the

customers

4.10 30

Most preferred companies Savings plan 4.11 31

Services given by Met Life insurance 4.12 32

Services given by SBI Life insurance 4.13 33

Company preferred by customers to purchase policy 4.14 34

Bibliography vii

Annexure viii


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CHAPTER 1

INTRODUCTION


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1.1OBJECTIVE

Main objectives of the research are as follows-

To know which company gives maximum satisfaction to the customers.

To know which companies products customers like and why.

To know the merits and demerits of Met Life insurance products offered to customers.

To determine the feedback on services provided by an insurance agent.

To know which companies product is most popular among customers.

Customers perception about Met Life insurance.

To know what are the limitations of Met Life insurance products.

To know what are the remedies to remove the limitations of Met Life products.


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1.2 LIMITATIONS OF THE STUDY

Limitation of the study can be summarized below:

The respondents were limited and cannot be treated as the whole population

The respondents may be biased.

Time was the major constraint.

The accuracy of indications given by the respondents may not be consider adequate

Due to language problem it is possible that the respondents are not able to understand the

questionnaire and can cause misleading results.


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1.3 INTRODUCTION TO INSURANCE

Insurance is a contract between insurer & insured in which insurer

agrees to make good loss of insured on happening of event in consideration of regular payment

called premium. This agreement or contract is in writing and is known as insurance policy.

Insurance product is a financial contract entered into by parties with a define

consensus of mind. Insurance, in its purest from, is a risk management tool, a security

blanket. It provides financial protection against unexpected events.

When we buy insurance, effectively a portion of risk is transferred to the insurer. This

protection comes at a price, but its a function of what we might otherwise find ourselves

burdened with. Whatever stage of life we are at, chances are, and we need insurance.

Everyone is exposed to various risks. Future is very uncertain, but

there is way to protect ones family and make ones childrens future safe. Life Insurance

companies help us to ensure that our familys future is not just secure but also prosperous. Life

Insurance is particularly important if you are the sole breadwinner for your family. The loss of

you and your income could devastate your family. Life insurance will ensure that if anything

happens to you, your loved ones will be able to manage financially.

The Insurance sectorin India governed by Insurance Act, 1938, the Life Insurance

Corporation Act, 1956 and General Insurance Business (Nationalisation) Act, 1972, Insurance

Regulatory and Development Authority (IRDA) Act, 1999 and other related Acts. With such a

large population and the untapped market area of this population Insurance happens to be a very

big opportunity in India. Today it stands as a business growing at the rate of 15-20 per cent

annually. Together with banking services, it adds about 7 per cent to the countrys GDP. In spite

of all this growth the statistics of the penetration of the insurance in the country is very poor.

Nearly 80% of Indian populations are without Life insurance cover and the Health insurance. This

is an indicator that growth potential for the insurance sector is immense in India.


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1.4 NEED OF INSURANCE:

All assets have some economic value attached to them. No person can deny that

there is also a possibility that these assets may get damaged/destroyed or become non-

operational due to risks like breakdowns, fire, floods, earthquake etc. Different assets are

exposed to different types of risks like a car has a risk of theft or meeting an accident, a house

is exposed to risk of catching fire, a human is exposed to risk of death/accident. Insurance is

needed because of following reasons:

Social security

Uncertainty

Economic Development

Tax benefits

Accumulating for specific needs


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CHAPTER-2

COMPANY PROFILE


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MetLife India Insurance Company Limited (MetLife) is an affiliate of MetLife, Inc. and was

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

Kashmir Bank, M. Pallonji and Co. Private Limited and other private investors. MetLife is one of

the fastest growing life insurance companies in the country. It serves its customers by offering a

range of innovative products to individuals and group customers at more than 600 locations

through its bank partners and company-owned offices. MetLife has more than 50,000 Financial

Advisors, who help customers achieve peace of mind across the length and breadth of the country.

