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PART- 1
COMPANY PROFILE
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COMPANY PROFILE
INTRODUCTION OF MAX NEW YORK LIFE INSURANCE CO. LTD.
MAX NEW YORK - THE SOLUTION OF LIFE
Max New York is not only a leading company in the unit-linked life insurance
market. The Max New York brand also represents a new philosophy of customer
service, responsibility to the environment, employees and other global aspects
affecting all of us.
Max New York means -
LIFE
VITALITY
SUCCESS
Max New York Life Insurance Company Ltd. is a joint venture between Max
India Limited, one of India's leading multi-business corporations and New York
Life International, the international arm of New York Life, a Fortune 100
company. 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
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developed a strong corporate governance model based on the core values of
excellence, honesty, knowledge, caring, integrity and teamwork.
Incorporated in 2000, Max New York Life started commercial operation in
2001. 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 as on 30th April, 2009 is Rs 1782 crore.
Max New York Life has multi-channel distribution spread across the country.
Agency distribution is the primary channel complemented by partnership
distribution, bancassurance, alliance marketing and dedicated distribution for
emerging markets. The Company places a lot of emphasis on its selection
process for agent advisors, 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. The company
currently has around 92,667 agent advisors at 712 offices across 389 cities. The
company also has 36 referral tie-ups with banks, 24 partnership distribution and
alliance marketing relationships each. Max New York Life has put in place a
unique hub and spoke model of distribution to deepen our rural penetration. This
is the first time such a model has been put in place for rural marketing of
insurance. The company has 137 offices dedicated to rural areas.3
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Max New York Life offers a suite of flexible products. It now has 37 products
covering both life and health insurance and 8 riders that can be customized to
over 800 combinations enabling customers to choose the policy that best fits
their need. Besides this, the company offers 6 products and 7 riders in group
insurance business.
Max New York is a world leader in financial services. With more than 300
years of history, Max New York is now the worlds fifth largest insurer and the
largest in the UK. Our main activities are long-term savings, fund management
and general insurance. It has premium income and investment sales from
continuing operations of about 30 billion and over 240 billion of assets under
management.
Max New York became the new name for the former CGNU in July 2002. The
change represented part of the groups planned journey towards being
recognized as a world-class financial services provider.
Today the Max New York brand is alive and trading in more than 20 countries
with Max New York now the worlds fifth-largest insurance group (based on
gross worldwide premiums for the year ended 31 December 2005).
Max New York is 14th in the Great Places to Work survey in 2004 and ranked
highest among insurance companies, making it the best insurer to work for in
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India. This is the third year that Max New York Life Insurance remains the top
25 great place to work in a survey of more than 200 companies administered
by Grow Talent Company Ltd. along with Great Places to Work Institute, Inc.
and Business World magazine.
Max New York India has created through the active contribution of its
employees. These lines not only define the way we live and work but also serve
as a reminder to deliver the best to our customers, shareholders, colleagues,
partners & employees at all times.
Embedded in this vision are the core values of Integrity, Customer centricity,
Passion for winning, Innovation and Empowered team that we have collectively
defined and committed to working towards Max New York has been operating
in Asia since 1880 and we are dedicated to the provision of long-term savings
products and investments, with the commitment to serve our customer in trust.
Max New York operating in the key markets of Singapore, India, Hong Kong
and China, our vision is to become the leading provider of financial services
differentiated by our multi-distribution strategy across these chosen markets.
Most private life insurance companies launched traditional products in India,
very similar to those offer by MAX NEW YORK LIFE INSURANCE CO.
LTD.. Max New York, however, took a different approach and was among the
first private insurers in the country to introduce Unit Linked products in the
market, offering its customers value for money products that are modern,5
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flexible and transparent. Max New York launched a life insurance and long-term
savings joint venture in June 2002 with Dabur Group, 1 of Indias oldest and
most respected business houses. We are now among the top 12 life insurers in
the Indian market.
A unit linked product fund is a form of pooled investment where you purchase
units. Premiums usually invested as units in stock market funds. The value of the
Policy goes up & down in line with the performance of the particular fund
Max New York is UKs largest and the worlds fifth largest insurance Group. It
is one of the leading providers of life and pensions products to Europe and has
substantial businesses elsewhere around the world. With a history dating back to
1696, Max New York has a 40 million-customer base worldwide. It has more
than 364 billion of assets under management.
In India, Max New York has a long history dating back to 1834. At the time of
nationalisation it was the largest foreign insurer in India in terms of the
compensation paid by the Government of India. Max New York was also the
first foreign insurance company in India to set up its representative office in
1995.
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In India, Max New York has a joint venture with Dabur, one of India's oldest,
and largest Group of companies. A professionally managed company, Dabur is
the country's leading producer of traditional healthcare products.
In accordance with the government regulations Max New York holds a 26 per
cent stake in the joint venture and the Dabur group holds the balance 74 per cent
share.
With a strong sales force of over 30,000 Financial Planning Advisers (FPAs),
Max New York has initiated an innovative and differentiated sales approach to
the business. Through the Financial Health Check (FHC) Max New Yorks
sales force has been able to establish its credibility in the market. The FHC is a
free service administered by the FPAs for a need-based analysis of the
customers long-term savings and insurance needs. Depending on the life stage
and earnings of the customer, the FHC assesses and recommends the right
insurance product for them.
Max New York pioneered the concept of Banc assurance in India, and has
leveraged its global expertise in Banc assurance successfully in India. Currently,
Max New York has Banc assurance tie-ups with ABN Amro Bank, American
Express Bank, IndusInd Bank, Centurion Bank of Punjab, The Lakshmi Vilas
Bank Ltd. and Punjab & Sind Bank, Co-operative Banks in Gujarat, Rajasthan,
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Jammu & Kashmir, Bihar, West Bengal, Andhra Pradesh and Maharashtra
and regional Banks When Max New York entered the market, most companies
were offering traditional life products. Max New York started by offering the
more modern Unit Linked and Unitised With Profit products to the customers,
creating a unique differentiation. Max New Yorks products have been designed
in a manner to provide customers flexibility, transparency and value for money.
It has been among the first companies to introduce the more modern Unit Linked
products in the market. Its products include: whole life (LifeLong), endowment
(Lifesaver, Easy Life Plus, Lifesaver Plus), child policy (Young Achiever,
Safeguard Junior, Max New York Little Master) single premium (Life Bond and
Life Bond Plus), Pension (Pension Plus), Term (Life Shield), fixed term
protection plan (Freedom Life Plan) and a tax efficient investment plan with
limited premium payment term (LifeBond5). Max New York products are
modern and contemporary unitised products that offer unique customer benefits
like flexibility to choose cover levels, indexation and partial withdrawals.
Max New Yorks Fund management operation is one of its key differentiators.
Operating from Mumbai, Max New York has an experienced team of fund
managers and the range of fund options includes Unitised With-Profits Fund
and seven Unit Linked funds: - Protector Fund, Secure Fund, Balanced Fund,
Growth Fund, Enhancer Fund, Index Fund and Bond Fund.
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Max New York has 193 Branches in India (including rural branches) supporting
its distribution network. Through its Banc assurance partner locations, Max New
York products are available in more than 2,795 locations across India. To the
appointment, was serving as Max New York Life Insurance's Deputy Managing
Director. Gary Bennett, who served as Chief Executive Officer and Managing
Director of the company since July 2005, has been named Executive Vice
President and Greater China Chief Executive Officer of New York Life
International, LLC, effective immediately.
