Max New York Life Insurance and Life Insurance Corporation in India - Research Paper Example

 Max New York Life Insurance and Life Insurance Corporation in India Findings and Analysis The comparative analysis contains both primary and secondary data analysis. This section contains the primary findings and analysis whereas the next section gives more of a secondary data research. In total two hundred Indian individuals have been surveyed for this research. That means the sample size of the consumers is 200. The questions, which were being asked to the investors directly or indirectly, were indicated to understand the preferences they have when insurance investing is concerned. Also fifty fund advisors each from both the companies (Life Insurance Corporation & Max New York Life Insurance) were interviewed to get a better view about the consumer perception. The individuals those we have approached ranged from 27 years to about 60 years. The pie chart below shows the age wise distribution of the investor’s age group. From this analysis we can see that most of the investors fall in the category of age group between thirty years to fifty years. This data actually reflects the population distribution of India as most of the Indian professionals now fall within this age category. The next parameter, which we worked on, is that whether these individuals are aware of Insurance products and whether they have invested in one of them. The results show that about eighty seven percent (i.e. about a hundred and seventy four individuals) of the surveyed individuals have already invested in at least one Insurance product. An idea about the income level was also necessary for the study as the comparative analysis must reveal investors of which income group prefers which type of policies. The following pie chart shows the clear segments of income level. Most of the individual who were approached fall within the income range of Rs 2 lacks per annum to about Rs 5 lacks per annum. After this the next thing which was required to be found out is that how many family members that the investor that the person have. This is an important factor as many insurance companies are now designing new products for various members of the family. The product range being so wide for the major players this study was very essential. The following pie shows the results. Here from this result we could observe that most of the individuals have at least three members in their family. So that means the possibility of penetration is there for the insurance companies for the reason that several products are designed focusing mainly children, senior citizens and even housewives. The next vital parameter for the study was to find out that how many plans now the individuals have currently invested in. This study is directly linked to the previous study as for number of family members the individual have it is likely that more insurance policy his or her family is holding right now. The bar graph below shows three main categories where the individuals have one, two or more than two plans already in their investment portfolio. Surprisingly enough we can see that most of the investors have at least two policies they have already invested in. This means the companies, which have large product variation, have a greater advantage and with a huge population, which reflects, similar desires and income level there a huge market that can be explored as people are investing in insurance products for more than one purpose now. The question, which was being asked, was more specific in nature. The investors were asked when it comes to life plan policies which brand do they mostly prefer and why. This question revealed two important parameters. Firstly which brand is the market leader when it comes to Life insurance plans and secondly it will reveal the reason that why they have chosen that brand? The first bar graph shows the comparison between LIC and Max New York when it comes to Life plans. The results show that though LIC holds a firm position upward, but Max New York is a close competition in this segment. Now the next bar graph will give us the results of the reasons for investing in their chosen brand’s policy. This graph actually gives more specific answer to the question asked about. As we have already seen that LIC holds a dominant position when Life insurance plans are concerned but the major factor, which pulled the market for the company, was that there was no other brand when the investor invested in that product. The set of parameters on which we compared are related to more of newer plans where both the companies operate. The next question, which was being asked to the investor, is that when it comes to Health plan which brand do they prefer. The following bar graphs shows the comparison between the above three categories. From the analysis we can observe that Max New York life insurance is definitely penetrated the market when it comes to health insurance whereas on the other hand LIC India falls far below. The next level of comparison was made in the category of Unit linked Insurance plans. In the current market scenario investors not only look for protection or securing their funds when they are investing in any Insurance policy but side by side they also seek higher returns and such policies are designed to ensure such returns to the investors. The following bar graph