CHAPTER 1

INTRODUCTION TO INSURANCE

Insurance may be described as a social device to ensure protection of economic value of life
and other assets. Under the plan of insurance, a large number of people associate themselves
by sharing risks attached to individuals. The risks, which can be insured against, include fire,
the perils of sea, death and accidents and burglary. Any risk contingent upon these, may be
insured against at a premium commensurate with the risk involved. Thus collective bearing
of risk is insurance. Insurance is a contract whereby, in return for the payment of premium by
the insured, the insurers pay the financial losses suffered by the insured as a result of the
occurrence of unforeseen events. The term "risk" is used to describe the possibility of adverse
results flowing from any occurrence or the accidental happenings, which produce a monetary
loss. Insurance is a pool in which a large number of people exposed to a similar risk make
contributions to a common fund out of which the losses suffered by the unfortunate few, due
to accidental events, are made good. The sharing of risk among large groups of people is the
basis of insurance. The losses of an individual are distributed over a group of individuals.

DEFINITION OF INSURANCE:-
Insurance is defined as “form of contract or agreement under which one party agrees in return
for a consideration to pay an agreed amount of money to another party to make good a loss,
damage or injury to something value, as a result of some uncertain event in which the insured
has pecuniary interest.”

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1.1 ORIGIN OF LIFE INSURANCE

Life Assurance was born in England when the first policy providing temporary cover for a
period of 12 months was issued as easy as 1583 A.D. The Amicable Society started granting
fluctuating sum on death since 1705 and a fix sum since 1757, with the development of
mortality tables, the life Assurance acquired a scientific character. The Equitable Society
founded in 1762 was the first Society established on scientific basis.

1.2 ORIGIN OF LIFE ASSURANCE IN INDIA

In India, after failure of two British companies, the European and the Albert in 1870, which
attempted writing business on Indian lives, first Indian Life Assurance Society was formed in
the same year called Bombay Mutual Assurance Society Ltd. It was followed by the Oriental
Life Assurance Company Limited in 1874, Bharat in 1896 and Empire of India in 1897. The
Idea of insurance was born out of a desire of the people to share loss of an individual by
many. Originally it restricted to forms other than life assurance. It started with Marine
Insurance, where the losses on account of perils of sea were shared by all who were engaged
in trade. Reference to some forms of insurance, is found in the codes of Hammurabi, Manu
(Manav Dharma Shastra). The word `Yogakshema‟ is used in the Rig Veda suggesting that
some form of community insurance was practiced by the Aryans in India over 3000 years
ago. In India during Buddhist period burial societies existed which were mutual in their
character and used to help a family by building a house, protecting the widow, marrying the
girls.

1.3 PRINCIPLES OF INSURANCE

1. Utmost good faith

2. Indemnity

3. Subrogation

4. Contribution

5. Insurable Interest

6. Proximate Cause

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1. Utmost Good Faith

As a client it is your duty to disclose all material facts to the risk being covered. A material
fact is a fact which would influence the mind of a prudent underwriter in deciding whether to
accept a risk for insurance and on what terms. The duty to disclose operates at the time of
inception, at renewal and at any point midterm.

2. Indemnity
On the happening of an event insured against, the Insured will be placed in the same monetary
position that he/she occupied immediately before the event taking place. In the event of a
claim the insured must:

• Prove that the event occurred

• Prove that a monetary loss has occurred
• Transfer any rights which he/she may have for recovery from another source to the

Insurer, if he/she has been fully indemnified.

3. Subrogation

The right of an insurer which has paid a claim under a policy to step into the shoes of the
insured so as to exercise in his name all rights he might have with regard to the recovery of
the loss which was the subject of the relevant claim paid under the policy up to the amount of
that paid claim. .The insurer‟s subrogation rights may be qualified in the policy .In the context
of insurance subrogation is a feature of the principle of indemnity and therefore only applies
to contracts of indemnity so that it does not apply to life assurance or personal accident
policies. It is intended to prevent an insured recovering more than the indemnity he receives
under his insurance (where that represents the full amount of his loss) and enables his insurer
to recover or reduce its loss.

4. Contribution

The right of an insurer to call on other insurers similarly, but not necessarily equally, liable to
the same insured to share the loss of an indemnity payment i.e. a travel policy may have
overlapping cover with the contents section of a household policy. The principle of

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contribution allows the insured to make a claim against one insurer who then has the right to
call on any other insurers liable for the loss to share the claim payment.

5. Insurable Interest

If an insured wishes to enforce a contract of insurance before the Courts he must have an
insurable interest in the subject matter of the insurance, which is to say that he stands to

benefit from its preservation and will suffer from its loss. In non-marine insurances, the

insured must have insurable interest when the policy is taken out and also at the date of loss

giving rise to a claim under the policy.

6. Proximate Cause

An insurer will only be liable to pay a claim under an insurance contract if the loss that gives
rise to the claim was proximately caused by an insured peril. This means that the loss must be
directly attributed to an insured peril without any break in the chain of causation.

1.4 TYPES OF INSURANCE

1. LIFE INSURANCE

2. GENERAL INSURANCE

3. HEALTH INSURANCE

4. CREDIT INSURANCE

5. PROPERTY INSURANCE

6. LIABILITY INSURANCE

7. TRAVEL INSURANCE

8. AUTO INSURANCE
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 1. LIFE INSURANCE

“ Fun is like life insurance; the older you get, the more it costs.”

In 1818 the British established the first insurance company in India in Calcutta, the Oriental
Life Insurance Company. First attempts at regulation of the industry were made with the
introduction of the Indian Life Assurance Companies Act in 1912. A number of amendments
to this Act were made until the Insurance Act was drawn up in 1938. In the Act were the
power given to the Government to collect statistical information about the insured and the
high level of protection the Act gave to the public through regulation and control. When the
Act was changed in 1950, this meant far reaching changes in the industry. The extra
requirements included a statutory requirement of a certain level of equity capital, a ceiling on
share holdings in such companies to prevent dominant control (to protect the public from any
adversarial policies from one single party), stricter control on investments and, generally,
much tighter control.

