A

Summer Internship Project Report

on

A STUDY OF PRODUCT PROMOTION OF MAX LIFE INSURANCE

IN GHAZIABAD

At

BRIDGE GROUP SOLUTION PVT. LTD.

(GURUGRAM)

for the partial fulfillment of

MASTER OF BUSINESS ADMINISTRATION

Batch 2018-20

Submitted to Submitted By

Dr. Sarjue Pandita Prince Kashyap

Associate Professor Roll No.1882070044
AKGIM, Ghaziabad MBA III Sem

AJAY KUMAR GARG INSTITUTE OF MANAGEMENT

27th K.M Stone, NH—24, Delhi Hapur Bypass Road,
Adhyatmik Nagar, Ghaziabad- 201009
1
 DECLARATION

I hereby declare that the work incorporated in this report entitled “A Study of Product promotion of Max

life Insurance” at Bridge Group Solution Pvt. Ltd.” In partial fulfilment of the requirement for the award

of Master of Business Administration is the outcome of original study undertaken by me and it has been

done under the guidance of Mr. Kashish.

The matter reported in this Project has not been submitted earlier for the award of any other degree.

Date: PRINCE KASHYAP

Place: GURUGRAM

2
 ACKNOWLEDGEMENT

The summer project at Max Life Insurance has been a very memorable and unique experience
for me. It opened up new venues of grabbing knowledge, which will certainly stand me
helpful in the years to come.

During the period of my internship work, I have received generous help from many quarters,
which I like to put on record here with deep gratitude and great pleasure.

First and foremost, I am grateful to my faculty and guide, Dr. SARJUE PANDITA. She
allowed me to encroach upon his precious time freely right from the very beginning of this
research work till the completion of my internship
I would also like to extend my thanks to all other staff at MAX LIFE INSURANCE who have
co-operated and supported me towards the successful completion of this project.
My sincere regards and gratitude to our faculty for giving me support throughout my M.B.A.
degree and thus made me capable of being worthy of recognition

3
Chapter No. Particulars Page No.

1. Executive Summary 6

2. Company Profile 9-18

2. Introduction 20-26

3. Literature review 28-36

4. Objective 38

5. Research methodology 40

6. Data analysis and interpretation 47-61

7. Findings & Recommendations 63

8`. Limitation 68-69

9. Conclusion 67

10. Bibliography 69

11. Annexures 71-73

4
EXECUTIVE SUMMARY

5
 EXECUTIVE SUMMARY

In insurance companies recruitment of Financial Consultant plays a very important role to generate
high sales. The overall business depends upon the Financial Consultant. So to understand the sales
performance of Financial Consultant evaluation program plays vital role. Life insurance companies
offer their services to the customers through the agents and Financial Consultant. So Financial
Consultant plays a very important role for Company.
Because Financial Consultant is the only persons who approach to the customers, understand their
needs, problems. So the overall business depends upon consumers. For this purpose this Project is
carried out to analysis sales performance through Financial Consultants which is an endless
procedure for organization for the awareness among consumers.

STATEMENT OF THE PROBLEM: This study was undertaken to identify how the consumers
react to different plans offered by Max Life Insurance. It is primarily known to the company that
the main work is to generate maximum sales. To access up-to-date information the Max Life
Insurance. keeps a track about its customers, relationships and the market situation, helps in
answering question such as what is the market potential for my product, how are customers
behaving, and how efficient are sales process
 SCOPE OF THIS STUDY

This aims at making an in depth study of Life Insurance Companies only, both in the Public Sector
and Private Sector. It deals with products offered by Life Insurance Companies consisting of
Endowment Assurance (Participating), and Money Back (Participating) and Unit Linked Insurance
Policies. An analysis of performance was done by evaluating the performance of top six private
sector life insurance companies with Life Insurance Corporation of India. A survey of insurance
clients and also people who have no insurance coverage was made covering the major cities in
India.The company is now expanding the scope of focus areas to include new challenges including
speech recognition, document parsing, alternate to conventional medical tests and integrated
financial view for customer.
COMPANY PROFILE
 COMPANY PROFILE

“Max Life Insurance wants people to view insurance as a financial protection and wealth
creation instrument and not just a tax-saving tool.”
Max Life Insurance Insurance Company Ltd. is a joint venture between New York Life, a Fortune
100 company and Max India Limited, one of India's leading multi-business corporations. The
company has positioned itself on the quality platform. In line with its vision to be the most admired
life insurance company in India, it has developed a strong corporate governance model based on the
core
values of excellence, honesty, knowledge, caring, integrity and teamwork. The strategy is to
establish itself as a trusted life insurance specialist through a quality approach to business.

New York Life is a Fortune 100 company that has over 160 years of experience in the life
insurance business. Max India Limited is a multi-business corporate dealing in Clinical Research,
IT and Telecom Services, and Specialty Plastic Products businesses.

Max Life Insurance Insurance started its operations in India in 2000. It is the first life insurance
company in India to be awarded the IS0 9001:2000 certifications. Max New York offers
customized products tailored to suit individual's needs. With its various Products and Riders, there
are more than 400 product combinations to choose from. Today, Max Life Insurance Insurance has
a network of 57 offices spread over 37 cities all over India.
In line with its values of financial responsibility, Max Life Insurance has adopted prudent financial
practices to ensure safety of policyholder's funds.
Max Life Insurance has identified individual agents as its primary channel of distribution. The
Company places a lot of emphasis on its selection process, which comprises f . stages - screening,
psychometric test, career seminar and final interview. The agent advisors are trained in-house to
ensure optimal control on quality of training.
Max Life Insurance, one of India’s leading life insurance companies, expanded its presence in the
southern region by opening its first general office in the city of Mysore. Max Life
Insurancenowhasestablishedacountrywidenetworkof172 offices and representatives across 120
cities in India. The company has over 25,300 agent advisors, who are widely considered the best in
the business. Max Life Insurance aspires to be the "life insurance brand of first choice" amongst
Indian consumers.
“Max Life Insurance wants people to view insurance as a financial protection and wealth creation
instrument and not just a tax-saving tool. Since the launch of . operations, focus has always been
on providing risk protection and long- term wealth creation solutions to customers. With a diverse
product portfolio to meet customer requirements, it is evident that setting benchmarks in the
marketplace and are well on course of realizing vision to become India’s most admired Life
Insurance Company.
VISION:

Vision statement is “Most Admired Life Insurance Company in India".

 vision is to be a company and brand that customers, shareholders, Investors and employees are

inspired to be associated with. The Bridge DNA will be evident in all that do.

 brand will be synonymous with excellence driven through the innovative solutions and services

we provide through . people expertise and supporting technology.

