Met Life study explores customer awareness and potential in Hubli

A study on customer awareness level to improve market share to find the potential
customer for Met Life India”

Literature Review:

The project report on “A study on customer awareness level to improve

market share to find the potential customer for Met Life India”. In Hubli.

Body of the Report:

Primary data was collected by administration questionnaire of 100 customers. The

questionnaire was specially framed to meet the requirement of the survey and the

following details.

Direct contact was made with the respondents through random sample to collect

the needful information with reference to our objective as per to meet the survey

requirement.

Interview technique:

Direct personal interview was conducted throughout project using direct structured

and self administrative questionnaire.

Conclusion & Recommendation:

Analysis was based on the result of the research conducted and the

recommendations are based on the analysis.

Limitation:

The major limitation of the project was time frame.

Babasabpatilfreepptmba.com Page 1


STATEMENT OF THE PROBLEM

“A study on customer awareness level to improve market share to find the

potential customer for Met Life India”.

The main core problem in the project is to know weather the people of Hubli city

is fully aware of “Met Life India Life Insurance Plans and policies”

Purpose of the study:

The study was undertaken to gather information from the respondents regarding

awareness Met Life India Life Insurance Plans and policies and the purpose of the study

is to know how many people are aware of “Met Life India Life Insurance Plans and

policies”

Scope of the study:

• The study will help the company to know the awareness of “Met Life

India Life Insurance Plans and policies” in Hubli city.

• The study will help the company to know the customer profile.

• The company can find out where their competitors stand.

The reason for confining the scope of the research in Hubli were .



1) One of the fast growing city in educational field in Karnataka and represents the

more scope to the insurance companies.

2) It is also commercial city in the Business field.

Objectives:

1. To study the awareness level of ““Met Life India Life Insurance Plans and

policies”.

2. To find factor influencing financial planning.

3. To find potential market for ““Met Life India Life Insurance Plans and

policies”

4. To find vital communication media.

RESEARCH METHODOLOGY

Data source: Primary data (field survey)

Area of Research: Hubli city.

Research instrument: Questionnaire.

Sample Plan: Personal Interview.

Sample Unit: Businessman, Job holders, etc.

Sampling method: Non probability method, Random sampling method.

Sample Size: 100 respondents.



INSURANCE REGULATORY AND DEVELOPMENT

AUTHORITY ACT 1999 (IRDA)

This Act, passed in Dec 1999, provided for the establishment of the IRDA to

protect the interests of policyholders, to regulate, promote & ensure orderly growth of

insurance industry & for the matters connected therewith or incidental thereto. It also

sought to amend the insurance Act, 1938, the L I C Act, 1956 & the general insurance

Business (nationalization) Act, 1972.

The IRDA is the corporate body. It is advised insurance advisory committee

consisting of not more than 25 members to represent the interests of commerce,

industry, transport agriculture, consumer forums, surveyors, agents, intermediaries,

organizations engaged in safety & loss prevention, research bodies & employees’

associations in the insurance sector. It replaces the ‘controller of insurance’ to

administer the provisions of the insurance Act. That includes registrations, licensing,

& laying down regulations for the proper conduct of the business & the protection of

the interests of policyholders.

The regulations framed by the IRDA, in so far as they affect the working of

agents, are reproduced in full at the end of this course.

Introduction to insurance



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

Every asset has a value. The asset is valuable to the owner, because he accepts to get

benefits from it. The benefit may be income or something else. It’s a benefit because it

meets some of his needs. In the case of factory or a cow, the product generated b is sold

& income generated. In the case of a motor car it provides comfort & convenience in

transportation. There is no direct income

Every asset is expected to last a certain period of time during it which it will

perform. After that, the benefit may not be available. There is a life time for a machine in

a factory or a cow or a motor car. None of them will last for ever. 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 value or income is not lost.

How ever the asset may get lost earlier an accident or some other unfortunate event may

destroy it or make it non-functional. In that case, the owner and those deriving benefits

there from would be deprived of the benefit and the planned substitute would be not

having been ready. There is an adverse or unpleasant situation. Insurance is a mechanism

that helps to reduce the effect of such adverse situation.

Brief history of insurance



The business of insurance started with marine business traders, who use to gather

in the Lloyd’s coffee house in the London agreed to share the losses to their goods while

being carried by ships. The losses use to occur because of he pirates on the high seas or

because of bad weather spoiling the goods or sinking the ships. The fist insurance policy

was introduced in 1583 in England. In India insurance began in 1870 with life insurance

being transacted by an English company, the European &the Albert .The first Indian

insurance company was Bombay mutual assurance society ltd formed in 1870. This was

followed by oriental life insurance company.In1874, the bharath in 1896 & the empire of

India in 1897.

Later, the Hindustan cooperative was formed in Calcutta, the united India in

madras, the Bombay life in Bombay, the national in Calcutta, The new India in Bombay,

the Jupiter in Bombay and the lakshmi in New Delhi. These were all Indian companies,

started as a result of the swadeshi movement in the early 1900s. By the year 1956, when

the life insurance business was nationalized and the life insurance corporation of India

(LIC) was formed on 1st Sep 1956, there were 170 companies and 75 provident funds

societies transacting life insurance business in India. After the amendments to the

relevant laws in 1999, the LIC did not have the exclusive privilege of doing life insurance

business in India. By 31.03.2002, 11 new insurers had been registered & had been to

transact life insurance business in India.



INSURANCE IN INDIA

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

competitive market to nationalization and back to a liberalized market again. Tracing the

developments in the Indian insurance sector reveals the 360-degree turn witnessed over a

period of almost two centuries.

A brief history of the Insurance sector

The business of life insurance in India in its existing form started in India in the

year 1818 with the establishment of the Oriental Life Insurance Company in Calcutta.

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

1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate

the life insurance business.

1928: The Indian Insurance Companies Act enacted to enable the government to collect

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

1938: Earlier legislation consolidated and 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. The General



insurance business in India, on the other hand, can trace its roots to the Triton Insurance

Company Ltd., the first general insurance company established in the year 1850 in

Calcutta by the British.