In 1956, the market contained 154 Indian and 16 foreign life insurance companies. Business
was heavily concentrated in urban areas and targeted the higher echelons of society.
“Unethical practices adopted by some of the players against the interests of the consumers”
then led the Indian government to nationalize the industry. In September 1956, nationalization
was completed, merging all these companies into the so- called Life Insurance Corporation
(LIC). It was felt that “nationalization has lent the industry fairness, solidity, growth and
reach.”

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2. GENERAL INSURANCE:-

The General insurance business in India started with the establishment of Triton Insurance
Company Limited in 1850 at Calcutta. In 1907, the first company, The Mercantile Insurance
Ltd. Was set up to transact all classes of general insurance business. General Insurance
Council, a wing of the Insurance Association of India in 1957, framed a code of conduct for
ensuring fair conduct and sound business practices. In 1968 the Insurance Act was amended
to regulate investments and to set minimum solvency margins.

In the same year the Tariff Advisory Committee was also set up. In 1972, The General
Insurance Business (Nationalization) Act was passed to nationalize the general insurance
business in India with effect from 1st January 1973.
For these 107 insurers was amalgamated and grouped into four company‟s viz., the National
Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance
Company Ltd., and the United India Insurance Company Ltd. General Insurance Corporation
of India was incorporated as a company. Some of
1957: General Insurance Council, a wing of the Insurance 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. 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.

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1972: The General Insurance Business (Nationalization) Act, 1972 nationalize the general
insurance business in India with effect from 1st January 1973. 107 insurers amalgamated and
grouped into four company‟s 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.

3. HEALTH INSURANCE

“The thousand mysteries around us would not trouble but interest us, if only we had
cheerful, healthy hearts.”

Health insurance, like other forms of insurance, is a form of collectivism by means of which
people collectively pool their risk, in this case the risk of incurring medical expenses. The
collective is usually publicly owned or else is organized on a non-profit basis for the members
of the pool, though in some countries health insurance pools may also be managed by for-
profit companies.

It is sometimes used more broadly to include insurance covering disability or long-term

nursing or custodial care needs. It may be provided universally through government as a
feature of social solidarity, as is typical in many industrial countries or as form of government
charity such as the United States Medicaid program. It may be purchased privately on a group
basis (e.g., by a firm to cover its employees) or purchased by an individual for himself or his
family. In each case, the covered groups or individuals pay a fee, premium, or with such tax,
to help protect themselves from health care expenses. Health insurance cover the expenditures
associated to treatment and medical expenditures.

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4. CREDIT INSURANCE
Credit insurance is a term used to describe both business credit insurance (a.k.a. trade credit
insurance) and consumer credit insurance, e.g., credit life insurance, credit disability
insurance (a.k.a. credit accident and health insurance), and credit unemployment insurance,

The easy way to differentiate between these two types of insurance is:

Business credit insurance is credit insurance that businesses purchase to insure payment of
credit extended by the business (their accounts receivable).Consumer credit insurance is
credit insurance that consumers purchase to insure payment of credit extended to the
consumer (insurance pays lender or finance company ).

5. PROPERTY INSURANCE

Real estate property and hard assets are subject to accidental risks like theft, destruction due
to natural disasters or fire accidents etc. huge investments gone into buying a real estate
property like your home or office, the risk involved is a loss of large amount of money.

Home and property insurance helps you in managing and protecting against these risks. The
cost of a real estate property and its insurance is mostly based upon the worth of the already
insured hard assets and also the location in which the assets are situated.

6. LIABILITY INSURANCE

This covers negligent acts of an insured party with reference to a vehicle or a home. It
protects the insured against legal claims and indemnification.

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There are various types of liability insurance such as professional indemnity insurance
Environmental liability insurance and Prize indemnity insurance.

Professional indemnity insurance protects employees from malpractice suits (as in the
medical profession), errors and omissions (by appraisers, home inspectors, realtors, insurance
agents, notaries, and others), and other acts of unintentional workplace negligence.

7. TRAVEL INSURANCE

Travel insurance covers financial losses caused by trips abroad. Depending on the policy in
question, in May cover lost luggage, theft of personal possessions, medical costs and delayed
flights.

The internet has become an extremely popular means to find cheap holiday insurance.

8. AUTO INSURANCE

Any vehicle on road, no matter how safe its driver is, is bound to meet with an accident or
two, which may leave it with just a few scratches, or crash it up totally. Most countries
today require you to have an auto insurance while on road in your vehicles. If you have an
accidental car crash, a total repair could cost you a fortune. On the other hand, a little
scratch on your Land Cruiser might also soar up your bills to a high. Whether or not you
need an auto insurance mostly depends on the type of car you own .If you have an
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 expensive car and a little repair could wipe you out financially, you should very well go in
for a buying an all-inclusive and crash insurance which could protect you against any and
every harm done to your vehicle.

1.5 TYPES OF INSURANCE POLICIES

Endowment policies: This type of policy covers risk for a specified period, and at the
end of the maturity sum assured is paid back to policyholder with the bonuses during the term
of the policy.

Money back policies: This type of policy is for periodic payments of partial survival
benefits during the term of the policy as long as the policy holder is alive.

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Group insurance: This type of insurance offers life insurance protection under group
policies to various groups such as employers employees, professionals, co- operatives etc it
also provides insurance coverage for people in certain approved occupations at the lowest
possible premium cost.

Term life insurance policies: This type of insurance covers risk only during the selected
term period. If the policy holder survives the term, risk cover comes to an end. These types of
policies are for those people who are unable to pay larger premium required for endowment
and whole life policies. No surrender, loan or paid up values are in such policies.

Whole life insurance policies: This type of policy runs as long as the policyholder is
alive and is covered for the entire life of the policyholder. In this policy the insured amount
and the bonus is payable only to nominee on the death of policy holder.

Joint life insurance policies: These policies are similar to endowment policies in
maturity benefits and risk cover, but joint life policies cover two lives simultaneously such as
married couples. Sum assured is payable on the first death and again on the death of survival
during the term of the policy.

Pension plan: a pension plan or annuity is an investment over a certain number of years
but does not provide any life insurance cover. It offers a guaranteed income either for a life or
certain period.

Unit linked insurance plan: ULIP is a kind of insurance plan which provides life cover
as well as return on premium paid over a certain period of time. The investment is denoted as
units and represented by the value called as net asset value (NAV).

