Introduction On MetLife

Chapter One
introduction of the Company
Comparative Study of Met Life India Insurance,HDFC Standard Life Insurance & ICICI Prudential Life Insurance
1.1
Profile of the Company/Firm
Name- MetLife India Insurance Company Ltd.
Address Registered Office Address: MetLife India Insurance Company Limited,No.5 Brigade Seshmahal Vani Vilas Road , Basavanagudi,Bangalore,Phone : 080 66006969 /26438638,Fax : 080-22421970,Pin : 560004
Branch Address (Summer Training Done): MetLife India Insurance Company

Limited,1
st
Floor, 2nd Floor,SCO-27, Sec-14,Gurgaon, Haryana,Phone : 0124-
3985900,Fax : 3985904,Pin : 122001
Website : www.metlife.co.in
Email : indiaservice@metlife.co.in
Type of Company : Multinational Company Branches of Company : (India)

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Andhra Pradesh Haryana Pondicherry Arunachal Pradesh Himachal Pradesh Rajasthan

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Jammu and Kashmir Tamilnadu West Bengal Bihar Jharkhand Tripura Chandigarh Karnataka Uttarakhand Chhattisgarh Kerala Gujarat Delhi Madhya Pradesh Orissa Goa Maharashtra
(Foreign)
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America (main branch) Egypt Korea Russia Argentina Hong Kong France Pakistan Australia Italy
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Spain Brazil Japan United kingdom China ,Kuwait & Portugal
1.2
Nature of the Organization
Introduction of the organization- MetLife India Insurance Company Limited (MetLife) is an affiliate of MetLife, Inc. and was incorporated as a joint venture between MetLife International Holdings, Inc., The Jammu and Kashmir Bank, M. Pallonji and Co. Private Limited and other private investors. It is a private limited insurance company reaches more than 90 million customers around the world it is the capitalized private sector multinational company MetLife, Inc. is the holding corporation for the Metropolitan Life Insurance Company or MetLife for short. The firm was founded on March 24, 1868. MetLife is the largest life insurer in the United States, with more than $3.3 trillion of life insurance in force. A leader in savings and retirement products and services for individuals, small business, and large institutions, MetLife serves 90 of the largest Fortune 100 companies. MetLife is insuring the lives of the people for around 140 years. Today, when people are feeling a greater financial burden than ever before, MetLife is helping millions of its customers in creating their own personal safety net by taking insurance plans.
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METLIFE INDIA Founded Started Operation Headquarters World Wide Web Address Managing Director Employees Financial Advisors Bancassurance Tie-ups
FACT SHEET 2001 FY 2001-02 Bangalore,India www.metlife.co.in Rajesh Relan 7688 56,072 5 (J&K Bank/Axis Bank/Dhanlakshmi Bank/Karnataka Bank/Barclays)
Number of Products Presence through Metlife Offices Presence through Bank Partners
Over 28 products 192 Offices in 132 Cities 1910 Offices in 686 Cities
History- The origins of Metropolitan Life Insurance Company (MetLife) go back to 1863, when a group of New York City businessmen raised $100,000 to found the National Union Life and Limb Insurance Company Organized by a group of New York City businessmen in 1863, the National Union Life and Limb Insurance Company began business in July 1864 insuring Civil War sailors and soldiers against wartime-related disabilities. By the end of 1864, National Union had written only 17 life and 56 accident policies, and was in last place among the 27 life companies operating in New York State and was running a deficit of $1,4000. On 25 march 1868, the first policy carrying the name of the Metropolitan Life Insurance Company was issued .Dr. James R. Dow, a retired physician from Brooklyn, New, was named Metropolitan Lifes first President. In 1863 President James R. Dow, (a medical doctor) and the board of directors decided to drop the casualty business and focus solely on life insurance business. And so began Metropolitan Life Insurance Company.
Current Era- In 2001, MetLife was the first insurance company to establish a financial holding company with a nationally chartered bank through its purchase of Grand Bank, which was renamed MetLife Bank. The company also invested $1 billion in the U.S. stock market during 2001, immediately after the September 11th terrorist attacks.
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MetLife acquired Travelers Life & Annuity and substantially all of Citigroups international insurance businesses for $12 billion. Current MetLife chairman C. Robert (Rob) Henrickson was appointed chairman of the board of directors, president and chief executive officer of MetLife in 2006. In 2010, MetLife completed its purchase of American Life Insurance Company (Alico), from American International Group (AIG). The $16.2 billion acquisition of Alico expanded the companys life insurance and employee benefits business into more than 60 countries compared to 17 countries before the acquisition. On March 21, 2011, MetLife announced that Steven Kandarian, who had headed MetLife's investment department would succeed Robert Henrickson as President and CEO as of May 1, 2011.
Business Sector- Metlife is a fast upcoming professional insurance company in India. It is operating in the insurance sector. MetLife is one of the fastest growing life insurance companies. The MetLife Organization is a leading provider of insurance,annuities and Employee Benefit Programmes.MetLife India has developed and distributes a range of life insurance products in India. MetLife is a leader in savings and retirement products and services for individuals, small businesses and large institutions. The company conducts its business operations through five segments namely, institutional, individual, international, auto and home, as well as the corporate. MetLife is operating in the area of insurance.
1.3
Companys Vision & Mission
Vision Meaning: A vision statement is sometimes called a picture of your company in the future but its so much more than that. Your vision statement is your inspiration, the framework for all your strategic planning. A vision statement may apply to an entire company or to a single division of that company. Whether for all or part of an organization, the vision statement answers the question, Where do we want to go?
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MetLife Vision-to build financial freedom for everyone-guides the companys to peoples growing needs for first rate financial products and services through various life stages and economic cycles.
Mission Meaning: A mission statement is a brief description of a company's fundamental purpose. A mission statement answers the question, "Why do we exist?" The mission statement articulates the company's purpose both for those in the organization and for the public. Every business should have a mission statement, both as a way of ensuring that everyone in the organization is "on the same page" and to serve as a baseline for effective business planning. MetLife Mission-Our companys purpose is to simplify and aid the decision-making process for our customers in buying a financial product. We will make information available to the customer in the simplest and easily comprehendible way so that customers can make an informed choice best suited for their individual needs.
1.4
Product Range of the Company