shows the comparison among the different insurance companies when it comes to ULIP plans. Here also we can see that Max enjoys a firm position in the market when compared to even other Insurance companies. This leadership is definitely due to the fact that these products are better designed as most of the investors agreed on that fact. The next level of findings is more related to the fund advisors of the two companies which are being compared. The fund advisors were interviewed to tap the current demand of the products in the market and how the two companies performing when their marketing capabilities are concerned. We have approached about 50 advisors from both the companies. The first question that was being asked to both sets of advisors was that how many policies do they generally sale for their individual companies. The bar graph below shows the distribution. From the advisors interview we can see that when it comes to selling the policies, advisors of Max New York are definitely ahead as most of them are selling three to four policies in a month while few are claiming to have sold more than four policies in a particular month. Whereas in the case of LIC advisors, the average sales figure revolves between two to three policies in a month. The next level of question that was being asked to both sets of advisors is that what age group they generally target while selling their product. The following bar graph shows the observed results. This result reveals the marketing policy and the brand penetration power of the two companies distinctly. When Max New York is focusing on the age group between twenty to thirty LIC advisors are focusing on people of age group who are more accustomed to their brand. The last question also gives a clear indication about the marketing policies of the two companies. LIC definitely focuses on their main product, which constitutes the Life plan where as only twelve percent of the times sales person of Max New York focuses on that plan. But when the other categories are compared Max New York has distinct and focused marketing policy. Comparative Analysis Values The existence of Max New York Life Insurance (MNYLI) in the Indian market scenario was basically pushed up leading to a joint venture with Max India Ltd. and New York Life International. A Fortune 100 company, MNYLI, entered the market of India with the vision to be one of the most admired life insurance companies within the country. In developing its market the company focused on the core corporate values namely, excellence, knowledge and integrity. Its core focus on various marketing strategies aimed towards attaining the position among top quartile insurance businesses, among the most favorable brand, to be the first choice for the employees, a prime and significant choice for the agents and above all, being a national leader. (Assignment on Insurance Sector, 2009) For more than 50 years, the only insurance business of India, LIC had been reigning. If IRDA had passed a bill in the year 1999, then LIC would still be enjoying a monopoly market. This bill primarily paved the way for new entries into the insurance market. The market of insurance was almost at an abysmal status with 22% of insurable population. But the company came out with the objective to spread the concept of insurance in the rural areas that were socially and economically backward. It also theorized on providing adequate financial coverage to a larger section of insurable persons within the country almost at a reasonable rate. Strategies were followed in order to maximize the savings of the people by linking the savings with insurance that looked adequately attractive for investment purpose. With the motive to fulfill life insurance needs of the community, the company aims at changing the social and economic environment. Employees and agents were given importance and the company grew in them the pride to participate in order to co-operate the customer services with due dedication. (Life Insurance Corporation of India: Future prospects, 2002) Market Capitalization It is very often found within the insurance industry that marketing strategies mostly fail to deliver the requirements in spite of hard work that were done to get hold of the huge customer base. The reason simply lies in the fact that business within the insurance industry is mainly shouldered by the roles played by agents. Agents try simply to copy their peers and very soon the other agents in the market are exercising this very strategy too. Such marketing strategies ultimately lead further only to confuse the customers. This dilutes the most applicable processes and does not generate leads at all. In this context, Max New York Life has been able to gather both strength and experience to market its products in India. With the experience of New York Life, which is regarded as the biggest, and the strongest among the insurance companies in the world have total assets under management of $250 billion. For a long period 164 years the company has been able to generate businesses only because their sheer marketing strategies those were able to generate businesses and also expand their present existence. Such a huge amount of expertise for a longer period has come up as a boon to the Indian company Max India Ltd. In addition to this, New York Life has the best ratings in the insurance industry. It has been rated