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 CHAPTER 2

INTRODUCTION TO MAX NEWYORK LIFE INSURANCE

COMPANY PROFILE

Max New York Life 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.

In line with its values of financial responsibility, Max New York Life has adopted prudent
financial practices to ensure safety of policyholder's funds. The Company's paid up capital is
Rs. 907.4 crore, which is more than the norm laid down by IRDA.

Max New York Life has identified individual agents as its primary channel of distribution.
The Company places a lot of emphasis on its selection process, which comprises four 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 New York Life invests significantly in its training program me and each agent is trained
for 152 hours as opposed to the mandatory 100 hours stipulated by the IRDA before
beginning to sell in the marketplace. Training is a continuous process for agents at Max New

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York Life and ensures development of skills and knowledge through a structured
programmed spread over 500 hours in two years. This focus on continuous quality training
has resulted in the company having amongst the highest agent pass rate in IRDA
examinations and the agents have the highest productivity among private life insurers.
337 agent advisors have qualified for the Million Dollar Round Table (MDRT) membership
in 2007. MDRT is an exclusive congregation of the world‟s top selling insurance agents and
is internationally recognized as the standard of excellence in the life insurance business.
Having set a best in class agency distribution model in place, the company is spearheading a
major thrust into additional distribution channels to further grow its business. The company is
using a five pronged strategy to pursue alternative channels of distribution. These include the
franchisee model, rural business, direct sales force involving group insurance and
telemarketing opportunities, banc assurance and corporate alliances.
Max New York Life offers a suite of flexible products. It now has 43 life insurance products
and 8 riders that can be customized to over 800 combinations enabling customers to choose
the policy that best fits their need.

2.1 MAX NEW YORK LIFE INSURANCE PLANS

INSURANCE PLANS:

1. LIFE PLAN

2. CHILDERN PLAN

3. HEALTH PLAN

4. GROWTH PLAN

5. RETIREMENT PLAN

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CORPORATE:-
1. GROUP PLAN:-
a. GROUP CREDIT LIFE

b. GROUP GRATUITY CUM TERM ASSURANCE

c. GROUP TERM LIFE

d. EMPLOYEE DEPOSIT LINKED INSURANCE

e. MAX SUPER LIFE

I. LIFE PLAN

Life is full of surprises. Unexpected events that strike without warning can disrupt the smooth
rhythm of life. You must be prepared at all times. As the primary earning member, you need
to make sure that your family is never lacking in anything even if you are taken away from
them forever. Do your best today to ensure that your 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. We have plans that guarantee maximum protection at a
low cost.

1. WHOLE LIFE PARTICIPATING PLAN

Whole Life Participating Plan is designed to provide you a lifetime of security. The good
times that you and your family lead should last a lifetime. However one cannot avoid
unpleasant surprises and misfortunes in life. The Whole Life Plan provides you with the
comfort that your near and dear ones will continue to live their lives in comfort without
financial worries even when you are not around.

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The Whole Life Plan provides an insurance cover that is guaranteed for life. The policy also
builds cash value, which you can use to fund any unforeseen needs. In addition, the policy is
also eligible for bonuses. Max New York Life‟s savings plans are designed to provide the
customer the dual benefits of protection along with the potentially higher returns.
This plan also allows you to purchase additional benefits in the form of bonuses that will be
paid on maturity of the Base policy or in the unfortunate event of the death of the Life
Insured. Additionally, you can also continue to invest more funds without having to provide
any further evidence of insurability.

1. 20 YEAR ENDOWMENT PLAN

Whether it's your child's marriage, their higher education, buy a home for your family, pay off
a housing loan or create a fund for your retirement, Max New York Life's 20 year endowment
plan is always there to provide you financial support. It is a perfect money-saver solution. On
its maturity at the end of 20 years, this Policy not only gives you a guaranteed sum but also
any bonus it accumulates. In case of unfortunate death, this plan also provides sum assured
plus additional insurance coverage purchased from bonuses for first 5 years and then doubles
the same afterward You can also customize your policy to meet your specific needs. We offer
you the flexibility to enhance the value of your policy by using various rider options
available. In addition, you are also eligible for bonuses and terminal illness benefits, where
you can use 50% of your sum assured at the time of your treatment and the balance of the
sum assured will be payable to your family on the occurrence of the insured event. Under this
policy, you can access any cash surrender value that accumulates in the policy, in case you
have any unforeseen expenses during the policy term.

2. ENDOWMENT AT AGE 60 PLAN

There comes an age in life, when all one needs is peace of mind and security after retirement,
then your sources of income reduce but your expenses don't. From medical costs to children's
marriage expenses, all seems to touch the sky. So it makes great sense to plan well in advance
for secured life after retirement. Max New York Life's Endowment to age 60 Participating
Insurance is a policy that helps you to save primarily for your retired life. It will mature on
the policy anniversary after your 60th birthday, and enables you to use the maturity proceeds

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in many ways such as, purchase a pension from any life insurance company, purchase that
house in your hometown where you want to lead your retired life or pay for your child's
higher education or marriage. This plan also provides you with an insurance cover to protect
your family from financial uncertainties in case of your untimely death before reaching age
60. Till age 60, this policy also builds cash value, and is eligible for bonuses.

3.LIFE GAIN PLUS 20 PARTICIPATING PLAN

Life Gain™ plus 20 participating plan provides you with an insurance cover that is
guaranteed for 20 years down the line. It builds cash value, which you can use during your
lifetime to fund any unforeseen needs either by surrendering accumulated PUAs or taking a
loan. You can enjoy the full benefits of an endowment plan with life insurance that requires
you to pay premiums only over a very limited period, while you get cover for the entire
tenure! Also, your money grows quickly, resulting in a substantial lump sum on maturity. In
case of unfortunate death, this plan also provides sum assured plus additional insurance
coverage purchased from bonuses for first 5 years and then doubles the same afterwards.