MISSION:

• Become one of the top quartile life insurance companies in India

• Be a national player

• Be the brand of first choice

• Be the employer of choice

• Become principal of choice for agents.

History
 BUSINESS FOCUS

 Leverage best practices and industry standard

 Drive process improvements and reuse from proven solutions and methodologies
 Partner to ensure process and solution competencies within the business focus area
 Deliver and provide 100% customer satisfaction

STRATEGIC PRODUCTS PLANS

Most people desire a carefree life they want to be happy and comfortable at all times. But needs
keep evolving and must always be one step ahead. Strategic Products Plans will meet . special
needs and are available through additional distribution channels. choose a plan to meet the planned
events and unforeseen incidents in life.

Bank assurance
• Capital Builder

Additional Distribution
• Max Mangal
• Capital Builder
• Max Vriksha

Max Amassure
• Future Builder
• Business Builder
• Bonus Builder &Secure Returns Builder
Types of business proposal:

• Internal business proposal

• External business proposal

Internal business proposal

This business proposal meant for the head of the organization also called as justification report. An
internal business proposal provides an opportunity to develop the competence and confidence to
express their ideas, awareness, initiative and problem solving skill.

External business proposal

It is for the outsiders. Management plan, cooperation qualification, staffing plan, contact and
pricing, technology plan, regulatory requirements are main components of business proposal.
Here, at Max Life Insurance offer a bouquet of insurance solutions to meet every need.
 Term plan

 Return of premium upon surviving the policy term under base policy*

 Comprehensive protection against 40 critical illnesses, including kidney failure, heart attack, and
cancer

 Limited premium payment options such as limited pay, regular pay and pay till 60

 Flexible premium payment options as per your budget

 Option to increase insurance coverage upon achieving important milestones in life

 Significant tax benefits under Section 80C, 80D and 10(10D) of income  tax act 1961

 Multiple death benefit payout options including increasing monthly income and lump sum
payouts

 Additional benefits in the form of riders such as Accidental Cover

 
Children plan

 Children's Endowment to 18(Par)

 Children's Endowment to 24(Par)

Investment Plans

Investment Plans offer the dual benefit of protection and market-linked returns with the flexibility
to choose the premium and determine the market exposure.

 life Maker Premium

 Life Maker Gold

 Life Maker Platinum

 Life Invest

 SMART Assure
Retirement Plans
.
 Easy Life Retirement(Par)

 SMART Invest Pension

Health Plans

A medical crisis can strike anyone, anytime and may even force an individual to dip into savings to
meet these sudden and steep costs. Such an eventuality could delay or destroy a cherished financial
goal. No wonder, health is wealth. The health of every member of the family is precious and need
to safeguard it as a priority. Use Health Plans to make sure family stays fit and fine.
 Lifeline Medi Cash

 Lifeline Wellness Plus

Savings Plans

Money for protection and growth to meet needs over lifetime. One should choose a plan that
matches needs and budget dual benefits saving plans recognize. need for all round financial
protection, and include a life cover that will protect. till the last day.

 Whole Life Participating

 Life Gain Plus 25(Par)

 20 year Endowment(Par)

 Life Pay Money Back

 Endowment to Age 60(Par)

  Life Gain Endowment & Life Gain Plus 20(Par)

 Rural Plans

Conscious of social responsibility to serve the financially vulnerable sections of society. Max Life
Insurance has created specialized Rural Plans to meet the particular needs of customers in rural
areas. The ticket size has been kept low, the premiums are affordable and the procedures are
simple. Customers in rural areas can now find a plan to meet their unique requirements.
Easy Term Policy

Protection Plans
Max Life Insurance protection plan that guarantee unexpected events that strike without warning
can disrupt the smooth rhythm of life and ensure that family can always enjoy a comfortable
lifestyle. In double income families, both spouses should get adequate life covers especially if there
are dependent children involved. plans that guarantee maximum protection at a low cost.
 Five Yr Renewable and Convertible

 Level Term Policy

Group Plans

People are the most valuable asset of any organization. Organizations have to innovate newer forms of
compensation to retain talented employees. Ensuring the financial well being of employees and their
families will earn an organization their enduring trust and loyalty. Group Plans offer a three-in- one
advantage, as they are a powerful tool for motivation, reward and retention, in these times of high
attrition.

 Group Credit Life

 Unit Linked Group Superannuation Plan

 Group Gratuity cum Term Assurance

 Group Term Life

 Unit Linked Group Gratuity Plan

 Employee Deposit Linked Insurance

 Max Super Life

INTRODUCTION
 INTRODUCTION

Life insurance is a form of insurance that pays monetary proceeds upon the death of the insured covered
in the policy. Essentially, a life insurance policy is a contract between the named insured and the
insurance company wherein the insurance company agrees to pay an agreed sum of money to the
insured's beneficiary. Life insurance facilitates reimbursement during crisis situations, insurance means
promise of compensation for any potential future losses. There are different insurance companies that
offer wide range of insurance options and an insurance purchaser can select as per own convinence and
preference.

Promotion keeps the product in the minds of the customer and helps stimulate demand for the product.
Promotion involves ongoing advertising and publicity. The ongoing activities of advertising, sales and
public relations are often considered aspects of promotion. Various aspects in the form of personal
selling, web marketing and through other means or discussed in this study. Insurance provides
indemnification against loss or liability from specified events and circumstances that may occur or be
discovered during a specified period. The main meaning of insurance is used as effective tools of risk
management.