In a related announcement, Rajit Mehta, Max New York Life's Deputy Chief
Operating Officer has been appointed as the Chief Operating Officer of the joint
venture, also pending regulatory approval.
Analjit Singh, Chairman Max New York Life Insurance, commented: "Rajesh
and Rajit's appointments are part of an orderly management transition that has
been planned for some time. We are confident that this new leadership team will
build on the solid foundation that is in place as we continue our journey of
becoming the most admired life insurance company in India with the most
professional, most highly trained agency sales force in the country. We thank
Gary Bennett for all that he has done on behalf of Max New York Life and wish
him the very best in his new role."
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"We are fortunate to have executives of Rajesh's caliber taking the helm at Max
New York Life Insurance," added Singh. "Rajesh has made a significant impact
implementing business strategies that have contributed to the rapid growth of our
life insurance business, steering the overall distribution network, and
contributing greatly to the company's product management and marketing
efforts." Singh continued, "Rajit has played an equally important role for Max
New York Life, helping make Max New York Life's human resources and talent
development the strategic differentiator that it is today, as well as adding
significant value to the company's sales, operations and customer service
functions."
"We're very pleased to have individuals with the level of skill and
accomplishment of Rajesh and Rajit at Max New York Life Insurance," said
Dick Mucci, Chairman and Chief Executive Officer of New York Life
International, LLC. "It's a testament to organizational depth of the company that
we are tapping two founding team members who have had major roles in
building the company into what it is today, one of India's premier life insurers,
widely recognized for its quality and innovation and for its role in making life
insurance and retirement savings a reality for tens of millions of low-income and
underserved Indian households."
Mucci added, "Gary played an important role in the tremendous growth and
success of Max New York Life Insurance Co. Ltd. and we are grateful to him for10
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his many contributions. He did an outstanding job leading Max New York Life
Insurance Co.Ltd., and in his prior post running New York Life's Hong Kong
operation, and I'm pleased he's accepted a new position within New York Life
International overseeing our large and attractive Greater China region."
Previously, as a member of the company's core management team, Sud was
responsible for steering the overall distribution network of the company and
overseeing the product management, marketing, corporate affairs and customer
relationship management functions.
Prior to that he served as Executive Director - Distribution, and was the primary
driver for Max New York Life Insurance's distribution footprint across India,
setting up alliances and an agent-advisor network and model that was recognized
as the "best in class." Mr. Sud earned his Bachelor of Commerce and an MBA
and in marketing and finance from Faculty of Management Studies, Delhi
University before completing his Advanced Management Program from
Wharton Business School, University of Pennsylvania, Philadelphia, USA.
Mehta is also a founding team member of the Max New York Life team. Prior to
his role as Deputy Chief Operating Officer, Rajit served as Max New York
Life's Executive Director for Human Resources, Training and Internal
Communications where he was responsible for strategic initiatives leading to the
strengthening of the Max New York Life's human resource management.
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He has also made important contribution in development and implementation of
Max Vijay, the innovative business model that fulfills protection and savings
needs of underserved market. Prior to joining Max New York Life, he was
Director - Personnel at Bank of America and worked with HCL - Hewlett
Packard. Mr. Mehta is management graduate and has attended an Advanced
Management Course at INSEAD, France.
The leading private life insurance company - Max New York Life Insurance
Company Ltd. has launched 'lifeline' - a health insurance product on Wednesday,
5th March 2008, across India. Now, the company can boast of offering complete
health and life insurance products across ll regions in India. This newly launched
health insurance product of Max New York Life Insurance Company offers three
groups of heath insurance solutions.
The Director Marketing Product Management and Corporate Affairs of Max
New York Life Insurance said that these three distinct heath insurance products
are meant to cover eventualities like hospitalization, surgery and critical illness
of the insured. He points out that these plans have been structured with features
like coverage for a wide range of ailments, no claim discount on revised
premium for a healthy life, a fixed premium for a five-year term, free second
opinion from the best health care institutions of India on detection of illness.
Further, it also has provision for a free telephonic medical helpline across India.
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The hospitalization - is covered by "Medicash plan", which is meant to provide a
fixed amount of cash benefit on a day-to-day basis during the entire period of
hospitalization of the insured. The Medicash plan would also cover expenses for
admission in ICU, lump sum benefits against an unlimited number of surgeries
and recuperation benefits.
The second plan of the newly launched health insurance of Max New York Life
Insurance Co. Ltd., is the "Wellness Plan", which is a more attractive one and
covers 'critical illness' like cancer, alzheimers, heart ailments, liver disease,
deafness, permanent disability, etc. The Wellness plan covers thirty eight critical
illnesses, which is the highest number of illness covered under one insurance
plan in India by any insurance company.
The third health insurance policy of Max New York Life Insurance Co. Ltd. is a
term plus health protection plan known as "Safety Net". This provides coverage
to the insured person for any losses incurred by him/her in eventualities like
critical illness, accident, disability and death.
With 21 lakh life insurance policies and with an assured sum of Rs 62,000 crores
in its kitty Max Life Insurance wishes to achieve business at least five percent
higher than it did in the last financial year. The company also announced that it
would go for an expansion drive and would also increase the number of branch
offices in Tamil Nadu within the fiscal year 2008-2009. Max New York Life13
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Insurance Company is one of the fastest growing life insurance companies in
India and is the first life insurance company of India to be awarded with ISO
9001:2000 certification. This Rs 907.4 crores insurance company is one of the
most respected companies in India. After making strong inroads into the Indian
life insurance market with a strong product portfolio the company is expected to
do well with its new product line in the Indian health insurance sector as well.
Max New YorkLife Insurance Company Ltd. is a joint venture between New
York Life International Inc., a Fortune 100 company and America's largest life
insurance provider and Max India Limited one of the leading multi-business
corporations in India. Max New York Life Insurance Co Ltd is a Rs. 250 crore
joint venture with a paid up capital of Rs. 807 crore.The insurance agents
employed at Max New York Life Insurance Co Ltd are trained in-house with a
rigorous training program of over 152 hrs, much higher than the standard 100 hrs
of mandatory training laid down by the IRDA. Around 345 Max New York
Agent Advisors qualified for Million Dollar Round table (MDRT) membership
in 2006.
It is an internationally renowned congregation of world's top insurance agents.
Max New York Life brings to you specially customized products and services
that are flexible and can e customized to suit your needs. It now has 30 life
insurance products and 8 riders that can be customized to over 800 combinations
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enabling customers to choose the policy or plan that best fits their need. These
include:
Max New York is also keen to reach out to the underprivileged that have not had
access to insurance so far. Through its association with Basix (a micro financial
institution) and other NGOs, it has been able to reach the weaker sections of the
society and provide life insurance to them.
Max New York has been felicitated with the "Bronze Award for Excellence in
People Management" by Grow Talent Company Limited and Business world.
This honour is given to Max New York based on the ranks received in top 25
lists of the Great Place to Work India studies conducted in the last four years.
Max New York was ranked 12th in 2003, 14th in 2004 and 13th in the year
2005.
Max New York
Max New York is UKs largest and the worlds fifth largest insurance Group. It
is one of the leading providers of life and pensions products to Europe and has
substantial businesses elsewhere around the world. With a history dating back to
1696, Max New York has a 40 million customer base worldwide. It has more
than 377 billion of assets under management.
