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A

PROJECT REPORT
ON
MAX LIFE INSURANCS

FOR THE PARTIAL FULLFILLMENT OF BACHELOR OF BUISNESS


ADMINISTRATION

GURU GOBIND SINGH INDRAPRASTHA UNIVERSITY

SUBMITTED BY:
VIPUL
BBA (Gen)

SUBMITTED TO:
MR AMIT GUPTA
COURSE CORDINATOR OF BBA (Gen)

MAHARAJA AGRASEN INSTITUTE OF MANAGEMENT STUDIES


SECTOR 22, ROHINI NEW DELHI
AFFILATED TO GURU GOBIND SINGH INDRPRASTHA UNIVERSITY
ACKNOWLEDGEMENT

I here with take the opportunity to express my profound sense of gratitude and
reverence to all those who have helped and encouraged me towards the successful
completion of the project .It’s been a great experience working on MAX Life
insurance .It give me complete insight about how an organization not only survives in
cutthroat completion but also maintain a killer instinct in the competitive world.

I would like to thank my project guider MR. AMIT GUPTA for his immense
guidance .A valuable help and provided me the opportunity to complete the project
under his guidance

I would like to thanks all the faculty members of MAHARAJA AGRASEN


INSTITUTE OF MANAGEMENT STUDIES for guiding me and supporting me in
the completion of this project from time to time

Last but not least my greatest gratitude to the almighty and my parents, without their
support this dream would have remained dream

Name of the student


VIPUL

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CERTIFICATION

This is to certify that VIPUL study in our institute MAHARAJA AGRASEN


INSTITUTE OF MANAGEMENT STUDIES was allotted the project on “MAX
NEW YORK LIFE INSURANCE” in India by Guru Gobind Singh Inderprastha
University has successfully completed it under the guidance of Mr. AMIT GUPTA.

AMIT GUPTA

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DECLARATION

I here by declare that the project work entitled “ MAX NEW YORK LIFE
INSURANCE” is an authentic work carried out by me under the guidance of Mr.
AMIT GUPTA (project coordinator) for a practical fulfillment of the degree of
BBA(Gen) and this has not been submitted anywhere else for the award of any degree

Name of the student


VIPUL

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Index

CHAPTE Particulars Page


R Number
NO.

1. Overview 1

2. Acknowledgement 2

3. Certificate & Decleration 3-4

4. Introduction About Company 6-9

5. Information About Products 10-36

 Individual Insurance
 Group Policy
 Saving Policy
 Retirement Policy
 Children Policy

6. Research Methodology 37

7. Data Obtained 38-43

8. Analysis Of Data
 Points In Favour 44-45
 Points In Against

9. Conclusion 46

10.
Bibliography 47

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Introduction

Company
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.

Max New York Life is the first life insurance company in India to be awarded the IS0
9001:2000 certification.

Max New York Life was among the top 25 companies to work with in India,
according to 2003 Business World magazine, "Great Workplaces In India", Max New
York Life was ranked at the 20th position. This survey is the local version of the
"Great Places To Work" survey carried out every year in 22 countries.

It is among top five most respected private life insurance companies in India
according to a 2004 Business World survey.

Financial Strength
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. 587 crore, which is more than the norm laid down by IRDA.

Type of Products Offered


Max New York Life offers a suite of flexible products. It now has 22 life insurance
products and 8 riders that can be customised to over 400 combinations enabling
customers to choose the policy that best fits their need. The basic categories are:

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Distribution System
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 programme 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 York Life and ensures development of skills and knowledge
through a structured programme 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.

201 agent advisors have qualified for the Million Dollar Round Table (MDRT)
membership in 2005. 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:

 franchisee model
 Rural Business
 Direct sales force involving group insurance
 Telemarketing Opportunities
 Bancassurance
 Corporate Alliances.

With 201 agents becoming members of the MDRT in 2005 , Max New York Life has
moved up in the Top 50 MDRT global list.

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Vision

To become the most admired life insurance


company in India.

Values

This vision to become India's most admired life insurance company will be realized
through its unique set of values, which are as follows:

Knowledge
Knowledge leads to expertise; and MNYL expertise is in helping people protect
themselves. Perfectly combining global expertise with local knowledge, it is India's
life insurance specialist. Max New York Life believes that for knowledge to be of
value it must be focused, current, tested and shared.

Caring
Max New York Life is redefining the life insurance paradigm by focusing on
customers first. The service process is responsive, personalized, humane and
empathetic. Every individual who represents the company is for us MNYL brand
champion.

Honesty
Honesty is the heart of the life insurance business. It is all about trust. Transparency,
integrity and dependability form the cornerstones of the Max New York Life
experience. The company ensures that everyone who represents the brand carries a
promise : we care — in word as well as deed.

Excellence

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Excellence at Max New York Life implies the ability to perform at a consistently high
level. Focused on the value of continuous improvement in people, processes and the
organization, the company strives for the highest standards of quality in every aspect
of its business.

Mission

 Become one of the top quartile life insurance


companies in India

 Be a national player

 Be the brand of first choice

 Be the employer of choice

 Become principal of choice for agents

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Products offered

Individual Insurance

Whole Life Participating Policy


Whole Life Participating Policy provides an insurance cover that is guaranteed for
your entire life. This policy also builds cash value, which you can use during your
lifetime to fund any unforeseen needs either by surrendering accumulated PUAs
(explained below) or taking a loan. In addition this policy is also eligible for bonuses.

KEY BENEFITS
On death of life insured: Sum Assured plus accrued bonuses
On Maturity (attaining age 100): Sum Assured plus accrued bonuses
Bonus: From 3rd policy year, we will declare bonuses every year
Tax benefits:
You are entitled to the following tax benefits under Income Tax Act 1961
 Your premiums are eligible for deduction u/s 80C up to Rs.100,000/- every
year.
 Your DD rider premiums are eligible for an additional deduction u/s 80D up
to Rs.10,000/- every year.
 Your claim amounts (from death, through surrenders or on maturity) are
eligible for tax exemption u/s 10(10D).