The marketing defines as “the performance of business activities that direct flow of goods and services
from producer to consumer or user”. This definition seems somewhat narrow because of its emphasis on
flow of products that have already been produced.

insurance promotion programs are short term programs aimed at maximizing sales in a period of time but
what is more important to remember is that the sales promotion program should be designed in such a
way that it does not affect the overall brand image of the firm and its products. “In general sense ,sales
promotion include personal selling, advertisements, and supplementary selling activities.”
Marketing in the insurance market plays a key role to meet supply and demand, because insurance
products are products that are not seen, not touched, but exist only in the form of pledges. Selling a
promise requires a confidence, a belief that the service provider will be realized if the loss will occur. In
any other economic or economic subject, whether manufacturer or service does not have such kind of
product. Marketing insurance plays a manifold, on the one hand made product promotion security , then
raise the awareness of citizens about models of protection from risks , increased reliability to consumers ,
the cost of paying for the promise given by the insurer if a loss occurs will accomplished. With a large
population and the untapped market area insurance happens to be a very big opportunity in India. Today
it stands as a business
growing at the rate of 15-20% annually. Together with banking services, it adds about 7 percent to
the country’s GDP. In spite of all this, the growth statistics of the penetration of the insurance in the
country is very poor. Nearly 80% of Indian population is without life and health insurance cover.
This is an indicator that growth potential for the insurance sector is immense in India. It was due to
this immense growth that the regulations were introduced in the insurance sector and in
continuation “Malhotra Committee” was constituted by the government in 1993 to examine the
various aspects of the industry. The key element of the reform process was participation of
overseas insurance companies with 26% capital. Creating a more competitive financial system
suitable for the requirements of the economy was the main idea behind this reform which provides
protection against financial aspects of risk, such as those to property, life, Since then the insurance
industry has gone through many changes. The liberalization of the insurance industry has never
looked back and today stand as one of the most competitive and exploring industry in India. The
entry of the private players and the increased use of the new distribution are in the limelight today.
CLASSIFICATION OF INSURANCE

The insurance industry in India can broadly classified in two parts. They are.
1) Life insurance.
2) Non-life (general) insurance.

LIFE INSURANCE

Life insurance can be defined as “insurance that provides a sum of money if the person who is
insured dies while the policy is in effect”. In 1818 British introduced to India, with the
establishment of the oriental life insurance company in Calcutta. The first Indian owned Life
Insurance Company was the Bombay mutual life assurance society which was set up in
1870. The life insurance act, 1912 was the first statuary measure to regulate the life insurance
business in India. In 1983, the earlier legislation was consolidated and amended by the
insurance act, 1938, with comprehensive provisions for detailed effective control over
insurance. The union government had opened the insurance sector for private participation in
1999, also allowing the private companies to have foreign equity up to 26%. Following the
opening up of the insurance sector, 12 private sector companies have entered the life insurance
business.
Need for life Insurance

The need to safeguard the family brings in the need for life insurance. Today insurance has
become even more important due to the disintegration of the prevalent joint family system, in
which a number of generations co-existed in
harmony, and a system in which a sense of financial security was always there as there were
more earningmembers.
Times have changed and the nuclear family has emerged. Apart from other pitfalls of a
nuclear family, a high sense of insecurity is observed in it today besides, the family has
shrunk. Needs are increasing with time and fulfillment of these needs is a big questionmark.
Better lifestyle, good education, a long desired house. But again one just cannot fritter away
all earning
 About Max Life Insurance Max Life Insurance,
One of India‟s premier non-bank promoted private life insurer, is a joint venture between Max
Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max Financial Services Ltd. is
part of the Max Group, which is a leading Indian multi-business corporation, while Mitsui
Sumitomo Insurance is a member of MS&AD Insurance Group, which is amongst the leading
insurers in the world. Max Life Insurance offers comprehensive long term savings, protection and
retirement solutions through its high quality agency distribution and multi-channel distribution
partners. A financially stable company with a strong track record over the last 15 years, Max Life
Insurance offers superior investment expertise. Max Life Insurance has the vision 'To be the most
admired life insurance company by securing the financial future of our customers'. The company
has a strong customer-centric approach focused on advice-based sales and quality service delivered
through its superior human capital. In the financial year 2015-16, Max Life recorded Gross Written
Premium of `9,216 crore with sum assured in force (individual) of `1,88,684 crore and Asset Under
Management of `35,805 crore as on 31st March 2016.
Max Life Group Super Life Premier

In all sectors of the economy, whether organized or unorganized, employees of an organization are
its most critical and important asset. However, creating a motivated workforce with healthy
retention rates is a key challenge an organization usually faces. Employers across the world strive
to secure and insure benefits for their employees. We, at Max Life Insurance Company, understand
your priorities and challenges. Towards this end, we have prepared a flexible Group term insurance
plan – Max Life Group Super Life Premier to safeguard the future of your employees‟ families
against death. Group life insurance is a life insurance scheme in which a single contract covers an
entire group of people. Typically, in such schemes, the life insurance scheme owner is the employer
or other registered groups as applicable. Group life insurance is often provided as part of a
complete employee benefits package. As a single Policy is issued covering all members and in view
of simplified procedures in risk assessment, the cost of group coverage is far less than what you
would pay for a similar amount of individual protection.
Key Benefits of Max Life Group Super Life Premier Benefits For The Employer
 Securing the future of your employees‟ families against untimely death
 Works as employee retention tool
 Tax benefits
 Low cost insurance
 Employer may allow additional insurance (Voluntary Top-up cover) at the option of
employees Additional benefits for the employees through riders
LITERATURE REVIEW
 LITERATURE REVIEW

Dash Ganesh & Ahmed khan M. Basheer (2000) :- Any marketing strategy must have a good
promotional design to convey the intended message to the buyers from the sellers. Morill (1959) wrote
an article called ‘Creative Marketing of Life Insurance’ in the Journal of Marketing. He argued that the
prevailing life insurance marketing strategies have ignored the masses while targeting only well-above-
average families only. He further proposed that as the middle-income group was increasing rapidly, an
innovative creative strategy has to be adopted to target this group. He suggested immediate need of
market analysis and overhaul of the marketing and promotion strategies followed by the life insurers to
meet the challenges of modern era. He focused on multi-line selling approach with sheer
professionalism. His views hold high validity even today while formulating alife insurance promotion
plan.