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

Pacific and Europe. Affiliated companies, outside of India, include the number one life insurer in

the United States (based on life insurance enforce), with over 140 years of experience and
http://en.wikipedia.org/wiki/File:Walter_Gropius_photo_MetLife_Building_fassade_New_York_USA_2005-10-03.jpg


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relationships with more than 90 of the top one hundred FORTUNE 500 companies. The

MetLife companies offer life insurance, annuities, automobile and home insurance, retail banking

and other financial services to individuals, as well as group insurance, reinsurance and retirement

and savings products and services to corporations and other institutions.

MetLife Inc.:-

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

operations throughout the United States and the Latin America, Europe, and Asia Pacific regions.

Through its domestic and international subsidiaries and affiliates, MetLife, Inc. reaches more than

70 million customers around the world and MetLife is the largest life insurer in the United States

(based on life insurance in-force). The MetLife companies offer life insurance, annuities, auto and

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

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

2.1 VALUES

"Coming into your own", performing

as a Leader to be really effective and

successful by acting and making

decisions independently to get results.

It's all about People, MetLife's key

resource. MetLife will succeed

because we are winning from within.

Functioning productively in teams

towards a common purpose; realising

the collective power of diverse work-


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groups. Operating with an intense dedication to

managing monetary resources for

strong business results.

Conducting all business endeavours

with truth, sincerity and fairness.

Continuously creating and introducing

new and original ideas and ways of

doing things.

2.2 FACTS ABOUT Metlife

FACT SHEET

Founded 2001

Started Operation FY 2001-2002

Headquarters Bangalore, IndiaWorld Wide Web Address www.metlife.co.in

Managing Director Rajesh Relan

Employees 7688Financial Advisors 56072

Bancassurance Tie-Ups

Number Of Products Over 20 productsPresence Through Metlife Offices 192 offices in 131 cities

Presence Through Bank Partners 1910 offices in 686 cities

2.3 Our Vision and Mission
http://www.metlife.co.in/http://www.metlife.co.in/


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Build financial freedom for all through leadership in providing financial advice and building long-

term relationships through innovative protection, accumulation and retirement products, robust

underwriting processes and creating world-class customer service experience for our customers.

We want to provide customers in India with world-class solutions for financial security, and in the

process add significant value to our shareholders, associates and society

2.4 PARTNERS :

2.5 INTRODUCTION OF SBI LIFE INSURANCE

SBI Life Insurance Company Limited is a joint venture between the State Bank of India and

BNP Paribas Assurance. SBI owns 74% of the total capital and BNP Paribas Assurance theremaining 26%.


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State Bank of India enjoys the largest banking franchise in India. Along with its 7 Associate

Banks, State Bank Group has the unrivalled strength of over 16,000 branches across the country,

arguably the largest in the world. BNP Paribas is the 1st largest French company and ranks 5th inthe banking industry worldwide, 1st bank in Euro Zone as per Global 2000 Forbes 2008. It is

6th most valuable international banking brand as per Brand Finance 2008.

BNP Paribas Assurance is the life and property & casualty insurance unit of BNP Paribas - Euro

Zones leading Bank. BNP Paribas, part of the worlds top 6 group of banks by market value and

a European leader in global banking and financial services, is one of the oldest foreign bankswith a presence in India dating back to 1860. BNP Paribas Assurance is the fourth largest life

insurance company in France, and a worldwide leader in Creditor insurance products offering

protection to over 50 million clients. BNP Paribas Assurance operates in 41 countries mainly

through the bancassurance and partnership model.

SBI Life has a unique multi-distribution model encompassing Bancassurance, Agency and Group

Corporate.

SBI Life extensively leverages the SBI Group as a platform for cross-selling insurance products

along with its numerous banking product packages such as housing loans and personal loans.SBIs access to over 100 million accounts across the country provides a vibrant base for

insurance penetration across every region and economic strata in the country ensuring true

financial inclusion.

2.6 MET LIFE INSURANCE PRODUCTS

A. CHILD PLAN


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1. Met Bhavishya

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

meet the education and career milestones of children. With this plan, the Life Insured is that of the

parent. The plan also has inbuilt guaranteed additions to add value to the policy over its term.