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Max New York Life Insurance Co. Ltd. India Management Team
Board Of Directors
Mr. Analjit Singh
Chairman,
Max New York Life Insurance Co. Ltd.
Mr. Anuroop (Tony) Singh
Vice Chairman,
Max New York Life Insurance Co. Ltd.
Mr. Rajesh Sud
CEO & Managing Director,
Max New York Life Insurance Co. Ltd.
Mr. Rajit Mehta
Executive Director & Chief Operating Officer,
Max New York Life Insurance Co. Ltd.
Mr. William Beaty
Director,
Max New York Life Insurance Co. Ltd.
Mr. Richard L. Mucci
Director,
Max New York Life Insurance Co. Ltd.
Dr. Omkar Goswami16
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Director,
Max New York Life Insurance Co. Ltd.
Mr. Rajesh Khanna
Director,
Max New York Life Insurance Co. Ltd.
Ms. Marielle Theron
Director,
Max New York Life Insurance Co. Ltd.
Management Team
Mr. Rajesh Sud
CEO & Managing Director,
Max New York Life Insurance Co. Ltd.
Mr. Rajit Mehta
Executive Director & Chief Operating Officer
Max New York Life Insurance Co. Ltd.
Mr. Anil Mehta
Sr. Director, New Business
SBU
Max New York Life Insurance Co. Ltd.
Mr. Sunil Kakar
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Sr. Director and Chief Financial Officer
Max New York Life Insurance Co. Ltd.
Mr. Ajay Seth
Senior Director- Legal & Compliance
Max New York Life Insurance Co. Ltd.
Mr. Debashis Sarkar
Senior Director & Chief Marketing Officer
Max New York Life Insurance Co. Ltd.
Mr. John Poole
Chief Actuary
Max New York Life Insurance Co. Ltd.
Mr. Prashant Tripathy
Executive Vice President- Strategic Planning and Business Development
Max New York Life Insurance Co. Ltd.
Our Vision
Max New York - where exceeding expectations through innovative solutions
is "our" way of life
This is the compelling vision that Max New York India has created through the
active contribution of its employees. These lines not only define the way we live
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and work but also serve as a reminder to deliver the best to our customers,
shareholders, colleagues, partners & employees at all times.
Embedded in this vision are the core values of Integrity, Customer centricity,
Passion for winning, Innovation and Empowered team that we have collectively
defined and committed to working towards.
Achievements and Awards
Some of the Industry Firsts
First company to provide Freelook period of 15 days to the customer. This
was later made mandatory by the regulator
First company to start toll free line for agent services
First and the only life insurance company in India to implement Lean
methodology of service excellence in service industry
First life insurance company in India to provide various services to the
agents and customers over phone
First Indian life insurance company to start service center at the regional
level
First life insurance company in India to be awarded ISO 9001:2000
certification
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Awards
Outlook Money survey ranked MNYL No.1 in Slow, Medium and Quick
fund categories
BT Mercer Ranked No7 in the Best companies to Work For
Awarded the Gallup Great Work Place Award 2009
CII Exim Bank Commendation Certificate for Business Excellence
2008
Recognized as a Superbrand
Recipient of 2008 CIO 100 Award for technology implementation
Golden Peacock Award for Innovation 2008
Among the top 25 companies to work for in India, according to
Businessworld 2003 Great Workplaces of India
Among the top five most respected insurance companies in India as per
Businessworld 2004 & 2006 survey
Won Indo-American Corporate Excellence Award for Best Indo-US
company in Financial Services Category in 2006
Received Best Six Sigma Project award at Sakal Six Sigma Excellence
Awards 2006
Among top 3 in Asia Life Insurance Company of the Year Award 2007
instituted by Asia Insurance Review
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Received the Amity Corporate Excellence Award 2007
Received the Outlook Money Award for being among the best new
insurers in the country.
First life insurance company to be awarded CII-Exim Bank Commendation
Certificate for Strong Commitment to Excel - 2008.
ORGANIZATION
SALES FORCE
The company currently has around 93,000 agent advisors and more than 800 own
employed sales force at 712offices across 389 cities. The company also has 36
referral tie-ups with banks, 24 partnership distribution and alliance marketing
relationships each. Max New York Life has put in place a unique hub and spoke
model of distribution to deepen our rural penetration. This is the first time such a
model has been put in place for rural marketing of insurance. The company has
133 offices dedicated to rural areas. Max New York Life invests significantly in
its training programme and each agent is trained for around 100 hours as opposed
to the mandatory 50 hours stipulated by the IRDA before beginning to sell in the
marketplace. Training is a continuous process for agents at Max New York Life
and ensures development of skills and knowledge through a structured
programme spread over 400 hours in two years. This focus on continuous quality
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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. 218 agent advisors have qualified for the Million Dollar
Round Table (MDRT) membership in 2008. MDRT is an exclusive congregation
of the worlds top selling insurance agents and is internationally recognized as
the standard of excellence in the life insurance business. Max New York Life
offers a suite of flexible products. It now has 37 individual life and health
insurance products and 8 riders that can be customised to over 800 combinations
enabling customers to choose the policy that best fits their need. Besides this, the
company offers 6 products and 7 riders in group insurance business. The
company currently has more than 12000 employees. Vision- To become the most
admired life insurance Company in India.
PROMOTION STRATEGIES
Advertisement on television
Daily Query column in Financial Express News Paper
Through companies employees/advisors
Sponsor the film VIRUDDH (cast by Amitabh Bachhan etc.)
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COME DEAR I WILL TAKE U TO THE SKY-MAX NEW YORK LIFE
INSURANCE CO. LTD. INDIA
FACT SHEET OF THE MAX NEW YORK LIFE INSURANE CO.LTD.
Max New York Life Insurance Co. Ltd.
FACT SHEET As of July 31st, 2009
Founded 2000Started Operations April 2001Headquarters New Delhi, IndiaWorld Wide Web Address http://www.maxnewyorklife.comChairman Analjit Singh
Managing Director & CEORajesh Sud
Paid-Up CapitalRs. 1,782 crore
Sum Assured Rs 1,03,500 crore
Number of Policies Sold3.9 million
Employees12,531
Agent Advisors92,667
Number of Products (INDIVIDUAL) 37Number of Riders/Options
(Individual)
8
Product Combinations Possible
(Individual)Over 800
Number of Products (Group)6
Number of Riders/Options (Group) 7
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Number of Offices712
Number of Offices Dedicated To
Rural Business137 (21 hub offices, 116 spoke offices)
MDRTs 218 (for calendar year 2008)
Trainers824
Table: 1
Business mix by worldwide sales
1. Long-term savings and fund management 71%.
2. General insurance and health 29%
MAX NEW YORK LIFE INSURANCE BRAND
AAMBASSADOR
Amitabh Bachchan to endorse Max New York Life's Max Vijay
Life insurance company Max New York Life has appointed veteran actor
Amitabh Bachchan as the ambassador for its product, Max Vijay, that was
launched towards the end of 2008.
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Max Vijay is a product designed to meet the investment and insurance needs of
the investor, particularly the underprivileged strata of society.
The policy offers stable investment returns, with insurance
and savings at low entry level premiums of Rs 1,000, Rs
1,500 and Rs 2,500. Investors have the convenience to pay
amounts between Rs 10-2,500 per day.