4. LIFE PAY MONEY BACK PLAN

Life Pay™ Money Back (Participating Plan) will keep paying you a part of the Sum Assured
at regular intervals, to take care of your periodic foreseen needs, and the balance keeps
growing to take care of your long term saving needs, as well as provides insurance coverage
till maturity. And in case of any unforeseen event also, this plan helps you provide for your
family's protection needs by paying an amount equal to the sum assured plus bonuses, if any.
In addition this policy is also eligible for bonuses. The Company may declare bonuses, from
time to time, and these will be paid out to you, based on your choice of bonus options. This
plan also provides various benefits on death of the life insured, where sum assured plus sum
assured of paid up additions, bought out of your bonuses, will paid out immediately to the
beneficiary. Further, with the customized options, you can enhance the value of your plan or
customize it to suit your individual needs by adding various rider options available under this
plan.

5. LIFE GAIN™ ENDOWMENT PLAN

Life Gain™ Endowment (Participating Plan) provides you with an insurance cover that is
guaranteed during the tenure of the policy. This policy also builds cash value, which you can
use during your lifetime to fund any unforeseen needs either by surrendering accumulated
PUAs or taking a loan. This plan not only takes care of your savings and investment needs but
also guarantees you a life cover protection. In addition, this policy is also eligible for bonuses.
The Company may declare bonuses, from time to time, from the third policy year and these
will be paid out, based on your choice of bonus options.

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CHILD PLAN

1. MAX NEWYORK LIFE COLLEGE PLAN

College education is the most critical juncture of your child‟s life; it‟s the first time that your
child moves out from the sheltered school life into the real world. It is most important that
this college education experience is the very best for your child as it will be the defining
phase that will shape their future. Therefore it is essential that you start planning for your
child‟s professional education at the earliest, as the earlier you start, the better it will be
towards meeting the needs of your child‟s higher education. The best time to start playout the
maximum time period to be able to build a sizeable corpus till your child reaches college-
going age i.e. 18 years.

1. MAX NEWYORK LIFE’s SHIKSHA PLUS II

It was all about focusing on education and ensuring that the children get the best opportunities
for their education. Now it goes beyond that. It‟s more about having a multi-faceted
personality, being an all-rounder and excelling in various fields .We understand this desire
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that every parent has for their child. Therefore, our child plan is designed specifically to
ensure that your child not only gets the best of education but also can explore and develop
his/her hidden talent.

Max New York Life Shiksha plus II is a 360 degree child plan that provides for overall
development of your child in all the circumstances.

• Immediate Family Support: 100% of applicable Sum Assured is paid immediately to

the nominee on the death of Life Insured.

• University Education Support: All future Premiums are funded by the Company on
the due dates to boost the University Education Pool. These Premiums will be directly
credited to the policy.

• School Fee Support: 10% of Base Sum Assured is paid out every year to provide for
school expenses, subject to a maximum of 100% of the Base Sum Assured till the
Policy Year immediately preceding the Maturity Date. The first installment of 10% of
Sum Assured will be paid immediately along with the “Immediate Family Support”
and then subsequently on each policy anniversary.

• University Education Pool: On the original Policy Maturity date, the prevailing Fund
Value is paid out for higher education.

II. .GROWTH PLAN

1. MAX NEWYORK LIFE FLEXI FORTUNE:-

When it comes to a plan that will help you plan for your financial goals be it a car, your
dream home, a holiday abroad or the protection and comfort of your family, you want to trust
the best. Invest in the Max New York Life Flexi Fortune, a unit linked Life Insurance plan,
which offers a unique combination of protection with returns to fulfill your goals.

2. MAX NEWYORK LIFE SHUBH INVEST:-

The first step marks a new beginning and with Max New York Life Shubh Invest, you can
take the first step towards achieving your financial goals. Max New York Life Shubh Invest is

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a simple yet powerful solution for you, and is an ideal plan to start your journey towards
financial independence. It not only gives you the chance to invest with its low entry premium
amount, it also gives you risk-cover to safeguard your family‟s future. The Policy will
continue subject to receipt of premium and recovery of all the charges except morbidity
charges.

III. RETIREMENT PLAN:-

1. IMMEDIATE ANNUITY:-
The Immediate Annuity Plan from Max New York Life Insurance Co Ltd is a powerful plan
to meet your post retirement financial needs, ensuring you a complete peace of mind in the
golden years of your life

How does the plan work?

• You will give us a lump-sum amount called the Purchase Price. These may be either
the accumulations you have made in our deferred annuity plans, or may be
accumulations you have made with any other life insurance / pension company, or
your accumulated savings.
• We will offer you a choice between different annuity options we offer as on that date.
Currently we offer the following annuity options:
o Annuity for Life
o Annuity Certain plus Life thereafter
o Annuity for Life with return of your Purchase Price

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 • Depending upon your age, the annuity option chosen by you and the frequency of
payment that you decide, we will determine your annuity as per our prevalent annuity
rates. These annuity rates will be as approved by Insurance Regulatory &
Development Authority (IRDA).
• We will pay you this amount at the end of the frequency period you have chosen i.e.
in case of a monthly annuity, the annuity will be paid to you at the end of every
month.

• In case you do not choose any annuity option in the proposal form, we will pay you an
Annuity for Life on an annual basis.
• Please note that the Annuity plan once chosen by you cannot be altered thereafter.

2. LIFE PARTNER PLUS

Max New York Life‟s Life Partner Plus™ Plan (Limited Pay Endowment to Age 75), a life
insurance plan that offers you protection for life, cash bonuses, and multiple options to utilize
these cash bonuses to meet all your individual requirements. This plan offers you triple
benefits. It gives you maturity benefits at the age of 75, provides you a life coverage
insurance and fulfill the financial needs of your family members, in case of your untimely
death and offers you money back feature as well, where we will pay you a part of the sum
assured at regular intervals to take care of your periodic foreseen needs. You can also
customize your policy to meet your specific needs. We offer you the flexibility to enhance the
value of your policy by using the various rider options available.
In case you are unable to pay your premiums, your policy will lapse and we will utilize your
cash value to buy you insurance coverage in one of the following ways:

• Reduced Paid Up: A lower Sum Assured for the remaining term of your policy
• Extended Term Insurance: The same Sum Assured is for part of the remaining term
of your policy.