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

1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact all

classes of general insurance business.

1957: General Insurance Council, a wing of the Insurance Association of India, frames a

code of conduct for ensuring fair conduct and sound business practices.

1968: The Insurance Act amended to regulate investments and set minimum solvency

margins and the Tariff Advisory Committee set up.

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

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

107 insurers amalgamated and grouped into four companies viz. the National

Insurance Company Ltd., the New India Assurance Company Ltd., the

Oriental Insurance Company Ltd. and the United India Insurance Company

Ltd. GIC incorporated as a company.



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 set up with the objective of complementing the reforms

initiated in the financial sector.

The reforms were aimed at “creating a more efficient and competitive financial system

suitable for the requirements of the economy keeping in mind the structural changes

currently underway 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:

i) 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 independent corporations

All the insurance companies should be given greater freedom to operate



ii) Competition

Private Companies with a minimum paid up capital of Rs.1bn should be allowed to

enter the industry

No Company should deal in both Life and General Insurance through a single entity

Foreign companies may be 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 Life Insurance Company should be allowed to operate in each

state

iii) Regulatory Body

The Insurance Act should be changed

An Insurance Regulatory body should be set up

Controller of Insurance (Currently a part from the Finance Ministry) should be made

independent

iv) Investments

Mandatory Investments 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 (There current

holdings to be brought down to this level over a period of time)



v) Customer Service

LIC should pay interest on delays in payments beyond 30 days

Insurance companies must be encouraged to set up unit linked pension plans

Computerization of operations and updating of technology to be carried out in the

insurance industry

The committee emphasized that in order to improve the customer services and increase

the coverage of the insurance industry should be opened up to competition. But at the

same time, the committee felt the need to exercise caution as any failure on the part of

new players could ruin the public confidence in the industry.

Hence, it was decided to allow competition in a limited way by stipulating the minimum

capital requirement of Rs.100 crores. The committee felt the need to provide greater

autonomy to insurance companies in order to improve their performance and enable them

to act as independent companies with economic motives. For this purpose, it had

proposed setting up an independent regulatory body.



IMPORTANCE OF INSURANCE

Why I need Insurance

Life Insurance is a contract by which you can protect yourself against specific

losses by paying a premium over a period of time. Since each one of us, during our lives

are faced with numerous risks – failing health, financial losses, accidents and even

fatalities, our instinct drives us to cover ourselves against those risks. Though an

insurance cover can’t protect you against the emotional losses arising out of these risks, it

softens the economic crisis that usually accompanies these losses.

Life Insurance gains much more value if you are a nuclear family. Unlike in the

traditional joint family system, in a nuclear family, support from the extended family

cannot be counted upon. So it is vital that you have an insurance cover as the protective

shield against unfortunate losses.

And it’s not only your life you could insure against those risks. With the

Insurance Industry going through positive changes in the last few decades, now, you have

a variety of risk coverage options. For instance, products in the market range from whole

life insurance to covering risks associated with home loans.

What’s more, now you could choose life insurance as an investment option, the

returns of which you can enjoy at the most critical phases of your life – for instance, at

the time of your child’s admission into one of those dream institutes.



And the insurance industry is constantly evolving. So, you now have a wider

option of insurers – presenting you with products that not only cover those risks, but also

act as wealth accumulation or investment avenues, which, you should definitely avail of.

Whether you are new to insurance, or an informed customer, you could always

get valuable information from us. We have attempted to cover this site with some

comprehensive information on life insurance. However, do not hesitate to leave a note for

our Financial Advisors. Not only they could provide you with the additional information

you might be looking for, they can also help you assess your life insurance needs and

invest wisely.

Purpose & need of insurance

Assets are insured, because they are likely to be destroyed, through accidental

occurrences. Such possible occurrences are called perils. Fire, floods, breakdowns,

lightning, earthquakes, etc are perils. If such perils can cause damage to the asset, we say

that the asset is exposed to that risk. Perils are the events. The risk to a owner of building,

because of the peril of an earthquake, may be a few lacs or a few crores of rupees,

depending on the cost of the building & the contents in it.

The risk only means that there is a possibility of loss or damage. The damage may

or may not happen. Insurance is done against the contingency that it may happen. There

has to be an uncertainty about the risk. Insurance is relevant only if there are

uncertainties. If there is no uncertainty about the occurrence of an event, it cannot be



insured against. In the case of human being death is certain, but the time of death is

uncertain. In the case of a person who is terminally ill, the time of death is uncertain,

thought not exactly known. He cannot be insured.

Insurance does not protect the asset. It does not prevent its loss due to the peril.

The peril cannot be avoided through Insurance. The peril can sometimes be avoided,

through better safety & damage control management. Insurance only tries to reduce the

impact of the risk on the owner of the asset & those who depend on that asset. It only

compensates the losses-and that too, not fully.

Only economic consequences can be insured. If the loss is not financial, Insurance

may not be possible. Examples of non-economic losses are love & affection of parents,

leadership of managers, and sentimental attachment to family heirlooms, innovative &

creative abilities

How insurance works

The mechanism of insurance is very simple. People who are exposed to the same

risks come together & agree that, if any of them suffers loss, the others will share the loss

& make good to the person who lost. All people who send goods by ship are exposed to

same risk, which are related to water damage, ship sinking, piracy, etc.Those owning

Factories are not exposed to these risks but they are exposed to different kinds of risk like

fire, hailstorms, earthquake, lightning, burglary, etc, like this different kinds of risk can

be identified & separate groups can be made, including exposed to those risk. By this



method, the heavy loss that any of them may suffer is divided into a small bearable loss

by all.

There are certain principles, which make it possible for insurance to remain a fair

arrangement. The first is that it is difficult for any one individual to bear the

consequences of the risk he is exposed to. It will become bearable when the community

shares the burden. The second is that the peril should be in an accident manner. Nobody

should be in a position to make the risk happen. In other words, none in the group should

set fire to his assets & ask others to share the costs of damage. This would be taking

unfair advantage of an arrangement put in to place to protect people from the risk they are

exposed to. The occurrence has to be random, accidental, & not the deliberate creation of

the insured person.