There are two options to choose from and fixed term benefits, periodic additions & terminal

additions are payable based on the option that select. The policy is suitable for parents with

children between the ages 0-12 and parents in the age group of 20-50 years old.

Option A-

Age of the Child Percentage of Payout Assumed Milestone

15 years 20% of Sum Assured Class X

17 years 30% of Sum Assured Class XII

20 years 50% of Sum Assured College

21 years Guaranteed Additions Higher Education

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

Age of the Child

Percentage of Payout

Assumed Milestone

17 years 20% of Sum Assured Class XII

21 years 30% of Sum Assured College


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23 years 50% of Sum Assured Higher Education

25 years Guaranteed Additions Wedding

B. SAVINGS

1. Met Sukh2. Met Suvidha

Met Sukh
http://www.metlife.co.in/MetLifeIndPlans_Savings_MetSukh.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Savings_MetSukh.aspx


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MetLife offers 'Met Sukh'- a guaranteed money-back policy which provides

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

guaranteed additions of 10% of the Sum Assured for the entire term. It not only

covers your life, but also guarantees you cash payments at various milestones along

with guaranteed growth of your savings.

Entry Age Min-15years

Max - 55 years

Coverage Term 20 years

Premium Payment Term Regular

Minimum Sum Assured Rs. 75,000

Maximum Sum Assured No Limit

Benefits

Death Benefit

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

the Guaranteed Additions are payable.

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

Sum Assured for each completed year.

Maturity Benefit

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

Addition.

Survival Benefits


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Met Suvidha

'Met Suvidha' is a flexible Endowment Plan that combines savings and security. In addition to

providing you protection till the maturity of the plan, it helps you save for your specific long term

financial objectives. This long term savings-cum-protection plan comes to a customer ataffordable premiums.

Met Suvidha is available in both participating as well as non-participating versions.

Minimum Entry Age Par: 15 years - 70 years

Term Par: - 15 years - 30 years

Premium Paying Terms Single Pay, Limited Pay (5 or 10) & Regular pay

Minimum Annual Premium Amount Rs. 2,500

Minimum Sum Assured Rs. 75,000

Maximum Sum Assured No Limit

C.PROTECTION PLAN

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



Upon survival to maturity 40% of the Sum Assured

lplus Total Guaranteedadditions
http://www.metlife.co.in/MetLifeIndPlans_Savings_MetSuvidha.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Savings_MetSuvidha.aspx


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Met Protect

MetLife offers 'Met Protect - Term Assurance (TA)', a non participating term assurance plan

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

complete protection to enjoy life to the fullest. Customer can further customize plan with two

riders Accidental Death Benefit and Critical Illness.

D. MONTHLY INCOME

Met Monthly Income Plan 7 Pay


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

for 7 years and get back the Guaranteed Monthly Income that you choose at inception for 8

years. At the end of the term you will also get the accrued bonuses as a lumpsum.

Plan at a Glance - Entry Age 18 yrs - 55 yrs

Maximum Maturity Age 70 years

Minimum Monthly Income Rs. 1,000 p.m.

Sum Assured (fixed) 96 times the Monthly Income

Premium Payment Term 7 years

Policy Term 15 years

Product Benefits

Survival Benefits - You get a monthly regular income that you have chosen at the inception ofthe policy for 8 years(Maximum of 96 months) after the end of the Premium Payment Term.

Maturity Benefit- On attaining the maturity age you will receive the accrued Simple

Reversionary Bonuses along with the Terminal Bonus.

In case of death, the family continues to get guaranteed monthly income


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CHAPTER-3

RESEARCH MEHODOLOGY


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3.1 MEANING

Research methodology refers to a search for knowledge. One can also define research

methodology as a scientific and systematic search for the information on a specific topic.

The word research methodology comes from the word advanced learners dictionary meaning

of research as a careful investigation or inquiry specially through search for a new facts in any

branch of knowledge for example some authors have defined research methodology as

systematized effort to gain new knowledge

3.2 RESEARCH DESIGN

For the proper analysis of data simple statistical techniques such as percentage were used . It

helped in making more accurate generalization from the data available. The data,which was

collected from a sample of population,was assumed to be representing entire population interest .

demographic factors like age , income and educational background was used for the classification

purpose .