We offer you the flexibility to enhance the value of your policy by using the
following riders/options:

1. Option to Participate in Progressive Bonuses: Allows you to top up your


premiums to purchase additional Sum Assured in your existing policy. It also
generates further bonuses.
2. Dread Disease (DD) Rider: Pays a lump sum amount in case you contract any
of the ten diseases covered e.g. Heart Attack, Cancer, etc.
3. Personal Accident Benefit (PAB) Rider: Pays additional insurance coverage in
case of death or disability caused by an accident.
4. Term / Term R&C Riders: Offers additional Sum Assured to match your
changing needs. The R&C also allows you the freedom to buy a fresh
insurance plan later in your life.

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5. Waiver of Premium (WOP) / Payor Riders: Waives your future premiums in
case you suffer total disability. The payor rider waives future premiums on
your child’s policy in case you suffer total disability
6. Guaranteed Insurability Option (GIO) Rider: Allows you to buy guaranteed
additonal insurance at seven different stages in your life.

Unique features in this policy:


1. Cash Bonuses: You can use your bonuses in the following ways:

 Withdraw in cash: bonus will be paid to you by cheque.


 Pay your premiums: bonus will be used to pay the next premium.
 Increase your Sum Assured: bonus will be used to buy additional layers of
insurance cover in the existing policy by buying Paid Up Additions
(PUA).
 Purchase term insurance: bonus will be used to purchase additional coverage
valid for one year.

2. Terminal Illness Benefit: Pays 50% of Sum Assured (subject to maximum of Rs.
5,00,000/-) to you in case you are diagnosed to be suffering from a terminal illness
that can lead to death in 6 months; you can use this money for your treatment. The
balance of the sum assured and the bonuses will be payable to your family on the
occurrence of the Insured Event.

3. Non Forfeiture Options: 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 for part of the remaining
term of your policy.

In case you do not want either of the above, you can choose to take the cash value by
cheque.

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Life Partner Plus
Life Partner PlusTM Plan offers you powerful triple benefits of –

 Money if you live i.e. maturity benefit at age 75


 Money if you don't i.e. a Life Insurance coverage till age 75

 Money Backs i.e. a part of the Sum Assured at regular intervals to


take care of your periodic foreseen needs.
KEY BENEFITS

1. On death of life insured: Initial Sum Assured Plus Sum Assured of Paid Up
Additions through bonuses
2. On survival: Money backs @ 7.5% of the Initial Sum Assured will be paid on
each policy anniversary from age 61 to 75.
3. On maturity: 100% of Sum Assured with Sum Assured of Paid Up Additions,
if any.
4. On Surrender of Policy: Surrender value.
5. Limited Premium Payment term: You can choose to pay the premiums over 4
terms i.e. 3 years, 7 years, 10 years or 20 years.
6. Bonus: From 3rd policy year, we will declare bonuses every year.
7. Tax benefits:
You are entitled to the following tax benefits under Income Tax Act 1961:
1. Your premiums are eligible for deduction u/s 80C up to
Rs.100,000/- every year.
2. Your DD rider premiums are eligible for an additional deduction u/s
80D up to Rs.10,000/- every year.
3. Your claim amounts (from death, on maturity, or Money Backs or
through surrenders) are eligible for tax exemption u/s 10(10D).

Customize your policy to meet your specific needs:

We offer you the flexibility to enhance the value of your policy by using the
following riders/options:
1. Dread Disease (DD) Rider: Pays a lump sum amount in case you contract
any of the ten diseases covered e.g. Heart Attack, Cancer, etc.
2. Personal Accident Benefit (PAB) Rider: Pays additional insurance coverage
in case of death or disability caused by an accident.

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3. Term / Term R&C Riders: Offers additional Sum Assured to match your
changing needs. The R&C also allows you the freedom to buy a fresh
insurance plan later in your life.
4. Waiver of Premium (WOP) / Pay or Riders: Waives your future premiums
in case you suffer total disability. The pay or rider waives future premiums on
your child’s policy in case you suffer total disability.

Unique features in this policy

Cash Bonuses: You can use your bonuses in the following ways:

1. Withdraw in cash: bonus will be paid to you by cheque.


2. Pay your premiums: bonus will be used to pay the next premium.
3. Increase your Sum Assured: bonus will be used to buy additional layers of
insurance cover in the existing policy by buying Paid Up Additions (PUA).

Terminal Illness Benefit: Pays 50% of Sum Assured (subject to maximum of Rs.
5,00,000/-) to you in case you are diagnosed to be suffering from a terminal illness
that can lead to death in 6 months; you can use this money for your treatment. The
balance of the sum assured and the bonuses will be payable to your family on the
occurrence of the Insured Event.

Non Forfeiture Options: 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 for part of the remaining
term of your policy.

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Life Protector™ Plus
Life Protector™ Plus provides you with a low cost insurance cover during its tenure
of 5 years. It is also convertible any time into any permanent life insurance policy
from MNYL, so that you are able to take advantage of increasing your savings when
your responsibilities increase viz. on marriage, or on child birth.

KEY BENEFITS

On death of life insured: Sum Assured.

Tax benefits:
You are entitled to the following tax benefits under Income Tax Act 1961

 Your premiums are eligible for deduction u/s 80C up to Rs.100,000/- every
year.
 Your DD rider premiums are eligible for an additional deduction u/s 80D up to
Rs.10,000/- every year.
 Your claim amount (from death) is eligible for tax exemption u/s 10(10D).

Customize your policy to meet your specific needs:

We offer you the flexibility to enhance the value of your policy by using the
following riders/options

 Dread Disease (DD) Rider: Pays a lump sum amount in case you contract
any of the ten diseases covered e.g. Heart Attack, Cancer, etc.
 Personal Accident Benefit (PAB) Rider: Pays additional insurance coverage
in case of death or disability caused by an accident.