The policy does not lapse as long as there is sufficient value in the policy
account to cover charges, even if no subsequent premiums are paid.
On choosing Bachchan as the ambassador, Anisha Motwani, executive vice-
president, marketing and chief marketing officer, new markets, Max New York
Life Insurance, tells afaqs!, "This is a low ticket product and we launched the
product with the large objective of providing financial independence to the
masses. When the objective is as large, one needs a celebrity ambassador who
has a stature that could reach out to a large mass of the population."
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Motwani says that the product was launched in the retail channel
earlier with below-the-line activities and a more aggressive
campaign will be launched in mid-September.
The launch will be in a phased manner, beginning from Uttar Pradesh, where the
business model of the product will be tested.
"We are targeting people in the annual income bracket of Rs 60,000-1,00,000.
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PRODUCT PROFILE
FINANCE POLICY OF MAX NEW YORK LFIE INSURANCE CO. LTD.
Max New York Life Insurance Company Ltd. is a joint venture between Max
New York of UK and Dabur, one of India's leading producer of traditional
healthcare products. Max New York holds a 26 percent stake in the joint
venture and the Dabur group holds the balance 74 per cent share.
Max New York is UK's largest and the world's sixth largest insurance Group.
It is one of the leading providers of life and pensions products to Europe and
has substantial businesses elsewhere around the world.
Max New York pioneered the concept of Bancassurance in India. Currently,
Max New York has Bancassurance tie-ups with ABN Amro Bank, American
Express Bank, Canara Bank, Centurion Bank of Punjab, The Lakshmi Vilas
Bank Ltd. and Punjab & Sind Bank, 11 Co-operative Banks in Gujarat,
Rajasthan, Jammu & Kashmir and Maharashtra and one regional Bank in
Sikkim.
Max New York has 40 Branches in India (including rural branches)
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supporting its distribution network. Through its Bancassurance partner
locations, Max New York products are available in 378 towns and cities
across India.
Investments in life insurance provide the dual benefit of saving for your
future financial requirements as well as financial security for your
dependants in case of your death. Unlike other investment instruments (term
deposits, mutual funds and stock market securities etc.), the nature of life
insurance products is such that they are designed for the long term (10 years
or more) and provide the best results when they are continued for their full
term.
The right investment strategies won't just help you plan for a more
comfortable tomorrow -- they will help you get
At Max New York, life insurance plans are created keeping in mind your
changing needs and your family's. Our life insurance plans are designed to
provide you with flexible options that meet both protection and savings
needs.
We offer our customers a full range of transparent, flexible and value for28
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money products that include whole life (LifeLong), endowment (LifeSaver,
SaveGuard, EasyLife Plus, LifeSaver Plus, LifeSaver Super and a traditional
endowment Dhan Vriddhi), child plan (Max New York Little Master)
single premium (LifeBond Plus), pension (Pension Plus), term (Life Shield),
fixed term protection cum savings plan (Freedom Life Plan) and a short-pay
recurring premium investment cum protection plan (LifeBond5). Max New
York products are modern and contemporary unitized products that offer
unique customer benefits like flexibility to choose cover levels, indexation,
partial withdrawals and unique investment options like a Systematic Transfer
Plan to get the benefit of systematic investments and an Automatic Asset
Allocation Plan which changes the risk structure on your investments as your
age increases. We also have 3 rural plans which are a low cost term plan
Amar Suraksha and 2 endowments Anmol Suraksha and Jana Suraksha.
We also offer you a choice of investment options. You can choose between
our Unit Linked Fund and our With Profits Fund (only on Pension Plus).
The With Profits Fund guarantees that the selling price of the units will never
fall. The unit value of this fund is increased by crediting bonuses on a daily
compounding basis. The fund provides investment security to your capital.
The Unit Linked Funds are designed to provide relatively more progressive
capital growth wherein you automatically receive the benefit related to the
investment performance of the fund.29
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Under our Unit-Linked Insurance Plans we offer a choice of Unit-Linked
Fund options:
Bond Fund: To generate a steady income through investment in high quality
fixed income securities. The fund comprises of 100% debt and money market
and no equities.
Protector Fund: Progressive returns on your investment by investing higher
element of assets in debt securities, with minimum exposure to equities. The
fund comprises of debt securities in the range of 60-100%, equities in the
range of 0-20% and money market and cash in the range of 0-40%.
Secure Fund: The investment objective of this fund is to provide progressive
return on your investment with a minimum guarantee on maturity. The fund
comprises of debt securities in the range of 50-100%, equities in the range of
0-20% and money market and cash in the range of 0-40%. Initially the equity
exposure will be 10 %.
Balanced Fund: The investment objective of this fund is to provide capital
growth by availing opportunities in debt and equity markets and providing a
good balance between risk and return. The fund comprises of debt securities
in the range of 50-90%, equities in the range of 0-45% and money market
and cash in the range of 0-40%.
Growth Fund: The investment objective of this fund is to provide high
capital growth by investing higher element of assets in the equity market.30
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The fund will comprise of debt securities in the range of 0-50%, equities in
the range of 30-85% and money market and cash in the range of 0-40%.
Index Fund: To generate returns in line with the stock market index
NIFTY. The fund comprises of debt and money market securities in the
range of 0-20% and equities in the range of 80-100%.
Enhancer Fund: To provide aggressive, long term capital growth with high
equity exposure. The fund will comprise of debt and money market in the
range of 0-40% and equities in the range of 60-100%.
Max New York also offers a whole range of group insurance and savings
products catering to pensions, gratuities, credit protection and pure
protection. We have a dedicated team that works with corporates across the
country.
Individual
At Max New York we are dedicated to helping you make the most out of
your life, and that includes all your savings and protection requirements. We
are here when you need to make informed financial decisions - for you, and
for your loved ones.
We offer products under the following six categories for individuals
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1. Whole Life As the name suggests, these products continue throughout your
life and pay out to your dependants only upon your death. These are useful if
you want to create a financial corpus for your family.
LifeLong
2. Pure Term Pure term products are designed to provide your dependants
financial protection at a low cost in case of your death.
Life Shield
3. Endowments Endowment products are meant to help you create a corpus to
meet financial needs during your lifetime. These products also provide a
financial cover in case of death
EasyLife Plus
LifeBond 5
LifeSaver
SaveGuard
LifeSaver Plus
LifeSaver Super
Freedom Life Plan
Max New York DhanVriddhi
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Anmol Suraksha
4. Single Premium single premium products are meant for lump sum
investments. These products are meant for maximizing your investment returns
while providing tax benefits on your investment.
LifeBond Plus
5. Pension Plans pension products as the name sug
Pension Plus
6. Child Plans child plans are meant for investments benefiting your child
when he/ she needs them. Investments in these plans can be used for needs like
funding higher education, setting up a business, marriage expenses etc.
Max New York Little Master
1. Endorsement request form
2.Reinstatement request forms
LifeLong, Life Saver or Young Achiever
EasyLife Plus, Treasure Plus, SaveGuard or Life Bond5
Life Shield, Secure Life, Amar Suraksha or Anmol Surakshagests are meant for
retirement planning and aim to maximize your post retirement income
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Group
Our Group products are designed keeping in mind the special requirements of
organizations and large groups
EasyLife Plus Corporate Life Credit Net Superannuation Group Gratuity Credit Plus LoanSuraksha Group Shield
Rural
At Max New York we have specially designed products for the rural
sector Amar Suraksha Jana Suraksha
WELFARE POLICYOF MAX NEW YORK
1. Policy statement
We recognize that our business activities have direct and indirect impacts on the
societies in which we operate. We endeavour to manage these in a responsible
manner, believing that sound and demonstrable performance in relation to
Corporate Social Responsibility MAX NEW YORK LIFE INSURANCE CO.