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 IV. HEALTH PLAN:-

“Happiness is nothing more than good health and a bad memory”

TM
1. LIFE LINE MEDICASH PLUS PLAN

In your long and interesting journey of life, it's always better to be prepared to face any
unforeseen incidents that may take place in one's life. People normally insure their home,
child's education, car, and even their retirement. However, many a times they forget to insure
their health. It's a proven fact that illnesses strike without warning, which again can affect
one's finances. Thus, it's important to have a good health cover that would take into account
the diverse set of needs at times of an individual's ill health. Sound health insurance planning
ensures that you receive direct medical expenses and indirect expenses, as soon as the
situation arises .Max New York Life health insurance schemes can act as a catalyst in
safeguarding your peace of mind and eliminating all worries about your future treatment
expenses. Presenting Lifeline – Medi Cash Plus health Insurance plans from MNYL that
provide you support by giving you hospital cash benefit, whenever you are hospitalized.
Through this plan you will get a fixed benefit towards hospitalization, ICU and recuperation
(post hospitalization). And the surgical expenses of a fixed Lump-sum amount will be paid
under Life Line – MediCash Plus for more than 400 listed surgeries that you may undergo.

2. LIFE LINE WELLNESS PLUS PLAN

All of us aim for a long and illness-free life. However, as human beings we are prone to
various illnesses and may contract various diseases. Though there are innumerable medical
facilities and technologies available today to cure almost every illness, the cost attached to it
quite high. These are the times you may need the assistance of a health insurance plan to
manage these unforeseen situations and expenses. Illnesses strike without prior warning and
that's the reason why you should possess a good health cover, which would insure you against
various illnesses and guarantee financial security should you require any treatment. The
health covers would provide you peace of mind and allow you to focus your time energy on
other important things in life. Max New York Life's Life Line-Wellness™ Plus health plan
provides a wonderful benefit system in terms of long tenure of coverage, coverage for 38
critical illnesses and tax benefit.

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3. LIFE LINE-SAFETY NET Plus
It is important to insure one's health to live a peaceful life. Ironically, it is a well- known fact
that lot of individuals are either uninsured or not insured at all. In spite of the rapid
advancement of medical science, the expenses attached to various treatments are quite high.
Everybody definitely needs health insurance coverage because illnesses if contracted can
seriously impact finances and devour precious savings due to the absence of a good health
cover. Therefore, it's important to get your health insured at the earliest and enjoy a hassle-
free life. There is a vast variety of affordable health insurance plans in the market. However,
it's up to you to choose the best possible health cover, which would suit your budget.

Recognizing the need for a complete all round financial protection for you and your family,
Max New York Life Insurance Company offers you a term cum health insurance – Life Line-
Safety Net™ , the new age insurance covering death, disability, disease and accident under
one single plan.

4. MAX NEWYORK LIFELINE FAMILY PLUS:-

The core of any happy family is a healthy family. However, demanding lifestyles, high stress
levels and deteriorating environmental conditions are increasing the probability of diseases
and consequently, treatment for the same. The need of the hour is for a plan that not only
takes care of your health, but also takes care of your family. Taking care of this need Max
New York Life presents Life Line Healthy Family™ - the Most Comprehensive Health
Insurance Plan.

22
CORPORATE PLAN

1. GROUP PLAN:-

Group Plans People are the most valuable asset of any organization. Organizations have to
innovate newer forms of compensation to retain talented employees. Pay and perks are all
very fine but an organization needs to show employees that it cares. Ensuring the financial
wellbeing of employees and their families will earn an organization their enduring trust and
loyalty. Our 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.

1. GROUP CREDIT LIFE

Max New York Life offers Group Credit Life plan, which provides life cover for a group of
employees who are borrowers from the same employer, (or some credit institution, bank,
finance provider etc.) by paying a lump sum towards repayment of loan amount on the death
of employee. The premiums can also be adjusted every year according to the reducing loan
balance amount. This plan will make sure that customers have the desired freedom to enjoy a
hassle-free life without having to worry about the repayment of the loans.

Features:-
The plan can be conveniently structured in a way such that the entire loan
amount or the balance loan amount is paid up in case of the untimely demise of
the borrower. The premiums can also be adjusted every year according to the
reducing loan balance amount.

23
1. GROUP GRATUITY CUM TERM ASSURANCE

Max New York Life's Group Gratuity cum Term Assurance plan is especially designed to
enable you to fund your gratuity obligation in an organized and convenient manner while

enjoying tax benefits at the same time.

Eligibility:

• All employees (members) above the age of 18 are eligible for this plan. Existing fund
approved by the Income Tax Commissioner should be administered through Trustees
under a Trust.

Contribution:

The Trust will make the contribution to the fund. Contribution can be made quarterly, half-
yearly or yearly.

Surrender Fee:
• In case a Policyholder wants to surrender the policy, a surrender fee is applicable. This
fee is based on the realizable market value of the assets and dependents on the
duration of the association with Max New York Life.

Term Insurance Cover

• Term insurance cover equal to future service gratuity

• Premium for term insurance cover will be computed separately.
• The insurance cover will also form part of Group Gratuity policy.
• Insurance cover will be paid only on the death of the member.

4. GROUP TERM LIFE

Max New York Life presents one such solution to facilitate employee wellbeing and
retention. A single master policy for all employees, Group Term Life is the mainstay of our
employee benefit platform. This easy and convenient policy is valid for one year and can be

24
renewed annually. In case of death of an employee, due to natural or accidental reasons, the
entire sum assured amount is paid to the employer.

Features:-
• Group size of at least 25 employees. No upper limit on membership.
• Policy is valid for one year and can be renewed annually.
• Uniform or a graded cover can be provided on any basis chosen by you subject to a
maximum of three years of salary per employee.

5. EMPLOYEE DEPOSIT LINKED INSURANCE

Employees normally work with utmost commitment when they believe their organization
sincerely cares for their future and wellbeing. Max New York Life offers a suite of Group
Insurance plans, which would provide you and your employees with a multitude of benefits.
Max New York Life's Group Term Insurance Scheme is a unique, simple and flexible
scheme, which is considered a better alternative to the Employee Deposit Linked Insurance
Scheme (EDLI) because of the benefits it offers to both the employer and the employees.
Features:-
Under Section 17 (2-A) of the Provident Fund Act, the Central Provident Fund Commissioner
may, if requested to do so by the employer, by notification in the Official Gazette, exempt,
whether prospectively or retrospectively.
Max New York Life Insurance Co. Ltd offers Group Term Insurance Scheme, a unique,
simple and flexible scheme, which is a far better alternative to the Employee Deposit Linked
Insurance Scheme (EDLI) because of the benefits it offers to both the employer and the
employee.