GUPTA SEN in (2002) :- The advent of the internet, online processes are replacing traditional models in
society the greatest impact in Online Technology has been achieved by e - commerce, E- commerce is
attractive both to buyers and sellers as it reduces search costs for buyer's and inventory costs for sellers.
In this paper we investigate the impact of e-commerce on the insurance industry in India. The recent
growth of Internet infrastructure and introduction of ecomomic reforms in the insurance sector have
opened up the monopolistic Indian insurance market competition from foreign alliance, we study the
evolving scenario in the insurance industry in India and identify the features of online insurance that
improve the conventional insurance model and thus, makes it more attractive for the Indian Insurance
industry to go online.

Shil Prag in (2005) :- The discussions have the micro-insurance market in India in terms of the parties
28
involved, distribution models and challenges, products and outreach. It can be observed that the Indian
micro-insurance regulation is designed to promote such products through its liberal and developmental
approach, but there are crucial omissions and design glitches that limit its efficacy. Specifically, the
exclusion of corporate MFIs, the restriction of collaborations to one life and one non-life insurer and the
limitations placed on pricing have a dampening effect on the micro-insurance market.

Ahmad Dar Altaf & Dr. Bhatt Shabir in (2007) :-Promotion has different aspects for different
industries, products and services. Its final goal is to communicate positive word of mouth among existing
and potential customers about the corporate, product and service. In Insurance sector, customers must be
ensured that services provided by a particular company have been designed to give them maximum value
of their money and adequate risk cover. In brief, it can be said that in India wherever the dilemma of
private and public sector comes always two things are considered. Public sector is more reliable but not
so good in the quality and innovativeness. Private sector is not considered so reliable, there may be
hidden charges in the services and false and misleading information in the advertising but they are better
in the service quality. Private sector companies must be more true and reliable first. They have to win the
hearts of the customers, after that they will be able to win minds as well. Private Sector companies are
adopting more push strategies to attract and catch the customers. This creates the difference between
promotional strategies adopted by Public and Private Sector Insurance companies.

Dr. Gupta Sameer in (2012) :-: Life insurance industry requires new strategies in order to survive and
survive successfully .To tap the insurance potential to maximum industry needs to frame such plans and
strategies that will help to capture the market. Companies instead of focusing only on improving the
variety of products needs to focus on targeting new segments and implement innovative strategies in
order to achieve sustained growth and ensure profitability of business as well as growth of insurance
coverage

Dr. Ahmed Ashfaque in (2013) :-In spite of awareness about insurance in India, rural India still lacks in
terms of availability of various financial products especially the risk products like insurance. Rural
29
insurance statistics still indicates a significantly low penetration and poor density even after the
privatisation of insurance sector in 1999. Rural India offers a tremendous scope for insurers where the
protection of human life and income generating assets is a matter of concern. Regulators have also tried
to impose rural insurance obligations for the insurance companies. This paper examines the present state
of affairs of rural life insurance in India and attempts to explore the issues and challenges which led to
poor penetration of rural life insurance markets. A field survey in Aligarh & Agra Region of the rural
customers has been conducted to examine their perception and attitude towards buying life insurance
products. This paper also summarize the rural insurance marketing practices by life insurance players in
India and offers suggestive remarks for capturing the rural potential and lastly this paper discuss about
micro-insurance & its challenges in short details which is an opportunity as well as a responsibility.

Sud Rajesh in (2013) :- opines that the Tax Deduction at Source (TDS) threshold on agents' commission
should be increased to Rs 50,000. "Since most life insurance agents are now in a low income bracket,
increase in limit will result in less administrative burden on tax department while processing refunds with
the average life span of Indians increasing and the absence of social security along with inadequate
retirement savings (provided by employers/ government) a separate limit of Rs 1, 00,000 must be created
and tax on annuities must be abolished to strengthen pension inflows. Sud also opines that the Tax
Deduction at Source (TDS) threshold on agents' commission. max life insurance agents are now in a low
income bracket, increase in limit will result in less administrative burden on tax department while
processing refunds. Agents will also have more disposable income. Among other suggestions, Sud has
said that the service tax threshold exemption should be extended to life insurance agents to iron out
disparity with other financial products distributors.

Bashir Irfan in (2013) :- The study collected and analysed information on the channel strategies
followed by various insurance companies, and channel wise contribution in total insurance business of
India. Authors studied attributes of these channels and also carried SWOT analysis for each channel. The
paper presents some useful alternate channels for insurers to cover the untapped potential market. This
paper provides useful information to practitioners for understanding the essence of alternate channels for
distribution of insurance services and gain competitive advantage.
Charumathi in (2013) :-It is found that the rating criteria such as insurance leverage, lapse ratio,
investment performance and underwriting risk influence the financial performance of Indian life insurers.
Credit rating for insurance companies is an independent opinion on an insurer's financial strength and
30
ability to meet its ongoing insurance policy and contract obligations. For this, credit rating agencies
world over adopt a comprehensive quantitative and qualitative evaluation of a company's balance sheet
strength, operating performance and business profile. The framework for rating insurance companies
encompasses three broad sources of risk, viz., business risk, financial risk and management risk. Around
the globe, credit ratings for insurance companies may be given for a) any borrowing programme of an
insurer and financial strength. As normally insurance companies do not borrow, Financial Strength
Rating (FSR) is popular among insurers.

Shahi Prarthana in (2013) :- The present state of Life Insurance Sector in India is awe-inspiring as far
as the awareness of customers is concerned. The customers of today are well aware about the different
alternatives that support them the best to fulfill their desires. LIC of India has well managed to take the
spirit of competition in a positive way which has helped the corporation to grow further with high
strength of mind in contribution to the growth of the country. There are few more areas where
contribution of the corporation in the life insurance sector needs to be updated. The present research
study thus reveals those important areas where more contribution on the part of LIC of India is required.
The one is to increase in the number of offices both in urban and rural areas which will help the
corporation to increase their business and reach among the customers.

Seema in (2013) :- With the increase in the growth of players in Insurance sector (both public and
private) the insurance companies are finding it difficult to promote their products. This paper tires to
study the benefits of advertisement as a tool for promotion of products by Insurance Company. The study
is done with special attention to IDBI Federal Life Insurance Company Ltd.