AA+ by Standard & Poor, Moody (Aa1), Fitch (AAA) and A.M. Best (AA+). The credit rating agency Moody stated with respect to the ratings for the company that such ratings for the insurance company reflected its soundness in the power of market capitalization, sufficient liquidity level and best quality portfolio investment. Therefore it is evident that for an insurance company with such higher ratings to easily get hold of the market opportunities. (Assignment on Insurance Sector, 2009) After reigning for a long period of 53 years, LIC to certain extent have been able to generate its businesses through expansion plans and agent recruitments. With more than 10,02,149 agents working round the country in 2048 branches, the insurance market for the company to some extent grown bigger. There are about 100 divisional offices and zonal offices counted to 8. The company is headquartered in Mumbai. It was indeed felt among various theorists that until the time of liberalization, LIC could not establish or one can say they did not have certain guidelines needed to chalk out various marketing strategies. These strategies are required to grab better market opportunities. It is almost evident to other insurance companies and the common people that for a long period of time the company had enjoyed a monopoly in the market with very few players that had no national recognition. Hence it is significant from the fact that there was less competition or with no actual competitors in the insurance market to play against. Therefore stress on marketing was out of the company’s business oriented minds. But if we look into the company’s expansion plans we would certainly be acquainted with both its rural and urban focus. It has indeed been able to build up an enviable position for other players in the Indian insurance market. It has been able to grab a substantial customer preference initially because of its tax concessions. However, in spite of getting better customer acceptance, the company failed to hold the ground strong by availing the opportunities that were underway. It failed to establish a focused customer service on the policies. Fund Strategy Within India the company has long been eyeing towards further strengthening and maintaining sustainability of its investment arm. This is certainly reflected as the growth strategy for the company. For better development and marketing their products comprising of ULIP and other traditional products, the company has taken up steps to intensify its investment arena. The company had been focusing on improving the respective positions of the analysts and fund managers. More addition of analysts and fund managers are what the company is trying to focus on. In a volatile equity market scenario during 2008, the company’s Growth Super Fund had been able to generate ROI of 20.2%. During that period the Growth Super Fund performed extremely well. The markets of CNX 500 and BSE Sensex saw a growth of 11.11% and 12.86% respectively. The Growth Super Fund was developed in such a way that the scheme held mandatory for a minimum investment of 70% in the equity and further led it to 100% while the rest was required to be investment in debt and cash instruments. (Assignment on Insurance Sector, 2009) With the private sectors, today, dominating most of the market with their Unit Linked policies, LIC did not lack far behind. It has also started experimenting with Unit plans and would continue in their major role-play in the insurance market. The government in order to secure new business ventures felt the need to extend the workings of LIC in various parts of the country. But however, political characteristics coincided with business dealings and finally growth of expansion was not observed as it was expected to be. It is observed in one of their marketing strategies that LIC signed up with two broking firms in order to market their goods. It is indeed the fact with the oldest Indian insurance company that most of the world’s best insurance companies signs up Memorandum of Understanding (MoU) with the company in order to enter the market of India. In 2008, a Japanese company, Nomura, in the financial services sector, signed up with LIC in order to explore the market possibilities. This agreement has been seen as a step for the Japanese company, Nomura, to acquire stock in the Indian company’s asset management. Again in the same year, the company saw a possible signing up of agreement with the GE money. It was initiated with the intention that LIC holding up to 40% would be able to establish a new company of credit cards with GE Money (35%), Corporation Bank (5%), LIC Housing Finance (4%) and its Mutual fund venture of asset management holding 2%. (1) The deal though not sanctioned during the year but the project is supposed to be on. Such strategic partnerships give an edge to the companies to have a competitive advantage over its rivals. Moreover such dealings enhance global market presence of the company. The company also in the process gets the opportunity to be among technical know-how team and get a glimpse of it. (Sharma, 2008) Products When strategies in order to attract more customers, fail and simultaneously theories fail deliver certain characteristics to the profitability of the firm then in that case development of the products becomes an important factor for market development. There creates a need to