The manner in which the loss is to be shared can be determined before hand. It may

be proportional to the risk the each person is exposed to. This would be indicative of the

benefit he would receive if the peril befell him. The share could be collected from the

members after the loss has occurred or the likely shares may be collected in advance, at

the time of admission to the group. Insurance companies collect in advance & create a

fund from which the losses are paid.

The collection to be made from each person in advance is determined on

assumptions. While it may not be possible to tell beforehand, which person will suffer, it

may possible to tell, on the basis of past experience, how many persons, on an average,

may suffer losses.



THE BUSINESS OF INSURANCE

Insurance companies are called insurers. The business of insurance is to

A. Bring together persons with common insurance interest.

B. Collect the share (premium) from all of them.

C. Pay out compensations (claims) to those who suffer.

The premium is determined on the same lines as indicated in the above examples

above, but with some further refinements.

In India, insurance business is classified primarily as life & non-life or general.

Life insurance includes all risks related to the lives of human beings & general insurance

covers the rest.

Myths of Insurance

There are some myths that are associated with Insurance. To choose insurance as

a good investment, you need to be informed about these myths.

Insurance is for saving tax

The primary function of life insurance is to cover you against sudden losses

arising out of sudden death or liability. Unlike other investment options like the Public

Provident Fund that offers 20% tax rebate under Section 88 of the Income Tax Act,

1961or other small savings schemes like post office deposits and national savings

certificates, Insurance isn’t a tax saving investment vehicle.


Insurance, primarily offers you complete security arising out of risk coverage

against the uncertainties of life. And secondarily serves you as a good investment option

and tax saving tool. Hence, as an instrument, life insurance offers you the ideal blend of

risk cover, returns and tax benefits.

Insurance does not give good returns

It’s true that there are other investment options that could give you more returns

than life insurance. If returns are evaluated in isolation, a fixed deposit option offering

you 6% interest definitely looks good in a depressed market. However, life insurance

offers you other benefits, in addition to returns.

For example, say, you invest Rs.5000/- in fixed deposit. You would ideally get

back the money at the end of the year with marginal interest. Whereas, if you decide to

pay a premium of Rs.5000/- per annum on a life insurance policy, you could buy an

insurance cover of Rs.50, 000/- to Rs.2 lakhs depending on your age and type of policy.

And if, the unfortunate happens during the tenure, your near and dear ones get to receive

the amount for which you are insured. If not, you get back the entire sum at the end of the

tenure.

Insurance products are not flexible

Insurance products have become more flexible with the introduction of riders that

allow you to customize your plan. Riders allow you to tailor your insurance policy to suit

your unique needs. They are attached to your base policy when it is purchased and are



available at nominal rates. For example, there is the Critical Illness Rider, which provides

for payment of an amount based on the diagnosis of a critical illness condition of the life

assured. The illnesses covered include critical conditions such as heart attack, stroke,

cancer, kidney failure and major organ transplant.

Flexibility is also provided through different premium payment options. By utilizing

these payment options, you need not get tied down to paying the premiums through out

the term of the policy. With Limited payment option, you can complete your premium

payments in short intervals, while enjoying the benefits of the policy for a longer term.

My money gets tied down in Insurance

The withdrawal facility available with select insurance policies makes it possible

for you to withdraw your accumulated money any time when you need it. There are also

loan options available on most policies that enable you to utilize your returns much

earlier than the completion of the term of the policy.

In essence, life insurance offers you risk coverage, tax benefits and returns on investment.

MetLife

With over 138 years of experience, the MetLife companies serve millions of

customers in the Americas and Asia with one goal in mind – to build financial freedom

for everyone. The MetLife companies are a leader in-group benefits that serve 88 of the



top one hundred FORTUNE 500®* companies, and provide benefits to 37 million

employees and family members through its plans sponsors in the U.S. The MetLife

companies are also ranked #1 in-group life and #1 in commercial dental in the U.S. The

MetLife companies are the number one life insurer in the U.S. with approximately US

$3.3trillion of life insurance in force. In India, MetLife was

incorporated in 2001, and aims to differentiate itself through customized need based

selling, simple and innovative products, and technology-backed service experience, to

tread its path to build financial freedom for everyone.

Mission / Vision / Values

Our Vision and Mission

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.

Our Core Values



• We lead through Innovation to offer world class and competitive products to our

customers

• We build Long Term Relationships with our customers by creating a world class

service experience through operational excellence and the innovative use of

technology

• We create a Customer Centered and Result Focused Vision that inspires each one

of our Associates and has their buy-in

• We are committed to creating a High Performance Organization by creating an

environment that allows each one of our Associates to perform at their peak. As a

result we will also be recognized as an Employer of Choice

• We are committed to Partnering with our internal and external Customers for

mutual success

• We work with Integrity, Fairness and Financial Prudence in all our dealings

keeping the interests of our Shareholders, Customers and Associates paramount

DIFFERENT DEPARTMENTS

Revenue Generated dept

Customer related dept

1) Procuring new Business

2) Scrutiny of the new proposal and deciding on the proposal.

3) Issuing policy



4) Make sure that the policy should not lapse.

5) Servicing policy holder

6) Advertising

7) Investing Mutual fund dept

8) Account dept

9) HR development dept

10) Government laws dept, returns and statements

Corporate Partners

As the vital channel for MetLife’s products, we have chosen some exemplary

banks and financial institutions. These will serve as the interface between our customers

and we to aid us understand the unique needs and aspirations of every Indian. And update

our products with features that form the cornerstones of financial freedom.