DR. Tapsas Pooja and Dangre Rita in (2014) :-Indian Healthcare sector is poised for growth in the
next decade, it is still plagued by various issues and challenges with rise in disease burden and lack of
infrastructure and manpower. Indian healthcare expenditure is still amongst the lowest globally and there
are significant challenges to be addressed both in terms of accessibility of healthcare service and quality
31
of patient care.Both the public and private sector in India need to work in tandem to make healthcare
available, accessible and affordable. Present paper attempts to take an overview of challenges and
opportunities in this sector in India.

Nielsen in (2014) :- A study by Max Life Insurance and Nielsen has revealed that life insurance was the
most popular financial product to be bought online. Life insurance was only below clothes/apparel and
accessories in online purchases, as per a survey conducted in metros and smaller cities. As a product
purchased online, life insurance was above shares, health insurance, electronics, books, mutual funds,
kitchen appliances and consumer goods. Source: Business Standard

Rajkumar Minash Arul in (2014) :- According to a survey conducted by a leading marketing research
firm, ORG Marg, brand awareness of private insurers in India was increasing in the early 21st century.
The difference in the level of awareness of these new players as compared to the hitherto monopoly of
LIC was decreasing fast because of the aggressive advertising measures adopted by private insurers.

Ahmad Mushtaq & Rehman Obaid in (2015) :- Life insurance industry is an emerging service sector
in this competitive market, this requires new strategies in order to survive and survive successfully
.There are huge potential to tap the insurance and for this, industry needs to frame such plans and
strategies that will help to capture the market. Life insurance has today become a core of any market

32
economy since it offers plenty of scope for accumulating large sums of money for long periods of time.
A well-regulated life insurance industry which moves with the times by offering its customers tailor-
made products to satisfy their financial needs is, therefore, essential if we desire to progress towards a
worry-free future. Companies instead of focusing only on improving the variety of products needs to
focus on targeting new segments and implement innovative strategies in order to achieve sustained
growth and ensure profitability of business as well as growth of insurance coverage. The life insurers
should conduct more extensive market research before introducing insurance products targeted at
specific segments of the population so that insurance can become more meaningful and affordable to
common people.

Dr. Insurance U. Arumugam in (2016) :- sector is one of the most booming sectors in India. The
penetration level of insurance in India is only 2.3% when compared to 9-15% in the developed nations.
There is a huge market for the Insurance products in the future in India. The promotional strategy of
Insurance products is very simple and straightforward. Its main aim is to inform the consumers about its
various policies and about its brand. In order to fulfill this it has taken steps like personal selling,
exhibitions, demonstrations at events, advertising and new schemes. Bags, diaries calendars are
distributed as gifts and incentives to the policyholders. Advertisements are shown on televisions,
newspapers, billboards as promotional activities.

Geethamani in (2016) :- Promotion has different aspects for different industries, products and services.
Its final goal is to communicate positive word of mouth among existing and potential customers about
the corporate, product and service. Life insurance industry requires new strategies in order to survive and
survive successfully .To tap the insurance potential to maximum industry needs to frame such plans and
strategies that will help to capture the market. Companies instead of focusing only on improving the
variety of products needs to focus on targeting new segments and implement innovative strategies in
order to achieve sustained growth and ensure profitability of business as well as growth of insurance
coverage.

G R Lokesh & Dr Sandhya in (2017) :- proved that marketing strategy adopted by insurance
companies has changed a lot. In present scenario private life insurance companies has started to pull up
the market share from LIC and it evident from the annual reports submitted by IRDA. But now the
current scenario is that the Focus of Insurance Industry is to market the product through various

33
distribution channels such as Agents, Banc assurance, Internet, and to come up with new Ideas and
initiatives. So in the present era to hold up the current market share the following should have to be
executed.

 Market research should be done before introducing new product.

 Appointing the local agents where customers will trust them.

 Creating awareness that insurance is not only about risk covering it is also the investment plan.

 Call centre facilities in local language.

 Well established infrastructure facilities.

Prof. Rajurkar Prashant S. in (2017) :-The review of various literatures undertaken by the researcher
on life insurance marketing presents an opportunity to make conclusions as enumerated. The importance
of promotion in life insurance marketing has increased over the years. This is mainly due to two reasons
– (a) expansion of life insurance markets due to continuous efforts of companies to increase awareness
among the masses and (b) tremendous competition among the now existing twenty-four companies,
including state owned Life Insurance Corporation of India (LIC), to establish and try for a bigger market
share. With most of the marketing mix elements being comparable among most of the companies,
currently, they now need to focus their energies on the ‘promotion’ aspect of marketing in order to
differentiate themselves from others and to enhance their communication with their intended market.
This will enable the companies to drive their business objectives in the target market in the back-drop of
LIC still controlling close to 70% of the Indian market.

Adholiya Ashish in (2018) :- There is significant difference in urban customers' perception for
promotional strategies and practices used by insurance companies for Promotional tools of insurance
increases use of insurance services, Promotional tools create well fit image about Insurance company and
Products, Promotional tools helps to broadcast vision and mission of company and product, Promotional

34
tools of Insurance company's irritates me, Promotional tool influences my decision to avail the insurance
and Promotional tools of Insurance companies are attractive and creative. Test Statistics of Urban
customers' opinion for effectiveness of promotional techniques revealed that there is significant
difference in urban customers' opinion for effectiveness (Useful, Well Designed, High Quality,
Informative, Desirable and Sentimental, Direct and Convincing) of promotional techniques used by
insurance companies, which confirms that effectiveness depends on how the viewer perceive the tool and
information.

35
OBJECTIVES

36
 OBJECTIVES

 To find category of insurance plan and benefits that consumer prefer while purchasing life
insurance.
 To analyze the role of advertisement for Max Life Insurance companies in creating brand
awareness
 To know the awareness level of customers towards insurance product with reference to Max Life
insurance product

37
Research methodology

38
 Research methodology
Research Methodlogy is a way to systematically solve the reach problem. It may be understood as a
science of studying how research is done scientifically. Research means a search for knowledge or gain
some new knowledge and methodlogy can properly refer to the theoretical analysis of the methods
appropriate to a field of study or to the body of methods and principles particular to a branch of
knowledge. A research methodlogy has a specified framework for collecting the data is an effective
manner. Research methodlogy means “defining a problem, defining the research objectives, developing
the research plan, collecting the information, analyzing the information and presentation of findings.
“such framework is called “Research Design”. The research process that was followed by me consisting
following steps;

A) Developing the research plan

B) Collection of data

C) Research design

39
(a) Developing the Research plan

The development of research plan has following steps:

1. Data source

2. Research approach

3. Type of research design

4. Research instrument

5. Sampling plan

 Population size

 Sample size

 Contact method

(b) Collection of data

Determining source of data:

1. Primary data 2. Secondary data

Primary Data:
For this research study was collected through a direct survey to obtain this primary data a well
structured questionnaire is prepared by the researcher.