3.3 SAMPLE SIZE

For carrying out any research or study on any subject it is very difficult to cover even 10% of the

population. Therefore the sample size has to be decided for a meaningful conclusion. For

designing the sample size, it was thought proper to cover a very small percentage of population in

various age groups.

The method used for sample technique was non probability convenience sampling method. This

method was used because it was not known previously as to whether a particular person will be

asked to fill the questionnaire. Convenient sampling is used because only those people were asked

to fill the questionnaire who were easily accessible and available to me.

Considering the constraints, I decided to conduct the study based on sample size of 100 people in

various age groups.


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3.4TYPES AND TECHNIQUES

The study conducted is a conclusion descriptive statistical study. Conclusive because after

conducting the study, the researcher comes to a decision which is precise and rational. The study

is conclusive because after doing the study the researcher comes to conclusion regarding the

position of the Company in the minds of respondents of different age groups. The study is

statistical because throughout the study all the similar samples are selected and grouped together.

All the similar responses are taken together as one and their percentages are calculated.

Thus, this conclusive descriptive statistical study for this purpose as it provides the necessary

information which is utilized to arrive at a concrete decision.

3.5 TOOLS USED

To know the response I have used the questionnaire method in sample survey. If one wishes to

find what people think to know, the logical procedure is to ask them. This has led marketing

researchers to use the questionnaire techniques for collecting data more than any other method.

In this method questionnaire were distributed to the respondents and they were asked to answer

question in the questionnaire. The questionnaires were structured non-disgusted questionnaire

because the questions, which the questionnaire contained, were arranged in a specific order

besides every question asked were logical for the study, no question can be termed irrelevant.

The questionnaire, were non-disguised because the questionnaire were constructed so that the

objective is clear to the respondents were aware of the objective. They knew why they asked to

fill the questionnaire.

3.6 DATA COLLECTION

PRIMARY DATA SOURCES

Through interaction with policy holders.

Through questionnaire filled from the sample population.

SECONDRY DATA SOURCES

Through internet, various official sites of the companies


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Journals and magazines.

CHAPTER-4

DATA ANALYSIS AND INTREPRETATION


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4.1 Is it essential to have life insurance

Option No. of respondents % of total population

Yes 90 90%

No 10 10%

INTREPRETATION: It is evident from above study that there is immense scope in insurance

industry. There are many people with insurance and the scope increases much more because most

of the respondents are found under insured.


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4.2 Companies where people invested there money for life insurance


Met Life 54 54%SBI Life 30 30%

Others 16 16%

INTERPRETATION: It can be seen that about 54% of people have invested money in Met Life

insurance and 30% have invested money in SBI Life insurance and rest 16 % have invested in

other companies.

4.3 Why people have chosen Met Life


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INTERPRETATION- 30% of people have chosen Met Life for ROI,5 % for Peer pressure, 20%

for tax benefit,20% for security and 30 % for low premium.so it is clear that Met Life offers low

premium as compared to SBI Life.


ROI 25 25%

Peer Pressure 5 5%Tax benefit 20 20%

Security/Safety 20 20%

Low Premium 30 30%


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4.4 Various plans where people are insured in Met Life

INTERPRETATION-25 % are insured in met suraksha plan,15% in met sukh, 20 % in MMIP,

27% in child plan and 13 % in met suvidha.


Met Suraksha plan 25 25%

Met Sukh 15 15%Met Monthly income plan 20 20%

Met Bhavishya child plan 27 27%

Met Suvidha (Par) 13 13%


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4.5 Difference between Met Life and SBI Life insurance


Good Returns (Highest) 25 25%

Effectiveservice/Liquidty

15 15%

Tax Planning 30 30%

Security/Safety Benefit &

protection on your Capital

30 30%


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INTERPRETATION- 25% of people agree with good returns, 15% with effective service,

30 % with tax planning and 30 % with security and protection on capital.