Prelude:

The Jammu & Kashmir Bank is today one of the fastest growing banks in India

with a network of more than 500 branches/offices spread across the country offering

world class banking products/services to its customers. Today, the Bank has a status of

value driven organization and is always working towards building trust with

Shareholders, Employees, Customers, Borrowers, Regulators and other diverse

Stakeholders, for which it has adopted a strategy directed to developing a sound

foundation of relationship and trust aimed at achieving excellence, which of course,



comes from the womb of good Corporate Governance. Good Governance is a source of

competitive advantage and a critical input for achieving excellence in all pursuits. J&K

Bank considers good Corporate Governance as the sine qua non of a good banking

system and has adopted a policy based on all the four pillars of good governance –

transparency, disclosures, accountability and value, enabling it to practice trusteeship,

transparency, fairness and control, leading to stakeholders delight, enhanced shareholder

value and ethical corporate citizenship. It also ensures that bank is managed by an

independent and highly qualified Board following best globally accepted practices,

transparent disclosures and empowerment of shareholders, besides ensuring to meet

shareholders aspirations and societal expectations following the principles of

management's executive freedom to drive the bank forward without undue restraints but

within the framework of effective accountability. The excellence achieved by the bank in

its operations stemming from the roots of voluntary good Governance has not gone

unrecognized and Bank has recently bagged three very prestigious awards for following

fair business practices and commitment to social obligations.

Financials

The Bank recorded an outstanding achievement in the last fiscal (2004-05) in key

areas of its operations. During the year 2004-05, the Bank achieved an all time high

business turnover of Rs.33162.11 crore from Rs.27946.32 crore of the previous year

registering an increase of 18.66%.



The Capital & Reserves of the Bank increased by Rs.71.66 crore to Rs.1665.40

crore during the year from Rs.1593.74 crore of the previous year. The Capital Adequacy

Ratio stood at 15.15%, which is comfortably much above the minimum stipulated by

Reserve Bank of India.

The Bank posted a net profit of Rs.115.07 crore in the last fiscal as against the

previous year figure of Rs.406.33 crore .The dip in the profits is in line with overall

industry trend which witnessed diminishing yields in the securities portfolio held by

banks and consequential booking of losses. The Bank could not remain insulated to the

said affects of inflation and hardening of interest rates, which besides impacting the

yields also, depreciated the investment portfolio. In order to insulate the securities

portfolio from future market risk and to reduce the duration of its investments, Bank

transferred securities of Rs.2602.03 crore from AFS to HTM category and also disposed

off long duration securities, thereby booking depreciation /loss on investment portfolio

aggregating Rs.222.47 crore.

Bank's aggregate deposits recorded an appreciable accretion of 16% to

Rs.21644.97 crore at the end of financial year 2004-05 from the previous year figure of

Rs.18661.38 crore. The rate of growth is commendable when compared to 14.1% at

national level.

The credit portfolio of the Bank also recorded an appreciable growth during the

year. The total advances of the Bank increased to Rs.11517.14 crore against Rs.9284.94

crore of the corresponding periods of the previous year registering a growth of 24%. The



outstanding to priority sector increased by Rs.544 crore to Rs.2510 crore at the end of

March 2005 from Rs.1966 crore of the previous year. The investment portfolio recorded

a growth of 8% to Rs.9089.23 crore from Rs.8451.10 crore of the previous years.

The net NPAs stood at 1.41%, against 1.48% of the previous year, which is one of

the lowest in the industry.

During the year, the Foreign Exchange business recorded an impressive growth of

29%, moving to Rs.5964.67 crore against Rs.4637 crore of the previous year. The

contribution of this segment to the Bank's gross income has been to the tune of Rs.38.22

crore against Rs.34.80 crore of the previous year. The export turnover of the Bank

increased from Rs.1928.86 crore to Rs.2211.51 crore registering an increase of 15%.

Keeping in view overall performance of the Bank, the Bank, after the approval of

shareholders, paid 80% dividend (free of tax) for the year ended 31 st March 2005.

The productivity levels continued to show sustained growth with per branch and

per employee business increasing to Rs.6632.4 lakhs and Rs.482.50 lakhs respectively

Dhanalakshmi Bank



Dhanalakshmi Bank charts a 79-year course commencing from its incorporation

in the year 1927 by a group of enterprising entrepreneurs of Thrissur, the cultural capital

of Kerala. The Bank has foreseen transition and made the right moves towards sustained

development. Dhanalakshmi Bank has today attained national stature with 181 branches

and 26 Extension Counters spread over the States of Kerala, Tamil Nadu, Karnataka,

Andhra Pradesh, Maharashtra, Gujarat, Delhi and West Bengal. The high growth

trajectory is powered by strong fundamentals. As at the end of March 2006, the Capital

Adequacy Ratio of the Bank was above the mandatory requirement of 9%. The highlights

of our performance during the year 2005-06 are as follows:

• Operating profits increased by 53%

• Non-interest income increased by 83.8%

• Cost of deposits declined to 5.19% and yield on advances improved to 9.44%

• Micro credit recorded a growth of 92.2%

• Net NPA brought down to 2.44%

• Bank posted a net profit of Rs. 9.51 crores.

• 85% of Bank’s business brought under centralized banking solution (CBS)

The Bank has always been a trendsetter, constantly making pioneering moves.

The Bank has in its books top corporate clients and blue chips, both established and

emerging. With a view to widening its geographical spread, the Bank plans to add a

number of branches to its network during the current year. The delivery channels are

being supplemented by putting up onsite as well offsite ATMs at 100 locations.



The marketing mantra at Dhanalakshmi Bank is to position the Bank as a

technologically advanced and customer-oriented Bank. With this end in view, the Bank

has introduced Centralized Banking Solutions (CBS) on the Flexcube Platform for

extending Anywhere/Anytime banking to its ever-expanding clientele through multiple

delivery channels. The Bank has set-up a state-of-the-art DATA CENTRE in Bangalore,

the IT capital of the country to create physical environment necessary to keep the servers

operational 24 hours a day and 7 days a week. Almost 85% of our business is now on

CBS platform.