40
Secondary data:

It means data that are already available i.e. they refer to data which are already collected and analyzed by
someone else. Secondary data may be either published data or unpublished data. Usually published data
are available in:-
1) Book magazines and newspapers
2) Public record and statistics

(c) Research design

A research design is a way of organizing conditions for the collection and analysis of data, whose
purpose is to combine the relevance of research problem with the economies in a process. Research is a
descriptive and a cross-sectional study whose main purpose is to examine the financial investment
behavior for the future.

Sampling technique refers to the technique or procedure the researcher would adopt in selecting items for
the sample.

Research design is mainly of following types;

 Exploratory research

 Descriptive research

 Casual research

41
42
LIMITATION
 LIMITATIONS

1) The survey was conducted within the city only.

2) Time to interact with the customers was not sufficient.

3) Customers were not fully aware of various plans of max life insurance.

4) Accurate results could not be found as every customer has his own opinion.
DATA ANALYSIS AND
INTERPRETATION
 DATA ANALYSIS

Method of collecting data:

sampling technique:-

For preparation of questionnaire the basic objective of the survey was concentrated, previous
surveys under taken prospect cart secondary data through files and folders. For the survey,
contradiction sampling, this method involves purposive or deliberate selection of particular
units of the universe which are available on the case of access for constituting a sample which
representing universe.

Tools of Analysis in collecting data:

Various tools have been used in this research:

1. tables.
2. Pie charts.
3. Percentage method has been used to analyze the data.
 DATA INTERPRETATION

1. Age of the respondents:

PARTICULARS NO.OF.RESPONDENT PERCENTAGE

(AGE)

Less than 25 11 11%

25 -35 40 40%
35 – 45 20 20%
Above 45 29 29%
TOTAL 100 100

11%
29% PARTICULARS (AGE)
Less than 25
25 -35
40% 35 – 45
Above 45
20%

INTERPRETATION:
From the survey it was found that amongst 100 respondents
a) 11% of the respondents less than 25
b) 40% of the respondents 25 to 35
c) 20% of the respondents 35 to 45
d) 29% of the respondent above 45
2. income of the respondents:

PARTICULARS NO.OF.RESPONDENT PERCENTAGE

(income)

Upto 1 lakh 20 20%

1 lakh to 3 lakh 40 40%
3 lakh to 5 lakh 25 25%
5 lakh and Above 15 15%
TOTAL 100 100

NO.OF.RESPONDENT

15% Upto 1 lakh

20%
1 lakh to 3 lakh
3 lakh to 5 lakh
5 lakh and Above
25%

40%

From the survey it was found that amongst 100 respondents

a) 20% of the respondents income is 1 lakh.
b) 40% of the respondents income is 1 lakh to 3 lakh.
c) 25% of the respondents income is 3 lakh to 5 lakh.
d) 15% of the respondents income is 5 lakh to above.
 3. QUALIFICATION RESPONDENT

PARTICULARS NO.OF RESPONDENT PERCENTAGE

Graduate 52 52%
Post Graduate 29 29%
Diploma 8 8%
Other discipline 11 11%
TOTAL 100 100%

NO.OF RESPONDENT

11% Graduate
8% Post Graduate
Diploma
52% Other discipline

29%

INTERPRETATION:
From the survey it was found that amongst 100 respondents
e) 52% of the respondents were graduate
f) 29% of the respondents were postgraduate
g) 8% of the respondents were diploma
h) 10% of the respondents were other discipline
4. OCCUPATION OF THE RESPONDENT

PARTICULARS NO. OF RESPONDENT PERCENTAGE

Business man 34 34%

Professionals 18 18%
Job holders 37 37%
Others 11 11%
TOTAL 100 100%

NO. OF RESPONDENT

11% Business man

34% Professionals
Job holders
Others
37%

18%

INTERPRETATION:
From the survey it was found that amongst 100 respondents
a) 34% of the respondents are businessmen.
b) 18% of the respondents are professionals.
c) 37% of the respondents are job holders.
d) 11% of the respondents are background.

5. Average annual income of respondents.

 PARTICULARS NO. OF RESPONDENT PERCENTAGE

Upto1 lakh 33 33%

1 lakh - 3 lakh 43 43%
3 lakh - 5 lakh 20 20%
5 lakh & above 4 4%
TOTAL 100 100%

NO. OF RESPONDENT

4%
Upto 1 lakh
20% 1 lakh - 3 lakh
33%
3 lakh - 5 lakh
5 lakh & above

43%

INTERPRETATION:
From the survey it was found that amongst 100 respondents
a) 33% of the respondents have an average annual income up to 1lakh
b) 43% of the respondents have an average annual income from 1 lakh to 3lakh
c) 20% of the respondents have an average annual income from 3 lakh to 5lakh
d) 4% of the respondents have an average annual income above 5lakh
 6. Family size of respondents:

PARTICULARS NO.OF RESPONDENT PERCENTAGE

Below 5 members 50 50%

5 - 10 members 32 32%
Above 10 members 28 28%
TOTAL 100 100%

NO.OF RESPONDENT

25% Below 5 members

5 - 10 members
45% Above 10 members

29%

INTERPRETATION:
From the survey it was found that amongst 100respondents
a) 50% of the respondents are below 5members.
b) 32% of the respondents are between 5 to 10 members.
c) 28% of the respondents are above 10 members.
 7. According to respondents life insurance is:

PARTICULARS NO.OF. PERCENTAGE

RESPONDENT
Risk Coverage 40 40%
Tax Savings 30 30%
Security 30 30%
TOTAL 100 100%

NO. OF Respondent

30% Risk Coverage

40% TaxSavings
Security

30%

INTERPRETATION:
From the survey it was found that amongst 100 respondents
a) 40% of the respondents say risk coverage.
b) 30% of the respondents say tax savings.
c) 30% of the respondents say financial security.
 8. Awareness of Max Life Insurance

