Met Life

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Report on industrial visit :- MetLife India insurance co. Ltd. Date: 16/01/2010

* Introduction of metlife:
1. MetLife, Inc. is a leading global provider of insurance, annuities and employee benefit programs, serving 90 million customers. 2. Through its subsidiaries and affiliates, MetLife holds leading market positions in the United States, Japan, Latin America, Asia Pacific, Europe and the Middle East. For more information 3. MetLife India Insurance Company Limited (MetLife) operates in India since 2001. 4. MetLife headquartered is in Bangalore and corporate office in Gurgaon 5. This is one of the fastest growing life insurance companies in the country. 6. It serves its customers by offering a range of innovative products to individuals and group customers through an Agency force of over 30,000 financial advisors, 4 Bank partners across retail and group business and Broker network. 7. MetLife has an Employee Benefits business with over 800 corporates. * Partners of MetLife:

As metlife is an foreign company, it needs 74% Indian stakeholders
* Organizational structure of Metlife at branch level:-
Branch manager

Sales Training Operation manager Dept. manager Advisor Advisor

* Observations:

1. There were many motivational thoughts charts in MetLife nashik branch to motivate the agents or advisors as getting customers is not so easy 2. Periodical Performance chart, target chart, board of employees designation were also there 3. HR manager tries to motivate employees by many activities like best performance award. 4. There were no as such departments. Main department was sales management. 5. Insurance agent can work part time also with there own jobs. 6. Insurance agent is the best job for students to get job experience along with their studies.

* Learning at MetLife:

1. Insurance:
* Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for payment. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss * Insurance allows individuals, businesses and other entities to protect themselves against significant potential losses and financial hardship at a reasonably affordable rate. We say "significant" because if the potential loss is small, then it doesn't make sense to pay a premium to protect against the loss. 2. There are mainly 2 types of insurance:

1. Life insurance
2. Non life insurance
* Life insurance: A protection against the loss of income that would result if the insured passed away. The named beneficiary receives the proceeds and is thereby safeguarded from the financial impact of the death of the insured. * Non life insurance: All insurance other than life insurance comes under non-life insurance. E.g medical insurance, vehical insurance, etc 3. Again there are 2 types of life insurance:

* Traditional plan:
These are the oldest types of insurance plans available. These plans cater to customers with a low risk appetite. Some of the common features of traditional plans are:  
1. Steady Investment
* Major chunk of investible funds are in debt instruments. * Steady and almost assured returns over the long term. 2. Features
* Death benefit is Sum Assured + guaranteed & vested bonus. * Helps in asset creation as they are for a long tenure. * Premium to Sum Assured ratios are fixed for each plan and age. * Generally withdrawals are not allowed before maturity.

* ULIP:- (Unit Linked Insurance Plans)
* ULIPs, or Unit Linked Insurance Plans, have gained high acceptance due to the attractive features they offer. Benefits include...
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