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
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
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)
OBJECTIVES

 To study the various Policies and Plans

of Max New York Life Insurance.
 To study how Bancassurance is helpful
in the company Max New York Life
Insurance.
 To enhance my knowledge about
Training and development.
 To enhance skills how to increase Sales
RESEARCH METHODOLOGY

Data Source: primary as well as

secondary .
Sample Design:
Sample Unit : 100
Time Frame: 45 days
 Research Tool: Questionnaire
DATA ANALYSIS
Are you aware of Bancassurance?
Have you taken an Insurance Policy
from your Bank?
The Kind of Insurance Policy taken
from The Bank
Reasons for Taking an Insurance Policy
On your choice which Mode of
Insurance Distribution Channel
Would You Prefer To Buy The Policy
From?
Which Bank or Insurance Company do
you Feel Would Excel In
Bancaasurance? Rate Them
Accordingly
Do You Think Bancassurance Has A
Good Future?
FINDINGS

customers have a lot of trust on the banks

leading with several companies’
a large population who is still unaware
about insurance
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
I have experienced a lot during the
preparation of the project. I had just a
simple idea about Bancassurance. But
after a detailed research in this topic I
have found how important bancassurance
can be for bankers, insurers as well as the
customers
SUGGESTIONS

companies need to design products

specifically for distributing through
banks.
Proper training of the employees who are
selling policies.
A formal and standard agreement between
these banks and the insurance companies
should be taken up and drafted by a
national regulatory body.
LIMITATIONS

As stipend, money was not given it was

difficult to continue the project work. 
The area of research was Dehradun and it
was too vast an area to cover within 45
days.
Less availability of time limit.
Some of the customers were unwilling to
fill the questionnaires.
Information was confidential.
BIBLIOGRAPY
WEBSITE REFERRED:
www.maxnewyorklife.com
www.wikipedia.org
 www.thehindubusinessline.com
 www.google.com
 ANNEXURE
 Are you aware of Bancassurance?
 
Yes / No
 
Have you taken an Insurance Policy from your Bank?
 
Yes / No
 
The Kind of Insurance Policy taken from The Bank?
 
Deposit based
Loan based
Life insurance
Other
 
Reasons for Taking an Insurance Policy?
 Security
Savings
Brand image of bank
Brand image of insurance
 
 
On your choice which Mode of Insurance Distribution Channel Would You Prefer To Buy the
Policy From?
 
(a)Insurance companies
Banks
Brokers
Agents
 
Which Bank or Insurance Company do you Feel Would Excel In Bancaasurance? RateThem
Accordingly.
 
Public sector banks
Private sector banks
Foreign banks
 
Do You Think Bancassurance Has A Good Future?
 
(a) Yes
(b) No
THANK YOU