1. MAX SUPER LIFE

Max New York Life presents one such solution to facilitate employee wellbeing and
retention. A single master policy for all employees, Max Super Life is the mainstay of our
employee benefit platform. This easy and convenient policy is valid for one year and can be
renewed annually. In case of death of an employee, due to natural or accidental reasons, the

entire sum assured amount is paid to the employer.

25
Features:

Group size of at least 50 employees. No upper limit on membership. Policy is valid for one
year and can be renewed annually. Uniform or a graded cover can be provided on any basis
chosen by you subject to a maximum of 3 yrs of salary per employee.

2.2 COMPETITORS OF MAX NEWYORK LIFE

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.
It is known to all that now a day‟s Insurance sectors are going to boom in the Indian as well as
International market, so it is natural that there will be a great competition among all the
companies.
Similarly, Max New York Life has also many competitors, some of them are as follows:

• ICICI prudential

• Bajaj Allianz

• SBI Life

• HDFC Standard

• Reliance Life

• Birla Sun life

• Aviva Life

• Tata AIG

• Kotak Mahindra Old Mutual

• ING Vysya

• Met Life

MAX NEW YORK LIFE ENTERS “THE GUINNESS BOOK OF WORLD

RECORDS”

Creates world record for the world’s largest umbrella

26
New Delhi, December 09, 2010: Max New York Life Insurance, one of India‟s leading life
insurance companies, today announced that it has earned its place in the Guinness Book of
World Records. The recognition was bestowed upon the company for creating the „World‟s
largest umbrella‟.

This record setting collapsible umbrella is almost as wide as the dome of Taj Mahal and as
high as a three stories building. With a 54 feet diameter and 32 feet height it could provide
cover to around 200 people. A team of 20 people worked for 24 days to construct this award-
winning umbrella and was unveiled on 14 August 2010 at Ishanya Mall in Pune.
On this achievement Ms. Anisha Motwani, Chief Marketing Officer, Max New York Life
Insurance, said “We are delighted with this recognition. The largest umbrella in the world
justifies Max New York Life‟s tagline line of "Karo Zyaada Ka Iraada". It also signifies
protection from uncertainties of weather; just like life insurance which provides protection
from uncertainties of life. This innovative initiative was undertaken as a part of our efforts to
build higher visibility for the Max New York Life brand. We will continue to work on similar
high impact programs which are aimed at making Max New York one of the most admired
brands in the country.”The new record has been set against the previous record of 53 ft 2
inches in diameter and 31 ft 6 inches height by Sun City Umbrella Ind. Ltd in Jin Jiang city,
Fujian Province, China during October 2005.

2.3 LIFE INSURANCE FOR WOMEN

Nature has created men and women differently but their reason to buy life insurance remains
broadly the same. Both men and women buy life insurance to protect their family, replace lost
income in case he / she dies, provide for own retirement, fund long-term needs such as

27
children‟s education and marriage and to pay off mortgages. But here comes the difference.
Though the needs are the same, men and women think and behave differently in many aspects
of life, including financial planning and protection. The financial needs of women become
different because they have higher life expectancy than men, which results in more women
living alone after their partner is gone. Of the life insurance owners in India only 14% are
women. Is that women do not require life insurance or is it lack of awareness of the need for
life insurance for women? Even in a highly developed market like US, it has been found that
though 59% of the women own life insurance as compared to 64% of the men, the average
death benefit on men is nearly double that for women.. Many a time it is argued that
homemakers do not require life insurance as they are not the earning members and their loss
would not result in financial stress. However, it has been found that it is not true. In fact, it
has been found that it adds up to significant cost to get the services of homemakers through
third party and hence require life insurance for homemaker women also.

A modern woman, who is an earning member and an equal partner in managing the finances
of the household, requires life insurance as much as the earning male members. It has been
found that when it comes to planning for long-term needs like children education, marriage
and other social events, women are better planners and take the lead in the household. But to
meet such need the instruments opted by them are not appropriate. Women should consider
bundled life insurance products that offer both protection and wealth creation to meet such
needs.. The women in two income households should also consider taking financial protection
cover.

28
2.4 AWARDS & RECOGNITIONS

The company has received recognition by winning awards such as:

1. Awarded the Asia Insurance Industry „Innovation of the Year‟ Award 2009

2. Among the top 25 companies to work for in India, according to Business world 2003
„Great Workplaces of India‟

3. Ranked 7th in BT-Mercer-TNS Best Companies to Work For Survey 2008

4. Among the top five most respected insurance companies in India as per Business world
2004 & 2006 survey

5. Won Indo-American Corporate Excellence Award for Best Indo-US company in

Financial Services Category in 2006

6. Received „Best Six Sigma Project‟ award at Sakal Six Sigma Excellence Awards – 2006

7. Among top 3 in Asia Life Insurance Company of the Year Award 2007 instituted by
Asia Insurance Review

8. Golden Peacock Award for Excellence in Product Innovation for Max Vijay

9. CIO 100 Technology Award 2008

29
10. CII – Exim Bank Commendation Certificate for Strong Commitment to Excel‟ for the
year 2008

11. Awarded the Gallup Great Work Place Award 2009

12. MNYL is the first company to provide Free look period of 15 days to the customer. This
was later made mandatory by the regulator.

2.5 SWOT ANALYSIS OF THE COMPANY

STRENGTHS
• The Investment Banking Group, a crack term of highly qualified, experienced and
motivated professionals, delivers Max New York life insurance‟s Investment Banking
Service.
• Max new York life insurance is a strongly research-driven organization. The Max new
York life insurance Centre for Investment Research comprises highly qualified and
talented professional who constantly monitor the market and collect, collate, analyses
and disseminate valuable information.
• With over 120 offices in 50 cities and a network of over 10,000 Advisor Associate, we
assure you a pan-India reach.
• Max new York life insurance enjoys a extremely cordial relationship with major
institution in the financial markets such as banks, insurance companies, mutual fund
houses, PF Trust, educational trust, act.