4.6 People satisfied with companies Child plan


Met Life 52 52%

SBI Life 27 27%

Others 21 21%


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INTERPRETATION- It has been seen that 52 % of people are satisfied from Met Life child plan

because it provides guaranteed bonus and low premium and high risk cover,and27 % of peopleare satisfied from SBI Life and rest 21 % are satisfied from other companies.

4.7 Preferred criteria for selecting insurance policy


Term/Duration of policy 32 32%

Annual Premium 29 29%Brand name of the company 25 25%

Others 14 14%


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INTERPRETATION- It has been seen that 32 % of people preffer duration of policy,29 % prefer

annual premium, 25 % prefer beand name of the company and 14 % for others.

4.8 People satisfied with companies term plan


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INTERPRETATION- It has been seen that 51% of people are satisfied from Met Life term plan,

38 % are satisfied from SBI Life and 11 % from other companies.

4.9 Company offering less premium and more returns


Met Life 51 51%

SBI Life 38 38%Others 11 11%


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INTERPRETATION- It has been seen that 56% of people agree with Met Life and 24 % agrees

with SBI Life and 20 % with others.

4.10 Companies protection plan provide more security


Met Life 56 56%



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INTERPRETATION- Met Lifes protection plan provides more security as compared to SBI

Life and other companies.

4.11 Most preferred companies savings plan


Met Life 54 54 %

SBI Life 28 28%Others 18 18 %


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INTERPRETATION 45 % of people rate the services given by Met Life as excellent,30 % rate

as good, 15% rate as average and 10 % as poor.


Average 15 15%

Good 30 30%Excellent 45 45%

Poor 10 10%


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4.13 Services given by SBI Life Insurance

INTERPRETATION 20 % of people rate the services given by SBI Life as excellent,20 % rate

as good, 35% rate as average and 25 % as poor.


Average 35 35%

Good 20 20%Excellent 20 20%

Poor 25 25%


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4.14 From which company people will like to purchase policy

INTERPRETATION 54 % of people will prefer to purchase policy from Met Life, 32% from

SBI Life and 14 % from other companies.

Option No. of respondents % of total populationMet Life 54 54%



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CHAPTER 5

COMPARATIVE ANALYSIS


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COMPARATIVE ANALYSIS

TERM PLAN

Met Protects v/s SBI Smart Shield

Details Met Protect SBI Smart Shield

Minimum entry age 18 years 18 years

Maximum entry age 70 years 70 years

Maximum maturity age 70 years 70 years

Minimum policy term 10 years 5 years

Maximum policy term 35 years 30 years

Minimum sum assured 25,00,000 2500000

Maximum sum assured No limit No limit

Premium payment

frequency

Yearly/Half Yearly

/Quarterly/Monthly/Single

Yearly/Half

Yearly/Quarterly/Monthly

Illustration-Annual

Premium for a male of 35

years and 50,00,000 sum

assured for 25years term

Rs 6287 Rs 11490

INFERENCE: The term plan of Met Life is better from that of SBI Life in respect coverage

term and premium payable.It is a low cost.pure risk insurance plan and available of tax benefit.In

this plan, premiums are lower for non smokers as compared to SBI Life.

CHILD PLAN: MET BHAVISHYA V/S SBI Life SCHOLAR 2

Features Met bhavishya Scholar 2


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Age of child 0-12 years 0-15years

Premium payment term Yearly,haly-yearly,quaterly and

PSP

Yearly,haly-yearly,quaterly

Sum assured 500000 500000

Premium paid 33220 34770Benefits paid on maturity 1160000 725000

Benefit-death of parent Child gets SA and the

guaranteed payments as chosen

earlier. Waiver of premium

available

Child gets SA and the

guaranteed payments as chosen

earlier. All future premiums are

waived.

Flexibility in benefit structure Two structures

Option A: when the childs age

is 15,17,20,21

Option B: when the childs age

17, 21, 23 and 25.

One structure

When the childs age is

18,19,20 and 21.