develop innovative and customer centric products. Development of those products would focus the needs of the customers in a more flexible way. Max New York Life brings customized products that would suffice the investment needs of the customers. With more than 30 life insurance products coupled with 8 riders gives enough option for the customers to choose from a range of insurance products. Max Life with its protection plans aims to care for the customers’ smooth living of life. The motive behind introduction of such type of plans is mainly to let customers aware of the disruptions that might be caused due to various market elements. The company promises to well being of the customers in the longer run. These products are aimed at maximum life cover at minimum cost. (Annual Report, 2008) Products that are renewable within the five years allow customers to enjoy lower cost benefits within the tenure of five years. Moreover the company stresses that on investing on such plans a customer can be able to plan his future requirements and his family requirements. These Five Year Renewable and Convertible Term Insurance plans are said to be convertible at any moment of time into permanent life insurance policies from MNYL. This gives an edge to the customers to increase their level of savings in times of extra responsibilities like that of marriage and childbirth. The company in its strategy to develop the market had long been targeting the chief member of the family. The head of the family had added responsibilities over his head. Hence, the company through the launch of its Level Term plans attracts customers towards cost-effective reduction of hardships at the time of uncertain death of a family member. To attract customers the company outlined in the plan that if in case there occurs an event of such nature then the nominee would be given a sum that equals to the assured amount. (Assignment on Insurance Sector, 2009) The company even brought out products that had insurance cover till the age of 100. It was released to give total security to the customer. The Whole Life Plan seeks to provide guarantee for life. It was meant to have control over some of the unpleasant uncertainties that might occur in the course of life. The plan offers value for cash, which can be used in times of those uncertain events. Customers would also naturally be attracted to such policies as they offer dual benefits. Dual benefits suggests towards protection as well as providing potentially higher amount of returns. To attract customers for their children’s marriage, higher education or buying of a house, paying off housing loans or creation of funds for the time of retirement, the company came out with 20-year endowment plan. The plan is said to save money. At the time of maturity the plan offer customers with an assured sum of money and also accumulated bonuses that the particular plan achieves. In addition the plan, on unfortunate death, offers an assured amount plus insurance coverage that were bought from the bonuses during the first five years and finally doubles the particular amount in the later periods. Rider options are also attached with the plans in order to make customers eligible for further bonuses and illness benefits. With their exclusive tailored products made to suit varied lifestyles, budget and other needs related to insurance, the company sought to offers a range of strategic products. These products were basically formulated in order to provide sufficient importance to the core values, long-term vision and plans and social responsibility. Having a class distribution model already set up, the company framed its business distribution channels with major thrust on further growth of business. In the process it has gained its position in the bancassurance markets. The Capital builder plan is one such bancassurance product for the company. The plan is a hassle free one with cent percent availability of equity exposure and can be able to attract a wide range of customers up to the age of 75. Investors with less savings criteria would find the policy to be ideal one. Investors would further be benefited by the plan as it offers them the opportunity to choose among the government securities, equities, Corporate Bonds or Money market instruments. Strategical alliances, partnerships and distribution channels have greatly benefited the company in the longer run. Bancassurance practices with the help of employed sales force accompanied by multi-channel distribution process helped the company to expand its market presence. Currently the company has 33 banc assurance relationships, 14 corporate tie-ups and direct to customer sales in more than 20 locations. Moreover it was cited that the company had been using a spoke model and had set up a unique hub for rural penetration. The company has built up certain area specific hubs in order to track the market of those areas. Such strategies have certainly helped the company to gather profits. This has been evident from the fact that its insurance sales rose up to a robust 55% during 2008. (Life Insurance Corporation of India: Future prospects, 2002) With more than 10 lakh agents the company is sure to have large distribution channel all over the country. The marketing personnel recruited by the company for its branches were designated as ‘Development Officers’. The companies in order to know buyers’ needs