The Bank emphasizes on customizing services and personalizing relations. In its

pursuit to become a customer-friendly bank offering vast, varied and versatile service

with a personal touch, the Bank has introduced an International Debit Card under tie-up

with Visa International. The Bank has already become a Principal Member of Visa

International. Steps are afoot to introduce a co-branded Credit Card in association with a

leading public sector bank. In another customer-friendly move, the Bank has joined

CASHNET, the first independent nation-wide shared ATM network in India. This facility

has been introduced with a plethora of value-added services designed to enhance the

bank’s commerce solutions for customers with Electronic Refill of pre-paid mobile

airtime, mobile banking with account access and event messaging plus Electronic Bill

Presentment and Payment for post paid bills. The Bank has also joined the National

Financial Switch (ATM network) of the IDRBT, promoted by Reserve Bank of India. By

joining Cash net and NFS, our customers have been provided access to more than 14,000



ATMs in the country. Tie-up with other shared ATM networks like Cash Tree is in the

offing.

Dhanalakshmi Bank has introduced tele banking and Internet banking. All the

branches of the Bank will be covered in a phased manner. The Bank has also put in place

a vibrant Cash Management System (CMS) that provides speedier cheque collection

through 59 branches.

Real Time Gross Settlement (RTGS) System went live at Dhanalakshmi Bank

recently. The RTGS System will facilitate large value inter-bank payments and settlement

in real time on-line mode on a transaction-by-transaction basis.

The Bank has ventured into both life and non-life insurance. It is selling life

insurance products of M/s. MetLife India, a renowned global player in this segment and

non-life insurance products of M/s. IFFCO-TOKIO as their corporate agent. The Bank is

also a depository participant of NSDL (National Security Depository Limited) offering

Demat services through selected branches.

With a view to making available value-added services to the NRIs the Bank has

set up NRI Boutiques (Relationship Centres) at 8 locations in the State of Kerala. The

Bank has also plans to open specialized NRI branches with accent on quality of service

and thrust on specialization at potential locations. There has been a significant surge in

the number of drawing arrangements with Exchange Houses in the Middle East.



The Bank’s Industrial Finance Branch at Kochi and Corporate Office, Trichur

have been accredited with certification under ISO 9001-2000.

On the socio-economic front, the Bank is maintaining the Numero Uno position

under Micro Credit among all Kerala-based Private Sector Banks. This, in fact, is the

fulfillment of our avowed objective to act catalytic to the economic prosperity of the

country. The Bank has recognized micro finance intervention as an effective tool for

poverty alleviation and has streamlined the linkage between the Bank and Self Help

Groups through 100 branches.

In essence, the Bank is paying focused attention on its core competence like ever

expanding client-base, constantly upgraded customer service, professional management,

skilled manpower, wide network of branches and excellent customer support.

The Bank is managed by a professional and forward looking Board of Directors

drawn from various walks of life with Mr. A.D. Navaneethan as the Chairman, Mr. P.S

Prasad as the MD & CEO and Mr. V S R Murthy as Executive Director.

Karnataka Bank



The Karnataka Bank Ltd., a premier private sector bank of the country, was

incorporated on February 18th, 1924 at Mangalore, a coastal town in South Kanara, a

district of Karnataka state, which has attained renown as the Cradle of Indian Banking.

Today it is one of the leading private sector banks in the country, known for its

steady and disciplined growth and cordial customer service. The Bank has a strong

national presence through a widespread network of 358 branches. The bank has 230

branches wholly/partially computerized, as of now.

Plans are underway to put in place additional products to enhance customer

satisfaction and to increase income stream with the help of upgraded technology. The

bank has already put in place an elaborate risk monitoring and asset liability management

system.



UTI Bank was the first of the new private banks to have begun operations in

1994, after the Government of India allowed new private banks to be established. The

Bank was promoted jointly by the Administrator of the specified undertaking of the Unit

Trust of India (UTI - I), Life Insurance Corporation of India (LIC) and General Insurance

Corporation Ltd. and other four PSU companies, i.e. National Insurance Company Ltd.,

The New India Assurance Company, The Oriental Insurance Corporation and United

Insurance Company Ltd.

The Bank today is capitalized to the extent of Rs. 281.19 Crores with the public holding

(other than promoters) at 72.53 %.

The Bank's Registered Office is at Ahmedabad and its Central Office is located at

Mumbai. Presently the Bank has a very wide network of more than 488 branch offices

and Extension Counters. The Bank has a network of over 2100 ATMs providing 24hrs a

day banking convenience to its customers. This is one of the largest ATM networks in the

country.

The Bank has strengths in both retail and corporate banking and is committed to adopting

the best industry practices internationally in order to achieve excellence.

Promoters



UTI Bank Ltd. has been promoted by the largest and the best Financial Institution of the

country, UTI. The Bank was set up with a capital of Rs. 115 crore, with UTI contributing

Rs. 100 crore, LIC - Rs. 7.5 crore and GIC and its four subsidiaries contributing Rs. 1.5

crore each.

SUUTI - Shareholding 27.47%

SUUTI is the largest mutual fund in India.SUUTI presently occupies a special position in

Indian capital market. With a servicing and distribution network of more than 53 branch

offices, 320 Chief Representatives and about 90,000 agents, UTI provides the complete

range of services to its investors.

Board of Directors



The Bank has 11 members on the Board. Dr. P. J. Nayak is the Chairman and

Managing Director of the Bank.

The members of the Board are :

Chairman & Managing Director

Director
Shri Surendra Singh
Shri N. C. Singhal Director
Shri A. T. Pannir Selvam Director
Shri J. R. Varma Director
Dr. R. H. Patil Director
Smt. Rama Bijapurkar Director
Shri R. B. L. Vaish Director
Shri S. B. Mathur Director
Shri M. V. Subbiah Director
Shri Ramesh Ramanathan Director

Our Mission

• Customer Service and Product Innovation tuned to diverse needs of individual

and corporate clientele.

• Continuous technology up gradation while maintaining human values.

• Progressive globalization and achieving international standards.

• Efficiency and effectiveness built on ethical practices.