WEAKNESSES
• The systems are not automobile so manual intervention is required. Hence process
becomes time consuming.
• Limited expose for Max New York life insurance is 4 times as compared to other
competitive firms it is 10-12 times.
• No categorization of stock e.g they treat reliance as same as that of any low category
companies.
• No major support from research team for short term investment.
30
OPPORTUNITIES
• India is one of the few developing economy growing at a rate of 6-7%. Whereas rest of
the world is either contracting or growing at a rate of 1% or less and financial service
sector is 1 of the major growing sector.
• Out of total population around 100 crore people 4 crore have de-mat account.
• Max New York life insurance has client conservative approach so by using the strategy
the client should make more profits as compared to other.
• Indian economy is becoming a default destination for global investors, hence foreign
funds for this year is close to 66000crore hence Indian stock markets are booming so
Bajaj can capitalized on this growing phase of Indian stock markets.

THREATS
Well-established players like India bulls, Kodak, etc. they are offering higher services to the
clients hence they are tough in breaking.
• Infrastructure supporting is very less so client face lot of issue because of technology.
• They do not provide funding to clients as other firms do.

31
 CHAPTER 3
OBJECTIVES OF STUDY

3.1 RESEARCH OBJECTIVES

The objective of the project is to Study and find out the consumer Satisfaction or Preference,
behavior of customer towards “Insurance Sector especially towards MAX NEW YORK LIFE
INSURANCE LTD.

3.2 RESEARCH METHODOLOGY

The research tool used while making this project has been two pronged. The project has made
use of both primary as well as secondary data.

 Primary by conducting a survey through questionnaire.

 Secondary by using information given on the net to provide details of the products
offered by the company.

32
 CHAPTER 4

ANALYSIS & DATA INTERPRETATION

Table-1
TABLE IS SHOWING THE SEX RATIO OF THE RESPONDENTS

SEX MALE FEMALE

No of 32 18

Respondents%

No of respondents
35

30

25

20

15

10

0
male female
male female

Analysis: From above table we can see that 32%people are male respondent and
18%are female while taking the sample out of 50 people.

33
 Table-2
TABLE IS SHOWING THE AGE GROUP OF THE RESPONDENTS

AGE 18-25 26-35 36-45 ABOVE

45

NO.OF RESPONDENTS 15 20 15 5

No of respondents

20
18
16
14
PERCENTAGE

12
10
8
6
4
2
0
18-25 26-35 36-45 45-ABOVE
AGE GROUP

Analysis: From above table we can find that the respondents are of age group between
18-25 15% people , 26-35 20% Rests are of 15%% between36-45 and above 45 are 5%
Inference:- From above table and analysis we can see the maximum no. of respondents
are of age between 26to35.

34
 Table-3

TABLE IS SHOWING THE OCCUPATION OF THE

RESPONDENTS

OCCUPATION BUSINESS SER-VICE PROFESSIONAL ANY

OTHERS

%NO.OF
RESPONDENTS 15 15 10 10

No of respondents

16

14

12
PERCENTAGE

10

0
BUSINESS SERVICE PROFFESSIONAL OTHERS
OCCUPATION

Analysis: From above table we find that respondents from business class and
service belongs to 15% and professionals and rest belong to other class is 10%.

35
Inference: From above table we can infer that majority of respondents belongs
to business and service class.

Table-4

TABLE IS SHOWING THE AWARENESS ABOUT THE

INSURANCE COMPANY

AWARENESS Yes No
NO.OF RESPONDENTS 20 30

No of Respondents

30

25
PERCENTAGE

20

15

10

0
YES NO
AWARE OF MAX NEW YORK LIFE INSURANCE COMPANY

Analysis: From above table out of 50 respondents 20% are yes and
20% are no

36
 Table-5

TABLE IS SHOWING THE KIND OF PRODUCTS MAX

NEWYORK INSURANCE PROVIDE

INDIVIDUAL GROUP CHILDREN RETIREMENT ALL OF THE

LIFE INSURANCE POLICY BENEFITS ABOVE
INSURANCE

10 10 10 5 15

No of Respondents

16

14

12
PERCENTAGE

10

0
INDIVIDUAL GROUP CHILDREN RETIREMENT ALL OF THE
LIFE INSURANCE POLICY BENEFITS ABOVE
INSURANCE
KIND OF PRODUCTS DO YOU THINK MNYL PROVIDE

37
 Analysis: From above table out of 50 respondent’s individual, group, children are
same 10% and retirement is 5% and rest all above is 15%.
Inference: From above table we can infer that majority of respondents is in all of
the above that is 15%.

Table-6

TABLE IS SHOWING THE HOW MANY PEOPLE HAVE A POLICY

OF MAX NEWYORK LIFE INSURANCE

MAX NEWYORK YES NO

POLICY

NO.OF RESPONDENTS 20 30

No of Respondents

30

25
PERCENTAGE

20

15

10

0
YES NO

DO YOU HAVE A POLICY OF MNY LIFE INSURANCE

Analysis: From above table out of 50 respondent’s people having a max new York
policy that is yes is20% and people don’t have a policy that is no is 30%.

38
 Table-7

TABLE IS SHOWING THAT PEOPLE ARE ASSOCIATED WITH

WHICH INSURANCE COMPANY
.
ICICI LIC BIRLA MAX OTHERS
“PRUDENTIAL” SUN LIFE NEW
YORK
5 10 10 20 5

No of Respondents

20
18
16
PERCENTAGE

14
12
10
8
6
4
2
0
ICICI LIC BIRLA SUN MAX NEW OTHERS
PRUDENTIAL LIFE YORK

WHICH INSURANCE COMPANY, YOU ARE ASSOCIATED WITH

39
Analysis: From above table out of 50 respondent’s people associated with ICICI
Prudential is 5%,LIC and, Birla sun life is 10%, max new York is 20% and rest
others is 5%.
Inference: From Table the maximum no of percentage is in max New York that is
20% as compared to others.

Table-8

TABLE IS SHOWING HOW PEOPLE COME TO KNOW ABOUT

NEW POLICIES
AGENT\ NEWSPAPER\ INTERNET OTHERS
ADVISIORS MAGAZINE
30 5 10 5

No of respondents

30

25
PERCENTAGE

20

15

10

0
AGENT INTERNET NEWSPAPER OTHERS

HOW DID YOU COME TO KNOW ABOUT NEW POLICIES OF YOUR INSURANCE
COMPANY

40
Analysis: From above table From above table out of 50 respondent’s people come
to know about policies through Agent is 30% , newspaper 5%,internet 10% an rest
others is 5%.
Inference: From above table we can infer that the maximum no of Percentage is in
agent that is 30% .