LTD. and practices is a fundamental part of business success.
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As a part of its global philosophy, Max New York India will also develop and
follow a Corporate Social Responsibility (CSR) programme that will
demonstrate it as a good corporate citizen. The CSR programme will be
evolved and developed with the active participation of the employees who will
believe in such a philosophy.
The programme will be evolved and developed by the respective team of Max
New York employees at each location across the country, under the guidance of
the CSR Corporate Team at the Head Office.
To provide a focused and structured approach to the programme, Max New York
in the beginning, will limit its support to causes related to the elderly and
children, including destitutes, mentally and physically challenged children. It
will enlist specific Non Government Organisations (NGOs) and associations who
work for these causes.
Max New York has also formulated MAX NEW YORK LIFE INSURANCE
CO. LTD. related to Environment and Human Rights, which have an indirect
impact on CSR too. Please refer to these MAX NEW YORK LIFE
INSURANCE CO. LTD. individually for more details.
2. Purpose
The purpose of Max New Yorks CSR Policy is to convey the true meaning of
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CSR to the stakeholders of the organisation as well as to ensure their
commitment to the programme.
3. Scope
This Policy applies to all parts and activities of Max New York in India,
including the branches.
4. Underlying philosophy
Max New York believes in giving back what it gets from the society. The CSR
programme followed by the organisation with the active participation of the
employees will essentially work towards that belief. The manner in which we
interact with the world in which we operate determines our place within it. This
global statement of Max New York plcs CSR programme represents a first step
into defining Max New Yorks view and will be developed over time.
PRODUCTION POLICYOF MAX NEW YORK LIFE INSURANCE CO.
LTD.
POLICYPROCESSING
The Cumberland Insurance Group, a Bridgeton, N.J., multi-line carrier, has
placed Mount Arlington, N.J.-based AGO Insurance Software Inc.'s Commercial
Multi-Peril Policy System in its production environment. The Windows program
will be used to streamline the Policy cycle process for CMI.
SECURING PERSONAL INFORMATION
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In an effort to comply with regulatory mandates, American National Insurance
Co., Galveston, Texas, selected PGP Universal from Palo Alto, Calif.-based PGP
Corp., to secure electronic communications containing personal and confidential
information.
POLICYADMIN, LIFECYCLE SUPPORT
Quick Solver, a Policy administration solution from INSTEC Corp., Naperville,
Ill., is in full production at Cheshire, Conn.-based Housing Authority Insurance
Group (HAI Group). Existing data was imported in real time during the rating
process, and Quick Solver Policy data was exported to HAI Group's data
warehouse for data mining. Quick Solver is designed to provide a Policy
administration solution including bureau-compliant rating for all 50 states, full
Policy issuance capabilities and full Policy lifecycle transaction support.
WORKERS' COMP POLICYAND CLAIMS SYSTEM
After a two-month set up and configuration, Umialik Insurance Co., a multiple
line, property/casualty insurance company headquartered in Anchorage, Alaska,
went live with a workers' compensation Policy and claims systems from Tropics
Software Technologies, Sarasota, Fla.
CUSTOMER RELATIONSHIP MANAGEMENT
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AIG Edison Life Insurance, a Tokyo-based division of American International
Group Inc., providers of insurance and financial services, selected Bellevue,
Wash.-based Onyx Software Corp. to support AIG's ongoing customer
relationship management strategy
Financial Planning
The uniqueness of life insurance products is that you can combine protection and
long-term savings, enabling you to safeguard and provide for your family.
Max New York Life Insurance provides you three easy-to-use tools:
60 sec Financial Health Checkwill give you an indication of how healthy your
finances are.
Lifecycle Guide will take you through different stages of life and possible
financial needs.
Record Sheet is useful to record details of all your investments. .
These tools are designed to give you an overview of your financial needs. To
fully plan for your future, please contact our Financial Planning Adviser.
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RELIANCE COMPANY PROFILE
RELIANCE LIFE INSURANCE
Reliance Life Insurance Company Limited is a part of Reliance Capital Ltd. of
the Reliance - Anil Dhirubhai Ambani Group. Reliance Capital is one of Indias
leading private sector financial services companies, and ranks among the top 3
private sector financial services and banking companies, in terms of net worth.
Reliance Capital has interests in asset management and mutual funds, stock
broking, life and general insurance, proprietary investments, private equity and
other activities in financial services.
Reliance Capital Limited (RCL) is a Non-Banking Financial Company (NBFC)
registered with the Reserve Bank of India under section 45-IA of the Reserve
Bank of India Act, 1934.
Reliance Capital sees immense potential in the rapidly growing financial
services sector in India and aims to become a dominant player in this industry
and offer fully integrated financial services.
Reliance Life Insurance is another step forward for Reliance Capital Limited to
offer need based Life Insurance solutions to individuals and Corporates.
Opportunity has a new name Reliance Life Insurance Company Limited. If
you have been waiting for that one job which will enrich your professional and
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personal life then you are at the right place. At Reliance Life Insurance
Company Limited our mission is to be the best in every sphere - business results,
customer care and employee focus. Some of our core values are:
1. Result Oriented
2. Performance Driven
3. Customer Focused
4. Learning & Development Oriented
5. Employee centric
6. Informal & fun
In the area of Human Resources we are looking towards fulfilling our core
values through:
1. An open environment enabling free interaction between all levels.
2. A balanced scorecard approach to strategy deployment and performance
3. Measurement which set goals and measure financial, customer focused,
process related and employee development related initiatives.
4. Aggressive Reward & Recognition plans including sales incentives
5. Career Development plans that will identify potential and create avenues for growth.
6. Intensive training practices for both functional as well as competency
development.
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OUR FOUNDER
Few men in history have made as dramatic a contribution to their
countrys economic fortunes as did the founder of Reliance, Sh.
Dhirubhai H Ambani. Fewer still have left behind a legacy that is
more enduring and timeless.
As with all great pioneers, there is more than one unique way of describing the
true genius of Dhirubhai: The corporate visionary, the unmatched strategist, the
proud patriot, the leader of men, the architect of Indias capital markets, the
champion of shareholder interest.
But the role Dhirubhai cherished most was perhaps that of Indias greatest
wealth creator. In one lifetime, he built, starting from the proverbial scratch,
Indias largest private sector enterprise.
When Dhirubhai embarked on his first business venture, he had a seed capital of
barely US$ 300 (around Rs 14,000). Over the next three and a half decades, he
converted this fledgling enterprise into a Rs 60,000 crore colossusan
achievement which earned Reliance a place on the global Fortune 500 list, the
first ever Indian private company to do so.
Dhirubhai is widely regarded as the father of Indias capital markets. In 1977,
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when Reliance Textile Industries Limited first went pubReliance, the Indian
stock market was a place patronised by a small club of elite investors which
dabbled in a handful of stocks.