and requirements and accordingly produce products meant for the customers formulate such distribution strategies. The agents are recruited in order to know the customer requirements as they mainly deal directly with customer sales. Specialization in the distribution channel network helps to know the buyer needs in terms of product information, final installation and after sales service. The agents are trained and employed with fixed remunerations. But this type of network distribution was not enough for the company as the company had to pay off dividends, and commissions twice in a year. This venture proved to be unprofitable for the company in the longer-run. Along with the agents, the company too gave the development officers bonuses and incentive. However, problem persisted since retention of agents and development officers became a core problem with the company. Proper distribution enables the companies to get hold of the saturation coverage in the market. Availability of sufficient outlets proves helpful for the companies to take strategic decisions so that they can leap forward on a larger dimension. Now-a-days the company has a wide variety of products available for acceptance. In such an intensive distribution system a customer of LIC is now presented a wide range of products almost similar to one another in terms of its features. (Insurance Marketing, n.d) LIC constitutes a wide range of customer centric plans and products made to obtain optimum level of insurance benefit for the customers. The plans generally comprised of the insurance plans, pension plans, unit plans, special plans, etc. As the needs of the individuals differed greatly and the requirements are also different, therefore the schemes and policies are designed to meet those particular requirements. The insurance plans constitutes of children plans, plans for handicapped dependents, endowment assurance plans, plans for HNIs, money-back plans, special money-back plans for women, whole life plans, term assurance plans and joint life plan. The children plans were mainly developed to the target the educational needs of the children. The plan is supposed to be taken by the child or his or her parents. It also carries with itself a pre-assured amount of certain benefits that would be paid at the time of maturity. One such example of children plans can be cited as ‘Jeevan Anurag’. The Jeevan Anurag plan assures 20% benefit to the customers during the period of their last three years of maturity. The death benefit that is offered by the company over the plan states that payment that is desired to be paid by the company on the plan would generally be a total sum that is equal the sum as stated under the plan. The insurance plans that are meant for the handicapped persons those in order satisfy Section 80DDA. The benefits that are offered under the policy is that the person gets an insurance cover over his lifetime in the form of lump sum amount and/or in the form of annuity. The company has developed the product ‘Jeevan Aadhar’ for the handicapped. The endowment assurance plan is featured with moderate premiums, high bonuses, high liquidity and ultimately savings oriented plan. Not only does the policy makes provisions for the members of the family of that of the Life Assured during happening of his early death but also promotes for the receipt of benefit at a particular age. The company while formulating the product aimed to provide endowment assurance to people of all ages and social groups. People who are interested to protect their own families and him-self from a major financial setback might take up such plans. The company in order to get hold of the high net worth individuals within the country had tried to target those with their exclusive plans. The Jeevan Shree-I nd Jeevan Pramukh are the two policies they had launched. The nature of these plans is similar to that of endowment plans that offer conveniences in terms of premium payments. The plan is supported by financial protection over death that lasts for the period of the term of the plan. The company has stated the premium payments for the plans on a yearly, half-yearly, quarterly basis. It can also be so that the respective policyholder can pay off his or her premium through deduction of his salary. The first 5 years of the policy would yield an addition of almost a dollar to per thousand of the total sum assured. LIC in many occasions have been able to generate business from its innovative insurance plans set for the customers. Currently money back policies are the ones that are highly in demand by the market. The company had formulated various options in terms of their money back plans. The money back plans comprise of 6 more attractive plans that hold customer attraction. The related plans are – money back policy (20 years), the money back policy (25 years), Jeevan Surabhi (15 years), Jeevan Surabhi (20 years), Jeevan Surabhi (25 years) and the Bima Bachat. Unlike the other endowment policies that are formulated by the company where the benefits of survival are only available at the end of endowment period, these policies are especially designed to gain customer notice in a better way. According to the policies, the survival benefits are to be passed on to the policyholder during his or her course of policy. The underlying fact is that the benefits are to be distributed by the company till the