Unique features in this policy:

 This plan can be renewed every 5 years and is convertible to any permanent
plan at any time during the tenure of the plan.
 Special rates for female lives

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Life Partner PlusTM Plan
Life Partner PlusTM Plan offers you powerful triple benefits of –

 Money if you live i.e. maturity benefit at age 75


 Money if you don't i.e. a Life Insurance coverage till age 75
 Money Backs i.e. a part of the Sum Assured at regular intervals to take care of
your periodic foreseen needs.

KEY BENEFITS

1. On death of life insured: Initial Sum Assured Plus Sum Assured of Paid Up
Additions through bonuses
2. On survival: Money backs @ 7.5% of the Initial Sum Assured will be paid on
each policy anniversary from age 61 to 75.
3. On maturity: 100% of Sum Assured with Sum Assured of Paid Up
Additions, if any.
4. On Surrender of Policy: Surrender value.
5. Limited Premium Payment term: You can choose to pay the premiums over
4 terms i.e. 3 years, 7 years, 10 years or 20 years.
6. Bonus: From 3rd policy year, we will declare bonuses every year.
7. Tax benefits:
You are entitled to the following tax benefits under Income Tax Act 1961:
 Your premiums are eligible for deduction u/s 80C up to Rs.100,000/-
every year.
 Your DD rider premiums are eligible for an additional deduction u/s
80D up to Rs.10,000/- every year.
 Your claim amounts (from death, on maturity, or Money Backs or
through surrenders) are eligible for tax exemption u/s 10(10D).

Customize your policy to meet your specific needs:

We offer you the flexibility to enhance the value of your policy by using the
following riders/options:

 Dread Disease (DD) Rider: Pays a lump sum amount in case you contract
any of the ten diseases covered e.g. Heart Attack, Cancer, etc.
 Personal Accident Benefit (PAB) Rider: Pays additional insurance coverage
in case of death or disability caused by an accident.

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 Term / Term R&C Riders: Offers additional Sum Assured to match your
changing needs. The R&C also allows you the freedom to buy a fresh
insurance plan later in your life.
 Waiver of Premium (WOP) / Pay or Riders: Waives your future premiums
in case you suffer total disability. The pay or rider waives future premiums on
your child’s policy in case you suffer total disability.

Unique features in this policy:

1. Cash Bonuses: You can use your bonuses in the following ways:
2. Withdraw in cash: bonus will be paid to you by cheque.
3. Pay your premiums: bonus will be used to pay the next premium.
4. Increase your Sum Assured: bonus will be used to buy additional layers of
insurance cover in the existing policy by buying Paid Up Additions (PUA).
5. Terminal Illness Benefit: Pays 50% of Sum Assured (subject to maximum of
Rs. 5,00,000/-) to you in case you are diagnosed to be suffering from a
terminal illness that can lead to death in 6 months; you can use this money for
your treatment. The balance of the sum assured and the bonuses will be
payable to your family on the occurrence of the Insured Event.
6. Non Forfeiture Options: 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 for part of the
remaining term of your policy.

In case you do not want either of the above, you can choose to take the cash value by
cheque.

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Group policy

Group Term Insurance


Group Term Insurance is the mainstay of our employee benefit platform. Here are
some of the key features and benefits:

Group Term Life - Key features and Benefits


 Easy and convenient administration one single master policy for all
employees.
 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 your
subject to a maximum of three years of salary per employee.
 In case of death of an employee, due to natural or accidental reasons, the entire
sum assured amount is paid to the employer.
 Additional Protection is available through riders for Critical Illness,
Accidental Death Benefits, Disability and Dismemberment.
 New members can join and out going members can leave the scheme at any
time with premium adjustment.

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Group Term Insurance Scheme

Overview of EDLI Scheme, 1976


All establishments with at least 10 full-time permanent employees and to whom the
Employee's Provident Fund and Miscellaneous Provisions Act, 1952 applies, have a
statutory liability to subscribe to Employee's Deposit Linked Insurance Scheme
(EDLI), 1976 to provide for life insurance for all their employees. The organization
has to make a contribution @ 0.51% of each employee's wages (Basic + Dearness
Allowance + Retaining Allowance), subject to a maximum of Rs.6,500 per month, to
the Provident Fund Authorities as part of its compliance to the Act. The death benefit
payable under this scheme is based on the provident fund account balance of the
individual member, subject to a maximum of Rs.60,000.

A solution which is simple, flexible and


unique
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, any establishment
from the provisions of the EDLI scheme, if he is satisfied that the employees of such
establishment, without making any separate contribution or payment of premium,
enjoy life insurance benefits more favourable than the benefits under the EDLI
scheme.

Max New York Life Insurance Co. Ltd offers Group Term Insurance Scheme, a
unique, simple and flexible scheme, that 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. The Employees Provident Fund Organisation has
approved this scheme as an alternative to EDLI scheme.

The organization will enjoy the following advantages by subscribing to the Max New
york Life Group Term Insurance as compared to the EDLI scheme:

 The premium payable by the employer under the Max New York Life Group
Term Insurance Scheme will be usually less than the total contribution being
paid by the employer to Regional Provident Fund Commissioner, particularly

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when average age of the group is low and the employer is in a low-risk
industry.
 Flexibility to opt for either a uniform flat cover for all employees or a graded
cover as per notional PF balance.
 Well defined and simplified claim process will ensure quicker and hassle-free
claim settlement.
 Administrative convenience for additions and deletions of members with no
elaborate paperwork.

Credit Shield is a protection cover, which ensures that the loan amount is paid back to
the lender in case of an untimely demise of the borrower.

Convenient Structuring
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.
This plan provides total peace of mind because in case of an untimely demise of the
borrower, the family is not burdened with the loan.

After an employee has rendered continuous service for at least five years, he/ she is
eligible for 15 of days pay for each completed year of service. The employer can also
structure a gratuity benefit that is higher than statutory requirements. The gratuity
benefit is payable on cessation of employment (either by resignation, death,
retirement or termination etc), by taking last drawn basic salary as the basis for the
calculation.
Gratuity payment is a statutory liability for an organization and tends to increase as
the salaries and tenure of employment increase annually. In case of big, developing &
growing organization, gratuity payout can work out to a substantial amount. If the
employer pays gratuity from its current revenue, it may become difficult to meet the
liability, it is therefore prudent and also beneficial that a gratuity fund is set up.