Core Values

• Customer Satisfaction through

o Providing quality service effectively and efficiently

o Smile, it enhances your face value" is a service quality stressed on

o Periodic Customer Service Audits

• Maximization of Stakeholder value

• Success through Teamwork, Integrity and People

Channel Partners

We have Relationship with the following partners

KARVY

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

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

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

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



professional background leveraged with Information Technology enabled it to deliver

quality to the individual.

GEOJIT SECURITIES

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

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

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

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

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

WAY2WEALTH

Way2Wealth is a premier Investment Consultancy Firm that has been launched with the

aim of making investing simpler, more understandable and profitable for the investors.

Way2Wealth brings a wide range of product offerings from Fixed Income Securities, Life

Insurance and Mutual Funds to Equity and Derivatives (on the National Stock Exchange)



for the convenience and benefit of it customers. Way2Wealth has over 40 easily

accessible Investment Outlets spread across 20 major towns and cities in the country.

MINI MUTHOOTHU

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

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

Mini Muthoothu function under the strict guidelines set by the Department of Company

Law Affairs and Reserve Bank of India. They also have a certificate of compliance with

the requirements regarding prudential norms from the Reserve Bank of India. Mini

Muthoothu, under the able leadership of its Chairman, Mr. Roy M Mathew, offers both

the resources and capabilities like any national player coupled with individualized

attention to its customers

Management Team

Rajesh Relan – Managing Director

Chander Chellani - Officer, Agency Sales

Miro Farrugia – Chief Financial Officer



B Ashwin - Chief Administrative Officer

K P Sarma – Appointed Actuary

Phanesh M S V S - Chief Actuary

KR Anil Kumar -Chief Planning, Legal and

Compliance Officer and Financial

Controller

Sudip Mukhopadhyay – Director, Employee Benefits

Smitashree Menon – Director, Human Resources

Sanyog Jain –Director, Training and

Development Center of Excellence

Kailash Kulkarni – Director, Agency Support

Vikrant Pande –Director, Third Party Distribution

Gaurav Suri – Director, Marketing

Radhakrishna S –Director, Information Technology

Neerav Kaushik – Director, Individual Service

Delivery



Shiva Belavadi –Director, Institutional Service

Delivery and Claims



Insurance Plans

MetLife provides tailor made solutions to suit Individual needs, such that when

you're looking to protect those closest to you, in terms of planning your child’s education,

seeking retirement solutions or are simply looking ahead for a worry free financial future,

we provide you with best products and services. Life Insurance is the cornerstone of your

family's financial security. It protects your financial resources against the uncertainties of

life so you can protect your family's future

Our Solutions

What is financial freedom? It’s all about living the kind of life you really want to

live without worrying about the future. True financial freedom arises from identifying

your financial capabilities, setting realistic goals based on your aspirations and achieving

them through a comprehensive plan. Most importantly, while you set out to draw up a

financial plan, you need to understand that it isn’t a one-time plan. What’s good for you

today might not be next year. So, the planning that goes into attaining your financial

freedom should be dynamic.

Product Details

No one can give you all the answers when it comes to dealing with life's ups and

downs. But we can certainly equip you to deal with life better. Please find below the

various products offered by MetLife to suit your specific need:



• Accumulation

• Whole Life Policy

• Met 100- Limited Pay Whole life Non - Participating

• Met 100- Limited Pay Whole life Participating

• Endowment Policy

• MET Suvidha

• Money Back Policy

• Met Sukh Money Back Non Participating

• Met Bhavishya

• Multi Purpose

• Met Ultimate

• Met Smart Plus

• Met Smart Premier

• Protection

• Met Suraksha - TROP

• Met Suraksha - TA

• Met-Mortgage Protector SP/Limited pay(MRTA)

• Retirement

• MET Pension - Participating Deferred Annuity

• MET Advantage Plus

• Add Ons

• Accidental Death Benefit (ADB)



• Term Rider

• Waiver Of Premium

Critical Illness

Contact Us

Send in your enquiries and requests to: group@metlifeindia.com

you can also contact our regional Group Business teams at the following:

Bangalore

Regional Manager (South)

Institutional Business

MetLife India Insurance Co. Pvt. Ltd.

Jewels De Paragon

I Floor; M G Road

Bangalore - 560 001.

Email: msuresh@metlife.com

Phone: +91 80 56921700 Extn:

Fax: +91 80 56921701

Mumbai

Regional Manager (West)

Institutional Business

MetLife India Insurance Co. Pvt. Ltd.

Peninsula Corporate Park



Tower II; #802; 8th Floor

Ganpatrao Kadam Marg

Lower Parel

Mumbai - 400 013

Email: skaul@metlife.com

Phone: +91 22 24903133 Extn: 3062

Fax: +91 22 24903137



Customer Service

MetLife has something for everyone, and now you can have all the information

you ever wanted, whether in terms of locating a MetLife office, changing your address,

or simply wanting to know if there is a policy to protect the home loan you have just

taken… everything is possible without moving an inch … just click your way through

now.

Affiliates Directory

In this section, you can find the list of addresses of our affiliates across the

country. The following services are currently available:

 Medical Provider Network

 Paying your Renewal Premiums

Frequently Asked Questions

Have a quick question regarding one of our products or services? Need some helpful

advice?

Just identify the product or area you're interested in, and you should find the answers

you're looking for here.

• Buying a Policy

• Procedures



• Alteration in Policy

• Lost Policy

• Payment Options

• Cancellation of Policy

• Reinstatement of Policy

• Lapsed Policy

• Claim Process

Sponsorship

Sponsorships, Corporate Social Responsibility and MetLife

It is indeed clear that Corporate Social Responsibility is no longer a concept

fostered by idealists on the fringe, but one that has entered the mainstream. Corporate

Social Responsibility is the overall relationship of any corporation with all its

stakeholders.

At MetLife, we believe that every corporate must have a heightened sense of corporate

social responsibility. MetLife is dedicated towards the betterment of the society we serve

and hence the establishment of MetLife Foundation in the US which was started in 1976.