MetLife deals in the Life Insurance Products. Product Range of MetLife is:
Traditional Products
Term Plan
Endowment Plan
Money Back Plan
Child Money Back Plan
Pension Plan
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Term plan - This is a plan to cover the risk of early death. Met suraksha, met suraksha trop, met suraksha plus etc. are the terms plans of MetLife.
Met suraksha : It is a non participating term assurance plan which provides you life cover at a nominal cost. To put it simply, it is a life insurance plan that gives you complete protection to enjoy life to the fullest. Minimum Entry Age : 18 years Maximum Entry Age : 60 years Maximum Maturity Age : 65 years Premium Paying Terms Single Pay, Limited Pay (3 years), Regular Pay.
Met Suraksha Trop : It is a plan with Return of Premium (TROP), a non participating term assurance plan which provides you life cover at a nominal cost. To put it simply, it is a life insurance plan that gives you complete protection to enjoy life to the fullest. Minimum Entry Age : 18 years Maximum Entry Age : 50 years Maximum Maturity Age : 65 years Policy Term : 15 & 20 years Premium Paying Terms : Single Pay, Limited Pay (3 years)
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Met Suraksha Plus : MetLife offers Met Suraksha Plus Term Assurance (TA) a non participating term assurance plan which provides you life cover. It is designed for people who want to take care of their financial commitments, should anything unfortunate happen, at a nominal cost. Minimum Entry Age : 18 years Maximum Entry Age : 60 years Maximum Maturity Age : 70 years Policy Term : 10-35 years
Endowment plan : This is a plan to provides savings and security. met suvidha, met saral, met 100 etc are the endowment plans of MetLife.
Met Suvidha : Met Suvidha is a Flexible Endowment Plan that combines savings and security. In addition to providing you protection till the maturity of the plan, it helps you save for your specific long term financial objectives.
Minimum Entry Age
Participating : 15 years - 60 years Non-Participating : 15 years - 70 years
Term
Participating : 15 years - 30 years Non-Participating : 5 years - 30 years
Premium Paying Terms