Benefits of the Group Gratuity Plan


 Investment management in a conservative manner to ensure steady
appreciation in fund income.
 Employees can be insured for the future service gratuity for full-anticipated
service.
 Scientific funding of gratuity on actuarial valuation and hence superior
planning for gratuity payments.
 Past gratuity liability contribution can be made in installments.
 Contributions are exempt under income tax act.

Benefits to the members


 Max New York Life will provide statement of account every quarter.
 Free Actuarial Valuation for future gratuity liability.

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 For a new fund Max New York Life can assist in formation of the Trust and
its documentation.
 An existing Gratuity Fund can be taken over by MNYL and we will offer
assistance in documentation like Deed of variation to the original Trust Deed
etc.

Basic Guidelines for Max New York Life Group


Gratuity Scheme
1. 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.
2. Contribution: The Trust will make the contribution to the fund. Contribution can
be made quarterly, half-yearly or yearly.
3. 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
depending upon 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.

Gratuity is a statutory benefit to the employees under the Payment of Gratuity Act
1972. After the employee has rendered continuous service for at least five years, he/
she is eligible for 15 days pay for each completed year of service. The gratuity benefit
is payable on cessation of employment (either by resignation, death, retirement or
termination etc), by taking last drawn basic salary as the basis for the calculation.
Gratuity payment is a statutory liability for an organization and tends to increase as
the salaries and tenure of employment increase annually. In case of big, developing &
growing organization, gratuity payout can work out to a substantial amount. If the
trust pays gratuity from its current revenue, it becomes difficult to meet the liability, it
is therefore beneficial that a gratuity fund is set up for prudent financial planning.
Apart from being used as an effective tool to reward loyal employees, Gratuity can be
considered as a powerful tool to retain employees as well. This can be done by
structuring a higher gratuity benefit than the statutory requirements. Max New York
Life has made the Group Insurance portfolio more robust by launching the Unit
Linked Gratuity Plan.

Max New York can now offer you two options of:

1. Non unit Linked or Traditional Group Gratuity Plan: which facilitates


systematic and steady funding of the liability

2. Unit Linked Group Gratuity Plan: which facilitates steady funding and the
opportunity of Increased returns on investment.

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Benefits of the Unit Linked Group Gratuity
Plan
 Opportunity for growing the fund safely and prudently by managing the fund
investments properly and maximizing the returns on the investments and
thereby bringing down the costs of the funding liability in the future.
 Multiple Flexible Investment options based on the risk taking ability of the
trust.
 Lives cover for full-anticipated service.
 Contributions are exempted from Tax.
 Total Transparency in charges and the returns declared.
 Complete range of services provided: Taxation, Legal, Investment .

Product Features

Eligibility
• Employer-Employee Groups
• Group Size of 25 members or more
• Employees between age 18 and retirement age of the company

Contributions
MNYL will open and manage a Unit Account for the Trustees in which units are
allocated and cancelled for the purpose of paying Gratuity
The trust also pays a premium for the life insurance cover. This cover could be either
the future service liability or a uniform/graded cover
On receiving a claim, MNYL will redeem the units in the investment fund and pay the
gratuity benefit
In case of death of an insured member, MNYL will also pay the sum assured
applicable for that member in addition to the gratuity benefit
Contributions to be made towards the Gratuity Liability by the Trust to MNYL would
be as per Actuarial Valuation – Post AS-15 certification
Past Service Gratuity Liability payment can be made over a period of 5 years
The annual contributions can be made annually/half yearly/quarterly/monthly
Redirection
Annual contributions can be invested as per new fund break-up, not adhering to the
initial investment break-up. This gives more flexibility for better financial planning as
per specific requirements.

Charge Structure
MNYL unit linked Gratuity has one of the most transparent charge structures in the
market currently. The Fund Management charge is also extremely competitive.
Fund Management Charges - The fund management charge is levied as a percentage
of value of assets and shall be appropriated by adjusting the Net Assets Value.

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Switching: MNYL UL Group Gratuity plan offers its clients a flexibility to switch
funds from exiting fund to any other fund options, as per trust rules. Two free
switches in one policy year can be availed by the clients.
Surrender Fee: is applicable if a policyholder wants to surrender the policy. This fee is
based on the length of association with Max New York Life.

Fund options
MNYL Group Gratuity plan is a market linked investment product, which offers 3
fund options to choose from.
Fund Options – Fund Type Description
Asset Types Conservative Fund (%) Balanced Fund (%) Growth Fund (%)
Govt. Securities 50-80 20-50 0-30
Corporate Bonds (Investment Grade) 0-50 20-40 0-30
Cash/Call Money Markets 0-20 0-20 0-20
Equities Nil 10-40 20-60

The MNYL Advantage


 Fund Management Philosophy
 Total Transparency in charges, returns declared and the portfolio of
investments.
 Flexibility in premium payments, redirection of premiums, term cover.
 Superior Service
• ISO certified Operations & Processes
• Free and diversified services: legal, investment, taxation
• Dedicated Relationship Manager
• Effective Transaction Processing & Superior Turnaround Times
• Robust Data Management With High Confidentiality Maintained
 Most Transparent charges and Low Fund Management Charges

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Saving

Life Pay™ Money Back Plan (Participating)


Policy
Life Pay™ Money Back Plan (Participating) Policy 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. In addition this policy is also eligible for
bonuses.

KEY BENEFITS
1. On death of life insured: Sum Assured plus Sum Assured of Paid Up
Additions (without deducting any money back installments, if already paid).
2. On maturity: Sum Assured less money backs already paid plus 10% of SA as
guaranteed addition plus accrued bonuses.
3. Bonus: From 3rd policy year, we will declare bonuses every year.
4. Tax benefits:
 You are entitled to the following tax benefits under Income Tax Act 1961:
 Your premiums are eligible for deduction u/s 80C up to Rs.100,000/-
every year.
 Your DD rider premiums are eligible for an additional deduction u/s 80D
up to Rs.10,000/- every year.
 Your claim amounts (from death, thorugh surrenders or on maturity) are
eligible for tax exemption u/s 10(10D).