Undaunted, Dhirubhai managed to convince a large number of first-time retail
investors to participate in the unfolding Reliance story and put their hard-earned
money in the Reliance Textile IPO, promising them, in exchange for their trust,
substantial return on their investments. It was to be the start of one of great
stories of mutual respect and reciprocal gain in the Indian markets.
Under Dhirubhais extraordinary vision and leadership, Reliance scripted one of
the greatest growth stories in corporate history anywhere in the world, and went
on to become Indias largest private sector enterprise.
Through out this amazing journey, Dhirubhai always kept the interests of the
ordinary shareholder uppermost in mind, in the process making millionaires out
of many of the initial investors in the Reliance stock, and creating one of the
worlds largest shareholder families.
PROMOTION STRATEGIES
Advertisement on television
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Daily Query column in Financial Express News Paper
Through companies employees/advisors
Sponsor the film VIRUDDH (cast by Amitabh Bachhan etc.)
FACT SHEET OF THE RELIANCE
JOINT VENTURE : Dabur (74% stake)
MANAGING DIRECTOR : Mr. Stuart E. Purdy
PAID UP CAPITAL : Rs 559 crores
LOCATIONS : 41 branches, 378 locations
CURRENT BUSINNES : In India,Rs.50.53 crore premium in first quarter
of 2005-2006. Last quarter it was Rs 32.59 crore.
TOTAL SALES : In India ,Total sales from the joint-venture life
business with Dabur Group increased by 86% to 50 million i.e.Rs.3700 million
(2004: 27 million i.e. Rs1971 million),
NET PROFIT : Worldwide 1,318 million i.e.Rs 96,214
million (2004: 1,076 million i.e.Rs.7854 million),increase by 21%.
RELIANCE PLC
INTERIM RESULTS FOR THE 6 MONTHS ENDED 30 JUNE 2009
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Worldwide operating profit up 21% to 2.904 million
Life operating profit up 5% to 857 million, with more than 60% coming
from businesses outside the UK; Group margin up at 3.6% (2005: 3.5%)
Strong long-term savings sales growth, up 13% to 12,078 million, with
bancassurance a major driver for growth in continental Europe and Asia
Sustained excellent general insurance performance, with general insurance
and health profits up 18% to 694 million, and worldwide combined
operating ratio ahead of target at 95% (2005: 97%)
Strong performance from fund management with profits up 94% to 33
million# (2004: 17 million) and assets under management up to over
290 billion (31 December 2005: 280 billion)
35.0 billion worldwide sales
27.27 pence full year dividend
15.0% return on capital employed
14.9 billion equity shareholders funds
Strength and highlights 2009
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We have a balanced portfolio that benefits from diversification of
distribution, products and geography.
We continue to focus on managing the business to create value for
shareholders and customers.
We have delivered another strong performance from our international
long-term savings businesses.
Bancassurance goes from strength to strength, with total sales up 22%.
The acquisition of RAC has created a powerful new force in insurance and
motoring services.
PRODUCT PROFILE
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RELIANCE LIFE INSURANCE
These are the products offered by Reliance life insurance:-
Health
a. Individual Medclaim
b. Group Mediclaim
c. Reliance HealthWise Reliance
Personal Accident
a. Personal Accident
b. Group Personal Accident
Fire
a. Standard Fire and Special Perils
b. Consequential Loss (Fire)
c. Industrial All Risks
Engineering
a. Erection All Risks/Storage-cum-Erection
b. Contractors All Risks
c. Contractors Plant and Machinery
d. Machinery Breakdown Insurance
e. Machinery Loss of Profits Insurance
f. Boiler and Pressure Plant Insurance
g. Electronic Equipment Insurance
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Marine
a. Marine Cargo Insurance
Motor
a. Private Car Comprehensive
Liability
a. Directors and Officers Liability
b. PubReliance Liability (Act)
c. PubReliance Liability
d. Product Liability
e. Professional Indemnity
f. Workmens compensation
Miscellaneous
a. Industry Care
b. Commercial Care
c. Office Package
d. Fidelity Guarantee
e. Burglary and Housebreaking
f. Money Insurance
g. Householders Package
h. Shopkeepers Package
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Travel
a. Individual and Family
b. Asia
c. Student
d. Corporate
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http://www.reliancegeneral.co.in/insurance/products/individuals_families.htmlhttp://www.reliancegeneral.co.in/insurance/products/asianpaln.htmlhttp://www.reliancegeneral.co.in/insurance/products/studentspalan.htmlhttp://www.reliancegeneral.co.in/insurance/products/corporatesplan.htmlhttp://www.reliancegeneral.co.in/insurance/products/individuals_families.htmlhttp://www.reliancegeneral.co.in/insurance/products/asianpaln.htmlhttp://www.reliancegeneral.co.in/insurance/products/studentspalan.htmlhttp://www.reliancegeneral.co.in/insurance/products/corporatesplan.html -
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PART 2
PROJECT OVERVIEW
INTRODUCTION
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A project means some task assigned by the company during my two months
training along with my training. Target I will also concentrate on the project
assigned to me.
My project topic is Comparison of Marketing Strategies between Max
Newyork Life Insurance Co. Ltd. & Reliance Life Insurance Co. Ltd.
Every asset has a value for its owner and also for those who are benefited with
the existence of that asset. Insurance is concerned with the protection of
economic value of assets.
All of us are interested in the creation of assets because:
1. All assets have values
2. They yield income to the owner.
3. They meet some other needs of the owner.
4. They may provide satisfaction of some needs and also yield income to the
owner.
Purpose and need for insurance:-
Assets are likely to be destroyed or made non-functional due to accidental
occurrences called perils. Assets can, therefore, be insured. A few
examples of perils are: fire, floods, breakdowns , lightning, and
earthquake. Perils are the events. Risks are the consequential losses or
damages.
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Possibility of damage to asset caused by any peril is the risk that asset is
exposed to.
Risk means uncertainty or unpredictability about future loss or damage,
which may or may not happen. This refers to the losses, which may
happen suddenly and unexpectedly.
This is because of uncertainty about the risk that insurance plays the role.
Insurance becomes relevant only if there are uncertainties of occurrence of
event leading to loss/es. Insurance is done against the contingency of the
happening of such events.
No uncertainty No insurance.
Insurance as a social security tool:-
United Nations Declaration of human rights 1948 provides :
Every one has a right to a standard of living adequate for health and well-
being of himself and his family, including food, clothing, housing and
medical care and necessary social services and the right to security in the
event of unemployment, sickness, disability, widowhood, or other lack of
livelihood in circumstances beyond his control.
Where the breadwinner of a family dies, familys income stops to that
extent affecting the economic condition.
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Life insurance helps in restoration of the adverse economic condition thus
caused.
Thus life insurance business is complementary to the States efforts in
social management.
Social security is now a growing concern for all countries; however, the
provisions made in this field vary from country to country.
In India, Article 41 of our Constitution requires the State (within limits of
its economic capacity and development) to make effective provision for
securing right to work, to education and to provide pubReliance assistance
in case of unemployment, old age, sickness and disablement.
Parts of the obligations under Article 41 are met by the State through the
mechanism of Life Insurance.
Some social security schemes have been made by the State for
economically weaker sections of the society.
Role of insurance in economic development:-
Investments are necessary for economic development.
Life insurance plays a major role in mobilization of savings.
Savings out of life insurance fund are utilized in investments for economic
growth.