Benefits during the policy When child reaches at age 17,he

gets 20% of SA,at age 21 he gets

30% of SA and at age 25 he gets

50% of SA plus 6 %Guaranteed

bonus.

When child reaches at age

18,he gets 25% of SA,at age 19

he gets 25% of SA, at age 20 he

gets 25% of SA and at age 21he

gets 25% of SA plus non

Guaranteed bonus.

Maturity options Two policy terms: Option A: 21

years; Option B: 25 years.

Policy Matures when chid is of

21years

Bonus & additions Guaranteed additions of Rs.50

per 1000 of the face amount,

every year and a terminal bonus

of 20% of the total guaranteedperiodic additions.

Non Guaranteed vested bonus

INFERENCE -


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From the secondary data analysis it is found that MetLifes child plan is better as compared to

SBI Life child plan. The features which make MetLifes child plan better are: low premium,

benefits offered, maturity, guaranteed bonus& additions and flexibility.

SAVINGS PLAN

MET SUVIDHA (PAR) V/S SBI SUDARSHAN

Features Met Suvidha SBI Sudarshan

Age 15-70 years 12-65 years

Premium payment mode Flexible payment modes of

single premium,Limited

premium & Regular premium

available

Only single premium and

Regular premium modes

available.

Riders4 riders are available 3 riders are available

Illustration-age 30 years 30 years

Term of illustration 15 years 15 years

Premium payment term 15 years 15 years

SA 1000000 1000000

Premium 62420 63589

Sales illustration value at the

end of 15 years at 6 %

1538814 1414588

INFERENCE-

From the secondary data analysis it is found that MetLifes saving plan is better as compared toSBI Life plan. The features which make MetLifes savings plan better are: age, riders, premium

mode, low premium, maximum returns and IRR.


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CHAPTER-6

FINDINGS

FINDINGS

As it has seen that, Met Life offers low premium as compared to SBI Life insurance, socustomers prefer Met Life most.

Child plan is most popular among all the plans of Met Life as compared to SBI Life.

Duration of policy is found as preferred criteria for selecting the insurance policy.

It has been seen that Met Life services are better as compared to SBI Life.


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As the people think that insurance is a tool to protect their family & a tax saving device.

They are aware of the fact & realizing its importance. There is a large potential for

insurance in India. 2. The entrance of private players will increase the competition.

Since Met Life India Insurance is leading with several companies policies it should be

easy for them to penetrate into the market and secure a good position if they pay greater

attention to the service part provided to their customer and thereby forming a long and

trusted relationship.

Most of the customers are satisfied with Met Lifes term plan as compared to SBI Life

insurance.

As seen from the survey that at present 90% of the customer are having insurance policy.

So it can be a good potential for the company and they should make an attempt to trap

these customers.

A good positive growth is being shown by Met Life insurance and is trying to make

competition much tougher.

All the products of Met Life insurance are really very good and have an edge over most ofthe products of SBI Life insurance company as the plans offered by the company are

really very flexible.

CHAPTER 7


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CONCLUSION

The conclusions drawn from the project are -

There has been tremendous change in the insurance history. And with it there has been continuous

growth in this sector both in Indian as well as world context. The opening up of the insurance

sector has changed the whole look of the industry..


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From this research also I conclude that people opting for Metlifes plans are more as compared to

SBI Life insurance.

The primary reasons for buying an insurance policy, whether life or non-life is to protection from

vagaries of life. We do not invest in insurance for returns; rather we invest in it for regrettable

necessities. Though a large proportion of policies available in the country provide for returns, but

nobody is looking for returns to the inflation rate. So what does insurance offer, perhaps peace of

mind.


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CHAPTER 8

RECOMMENDATION

RECOMMENDATIONS

The MetLife India Insurance company should now try to identify the gap between current level of

customer service and customer expectations. Some of the strategies being recommended are as

follows:


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Brand Building: MetLife is a very huge Brand in US in Insurance but in India it is not known

as a Insurance brand. So MetLife need to focus on Brand building Activities which can be done

through Advertising, Road shows, Knops, Sponsoring Events in rural & Urban Areas.