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Met Saral : MetLife presents Met Saral a nonparticipating endowment plan. Its a simple savings plan which gets you into the savings habit without any medical tests. All you need to do is fill in a simple application form and you are ensured a guaranteed maturity amount of Rs 1,00,000, even in the case of your death during the term.
Minimum Entry Age : 15 years - 50 years Maximum Maturity Age : 60 years Term : 5 years / 10 years Premium Paying Terms : Regular Pay Premium Paying Modes : Annual, Semi-Annual
Met 100 : MetLife presents Met 100 a whole life policy where you pay premiums for 15, 20 or 25 years. It helps create a legacy for the children, leaving money for a dependant spouse and, more importantly, provides insurance cover at affordable rates. Met 100 is available in 2 versions. PARTICIPATING Minimum Entry Age Maximum Entry Age Premium Paying Terms 15 yrs 70 yrs 15, 20, 25 yrs NON PARTICIPATING 0 yrs 70 yrs 15, 20, 25 yrs
Money Back Plan : In this plan,money comes back to the life insured after a specific interval of time as survival benefit. For, eg. Met Sukh, Met Vishwas are money back plans of MetLife.
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Met Sukh : A guaranteed Money-Back Policy which provides guaranteed periodic survival benefits at the end of 5, 10, 15 & 20 years and guaranteed additions of 10% of the Sum Assured for the entire term. It not only covers your life, but also guarantees you cash payments at various milestones along with guaranteed growth of your savings. Entry Age : Min-15years Coverage Term : 20 years Premium Payment Term : Regular Minimum Sum Assured : Rs. 75,000 Maximum Sum Assured : No Limit Max-55 years
Met Vishwas- MetLife offers 'Met Vishwas', a single premium, micro insurance, nonparticipating term assurance plan which provides you life cover at a nominal cost. On survival, you get 110% or 125% of the premium.
Minimum Entry Age : 18 years Maximum Entry Age : 60 years Maximum Maturity Age : 70 years Policy Term : 5 or 10 years Premium Paying Terms : Single Pay
Child money back plans : These are back plan that pays out funds to help you meet the education and career milestones of the child. met bhavishya, met junior moneyback, met magic plus, are some the child money back plans.
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Met Bhavishya : MetLife offers 'Met Bhavishya' a guaranteed money back plan that pays out funds to help you meet the education and career milestones of your children. With this plan, the Life Insured is that of the parent. There are two options to choose from and fixed term benefits, periodic additions & terminal additions are payable based on the option that you select.
Option A Minimum Entry Age of the Child Maximum Entry Age of the Child Minimum Entry Age of the parent Maximum Entry Age of the Parent Policy Term 0 years 8 years 20 years 50 years 21 years - Age atEntry
Option B 0 years 12 years 20 years 50 years
25 years - Age at Entry
Met Junior Money back : 'Met Junior Money Back a money back plan that combines savings and security. Your child's well-being is your highest priority. So we offer you a money back plan which provides guaranteed periodic survival benefits at the end of 5, 10 & 15 years, along with guaranteed growth of your savings. A plan which offers both timely and efficient "return on investment" with payouts at different milestones. Participating Minimum Entry Age of the Child : Maximum Entry Age of the Child : Coverage Terms : Premium Payment Terms : 0 years 14 years 20 years 20 years Non Participating 0 years 14 years 20 years 20 years
Metmagic Plus : Met Magic Plus is a Unit Linked Non-Medical Regular premium Life Insurance Plan, it secure your childs future. Met Magic plus provides the benefit of insurance protection to your family, particularly your child, even when you are not around.
Minimum Entry Age : 18years. Maximum Entry Age : 55years.

