Professional Documents
Culture Documents
PROJECT REPORT
ON
MAX LIFE INSURANCS
SUBMITTED BY:
VIPUL
BBA (Gen)
SUBMITTED TO:
MR AMIT GUPTA
COURSE CORDINATOR OF BBA (Gen)
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
Last but not least my greatest gratitude to the almighty and my parents, without their
support this dream would have remained dream
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CERTIFICATION
AMIT GUPTA
3
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
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Index
1. Overview 1
2. Acknowledgement 2
Individual Insurance
Group Policy
Saving Policy
Retirement Policy
Children Policy
6. Research Methodology 37
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.
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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
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
Be a national player
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Products offered
Individual Insurance
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:
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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.
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 –
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).
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.
Cash Bonuses: You can use your bonuses in the following ways:
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
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).
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.
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 –
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).
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.
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
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Group Term Insurance 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.
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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.
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:
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
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Saving
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).
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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.
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 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:
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.
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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.
In case you do not want either of the above, you can choose to take the cash value by
cheque.
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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.
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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).
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.
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 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).
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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.
In case you do not want either of the above, you can choose to take the cash value by
cheque.
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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:
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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).
KEY BENEFITS
On death of the life insured: Sum Assured plus accrued bonuses plus
terminal bonus (if any).
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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).
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.
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.
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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.
KEY BENEFITS
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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).
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.
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.
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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
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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).
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.
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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
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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
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Knowledge about MNYL
Yes No
yes
30%
no
70%
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4. Do you have a policy of MNYL?
a. Yes
b. No
Policyholde
r
No
Yes
Kind of Policy
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Rating
0--1
1--2
4--5
2--3
3--4
Yes
No
Product popularity
Yes
No
Better service
Individual attention
Claim settlement
Superior products
Feature
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Advisor presentation
Friend’s advice
Your own judgement
Advisor
Friend
own judgement
Yes
No
35%
Yes
No
65%
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1. Why did you not take MNYL policy?
Yes
No
Can’t say
Analysis of Data
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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.
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.
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.
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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.
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.
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Conclusion
MNYL has market penetration and awareness about it is high in the market.
But it can take following steps to even better itself:
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Bibliography
Respondents – 80
Guidance from project guide with regard to formation of Questionnaire
www.maxnewyorllife.com
Inputs form Mr. Sanjeev Pathak
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