Customize your policy to meet your specific


needs:

23
We offer you the flexibility to enhance the value of your policy by using the
following riders/options:

1. Dread Disease (DD) Rider: Pays a lump sum amount in case you contract any of
the ten diseases covered e.g. Heart Attack, Cancer, etc.
2. Personal Accident Benefit (PAB) Rider: Pays additional insurance coverage in
case of death or disability caused by an accident.
3. Term / Term R&C Riders: Offers additional Sum Assured to match your
changing needs. The R&C also allows you the freedom to buy a fresh insurance
plan later in your life.
4. Waiver of Premium (WOP) / Pay or Riders: Waives your future premiums in
case you suffer total disability. The pay or rider waives future premiums on your
child’s policy in case you suffer total disability.

Unique features in this policy:


1. Cash Bonuses: You can use your bonuses in the following ways:
2. Withdraw in cash: bonus will be paid to you by cheque.
3. Pay your premiums: bonus will be used to pay the next premium.
4. Increase your Sum Assured: bonus will be used to buy additional layers of
insurance cover in the existing policy by buying Paid Up Additions (PUA).
5. Non Forfeiture Options: 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 for part of the remaining
term of your policy.

In case you do not want either of the above, you can choose to take the cash value by
cheque.

24
Life Gain™ Plus Endowment (Participating)
Policy
Life Gain™ Plus Endowment (Participating) Policy 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 (explained below) or taking a loan. In addition this
policy is also eligible for bonuses.

KEY BENEFITS
On death of life insured:

 In the first 5 years- Sum Assured plus additional insurance coverage


purchased from bonuses.
 After 5 years- Double the Sum Assured plus additional insurance coverage
purchased from bonuses.
 On maturity: Sum Assured plus accrued bonus plus Guaranteed Additions @
10% of Sum Assured.
 On Surrender of Policy: Surrender value.
 Bonus: From 3rd policy year, we will declare bonuses every year.

Customize your policy to meet your specific


needs:
We offer you the flexibility to enhance the value of your policy by using the
following riders/options:

1. Dread Disease (DD) Rider: Pays a lump sum amount in case you contract any of
the ten diseases covered e.g. Heart Attack, Cancer, etc.

25
2. Personal Accident Benefit (PAB) Rider: Pays additional insurance coverage in
case of death or disability caused by an accident.
3. Term / Term R&C Riders: Offers additional Sum Assured to match your
changing needs. The R&C also allows you the freedom to buy a fresh insurance
plan later in your life.
4. Waiver of Premium (WOP) / Pay or Riders: Waives your future premiums in
case you suffer total disability. The pay or rider waives future premiums on your
child’s policy in case you suffer total disability.

Unique features in this policy:


1. Cash Bonuses: You can use your bonuses in the following ways:
2. Withdraw in cash: bonus will be paid to you by cheque.
3. Pay your premiums: bonus will be used to pay the next premium.
4. Increase your Sum Assured: bonus will be used to buy additional layers of
insurance cover in the existing policy by buying Paid Up Additions (PUA).
5. Limited period of premium payment: so that you pay only during the years that
you are earning, while you enjoy the insurance coverage for a longer period.
6. Terminal Illness Benefit: Pays 50% of Sum Assured (subject to maximum of Rs.
5,00,000/-) to you in case you are diagnosed to be suffering from a terminal illness
that can lead to death in 6 months; you can use this money for your treatment. The
balance of the sum assured and the bonuses will be payable to your family on the
occurrence of the Insured Event.
7. Non Forfeiture Options: 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 for part of the remaining
term of your policy.
8. Automatic Premium Loan: You can take a loan from the existing accumulation to
pay your future premiums.

In case you do not want either of the above, you can choose to take the cash value by
cheque.

26
20 year Endowment (Participating) Policy
20 year Endowment (Participating) Policy helps you save for specific need 20 years
from now viz.
 Higher education of your child, or
 Children's marriage, or
 To buy a house, or
 To pay off a housing loan, or
 To create a fund for your retirement
 Provides you with an insurance cover to protect your family from financial
uncertainties in case of your untimely death during this period.

This policy will mature exactly 20 years after you buy it, and during this period, it
also builds cash value. This policy is also eligible for bonuses. You may use the cash
value and/or the bonuses to fund any unforeseen needs either by surrendering
accumulated PUAs (explained below) or taking a loan.

KEY BENEFITS
 On death of life insured or on maturity: Sum Assured plus accrued bonuses.
 On Surrender of Policy: Surrender value.
 Bonus: From 3rd policy year, we will declare bonuses every year.
 Tax benefits:
You are entitled to the following tax benefits under Income Tax Act 1961:
o Your premiums are eligible for deduction u/s 80C up to Rs.100,000/-
every year.

27
o Your DD rider premiums are eligible for an additional deduction u/s 80D
up to Rs.10,000/- every year.
o Your claim amounts (from death, on maturity or through surrenders) are
eligible for tax exemption u/s 10(10D).

Customize your policy to meet your specific


needs:
We offer you the flexibility to enhance the value of your policy by using the
following riders/options:

1. Dread Disease (DD) Rider: Pays a lump sum amount in case you contract any of
the ten diseases covered e.g. Heart Attack, Cancer, etc.
2. Personal Accident Benefit (PAB) Rider: Pays additional insurance coverage in
case of death or disability caused by an accident.
3. Term / Term R&C Riders: Offers additional Sum Assured to match your
changing needs. The R&C also allows you the freedom to buy a fresh insurance
plan later in your life.
4. Waiver of Premium (WOP) / Pay or Riders: Waives your future premiums in
case you suffer total disability. The pay or rider waives future premiums on your
child’s policy in case you suffer total disability.