PARTICULARS NO.OF.RESPONDENT PERCENTAGE

No 17 17%
Yes 83 83%
TOTAL 100 100%

NO.OF.RESPONDENT

17%
No
Yes

83%

INTERPRETATION:-
From the survey it was found that amongst 100 respondents.
a) 83% of the respondents say that they are aware of Max Life Insurance Co.
b) 17% of the say that they are unaware of Max life Insurance Co.
 9. Awareness regarding Insurance:

PARTICULARS NO.OF.RESPONDENT PERCENTAGE

Yes 70 70%
No 30 30%
TOTAL 100 100%

NO.OF.RESPONDENT

30% Yes
No

70%

INTERPRETATION:-
From the survey it was found that amongst 100 respondents
a) 70% of the respondents say that they are aware of insurance.
b) Only 30% are unaware of insurance.
 10. % of respondents who are under different plans of Max life insurance co:

PARTICULARS NO.OF.RESPONDENT PERCENTAGE

Invest gain plan 30 30%

Protection gain plan 36 36%
Child gain plan 8 8%
Whole life plan 15 15%
Pension plan 11 11%
TOTAL 100 100%

NO.OF. RESPONDENT

11% Invest gain plan

30% Protection gain plan
15% Child gain plan
Whole life plan
Pension plan
8%

36%

INTERPRETATION:
From the survey it was found that amongst 100 respondents:
a) 30% of the respondents are under invest gain plan
b) 36% of the respondents are under protection gain plan
c) 8% of the respondents are under child gain plan
d) 15% of the respondents are under whole life plan
e) 11% of the respondents are under pension gain plan.
 11. % of respondents benefits of choosing the particular products:

PARTICULARS NO.OF.RESPONDENT PERCENTAGE

Risk coverage 60 60%

Additional benefit 20 20%
Maturity date 12 12%
Sum Assured 8 8%
TOTAL 100 100%

NO. OF RESPONDENT

8%
Risk coverage
12%
Additional benefit
Maturity date
Sum Assured
20% 60%

INTERPRETATION:
a) 60% of the respondents say that a benefit of choosing the particular Product is for
Safety of life.
b) 20% of the respondents say that a benefit of choosing the particular products is for additional
benefit to family.
c) 12% of the respondents say that a benefit of choosing the particular products is for maturity date.
d) 8% of the respondents say that a benefit of choosing the particular products is for sum assured.
 12. Are the respondents satisfied with the services of Max Life Insurance?

PARTICULARS NO. OF RESPONDENTS PERCENTAGE

N0 30 30%
YES 70 70%
TOTAL 100 100%

NO. OF RESPONDENTS

30%

N0 YES

70%

INTERPRETATION:
From the survey it was found that among 100 respondents:-

a) 70% respondents are satisfied with the services of Max Life Insurance
b) 30% respondents are not satisfied with the services of Max Life Insurance
13.Has media been the source of information for various plans of max life
insurance co:

PARTICULARS NO. OF PERCENTAGE

RESPONDENTS
YES 60 60%
NO 40 40%
TOTAL 100 100%

NO. OF RESPONDENT

YES
40%
NO

60%

INTERPRETATION:
From the survey it was found that amongst 100 respondents:
a) 60% respondents have media as the source of information for various plans.

b) 40% respondents do not have media as the source of information for various plans.
 14.Which source of media has provided information for the various plans offered
by Max Life Insurance:

PARTICULARSNO. OFNO.RESPONDENTS
OF RESPONDENTS PERCENTAGE
NEWSPAPER 30 30%
MAGAZINE 15 15%
TELEVISION 45 45%
RADIO 10 10%
TOTAL 10% 100 100%
NEWSPAPER
30% MAGAZINE
TELEVISION
RADIO

45%
15%

INTERPRETATION:
a) From the survey it was found that amongst 100 respondents

b) 30% respondents prefer newspaper as the source of information

c) 15% respondents prefer magazine as the source of information

d) 45%respondents prefer television as the source of information.

e) 10% respondents prefer radio as the source of information.

FINDINGS
 FINDINGS

Maximum of the insurance is purchased by the middle age group and insurance is mostly preferred by
the jobholders. Maximum insurance holders fall under the average annual income ranging between 1- 3
lakhs. Insurance is usually preferred by small families. Mostly people prefer insurance to cover their risk
factor Max Life Insurance company has a good market value

Insurance holders under Max Life Insurance prefer protection gain plan above all the other
plans offered to them. The services provided by Max Life Insurance are satisfactory. Television
media is one of the major source that provides information regarding different plan of max life
insurance.

The return in insurance plan should be hiked because people are ready to take risks.Insurance companies
has some plan about poor people but it is not implemented properly they are remain untouched.

Government should allow hiking the stake of foreign collaborator because it makes more competitive
market of insurance. Government should withdraw its umbrella from LIC, it make healthier competition
among insurance companies. Insurance companies should come up with new policies that can cover the
entire family in one policy.

Insurance companies should extend its cover to poor people, because it is known fact that merely 22%
people are insured out of 100%. Insurance companies should venture their policies in remote areas of our
country.
RECOMMENDATIONS
 RECOMMENDATIONS

 It should also be made aware of various other benefits attached with insurance other than
the factor of risk cover age only.

 provide more information regarding the different plans in order to be able to cover all age
groups.

 Promotion techniques should be enhanced to create more awareness

 Insurance plans should be designed in such a way that it is able to cater all family sizes.

 It should also emphasize on the usage of other sources of media to provide information
regarding the various plans offered by them
CONCLUSION
 CONCLUSION

Insurance is a superior tool to other forms of savings as it provides protection, collective bearing of
risk, assessment of risk, certainity factor, easy liquidity and above all the safest means of savings
and investment.
During the course of my internship with Max Life Insurance, I got the opportunity to learn a lot
about insurance in general and was able to study in detail the various plans offered by them. This
also provided me with the exposure to be able to understand the insurance industry better and the
various benefits attached to it.