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In the absence of insurance cover against fire and engineering risks,
business, industry and trade would be seriously handicapped.
Advantages of life insurance:-
Secured targeted savings a uniqueness
Life insurance is not merely an investment or a saving device-much more
than that.
In any other investment or saving avenue, like bank deposits, savings
certificates or mutual funds or shares and stocks etc., amount of funds
available at any time will not be more than the amount saved, appreciation
or interest earned till then. In life insurance, the amount available is the
one that one wished to have at end of the savings period which may range
up to 30 or even more years.
Life insurance has advantages over the other forms of savings:
Facility of nomination and assignment makes the claim settlement
easy on death.
Life insurance involves compulsory savings.
Tax benefits on premium paid as well as the amount received by
way of claim.
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OBJECTIVE OF THE PROJECT
This research report is being presented in such a way that on every step of the
report the objective of the study remains in the tune. The very emphasis is going
to be paid on the scope and the importance of the study. Insurance may be said
as the assurance against the risk. The Indian insurance industry is growing with a
new pace as the multinational organizations like Reliance Life Insurance as the
joint venture with the Reliance in the life insurance business and Iffco-Tokyo
life and non-life business respectively. The research focuses the attention on the
facts that are going to be more crucial for the Indian insurance industry-Reliance
and Max New York Life Insurance Co. Ltd.
Since the India is the second largely populous country in the world that means in
the India there are a number of the potential customers for the insurance
business. The research report summaries all those facts and figures that are of the
immense importance for the readers.
The report consists the challenges and the prospects in the life insurance of
Reliance and Max New York Life Insurance Co. Ltd.
In 2003, the Indian insurance market ranked 19th globally and was the fifth
largest in Asia. Although it accounts for only 2.5% of premiums in Asia, it has
the potential to become one of the biggest insurance markets in the region. A
combination of factors underpins further strong growth in the market, including54
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sound economic fundamentals, rising household wealth and a further
improvement in the regulatory framework.
The insurance industry in India has come a long way since the time when
businesses were tightly regulated and concentrated in the hands of a few public
sector insurers. Following the passage of the Insurance Regulatory and
Development Authority Act in 1999, India abandoned public sector exclusivity
in the insurance industry in favour of market-driven competition. This shift has
brought about major changes to the industry. The inauguration of a new era of
insurance development has seen the entry of international insurers, the
proliferation of innovative products and distribution channels, and the raising of
supervisory standards.
Insurance development and potential
Notwithstanding the rapid growth of the sector over the last decade, insurance in
India remains at an early stage of development. At the end of 2003, the Indian
insurance market (in terms of premium volume) was the 19th largest in the
world, only slightly bigger than that of Denmark and comparable to that of
Ireland.2 This was despite India being the second most populous country in the
world as well as the 12th largest economy. Yet, there are strong arguments in
favour of sustained rapid insurance business growth in the coming years,
including Indias robust economic growth prospects and the nations high
savings rates55
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LITERATURE REVIEW
Max New York is UKs largest and the worlds fifth largest insurance Group. It
is one of the leading providers of life and pensions products to Europe and has
substantial businesses elsewhere around the world. With a history dating back to
1696, Max New York has a 40 million-customer base worldwide. It has more
than 364 billion of assets under management.
In India, Max New York has a long history dating back to 1834. At the time of
nationalisation it was the largest foreign insurer in India in terms of the
compensation paid by the Government of India. Max New York was also the
first foreign insurance company in India to set up its representative office in
1995.
In India, Max New York has a joint venture with Dabur, one of India's oldest,
and largest Group of companies. A professionally managed company, Dabur is
the country's leading producer of traditional healthcare products.
In accordance with the government regulations Max New York holds a 26 per
cent stake in the joint venture and the Dabur group holds the balance 74 per cent
share.
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With a strong sales force of over 30,000 Financial Planning Advisers (FPAs),
Max New York has initiated an innovative and differentiated sales approach to
the business. Through the Financial Health Check (FHC) Max New Yorks
sales force has been able to establish its credibility in the market. The FHC is a
free service administered by the FPAs for a need-based analysis of the
customers long-term savings and insurance needs. Depending on the life stage
and earnings of the customer, the FHC assesses and recommends the right
insurance product for them.
Max New York pioneered the concept of Banc assurance in India, and has
leveraged its global expertise in Banc assurance successfully in India. Currently,
Max New York has Banc assurance tie-ups with ABN Amro Bank, American
Express Bank, IndusInd Bank, Centurion Bank of Punjab, The Lakshmi Vilas
Bank Ltd. and Punjab & Sind Bank, Co-operative Banks in Gujarat, Rajasthan,
Jammu & Kashmir, Bihar, West Bengal, Andhra nks. Pradesh and Maharashtra
and regional Bank When Max New York entered the market, most companies
were offering traditional life products. Max New York started by offering the
more modern Unit Linked and Unitised With Profit products to the customers,
creating a unique differentiation. Max New Yorks products have been designed
in a manner to provide customers flexibility, transparency and value for money.
It has been among the first companies to introduce the more modern Unit Linked
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products in the market. Its products include: whole life (LifeLong), endowment
(Lifesaver, Easy Life Plus, Lifesaver Plus), child policy (Young Achiever, Save
Guard Junior, Max New York Little Master) single premium (Life Bond and
Life Bond Plus), Pension (Pension Plus), Term (Life Shield), fixed term
protection plan (Freedom Life Plan) and a tax efficient investment plan with
limited premium payment term (LifeBond5). Max New York products are
modern and contemporary unitised products that offer unique customer benefits
like flexibility to choose cover levels, indexation and partial withdrawals.
Max New Yorks Fund management operation is one of its key differentiators.
Operating from Mumbai, Max New York has an experienced team of fund
managers and the range of fund options includes Unitised With-Profits Fund
and seven Unit Linked funds: - Protector Fund, Secure Fund, Balanced Fund,
Growth Fund, Enhancer Fund, Index Fund and Bond Fund.
Max New York has 193 Branches in India (including rural branches) supporting
its distribution network. Through its Banc assurance partner locations, Max New
York products are available in more than 2,795 locations across India.
Max New York is also keen to reach out to the underprivileged that have not had
access to insurance so far. Through its association with Basic (a micro financial
institution) and other NGOs, it has been able to reach the weaker sections of the
society and provide life insurance to them.
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Max New York has been felicitated with the "Bronze Award for Excellence in
People Management" by Grow Talent Company Limited and Business world.
This honour is given to Max New York based on the ranks received in top 25
lists of the Great Place to Work India studies conducted in the last four years.
Max New York was ranked 12th in 2004, 14th in 2005 and 13th in the year
2006.
The story of insurance is probably as old as the story of mankind. The same
instinct that prompts modern businessmen today to secure themselves against
loss and disaster existed in primitive men also. They too sought to avert the evil
consequences of fire and flood and loss of life and were willing to make some
sort of sacrifice in order to achieve security. Though the concept of insurance is
largely a development of the recent past, particularly after the industrial era
past few centuries yet its beginnings date back almost 6000 years.
Life Insurance in its modern form came to India from England in the year 1818.
Oriental Life Insurance Company started by Europeans in Calcutta was the first
life insurance company on Indian Soil. All the insurance companies established
during that period were brought up with the purpose of looking after the needs of
European community and Indian natives were not being insured by these
companies. However, later with the efforts of eminent people like Babu Muttylal
Seal, the foreign life insurance companies started insuring Indian lives. But
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Indian lives were being treated as sub-standard lives and heavy extra premiums
were being charged on them.