Unique features in this policy:


1. Cash Bonuses: You can use your bonuses in the following ways:
2. Withdraw in cash: bonus will be paid to you by cheque.
3. Pay your premiums: bonus will be used to pay the next premium.
4. Increase your Sum Assured: bonus will be used to buy additional layers of
insurance cover in the existing policy by buying Paid Up Additions (PUA).
5. Limited period of premium payment: so that you pay only during the years that
you are earning, while you enjoy the insurance coverage for a longer period.
6. Terminal Illness Benefit: Pays 50% of Sum Assured (subject to maximum of Rs.
5,00,000/-) to you in case you are diagnosed to be suffering from a terminal illness
that can lead to death in 6 months; you can use this money for your treatment. The
balance of the sum assured and the bonuses will be payable to your family on the
occurrence of the Insured Event.
7. Non Forfeiture Options: 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 for part of the remaining
term of your policy.

In case you do not want either of the above, you can choose to take the cash value by
cheque.

28
Life Gain™ Endowment Policy
Life Gain™ Endowment Policy 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 (explained below) or taking a loan. In addition this policy is also
eligible for bonuses.

KEY BENEFITS
 On death of life insured: Sum Assured plus accured bonus
 On maturity: Sum Assured plus Guaranteed Addition @ 10% of Sum Assured
plus accrued bonus plus terminal bonus (if any).
 On Surrender of Policy: Surrender value.
 Bonus: From 3rd policy year, we will declare bonuses every year.
 Tax benefits:
You are entitled to the following tax benefits under Income Tax Act 1961:
o Your premiums are eligible for deduction u/s 80C up to Rs.100,000/-
every year.
o Your DD rider premiums are eligible for an additional deduction u/s 80D
up to Rs.10,000/- every year.
o Your claim amounts (from death, on maturity or through surrenders) are
eligible for tax exemption u/s 10(10D).

29
Customize your policy to meet your specific
needs:
We offer you the flexibility to enhance the value of your policy by using the
following riders/options:

1. Dread Disease (DD) Rider: Pays a lump sum amount in case you contract any of
the ten diseases covered e.g. Heart Attack, Cancer, etc.
2. Personal Accident Benefit (PAB) Rider: Pays additional insurance coverage in
case of death or disability caused by an accident.
3. Term / Term R&C Riders: Offers additional Sum Assured to match your
changing needs. The R&C also allows you the freedom to buy a fresh insurance
plan later in your life.
4. Waiver of Premium (WOP) / Pay or Riders: Waives your future premiums in
case you suffer total disability. The pay or rider waives future premiums on your
child’s policy in case you suffer total disability.

Unique features in this policy:


1. Cash Bonuses: You can use your bonuses in the following ways:
2. Withdraw in cash: bonus will be paid to you by cheque.
3. Pay your premiums: bonus will be used to pay the next premium.
4. Increase your Sum Assured: bonus will be used to buy additional layers of
insurance cover in the existing policy by buying Paid Up Additions (PUA).
5. Limited period of premium payment: so that you pay only during the years that
you are earning, while you enjoy the insurance coverage for a longer period.
6. Terminal Illness Benefit: Pays 50% of Sum Assured (subject to maximum of Rs.
5,00,000/-) to you in case you are diagnosed to be suffering from a terminal illness
that can lead to death in 6 months; you can use this money for your treatment. The
balance of the sum assured and the bonuses will be payable to your family on the
occurrence of the Insured Event.
7. Non Forfeiture Options: 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 for part of the remaining
term of your policy.

In case you do not want either of the above, you can choose to take the cash value by
cheque.

30
Retirement
Easy Life™ Retirement Plan (Participating)
Policy
Easy Life™ Retirement Plan (Participating) Policy helps you to save money for your
retirement, and also provides you with an opportunity to take home a regular
retirement income (i.e. pension) for your entire life from your chosen date of
retirement. This income is a guaranteed amount, guaranteed when your annuity starts.
In addition this policy is also eligible for bonuses.

KEY BENEFITS
 On death of life insured: Refund of accumulated premiums plus cash value of
additional pure endowments purchased from bonuses.
 On the chosen retirement date: Sum Assured plus additional insurance
coverage purchased in way of bonuses.
 On Surrender: Surrender value (minimum guaranteed @ 55% of premiums
paid).
 Bonus: From 3rd policy year, we will declare bonuses every year.
 Tax benefits:

31
You are entitled to the following tax benefits under Income Tax Act 1961:
o Your premiums are eligible for deduction u/s 80CCC (1) up to Rs.10,000/-
every year.
o Your claim amounts (from death, on maturity or through surrenders) are
eligible for tax exemption u/s 10(10D).

Unique features in this policy:


 Bonuses: Your bonuses are used to purchase pure endowments, which add to
the value of your policy.
 Annuity Options: You can use the maturity value to buy an annuity from us
or any other IRDA approved annuity provider. We currently offer the
following annuity options:
 Annuity for life: you will receive a fixed amount for your entire life.
 Annuity for a guaranteed minimum period of 5/10/15/20 years and for life
thereafter: In case death occurs to you before the guaranteed minimum
period, we shall still pay the annuity to your family for the balance of the
guaranteed minimum period chosen by you.
 Life Annuity with Return of Annuity Purchase Price: In case of your
death, we shall refund the original maturity value you had used to buy your
annuity.

Endowment to age 60 policy


Endowment to age 60 policy is a quasi retirement 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 in many ways viz.

 Purchase a pension from any life insurance company


 Purchase that house in your hometown where you want to lead your retired
life
 Pay for your child’s higher education or marriage and 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 .
 You may use the cash value and/or the bonuses to fund any unforeseen needs
either by surrendering accumulated PUAs (explained below) or taking a loan.

KEY BENEFITS
 On death of the life insured: Sum Assured plus accrued bonuses plus
terminal bonus (if any).