policyholder is alive. The most significant part of these types of policies is that during the event that has occurred relating to death and also within the policy period, the claim attached to death constitutes the full sum that had been assured by the company and that simply without deduction of any of the benefits that had already been paid. The bonus that is given by the company is calculated on the full amount assured. It has been significant in the development of the plans and policies that innovations have been largely underway. The company even thought of products that are mainly devised to develop an estate for those who remain on behalf of the policyholder after his death. In the process it brought out products like the whole life policy, the whole life policy- Limited payment, the whole life policy- single premium, Jeevan Anand and Jeevan Tarang. These plans benefit the customers by paying them the assured sum along with their bonuses on the event of death of the policyholder. It is certainly interesting for a company to provide assured benefits to its policyholders that on maturity. In a country like India this remains a challenge for the insurance companies where longevity of people is very much increased. The policy has premiums that required to be paid till the age of 80 years of age for the policyholder or might also be the case that the total term should account to 35 years. These policies are ideal for family provisioning since it gives the option to the individual to get assured and pay off the premiums during the most productive and vigorous years of a particular life. The company by launching such products has in other ways lessened the burden of paying the premiums during the later part of their life. (Insurance Plans, 2009) Recent Developments For the India’s biggest insurance company, problems began to take shape as the company had to face several employees and agents within the network with no fruitful contribution. This had become a headache for the top-level management. It has off late decided to sack several of its agents those bear three consecutive years of non-performance record. To regain the lost market share LIC however decided not to sack its agents. The current figure of agents numbering to 14 lakhs approximately, the company has been eyeing to increase its agent-force by another 20% by the next fiscal. In the light of development the corporation had been able to regain its market position by around 10% during the first quarter of 2009-10. The next five years would see the company maximizing its labor force almost to double. As part of their marketing strategies LIC has further opened up direct marketing channel wherein any of their customers can be able to pay their premium. The company chooses senior business associates as their development officers, which in total numbers to around 24,000. Also steps are taken by the company to appoint agents and executives on fixed salary basis in the direction of customer sales line. This has been seen as a strategy by the company to tap the high-end customers who never bother to come to the office but is in terms interested to buy products from LIC. These executives would be dealing directly with those sections of customers and in the process collect the premium at their doorstep. (Das, 2009) In the context of Max New York Life, the company has taken several of its marketing strategies in order to attract the Indian customers. In the most appealing part of their marketing and advertising campaigns the company had appointed Mr. Amitabh Bachchan for advertising of their product. The company has appointed the celebrity for their brand product Max Vijay. The first quarter has seen good developments for the company. A single state result of Uttar Pradesh during 2008 has given the company with 122% growth, which indirectly added 9% to the total income of the group. The brand is declared as one of the India’s leading insurance company and has been awarded the strongest consumer brand status. This particular brand was selected among a wide range of selection processes. Around 60,000 customers participated in the online survey conducted by the Superbrands Council. Amidst economic recession the company had taken up projects to develop strategies in order to market their ‘Max New York Life Unit Builder’ product. The company launched the product hinting towards assured income even in times of market volatility. The product has been specially designed by the company for the distribution partnerships and bancassurance channels and would be available across states with the help of their distribution and channel partners Peerless and Yes bank. (News, 2009) From the findings of the primary survey we can say that both Max New York and LIC have distinct marketing policy but when it comes to market penetration Max New York with its product offering is currently holding a more dominant position. The company, Max New York has a focused view towards the market as they are targeting those individual who has the ideal age group and as well as the income group and establishing a relationship with them will ensure the companies growth and prosperity. These individuals are more likely to invest for a longer period of time. Also when it comes to product range Max New York makes similar kind of offering like LIC. Though in Life plans LIC still is the market leader but Max can