Some of the important milestones in the life insurance business in India are:
1818: Oriental Life Insurance Company, the first life insurance company on
Indian soil started functioning.
1870: Bombay Mutual Life Assurance Society, the first Indian life insurance
company started its business.
1912: The Indian Life Assurance Companies Act enacted as the first statute to
regulate the life insurance business.
1928: The Indian Insurance Companies Act enacted to enable the government to
collect statistical information about both life and non-life insurance businesses.
1938: Earlier legislation consolidated and amended to by the Insurance Act with
the objective of protecting the interests of the insuring MAX NEW YORK LIFE
INSURANCE CO. LTD.
1956: 245 Indian and foreign insurers and provident societies are taken over by
the central government and MAX NEW YORK LIFE INSURANCE CO. LTD.
formed by an Act of Parliament, viz. MAX NEW YORK LIFE INSURANCE
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Act, 1956, with a capital contribution of Rs. 5 crore from the Government of
India.
The General insurance business in India, on the other hand, can trace its roots to
the Triton Insurance Company Ltd., the first general insurance company
established in the year 1850 in Calcutta by the British.
Some of the important milestones in the general insurance business in India
are:
1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact
all classes of general insurance business.
1957: General Insurance Council, a wing of the Insurance Association of India,
frames a code of conduct for ensuring fair conduct and sound business practices.
1968: The Insurance Act amended to regulate investments and set minimum
solvency margins and the Tariff Advisory Committee set up.
1972: The General Insurance Business (Nationalisation) Act, 1972 nationalized
the general insurance business in India with effect from 1st January 1973.
107 insurers amalgamated and grouped into four companies viz.
*The National Insurance Company Ltd.,
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*The New India Assurance Company Ltd.,
*The Oriental Insurance Company Ltd. and
*The United India Insurance Company Ltd. GIC incorporated as a company.
1. REGULATION OF THE INSURANCE BUSINESS
Regulation of insurance companies began with the Indian Life Assurance
Companies Act, 1912. In 1938, all insurance companies were brought under
regulation when a new Insurance Act was passed. It covered both life and non-
life insurance companies. It clearly defined what would come under life and
non-life insurance business.
The Act also covered, among others, deposits, supervision of insurance
companies, investments, commissions of agents and directors appointed by the
MAX NEW YORK LIFE INSURANCE CO. LTD. holders This piece of
legislation lost significance after the insurance business was nationalized in 1956
(life) and 1972 (non-life), respectively.
When the market was opened again to private participation in 1999, the earlier
Insurance Act of 1938 was reinstated as the backbone of the current legislation
of insurance companies, as the IRDA Act of 1999 was superimposed on the
1938 Insurance Act. By mid-2004, there were 21 private sector insurance
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companies operating in India, alongside eight insurance sector companies. Of
these, there were 14 life insurance companies comprising one MAX NEW
YORK LIFE INSURANCE CO. LTD. (the old monopoly) and 13 private
companies. Most private companies had foreign participation up to the
permissible limit of 26% of equity.
2. A BRIEF HISTORY
The business of insurance started with marine business. Traders, who used to
gather in Lloyds coffee house in London, agreed to share the losses to their
goods while being carried by ships. The losses used to occur because of the
pirates who robbed on the high seas or because of bad weather spoiling the
goods or sinking the ships. The first insurance Policy was issued in1583 in
England. In India insurance began in 1870 with life insurance being transacted
by an English company, The European and the Albert.
The first Indian insurance company was the Bombay mutual Insurance Society
Ltd, formed in 1870. This was followed by the Oriental Life Assurance
Company in 1874, the Bharat in 1896 and the Empire of India in 1897.
Later the Hindustan Cooperative was formed in Calcutta, the united India in
Madras, the Bombay Life in the Bombay, the National in Calcutta, the New
India in Bombay, the Jupiter in Bombay and the Lakshmi in the New Delhi.
These were all Indian companies, started as the result of the swadeshi movement
in the early 1900s. by the year 1956, when the life insurance business was63
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nationalized and the Life Insurance Corporation of India was formed on 1 st
September 1956, there were 170 companies and 70 provident fund societies
transacting life insurance business in India.
After the amendments to the relevant laws in 1999, the MAX NEW YORK LIFE
INSURANCE CO. LTD. did not have the exclusive privilege of doing life
insurance business in India. By 31.3.2002, eleven new insurers had been
registered and had begun to transact life insurance business in India.
The business of insurance is related to the protection of the economic values and
the assets. Every asset has a value. The asset is valuable to the owner, because
the owner expects to get some benefits from it.
The benefit may be an income or something else. It is a benefit because it meets
some of his needs, in the factory or cow, the product generated is sold and
income is generated. In case of a motor car, it provides comfort and convenience
in transportation. There is no direct income.
Companies at present scenario:-
MAX NEW YORK LIFE INSURANCE CO. LTD.
Max New York Plc
Max New York Plc is the largest life and general insurance group of UK and the
world's seventh largest insurer with world wide premium income and retail
investment sales of 28 billion and more than 200 billion in assets under
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management. Max New York Plc is the holding company of Max New York
group of companies which is in to life assurance business, long term savings, all
classes of general insurance business and fund management. The group has
64,000 employees serving 25 million customers.
Dabur India Limited
Established in 1884, Dabur is one of India's oldest and largest group of
companies with interests in ayurvedic specialities, pharmaceuticals, personal
care and healthcare products. The annual sales turnover of the group is over Rs.
1200 crores. For more than a century Dabur has worked in active collaboration
with nature to provide the best of herbal health and personal care products to its
consumers.
The Joint Venture
Max New York Life Insurance Company, a joint venture between Dabur India
and CGU, a wholly owned subsidiary of Max New York Plc, is capitalized at Rs.
110 crore. Mr. Stuart Purdy is the managing director of Max New York Life.
Max New York Life has tied up with ABN Amro, Canara Bank, Laxmi Vilas
Bank and American Express for distribution of its products
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RESEARCH METHODOLOGY
INTRODUCTION TO THE PROBELM
(1)(1) To study the present comparison between Max New York Life Insurance
Co. Ltd. & Reliance Insurance.
The market position of Max New York Life Insurance Co. Ltd. can be known
by working followings problems:
By studying the annual sales figures of Max New York Life Insurance
Co. Ltd. & reliance Life Insurance in the area.
By studying the total number of monopoly counter of Max New York Life
Insurance Co. Ltd. & reliance Life Insurance in the concerned sample
market.
By studying the total number of crates (empties) of reliance Life Insurance
in that area.
By studying the total number of some sample area.
By studying the total number of freezers.
Before knowing about the research methodology this will be better to know that
what the research is.
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RESEARCH
Research comprises defining and redefining the problems, formulating
hypothesis or suggested solutions, collecting, organizing and evaluating data,
making deductions and reaching conclusions. In other words this may be said
that the systematic approach concerning generalization and the formulation of a
theory is considered as the report.
RESESARCH METHODOLOGY
Research methodology is a way to systematically solve the research problem. It
may be understood as a science of studying that how research is done
scientifically. In it we study various steps that are generally adopted by a
researcher in studying his research along with the logic behind them.
Thus when we talk about research metho