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Maturity Age of Life Insured : 70years. Minimum Policy Term : 10 Years, 15 Years, 20 Years & 25 Years
Pension plan : A pension plan is a plan in which an employee transfers part of his or her current income stream toward retirement income which he gets in the future . Some of the pension plans of MetLife are Met easy super, Met pension par etc.
Met Easy Super : Security for your family and your need of wealth creation should work together as you move ahead in life. Hence we bring you Met Easy Super an Easy Protection, Super wealth creation plan.
Minimum Age at entry : 18 years Maximum Age at entry : 60 years for 15 policy term & 55 years for 20 year policy term Premium Payment term (years) : Entire term of the policy Policy Term : 15 years and 20 years Premium Payment modes : Annual
Met Pension Par : Met Pension (Par) serves as a friendly helping hand so you can stay financially independent even after retirement. It helps you build up a fund for your golden years. With this plan, you can ensure you enjoy retirement as a happy new chapter.
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Entry Age
Min 18 years Max 60 years
Minimum Term Minimum Annual
10 years Rs. 4000 p.a. for Regular Pay premium
Premium Payment Single Pay, Limited Pay (3 or 5 Pay) & Term Regular Pay
1.5
Size (in terms of manpower and turnover) of the organization
Manpower : At the year ending 2011-2012 total manpower(employees) of MetLife is 63,760 in number of which approx 56,072 are its financial advisors.
Turnover : Total turnover of MetLife India till 2010-2011 is 15550 crores. During the fiscal (2011-12) MetLife had a total revenue of Rs 2,615.13 crores, MetLife India breaks even, posts Rs 35 crores profit in the financial year 2010-2011
1.6
Market share & position of the company in the industry
Market Share definition : The percentage of an industry or market's total sales that is earned by a particular company over a specified time period. Market share is calculated by taking the company's sales over the period and dividing it by the total sales of the industry over the same period. This metric is used to give a general idea of the size of a company to its market and its competitors.
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Market Share
MetLife HDFC Standard ICICI Prudential LIC Others
MetLife India Insurance Company Limited (MetLife), one of Indias fastest growing life insurance companies, today crossed the one million mark in policies issued, taking the total number of lives insured to two million (including the group business).The company, which started its operations in India in the year 2002, is today one of the fastest growing life insurance companies in the country, with a presence in over 690 locations and a market share of 3%. It is present at the 8 position in the insurance market of India.
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Here is the market share of various Life Insurance Companies in India at the end of FY 2011.
1. LIC 74% 2. ICICI Prudential 8% 3. Bajaj Allianz 5% 4. SBI Life 3.3% 5. HDFC Standard 3.2% 6. Birla Sun life 3.1% 7. Reliance Life 3.1% 8. MetLife 3%
9. Max New York 1.1% 10. Om Kotak 1% 11. AVIVA 0.7% 12. Tata AIG 0.5% 13. ING Vysya 0.3% 14. Shriram Life 0.3% 15. Bharti Axa Life 0.2%
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Introduction On MetLife

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Chapter One

introduction of the Company

Profile of the Company/Firm

Name- MetLife India Insurance Company Ltd.

Branch Address (Summer Training Done): MetLife India Insurance Company

Floor, 2nd Floor,SCO-27, Sec-14,Gurgaon, Haryana,Phone : 0124-

3985900,Fax : 3985904,Pin : 122001

Type of Company : Multinational Company Branches of Company : (India)

Andhra Pradesh Haryana Pondicherry Arunachal Pradesh Himachal Pradesh Rajasthan

Spain Brazil Japan United kingdom China ,Kuwait & Portugal

Nature of the Organization

Companys Vision & Mission

Product Range of the Company

Money Back Plan

Child Money Back Plan

Minimum Entry Age

Participating : 15 years - 60 years Non-Participating : 15 years - 70 years

Participating : 15 years - 30 years Non-Participating : 5 years - 30 years

Premium Paying Terms

Single Pay, Limited Pay (5 or 10) & Regular Pay.

Option B 0 years 12 years 20 years 50 years

25 years - Age at Entry

Minimum Entry Age : 18years. Maximum Entry Age : 55years.

Min 18 years Max 60 years

Minimum Term Minimum Annual

10 years Rs. 4000 p.a. for Regular Pay premium

Size (in terms of manpower and turnover) of the organization

Market share & position of the company in the industry

MetLife HDFC Standard ICICI Prudential LIC Others

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