be considered as a near competitor. But the reason for such dominance is the difference in the number of years of operation. LIC is operating for a greater number of years, so it has more individuals under it in the life plan segment. But being a new entrant Max New York has already surpassed the competitor in segments such as Health plans, ULIP etc. Thus it can be said that with a focused sales force and concentrated marketing policy, Max New York can hold the maximum number of policyholders under their name in every department of the Indian market. Appendix I. Questionnaire for Consumers 1. Name: _____________________________________________________ 2. Age Group: a. 20-30 __________ b. 30-40 __________ c. 40-50 __________ d. above 50 __________ 3. Occupation: ___________________________ 4. Income Range: a. Less than 1 Lack per anum _________ b. 1-2 Lacks per anum ____________ c. 2-5 Lacks per anum __________ d. More than 5 lacks ___________ 5. Number of family members: a. 1 __________ b. 2_________ c. 3_________ d. More than 3_________ 6. Do you have any Insurance Policy? a. Yes______ b. No___ 7. If yes which are the companies are you now associated with? _______________________________________________ 8. How many Insurance Policies do you have? a. 1__________ b. 2 __________ c. More than 2________ 9. When it comes to Life plan which company do u prefer? a. LIC b. MaxNewYork c. Others 10. What is the reason for choosing the firm? a. Brand Recognition__________ b. The Plan was better ___________- c. There was no other firm at that time ______________ d. Trustworthiness______________ 11. When it comes to the Health Plans which company do you prefer? a. LIC b. MaxNewYork c. Others 12. When it comes to ULIP plan which Brand do you prefer? a. LIC b. MaxNewYork c. Others. 13. According to you, policies of which company more suits people of your age group? a. LIC b. MaxNewYork c. Others 14. Why do you Invest in Insurance products?(You can tick in more than one option). a. To avoid uncertain future b. To save money for children c. To ensure steady flow of income after retirement d. To gain high returns 15. How will you rate the service provided by your Insurance firm? a. excellent b. good c. fair d. not up to the mark. II. Questionnaire for Advisors. 1. Name:______________________ 2. Company working for: _______________ 3. Number of years with the company__________________- 4. Geographical area of operation:_____________________ 5. How do you approach the customer? a. By cold calling __________ b. From company’s Data base ____________ c. Other referrals _____________ 6. In average how many policies do you sell in a month? a. 2 policies b. 3 policies c. 4 policies d. More than 4 policies 7. Generally people of which age group do you target? a. Between 20-30 years b. Between 30-40 years c. Between 40-50 years d. Above 50 years 8. Generally people of which Income group do you target for selling your policies? a. Less than 1 Lack per anum _________ b. 1-2 Lacks per anum ____________ c. 2-5 Lacks per anum __________ d. More than 5 lacks 9. People from which occupation group do you target? a. Teacher/Professors b. managers of different companies c. businessman d. Retired individuals 10. Which of the policies do you focus more on? a. Life Plan b. Health Plan c. children plan d. ULIP e. Retirement plan. References 1. Sharma, A. (2008). LIC-GE Money MoU for credit cards lapses. Rupee Times. Retrieved from: http://www.rupeetimes.com/news/credit_cards/licge_money_mou_for_credit_cards_lapses_1460.html (Accessed on September 3, 2009). 2. Life Insurance Corporation of India: Future prospects, 2002. ICMR. Retrieved from: http://www.icmrindia.org/casestudies/catalogue/Business%20Strategy2/BSTR110.htm (Accessed on September 3, 2009). 3. Das, K. (2009). LIC not to sack non-performing agents for first three years. Retrieved from: http://in.biz.yahoo.com/090811/203/bau0sr.html(Accessed on September 3, 2009). 4. Insurance Plans, 2009. Company Website. Retrieved from: http://www.licindia.com/individual_plans.htm(Accessed on September 3, 2009). 5. Annual Report, 2008. Built for Times Like These. Retrieved from: http://www.newyorklife.com/newyorklife.com/General/FileLink/Static%20Files/New%20York%20Life%20Insurance%20Company%202008%20Annual%20Report.pdf (Accessed on September 3, 2009). 6. LIC urged to change strategy to face private competition, 2006. The Hindu. Retrieved from: http://www.thehindu.com/2006/09/02/stories/2006090215300300.htm (Accessed on September 3, 2009). 7. Insurance Marketing, n.d. Articles. Retrieved from: http://www.novinite.com/finart/insurance/insurance_marketing.html (Accessed on September 3, 2009). 8. Pasha, A. (2003). Insurance sector to drive Indian CRM Market. Retrieved from: http://www.expresscomputeronline.com/20040216/indiatrends02.shtml (Accessed on September 3, 2009). 9. News (2009). Max New York Life. Company Website. Retrieved from: http://www.maxnewyorklife.com/about_us/AllNews.aspx?PINews=0 (Accessed on September 3, 2009). 10. Assignment on Insurance Sector (2009). Lioyd’s Club House. Max New York Life. Retrieved from: http://www.scribd.com/doc/11840580/Max-NewYork-Life (Accessed on September 3, 2009). 11. Palande, P. S., Shah, R. and Lunawat, M. (2004). Insurance in India: changing policies and emerging opportunities. USA: SAGE. 12. Kumar, D. and Singh, R. (2005). India insurance report. Allied Publishers. Read More