32
 On maturity (attaining age 60): Sum Assured plus accrued bonuses plus
terminal bonus (if any).
 On Surrender of Policy: Surrender value.
 Bonus: From 3rd policy year, we will declare bonuses every year.
 Tax benefits:
You are entitled to the following tax benefits under Income Tax Act 1961:
o Your premiums are eligible for deduction u/s 80C up to Rs.100,000/-
every year.
o Your DD rider premiums are eligible for an additional deduction u/s
80D up to Rs.10,000/- every year.
o Your claim amounts (from death, on maturity or through surrenders)
are eligible for tax exemption u/s 10(10D).

Customize your policy to meet your specific needs:

We offer you the flexibility to enhance the value of your policy by using the
following riders/options:

1. Dread Disease (DD) Rider: Pays a lump sum amount in case you contract any of
the ten diseases covered e.g. Heart Attack, Cancer, etc.
2. Personal Accident Benefit (PAB) Rider: Pays additional insurance coverage in
case of death or disability caused by an accident.
3. Term / Term R&C Riders: Offers additional Sum Assured to match your
changing needs. The R&C also allows you the freedom to buy a fresh insurance
plan later in your life.
4. Waiver of Premium (WOP) / Pay or Riders: Waives your future premiums in
case you suffer total disability. The pay or rider waives future premiums on your
child’s policy in case you suffer total disability.

Unique features in this policy:

1. Cash Bonuses: You can use your bonuses in the following ways:
2. Withdraw in cash: bonus will be paid to you by cheque.
3. Pay your premiums: bonus will be used to pay the next premium.
4. Increase your Sum Assured: bonus will be used to buy additional layers of
insurance cover in the existing policy by buying Paid Up Additions (PUA).
5. Limited period of premium payment: so that you pay only during the years that
you are earning, while you enjoy the insurance coverage for a longer period.
6. Terminal Illness Benefit: Pays 50% of Sum Assured (subject to maximum of Rs.
5,00,000/-) to you in case you are diagnosed to be suffering from a terminal illness
that can lead to death in 6 months; you can use this money for your treatment. The
balance of the sum assured and the bonuses will be payable to your family on the
occurrence of the Insured Event.
7. Non Forfeiture Options: 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.

33
 Extended Term Insurance: The same Sum Assured for part of the remaining
term of your policy.

In case you do not want either of the above, you can choose to take the cash value by
cheque.

Children
Children's Endowment 18 & 24 Policy
Children's Endowment 18 & 24 Policy enables you to provide for specific needs of
your growing children viz.

 Child Endowment to Age 18 enables you to provide for higher education of


your child.
 Child Endowment to Age 24 enables you to provide for the best possible
wedding of your child and also builds cash value, which you can use during to
fund any unforeseen needs by taking a loan.
 In addition this policy is also eligible for bonuses.

KEY BENEFITS

34
 On death of life insured: Refund of premiums plus interest plus accrued
bonus.
 On Maturity: Sum Assured plus accrued bonus.
 On Surrender of Policy: Surrender value.
 Bonus: From 3rd policy year, we will declare bonuses every year.
 Tax benefits:
You are entitled to the following tax benefits under Income Tax Act 1961:
o Your premiums are eligible for deduction u/s 80C up to Rs.100,000/-
every year.
o Your claim amounts (from death, on maturity or through surrenders)
are eligible for tax exemption u/s 10(10D).

Customize your policy to meet your specific


needs:
We recommend that you enhance the value of your policy by buying the following
rider:

Pay or Rider: Waives your future premiums in case you suffer total disability or
meet with an untimely death. This ensures that your child will still get the lump sum
money on attaining age 18 or 24.

Unique features in this policy:


 Cash Bonuses: bonus will be paid to you by cheque.
 Non Forfeiture Options: 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 the following way:
 Reduced Paid Up: A lower Sum Assured for the remaining term of your
policy. In case you do not want the above, you can choose to either take the cash
value by cheque or opt for Automatic Premium Loan(APL): whereby your cash
value will be utilized to create a loan and pay your next premium.

 Upon your child attaining the age of 18, he/she will have the option to buy a
permanent life insurance policy without medical underwriting (irrespective of
his/her health at that time).

On maturity of the policy, the benefits payable under the policy shall automatically
vest with your child – so that your child received the benefits.

35
Stepping Stones™ Child Money Back Plan
(Participating) Policy
Stepping Stones™ Child Money Back Plan (Participating) Policy is a smart way to
plan for and secure your child's future irrespective of whether you are there or not. It
provides you with regular money when it is required. This policy also builds cash
value, which you can use during your lifetime to fund any unforeseen needs by
surrendering accumulated PUAs (explained below). In addition this policy is also
eligible for bonuses.

KEY BENEFITS

36
 On death of life insured: Sum Assured along with additional insurance
coverage purchased in way of bonuses. Five years before maturity 30% of
Sum Assured, Two years before maturity – 35% of Sum Assured, at maturity
– 35% of Sum Assured plus 30% of Guaranteed Sum Assured.
 On Survival / maturity: Five years before maturity 30% of Sum Assured,
Two years before maturity – 35% of Sum Assured, at maturity – 35% of Sum
Assured + 30% of Sum Assured as Guaranteed Additions plus additional
insurance coverage purchased from bonuses.
Bonus: From 3rd policy year, we will declare bonuses every year.
 Tax benefits:
You are entitled to the following tax benefits under Income Tax Act 1961:
o Your premiums are eligible for deduction u/s 80C up to Rs.100,000/-
every year.
o Your DD rider premiums are eligible for an additional deduction u/s
80D up to Rs.10,000/- every year.
o Your claim amounts (from death, on maturity or through surrenders)
are eligible for tax exemption u/s 10(10D).

Customize your policy to meet your specific


needs:
We offer you the flexibility to enhance the value of your policy by using the
following riders/options:

1. Dread Disease (DD) Rider: Pays a lump sum amount in case you contract any of
the ten diseases covered e.g. Heart Attack, Cancer, etc.
2. Personal Accident Benefit (PAB) Rider: Pays additional insurance coverage in
case of death or disability caused by an accident.
3. Term / Term R&C Riders: Offers additional Sum Assured to match your
changing needs. The R&C also allows you the freedom to buy a fresh insurance
plan later in your life.
4. Waiver of Premium (WOP) / Pay or Riders: Waives your future premiums in
case you suffer total disability. The pay or rider waives future premiums on your
child’s policy in case you suffer total disability.