Educating the Consumers: As per the survey Conducted it is found that most of the

respondents dont know the core function of the insurance & they are taking it only as an

investment instrument & also they are not aware of the different allocation charges. So MetLife

should take initiative to educate the consumers regarding all these aspects & take competitive

Advantage on this front as its Allocation charges are minimum in the whole Indian Insurance

Industry.

Concentration More On Rural Areas : Metlife need to concentrate more towards the rural

areas and most of the people in rural areas are not insured so there is a huge potential in the rural

sector.

Product Differentiation : Offering a product that is distinctly different from other products

available in the market by other insurance players.

More Guaranteed Plans to be Introduced : The company need to introduce some more

guaranteed plans so that customer can invest in them and have assured return on them which

ultimately is an edge in competition in insurance sector.

Proper Policy Documentation: Wrong interpretations/ non-awareness of policy document

by the customer may have serious implications in the long term and the possibility of the same

should be alleviated by the company..


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ANNEXURE


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BIBLIOGRAPHY

1) Kotler Philip, Marketing Management, Pearson Education Inc. 11th

Edition.

2) C.R.Kothari

WEBLOGRAPHY

www.metlife.co.in

www.irdaindia.org

www.insuranceworld.com

www.policybazaar.com

www.Scribd.com
http://www.scribd.com/http://www.scribd.com/


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QUESTIONNAIRE

Respected Sir/Madam,I am conducting a study entitled COMPARATIVE STUDY OF

INSURANCE PRODUCTS OF MET LIFE INSURANCE AND SBI LIFE INSURANCE

A Survey in Raipur City with Special Reference to MET LIFE INSURANCE. I need yourhelp in conducting this survey. Kindly provide me your valuable time and opinion to fill this

Questionnaire. Your information will be kept confidential and will be used exclusively for

academic purpose.

Sonal SoniMBA-3rd sem

DIMAT

Personal detail

Name:

Age

18-24 25-35

35-45 45-55

55 and above

Phone No.

Email.

Occupation.

Office Address: - Residential Address:-


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1) Do you think it is essential to have Life Insurance ?

a)Yes

b) No

2) Which are the companies you invested your money for Life Insurance ?

a) Met Life Insurance

b) SBI Life Insurance

c) Others

3) Why did you choose Met Life Insurance ?

a) ROI

b) Peer Pressurec) Tax Benefit

d) Security /safetye) Low Premium

4) Which of the following plan you are insured in MET Life ?

a) Met Suraksha plan

b) Met Sukh

c) Met Monthly income Pland) Met Bhavishya Child Plan

e) Met Suvidha (Par)

5) What difference you find between Met Life & SBI Life Insurance ?

a) Good Returns (HIGHEST)

b) Effective Service/Liquidity

c) Tax Planning

d) Security/ Safety Benefit & Protection on your Capital

6) Which companies child plan you are satisfied ?

a)Met Life

b)SBI Life

c)Others

7) What is the preferred criteria for selecting the insurance policy ?

a) Term/ Duration of the policy


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b)Annual Premium

c) Brand name of the company

d) Others

8) Which companies term plan you are satisfied and why ?

a) Met Lifeb) SBI Life

c) Others

9) Which company is offering less premium and more returns in various products ?

a) Met Life

b)SBI Lifec)Others

10) Which companies protection plan provide you more security and why ?

a) Met Life

b) SBI Life

c) Others

11) Which companies savings plan you will prefer and why ?

a)Met Life

b)SBI Lifec)Others

12) How will you rate the services given by Met Life Insurance?

a) Average

b) Goodc) Excellent

d)Poor

13 ) How will you rate the services given by SBI Life Insurance ?

a)Average

b)Good


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c)Exceelent

d)Poor

14) In future, from which company you will like to purchase policy ?

a) MET Lifeb) SBI Life

c) Others

15) Any suggestions you want to give ?


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Documents

Met Life Project Intro1 Repaired) Repaired)