A Summer Internship Project

Report on
”CHANNEL SALELS AND
BANCASSURANCE DEVELOPMENT”
in
Max New York Life Insurance company

Submitted By:
Manu Singh
EXECUTIVE SUMMARY
Insurance has the maximum growth rate
of 70-80% while as FMCG sector has
maximum 12-15% of growth rate
Success story of good market share of any
organizations depends upon its
distribution channel 
 Agents the best way through which
policies and benefits of the company can
be explained to the customer
INTRODUCTION
The Bancassurance the partnership or
relationship between a bank and an insurance
company whereby the insurance company
uses the bank sales channel in order to sell
insurance products.
 Channel Sales is selling through others.

1.Distributors(pillar of channel
sales)
2.Retailors(customers,king of
market)
STUDY
The process of insurance related
transaction
Insurance related various terms
Work environment.
Different insurance plans
How to convince customers and convert
them into real customers
COMPANY PROFILE
History: Max New York Life Insurance
Company was incorporated in 2000 but
started commercial operation in 2001.It is
a joint venture between Max India
Limited, one of India's leading multi-
business corporations and New York Life
International, the international arm of
New York Life, a Fortune 100 company.
COMPANY PROFILE CONT…
Company vision: To be the most admired life
insurance company in Indicated commercial
operation in 2001. 
Mission:

* To become one of the top quartile life

Insurance companies in India.
* Be a national player.
* Be the brand of the first Choice.
* Be the Employer of the Choice.
* Become principal of choice for agents.
 AWARDS
MAX NEW YORK LIFE ENTERS “THE
GUINNESS BOOK OF WORLD RECORDS”.The
recognition was bestowed upon the company for
creating the ‘World’s largest umbrella’.on 14
August 2010 at Ishanya Mall in Pune.
 Awarded the Asia Insurance Industry ‘Innovation
of the Year’ Award 2009
 Among the top five most respected insurance
companies in India as per Businessworld 2004 &
2006 survey
PRODUCT AND PLANS
Protection Plans
*Five Yr Renewable & Convertible Plan
Children Plans
*Children's Endowment to 18 (Par) Plan
 Investment Plans
*Life Maker™ Premium Investment Plan
Retirement Plans

* Easy Life™ Retirement (Par) Plan

 PRODUCTS AND PLANS CONT…
Health Plans 
*LifeLine-Wellness™ Plan
Savings Plans

*Life Pay Money Back Plan

Group

* Group Gratuity cum Term Assurance

*Group Term Life
BECOMING AN AGENT

Qualifying Criteria
To join the Max New York Life family of agents, you must
meet essential criteria. 
Minimum Eligibility

Age – 18 years and above

Education – 12th Pass 
Skill Sets

Initiative and Enterprise

Hard work and Discipline
Persuasive powers
Perseverance
Relationship building
FINDING AND SUGGESTIONS

There is a large potential for insurance in India.

The entrance of private players will increase
the competition therefore privates have work
hard a lot
As seen from the survey that at present 70% of
the customer are having insurance policy out of
which 87.5% of the customer are planning for
new investments. So it can be a good potential
for the company and they should make an
attempt to trap these customers.
CONCLUSION
People are beginning to look beyond LIC for
their insurance needs and are willing to trust
private players with their hard earned money.
 People in general have been impressed by
the marketing and advertising campaigns of
insurance companies.
The general satisfaction levels among public
with regards to policy and agents still
requires improvement
BIBLIOGRAPY
WEBSITE REFERRED:
www.maxnewyorklife.com
www.wikipedia.org
 www.thehindubusinessline.com
 www.google.com
THANK YOU