Like its parent company, MetLife in India also strongly reinforces the importance of

corporate social responsibility. Although we deem it unnecessary to create hype and

publicity regarding our philanthropy, it gives us great pleasure to be associated with

various charities from time to time

As a company we are strongly committed to our social responsibilities and pledge to



always support causes espousing our global proposition ‘have you met life today?’ For

with every mention of the phrase, we believe we should reflect on what it means to each

of us and what we can do to make a difference.

“Financial liberation leading to life of significance”

It’s enjoying life instead of worrying about the financial aspects that have become

a part of it. It’s the realization that the future is protected. It’s the way to live each day …

the way you have wanted to. It refers to and provokes the desire to look afresh at the way

we look at life, lifetime investments, life insurance and thereby MetLife.



1. Are you aware about Met Life India?

Frequency Percent Valid Cumulativ
Percent e Percent
Valid Yes 45 45.0 45.0 45.0
No 55 55.0 55.0 100.0
Total 100 100.0 100.0

60

55
50

45
40

30

20

10
Percent

0
Yes No

Interpretation

As from the above graph it is clear that in 100 respondents only 45% are aware &

reaming 55% of unaware..



2. If yes how do you come to know?

Percent e Percent
Valid Friends 11 11.0 24.4 24.4
TV 5 5.0 11.1 35.6
NEWS 4 4.0 8.9 44.4
Paper
Pamphlet 25 25.0 55.6 100.0
Total 45 45.0 100.0
Missing System 55 55.0
Total 100 100.0

60

56
50

40

30

24
20

10 11
Percent

9

0
Friends TV NEWS Paper Pamphlet

Interpretation

The above graph shows that the number of respondents are come to know about

this Met Life India.



• 24% of respondents are come to know from their friends.

• 11% of respondents are come to know from Television.

• 9% of respondents are come to know from local NEWS Papers.

• 56% of respondents are come to know from Pamphlets.

3. Do you want to know more about Met Life India?

Percent e Percent
Valid Yes 85 85.0 85.0 85.0
No 15 15.0 15.0 100.0
Total 100 100.0 100.0

100

85
80

60

40

20
Percent

15

0
Yes No

Interpretation



The above graph shows that the number of respondents wants to know

more about Met Life India

• 85% of respondents are wants to know more about Met Life India

• 15% of respondents don’t want to know.

4. Do you want to invest your money in the following plans?

Percent e Percent
Valid Endowme 11 11.0 12.1 12.1
nt
Whole life 20 20.0 22.0 34.1
policy
Retirement 56 56.0 61.5 95.6
5 4 4.0 4.4 100.0
Total 91 91.0 100.0
Total 100 100.0



70

60 62

50

40

30

20 22

10 12
Percent

0 4

Endow ment Whole life policy Retirement 5

Interpretation

The above graph shows that the numbers of respondents are interested to invest

their money in Met Life India

12% of respondents are interested to invest their money in Endowment

22% in whole life policy

62% in Retirement

5. Have you invested money in life insurance?

Percent e Percent
Valid Yes 65 65.0 65.7 65.7
No 31 31.0 31.3 97.0
3 3 3.0 3.0 100.0
Total 99 99.0 100.0
Total 100 100.0



70

66
60

50

40

30 31

20

10
Percent

0 3
Yes No 3

Interpretation

The above graph shows that the numbers of respondents are invested their money

in the Life Insurance

• 66% of respondents are invested their money

6. In which company you have invested your money?

Percent e Percent
Valid LIC 30 30.0 42.3 42.3
Bajaj 27 27.0 38.0 80.3
Allianz
Met Life 4 4.0 5.6 85.9
India
ICICI 10 10.0 14.1 100.0



Total 71 71.0 100.0
Total 100 100.0

50

40 42

38

30

20

14
10
Percent

6
0
LIC Bajaj Allianz Met Life India ICICI

Interpretation

The above graph shows that the numbers of respondents are invested their money

in the following companies.

• 42% of respondents are invested their money in the “LIC”.

• 38% of respondents are invested their money in the “Bajaj Alianz”.

• 6% of respondents are invested their money in the “Met Life”.

• 14% of respondents are invested their money in the “ICICI”.

7. Which plan you have taken?

Percent e Percent
Valid Endowme 15 15.0 20.8 20.8
nt



Whole life 24 24.0 33.3 54.2
policy
Retirement 31 31.0 43.1 97.2
5 2 2.0 2.8 100.0
Total 72 72.0 100.0
Total 100 100.0

50

43
40

33
30

20 21

10
Percent

0 3
Endow ment Whole life policy Retirement 5

Interpretation

Above graph shows that the numbers of respondents have invested their money in

the following plans & policies.

• 21% of respondents have invested their money in the “Endowment Plans”.

• 33% of respondents have invested their money in the “Whole life policy”.

• 43% of respondents have invested their money in the “Retirement”.

8. What is the premium you are paying per annum?




Percent e Percent
Valid 10000 31 31.0 59.6 59.6
10000- 18 18.0 34.6 94.2
25000
50000- 3 3.0 5.8 100.0
100000
Total 52 52.0 100.0
Total 100 100.0

70

60
60

50

40

35
30

20

10
Percent

6
0
10000 10000-25000 50000-100000

Interpretation

The above graph shows that the numbers of respondents are paying the following
premium per annum.