Table-9

TABLE IS SHOWING HOW PRIVATE LIFE INSURANCE

COMPANIES ARE PERFORMING

GOOD FAIR POOR CAN’T SAY

35 5 6 4

No of respondents

35

30

25
PERCENTAGE

20

15

10

0
GOOD POOR FAIR CAN'T SAY

WHAT DO YOU THINK THE PRIVATE INSURANCE CMPANIES ARE PERFORMING

41
Analysis: From above table it is showing that the Good is 35%, Fair is 5%, Poor is
6% and rest can’t say is 4%.
Inference: From above table we can infer that the maximum no of percentage is in
Good that is 35%.

Table -10

TABLE IS SHOWING RECOMMENDATION ABOUT MAX

NEWYORK LIFE INSURANCE

RECOMMENDED Yes NO
ABOUT THE
INSURANCE
NO.OF 35 15
RESPONDENTS

No of respondents

35
30
PERCENTAGE

25
20
15
10
5
0
YES NO

DOES THE INSURANCE AGENT/ADVISOR RECOMMENDED YOU

ABOUT MNYLI

42
 Analysis: From above table it is showing that Yes percentage is high that is 35%
and No is 15%.

Table -11

TABLE IS SHOWING SATISFACTION OF RETURN ON

INVESTMENT POLICY
VERY SATISFIED DISSATISFIED CANT’SAY
SATISFIED
15 20 10 5

No of respondents
25

20

15

10

0
VERY SATISFIED SATISFIED DISSATISFIED CANT SAY

Analysis: The people with very satisfied is 15%, satisfied20%, dissatisfied 10%and
rest can’t say is 5%.
Inference: From above table we can infer that the maximum no percentage is
satisfied that is 20%.

43
 Table -12

TABLE IS SHOWING THE PAYMENT SYSTEM

E-PAYMENT CASH
20 30

35

30

25

20

15 30

10 20

0
E-payment cash
Series1

Analysis: From above table it is showing that Payment system through cash is
maximum that is 30%and E-payment is 20%.

44
 CHAPTER 5
FINDINGS

1. As the people think that insurance is a tool to protect their family & a tax saving
device. They are aware of the fact & realizing its, importance. There is a large potential
for insurance in India.

2. The entrance of private players will increase the competition and it would be a tough
task to secure good position in market.

3. Since Max New York Life Insurance is leading with several companies‟ policies it
should be easy for them to penetrate into the market and secure a good position if they
pay greater attention to the service part provided to their customer and thereby forming a
long and trusted relationship.

4. As seen from the survey that at present 70% of the customer are having insurance
policy out of which 87.5% of the customer are planning for new investments. So it can
be a good potential for the company and they should make an attempt to trap these
customers.

5. As 43% of the customers are even ready to go for insurance if a service provider away
from their city is providing it. But in turn they should provide good products and
services. The company should try to convince these customers and get them in its favor.

45
 CHAPTER 6
RECOMMENDATIONS &SUGGESTIONS

People have less knowledge about current Insurance plan, so company should advertise it
more through Television, Radio and Newspaper because these mediums are easily accessible
to them.
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. The
insurance companies should now try to identify the gap between current level of customer
service and customer expectations. Some of the strategies being recommended are as follows:
1 Product Differentiation: Offering a product that is distinctly different from other products
available in the market.
2 Innovativeness: Identifying means of a delightful customer experience.
3 Riders: These are additional offerings along with the main product.
4 Flexibility: The companies should make their products flexible for the convenience of their
customer.
.

46
 CONCLUSION

Our exhaustive research in the field of Life Insurance threw up some interesting trends, which
can be seen in the above analysis. A general impression that we gathered during Data
collection was the immense awareness and knowledge among people about various
companies and their insurance products.

People are beginning to look beyond LIC for their insurance needs and are willing to trust
private players with their hard earned money.

People in general have been impressed by the marketing and advertising campaigns of
insurance companies. A high penetration of print, radio and Television Ad campaigns over
the years is beginning to have its impact now.

Another heartening trend was in terms of people viewing insurance as a tax saving and
investment instruments as much as a protective one.

A very high number of respondents have opted for insurance for such purposes and it shows
how insurance companies have been successful to attract public money in recent times.

The general satisfaction levels among public with regards to policy and agents still requires
improvement. But therein lies the opportunity for a relative player like Max New York Life.
LIC has never been known for prompt service or customer oriented methods and Max New
York Life can build on these factors.

47
 BIBLIOGRAPHY

WEBSITES

 www.google.com
 www.licindia.com
 www.maxnewyorklife.com

48
 ANNEXURE

Questionnaire for Study of Insurance Preferences

Dear Sir/Madam

I am a student of “Banking and Insurance” as a part of my curriculum; I am doing a brief

survey to find out more about consumer preference regarding Insurance. I would be grateful if
you could spare a few minutes to participate in it. Kindly mark where required

Name: --------------------------------------------------------------
Age: --------------------------------------------------------------
Gender: --------------------------------------------------------------
Occupation: -------------------------------------------------------------

1 Are you aware of max New York life insurance Company?

Yes Or No

2. What kind of products do you think MNYL provide?

a. Individual life insurance

b. Group insurance
c. Children policy
d. Retirement benefits
e. All of the above

3. Do you have a policy of MNYL?

Yes Or No

4. Which insurance company, you are associated with?

ICICI Prudential Birla sun life

LIC Others
Max New York

5. How did you come to know about new policies of your insurance company?

Agent Newspaper
Internet Others

49
6. What do you think the private insurance companies are performing?

Good Fair
Poor Can‟t say

7. Do you have a policy of Max New York life?

Yes Or No

8. does the insurance agent / advisor recommended you about Max New York life insurance?

Yes Or No

9. Are you satisfied with the return on investment which you getting from
Policy?

Very satisfied Dissatisfied

Satisfied Can‟t say

10. How do you pay your premium amount?

E-payment Cash

50