Unique features in this policy:


 Cash Bonuses: You can use your bonuses in the following ways:
 Withdraw in cash: bonus will be paid to you by cheque.
 Pay your premiums: bonus will be used to pay the next premium.
 Increase your Sum Assured: bonus will be used to buy additional layers of
insurance cover in the existing policy by buying Paid Up Additions (PUA).
 Terminal Illness Benefit: Pays 50% of Sum Assured (subject to maximum of Rs.
5,00,000/-) to you in case you are diagnosed to be suffering from a terminal illness

37
that can lead to death in 6 months; you can use this money for your treatment. The
balance of the sum assured and the bonuses will be payable to your family on the
occurrence of the Insured Event.
 Non Forfeiture Options: 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 for part of the remaining
term of your policy.

In case you do not want either of the above, you can choose to take the cash value by
cheque.

Research Methodology

The research methodology used while making this project has


been two pronged. The project has made use of both primary
as well as secondary data.

38
Primary by conducting a survey and secondary by using
information given on the net to provide details of the products
offered by the company.

Data Obtained

1. Are you aware of Max New York Life Insurance Company?

39
Knowledge about MNYL

Yes 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

Knowledge about MNYL


products

3. Have you ever been solicited by a MNYL advisor?

yes
30%

no
70%

40
4. Do you have a policy of MNYL?

a. Yes
b. No

Policyholde
r

No
Yes

For those who have answered YES,

1. What policy you have?

 Individual life insurance


 Group insurance
 Children policy
 Retirement benefits

Kind of Policy

Individual Life Group Children Retirement

2. How would you rate it on a scale of 5?

41
Rating

0--1
1--2
4--5

2--3

3--4

3. Are you satisfied with the product?

 Yes
 No

Product popularity

Yes
No

4. What distinguishing feature do you find in MNYL?

 Better service
 Individual attention
 Claim settlement
 Superior products

Feature

Better Service Individual Claim Settlement Better Product


Attention

5. Why you took a MNYL policy?

42
 Advisor presentation
 Friend’s advice
 Your own judgement

Reason for Buying MNYL product

Advisor
Friend
own judgement

6. Would you take another MNYL policy?

 Yes
 No

Possibility of new purchase

35%

Yes
No

65%

For those who answered NO,

43
1. Why did you not take MNYL policy?

 Already had one


 Have no information about MNYL
 Nobody approached me
 Don’t like MNYL products

Reason for not taking MNYL


propduct

2. Do you think other company products are better?

 Yes
 No
 Can’t say

Yes No Cant say

Analysis of Data

44
Points in Favour of MNYL
 Good Market penetration
As seen from the data obtained MNYL has good marker penetration for a
relatively new company with more than 60% of people having its policy.

 Satisfactory Knowledge about product


Knowledge about MNYL product is quite good in the market with a majority
telling about the products offered by MNYL.

 Good Solicitation rate


About 2/3 of the respondents have been solicited by MNYL advisors. This
concludes that work put up by advisors is appreciable.

 Have got good scaling from those who have MNYL product
More than half of those who have a MNYL policy have scaled it in the region
of 3+ range shows its popularity among the people.

 Majority of Policyholders satisfied


More than 90% of policyholders are satisfied with the product, a phenomena
which augurs well for the company.

 Advisor good at convincing People


Advisor’s presentation is one of the clinching factors while deciding the
policy. A point which again vindicate the advisors.

 Chances of new prospects HIGH


Both the existing and non-existing policyholders are showing a keen interest
in the company.

 Those who don’t have policy majority cited “Already have one” as
reason.
This shows that supposed or actual inferiority of MNYL product do not have a
big hand in people selecting other policy over MNYL.

 Even those who don’t have policy would like to be our customer
A welcoming trend which means that there are chances of increased customer
base for MNYL.

45
Points against MNYL
 Unsolicited persons number high
 The respondents unsolicited by MNYL advisors is still high, a point which is
not in the favor of a new company.

 MNYL regarded as “average” by most number of people.


 Most of the people have put MNYL in 3-4 category which means that it is
being viewed as an average company by the people.

 Group policy does not has many customers


 Group policy provided by MNYL is neither popular nor is taken by a “good”
number of people. Steps should be taken in this regard.

 Individual Attention is not given to everybody.


 Lack of individual attention is cited as one of the reasons mentioned by many
of the people.

 People are unaware about special feature of MNYL


 People both policyholders and non-policyholders do not have much
information about the special features of MNYL, which essentially demarcates
MNYL from other companies.

 Those who don’t have our policy majority ranked MNYL lower than
competitor.
 People who do not have our policy have rated MNYL lower than other
competitors.

46
Conclusion
MNYL has market penetration and awareness about it is high in the market.
But it can take following steps to even better itself:

 Increase number of people solicited by MNYL


o Since MNYL is a new company it should strive to increase its
solicitation rate.

 Create awareness in people about high quality standards which MNYL


possess.
o People should be made aware of the high quality standards adopted by
the MNYL, especially that the fact that it is the only company
authorized by IRDA to have in-house training for aspiring advisors.

 Popularize Group Policy.


o Group policy must be advertised as awareness about it is quite less
among people.

 Give personal attention to customer.


o Personal attention must be provided to all as it is cited as one of the
deficiencies of MNYL.

 Advertise about MNYL special feature.


o MNYL special features should be well advertised to ensure that people
know what set MNYL apart from its competitors.

 Bank upon those people who might take MNYL policy.


o MNYL should ensure that those who have shown willingness towards
taking its policy should be contacted and banked upon.

47
Bibliography

Source for Primary Data

 Respondents – 80
 Guidance from project guide with regard to formation of Questionnaire

Source of Secondary Data

 www.maxnewyorllife.com
 Inputs form Mr. Sanjeev Pathak

48
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