• The 60% of respondent paying 10000 premiums.
• 35% between 10000 to 25000
• And remaining between 50000 to 100000

9. What will influence your Financial Planning?



Percent e Percent
Valid Discussion 27 27.0 51.9 51.9
with
Family
Member
Tax 12 12.0 23.1 75.0
Consultant
/ C. A
Insurance 12 12.0 23.1 98.1
consultant
/Agents
Web site 1 1.0 1.9 100.0
of
insurance
or Finance
company
Total 52 52.0 100.0
Total 100 100.0

60

50 52

40

30

23 23
20

10
Percent

0
Discussion w ith Fami Insurance consultant
Tax Consultant/ C. A Web site of insuranc

Interpretation

The above graph shows that influence to the people for making financial planning.
• 52% from discussion with family members.
• 23% from Tax consultant etc

10. What factor consists while making the policy?


Percent e Percent
Valid Returns 38 38.0 74.5 74.5
Safety 10 10.0 19.6 94.1
Liquidity 3 3.0 5.9 100.0
Total 51 51.0 100.0
Total 100 100.0

80

75

60

40

20
20
Percent

6
0
Returns Safety Liquidity

Interpretation

The above graph shows that the factor consists while making the policy.
• 75% of factors consist of Returns.
• 20% of factors consist of safety



11. In future are you interested investing money in Met Life India?

Percent e Percent
Valid Yes 51 51.0 54.3 54.3
No 43 43.0 45.7 100.0
Total 94 94.0 100.0
Total 100 100.0

60

54
50

46

40

30

20

10
Percent

0
Yes No

Interpretation

The above graph shows that the numbers of respondents are interested to invest

their money in Met Life India

• 54% of respondents are interested to invest their money in Met Life India

• 46% of respondents are not interested to invest their money in Met Life

India



12. If no why?

Percent e Percent
Valid No Interest 31 31.0 54.4 54.4
Lack of 2 2.0 3.5 57.9
Advertise
ment
Busy 24 24.0 42.1 100.0
schedule
Total 57 57.0 100.0
Total 100 100.0

60

54
50

40 42

30

20

10
Percent

0 4
No Interest Lack of Advertisemen Busy schedule

Interpretation

The above graph shows that the numbers of respondents are not interested to

invest their money in Met Life India.

• The 54% they do not have interest.

• 4% from lack of advertisement.



• 42% of the respondent from busy schedule

13. Are you living in your own house?

Percent e Percent
Valid Yes 72 72.0 72.0 72.0
No 23 23.0 23.0 95.0
3 5 5.0 5.0 100.0
Total 100 100.0 100.0

80

72

60

40

20 23
Percent

0 5

Yes No 3

Interpretation

The above graph shows that the numbers of respondents are living in their own

house.



• 72% of respondents have their own house.

• Remaining respondents do not have their own house.

14. Are you using the following?

Percent e Percent
Valid Car 51 51.0 54.3 54.3
Co lour TV 3 3.0 3.2 57.4
Bike 40 40.0 42.6 100.0
Total 94 94.0 100.0
Total 100 100.0

60

54
50

40 43

30

20

10
Percent

0 3
Car Co lour TV Bike

Interpretation

Above graph shows that the number of respondents is using the following luxuries

goods.


• 54 % respondents are using Car.

• 43% respondents are using Bikes.

15. What is your Occupation?

Percent e Percent
Valid Job Holder 54 54.0 54.0 54.0
Businessm 25 25.0 25.0 79.0
an
Profession 21 21.0 21.0 100.0
al
Total 100 100.0 100.0

60

54
50

40

30

25
20 21

10
Percent

0
Job Holder Businessman Professional

Interpretation

The above graph shows that the respondents occupation.



• 54% of respondents are job holders.

• 25% of respondents are Business mans.

• 21% of respondents are Professionals.

16. What is your monthly income?

Percent e Percent
Valid Below 15 15.0 15.0 15.0
5000
5000- 34 34.0 34.0 49.0
10,000
10,000- 43 43.0 43.0 92.0
15,000
4 8 8.0 8.0 100.0
Total 100 100.0 100.0

50

43
40

34
30

20

15

10

8
Percent

0
Below 5000 5000-10,000 10,000-15,000 4

Interpretation

The above graph shows that the monthly income of the respondents. In the survey

it was found that the.



• 15% of respondents are come under below Rs.5000 per month.

• 34% of respondents are coming under Rs.5000 to 10,000 per month.

• 43% of respondents are coming under 10,000 to 15,000 per month.

• Only 8% of respondents are coming under Rs.15, 000 & above.

Findings

• It was found that 55% of respondents in Hubli city are unaware about the Met

Life India. This indicates the advertisements which are using for creating

awareness in Hubli is not effective so it is suggests the company to use more

effective ad camps to create awareness.

• In this survey it was found that 43% of respondents have their own bikes and 54%

of respondents have cars. This indicates that these financially sound and they can

easily understand the importance of policies and they can invest their money in

that.

• In this survey it was found that 43% of the respondents monthly income is in

between Rs.10000 to Rs.15000 and 34% of the respondents monthly income is in

between Rs.5000 to Rs.10000. such kind of respondents are wants save money or

invest money which will help for their children’s in future.

• In Hubli city 86% of respondents wants to know more about policies of Met Life

India so it is suggest that the company should give ads in local NEWS Paper and

also give advertisement in local cable TV.Hubli city is aware or knows about this

scheme.



• In this survey it was found that 62% of respondents are wanted to invest their

money in Retirement plan. These respondents are potential customer for the

organization.

Recommendations

1. More number of respondents has their monthly income Rs.10000 to 15000. And

such kind of population wants to make policies in Met Life India Life Insurance.

More number of the respondents are come to know about this scheme from

Pamphlets. So it suggests that they should use other sources of advertisement

like Big Eye Catching Hoardings etc.

2. Here it can recommended that the company should provide bonus for the potential

financial consultant and Company almost all plans and policies have duration period

of minimum 10 years for this long duration people are not interested to invest their

money so the company should reduce their duration period.



Conclusion

From the survey analysis it was found that in Hubli City more than half of

respondents are unaware about Met Life India Life Insurance Plans and Policies.

In this survey it was also found that more number of respondents have perception

in that they are interested to invest their money in Met Life India Life Insurance In short

many respondents are still not decided to in which company they have to invest their

money. So they have opportunity in Hubli city and the company has an opportunity so it

suggests that they catch the such customers to tap the market.


Met Life study explores customer awareness and potential in Hubli

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Met Life study explores customer awareness and potential in Hubli