The present state of max life insurance is good and also creating good brand name in this field. As it is
said that individuals satisfactions leads to be group satisfaction, Max life insurance have worked
thoroughly and introduced many new strategies as a part of marketing tool to satisfy their employees,
Advisor(Agents) providing friendly environment, stable management, adequate trainings available,
growth opportunities, so that the employee can perform better and also loyal towards the company. The
main strategy which is followed by max life is Direct selling (personal selling) target customer those
who are financial sound and according to their needs they convince them. This old strategy of marketing
is used by max life insurance and makes it unique in itself. The tables clearly indicates that the number fo
policy sold by Max Life (Bilaspur) as an Agency increased consistently. The large growth in the year of
2013-14 shows the faith on the company. The growth rate after this financial year is tending towards a
constant trend. This may be attributed to the sharing of customers by other private insurance firms.
Nnumber of new marketing tactics where used by the company such as cold calling, increasing
networking channels and also using the social wave like facebook, twitter, bloggers etc which effects
sales of the company. Through this modern strategies they increased their channels of networking but
more focused on direct selling. They commonly approaches the people through their Advisors as for
marketing.
BIBLIOGRAPHY
 BIBLIOGRAPHY

Ahmad Dar Altaf & Dr. Bhatt Shabir in (2007)- International Journal in Multidisciplinary and
Academic Research (SSIJMAR) Vol. 1, No. 4, November-December (ISSN 2278 – 5973)

Ahmad Mushtaq & Rehman Obaid in (2015)- International Journal of Management and Commerce
Innovations ISSN 2348-7585 (Online) Vol. 3, Issue 2, pp: (507-510), Month: October 2015 - March
2016, Available at: www.researchpublish.com

Adholiya Ashish in 2018 Customer's Perception towards promotional strategies of Insurance Companies
and author profiles for this publication at: https://www.researchgate.net/publication/328118185

Bashir Irfan in (2013)- Traditional & Modern channels Critical Analysis of Traditional and Modern
Insurance Distribution Channel In India, and author profiles for this publication at:
https://www.researchgate.net/publication/265166828

Charumathi in (2013)- The Impact of Financial Strength Rating Criteria on Operating Return on Equity
of Indian Life Insurers – An Empirical Study Independent Business Review, Volume 6, Number 1,
January 2013

Dash, Ganesh and Khan, M. Basher Ahmed (2010), “Applying Services Marketing Mix In Recession
Hit Indian Life Insurance Sector”, Athenaeum 2010, (Electronic C.D.). B.I.M., Trichy, 12-14 February
2010, New Delhi, Macmillan Publishers India Ltd., Pp. 406-423

Dr. U. Arumugam in (2016)- Promotional Mix of Insurance Products – A Value Addition to Sale of
Insurance Products Volume : 5 | Issue : 7 | July 2016

Dr. Gupta Sameer in (2012)- International Journal of Marketing, Financial Services & Management
Research Vol.1 Issue 11, November 2012, ISSN 2277 3622 Online available at
www.indianresearchjournals.com
Dr. Tapas Pooja and Dangre Rita in (2014)- Indian Journal of Economics & Business, Vol. 13, No. 1,
(2014) : 121-135

Dr. Ahmed Ashfaque in (2013)- PERCEPTION OF LIFE INSURANCE POLICIES IN RURAL

INDIA Kuwait Chapter of Arabian Journal of Business and Management Review. Vol. 2, No.6; Feb.
2013

Geethamani in 2016-  IOSR Journal of Business and Management (IOSR-JBM) e-ISSN: 2278-487X, p-
ISSN: 2319-7668 PP 15-17 www.iosrjournals.org International

Gupta Sen in 2002 E-Commerce in the Indian Insurance Industry ;Sengupta, Electronic Commerce
Research; Jan-Apr 2002; 2, 1-2; ABI/INFORM Global pg. 43

G R Lokesh & Dr Sandhya in (2017)- A STUDY ON MARKETING STRATEGIES ADOPTED BY

LIFE INSURANCE COMPANIES IN RURAL AREAS WITH SPECIAL REFRENCE TO
CHICKBALLAPUR DISTRICT www.apjor.com Vol: I. Issue LII, June 2017

Prof. Rajurkar Prashant S. in (2017)- A Review of Literature on Promotion Mix Strategies of Life
Insurance Companies www.theinternationaljournal.org>RJSSM:  Volume:06,Number:09,January 2017

Rajkumar Minash Arul in (2014)- Impact factor of Private insurer : 6.941 (SJIF-2019)
PEER REVIEWL JOURNAL

Shil prag in 2005- IOSR Journal of Business and Management (IOSR-JBM) Volume 6 , Issue 3 (March,
2005) (ISSN 2231-5985)

Shahi Prarthana in (2013)- Recent trends in the Marketing Strategies of Life Insurance Corporation of
India- Web Site: www.ijaiem.org Volume 2, Issue 10, October 2013

Sud Rajesh- promoted private life insurance company in India Management (IOSR-JBM) e-ISSN:
2256-487X, p-ISSN: 2319-7268 PP 15-17 www.iosrjournals.org
ANNEXURES
 ANNEXURES

Questionnaire

NAME:
AGE:
GENDER:
FEMALE
ADDRESS:

Q1) What is your average annual income?

Upto 1 lakh 3 lakh – 5 lakh1 lakh – 3 lakh

1 lakh – 3 lakh 5 lakh and above

Q2) what is your qualification?

Graduate Post Graduate

Diploma Other Discipline

Q3) what is your occupation?

Business man Professionals

Job holder others
Q4) How many members are there in your family?

Below 5 members 5 – 10 members

Above 10 members

Q5) how do you regard insurance as? tax savings

Risk coverage
Security

Q6) Are you aware of what insurance is all about?

No yes

Q7) Are you aware of Max Life Insurance?

No Yes

Q8) which category of Max Life insurance plan have you preferred?

Investment gain plan Child gain protection gain plan

plan Pension plan whole life plan
Q9) What benefits do you prefer while choosing an insurance plan of Max life insurance?

Risk coverage additional benefit

Maturity period sum assured

Q10) Are you satisfied with the services of Max life Insurance ?

No Yes

Q11) Has media been the source of information for various plans offered by Max life
Insurance?

No Yes

Q12) Which source of media has provided information for the various plans offered by
Max life insurance?

Newspaper Magazine

Television Radio