Ishika Agarwal SIP Report

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SUMMER PROJECT REPORT ON INVESTMENT IN LIFE INSURANCE
A Project Report on
“A Study of Consumer behaviour towards Investment in

Life Insurance”
Carried out at
Submitted By
Ms. Ishika Agarwal
Roll no – 20191042
MBA (Finance)
Under the Guidance of

Mr. Love Sheravat
Chief Business Manager
PNB METLIFE
And
Dr. Siddharth Joshi
Professor S. Com
International School of Business & Media
In partial fulfilment of the requirements for the award of degree of

MASTERS IN BUSINESS ADMINISTRATION (MBA)
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CERTIFICATE
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DECLARATION
This is to certify that the present project is the outcome of my own efforts and my
indebtedness to other publications has been duly acknowledged at relevant places. It
has not been submitted in part or full for any other diploma or degree of any
university. I have taken proper care and shown utmost sincerity in completion of this
project. This project report is prepared in accordance with the guidelines issued by the
international School of Business & Media, Pune.
Date:
Place
Ishika Agarwal
20191042
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ACKNOWLEDGEMENT
I am neither a research expert nor a trend spotter; I am a management student with

foundation of management principles and theories, who is curious about various
sectors and its latest happenings. Internship is a period where a Management student
gets a glimpse of the industry and the corporate world. Such a crucial period requires
proper guidance; hence I would like to acknowledge the efforts of individuals who
have guided this project to become successful.
I sincerely feel the credit of this project cannot narrow down to one individual. This
work is an integrated effort of all those concerned, through whose cooperation and
guidance we could achieve its completion.
To begin with, I am obliged to my mentor, Mr. Love sehrawat, PNB METLIFE,
who allotted me this chance and without their guidance and constructive criticism this
report might have not been completed. It was a great learning experience as I got an
opportunity to learn the management aspects of business.
I would also like to thank Ms. Shalinee for sharing their pool of knowledge and
experience, which helped me a great deal in making use of the right resources for
successful completion of the project.
I would like to put forth my earnest thanks to my mentor, Prof.Siddharth Joshi,
whose invaluable knowledge, suggestions and guidance was of immense help and
support.
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Lastly, I would like to thanks to the ALMIGHTY and my parents for their moral and
financial support and my colleagues with whom I shared my day-to-day experiences
and received lots off suggestions that improved my work quality.
Miss Ishika Agarwal

Roll No – 20191042 PGDM
International School of Business & Media, Pune
EXECUTIVE SUMMARY:
PNB MetLife India Insurance Company Limited (PNB MetLife) is one of the
leading life insurance companies in India. PNB MetLife has as its
shareholders MetLife International Holdings LLC (MIHL), Punjab National
Bank Limited (PNB), Jammu & Kashmir Bank Limited (JKB), M. Pallonji and
Company Private Limited and other private investors, MIHL and PNB being
the majority shareholders. PNB MetLife has been present in India since
2001.
This report has been prepared for explaining the task carried out by me
during my internship period with The Capital Box. This is prepared using
the standard format that was designed by the Institution. The task was to
convince the customers to buy the policies from the company as a loss
protection even when they have other policies with them.
The methodology used by me to sell the insurance policies was based on

interaction with customers, their need and then advise them the suitable
product. The other major objective was to convince customers who were
having insurance policies with other competitors by highlighting the major
benefits of different policies in accordance with their requirement.
The task of selling two life insurance policies was given by the company
which was successfully completed by me within given time duration by the
company. The findings of study is customers are restricted towards
insurance policies.
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The learning’s of the project was that customers are slowly learning about
importance of the life insurance. Convincing power, objection handling was
the main learning from the task given to us which lead to discussion with
many potential customers.
TABLE OF CONTENTS:
Chapter Particular Page

No.
I) Declaration 3
ii) Acknowledgement 4
iii) Executive summary 5
Chapter 1 Industry and company profile 8-20
 1.1 Industry profile 8-13
 1.2 Company profile
14-20
Chapter 2 Project Overview 21-24

 Objectives 21
 Research methodology
22-23
 Scope of study
 Literature Review 24
25
Chapter 3 Data analysis and interpretations 26-35
 Impact of Covid on Insurance sector 27
 Analysis of data
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28-35
Chapter 4 Learnings 36-37
 Roles and responsibilities 36
 Learning outcomes
37
Chapter 5 Conclusions and recommendations 38
Chapter 6 Bibliography 39
CHAPTER-1
INDUSTRY AND COMPANY

PROFILE
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1.1 INDUSTRY
1.1.1 INTRODUCTION TO INSURANCE SECTOR
There are 57 insurance companies in India's insurance industry - 24 are in the life
insurance business, while 33 are non-life insurers. Among the life insurers, Life
Insurance Corporation of India (LIC) is the only public sector company. In the non-
life insurance segment, there are six public sector insurers . Apart from these, General
Insurance Corporation of India is the sole national re-insurer. Other stakeholders in the
Indian insurance market include agents (personal and corporate), brokers, surveyors
and health insurance agents.
Market share:
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Government policy of insuring the non insurers has gradually pushed the penetration
of insurance and has proliferated insurance schemes in the country. Gross premiums
by life insurance companies in India increased from 2.56 trillion (US $ 39.7 billion) to
7.31 trillion (US $ 94.7 billion) in FY12. During FY12 – FY20, premiums from new
business of life insurance companies in India grew at a CAGR of 15 percent to reach
2.13 trillion (US $ 37 billion) in FY20.
Overall penetration in India (premium as a percentage of GDP) reached 3.69 percent

in 2017, from 2.71 percent in 2001. The market share of private sector companies in
the non-life insurance market increased from 15 percent in FY04to 56 percent in FY
2021 (as of April 2020). Private players had a market share of 31.3 per cent in new
business in FY20 in the life insurance segment.
Investments and Recent Developments
some of the major investments and developments in the Indian insurance

sector are discussed as under:
 Since it's launch, Enrolments under the Pradhan Mantri Suraksha Bima Yojana
(PMSBY) has reached 154.7 million untill December 2019
 In FY20, Pradhan Mantri Fasal Bima Yojana (PMFBY) has benefitted over 53.8
billion farmers
 In April 2020, 29 per cent stake in Max Life Insurance was acquired by Axis
bank
 Competition Commission of India (CCI) approved acquisition of shares in SBI
General Insurance by Napean Opportunities LLP and Honey Wheat in
September 2019
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Government innitatives:
Major steps taken by Government of India to boost the insurance

industry are as under:
 In per Union Budget 2019-20, 100 % foreign direct investment (FDI) was
allowed for insurance intermediaries.
 In September 2018, National Health Protection Scheme was launched under
Ayushman Bharat with an objective of providing coverage of up to Rs 500,000
(US$ 7,723) to more than 100 million vulnerable families in the country. It is
expected that the scheme would increase penetration of health insurance in
India from 34 per cent to around 50 per cent.
 The Insurance Regulatory and Development Authority of India (IRDAI) is
planning to issue redesigned initial public offering (IPO) guidelines for
insurance companies in the country, for those who are to looking to divest
equity through the IPO route.
 IRDAI has allowed insurers to invest up to 10 per cent in additional tier 1 (AT1)
bonds which are issued by banks to augment their tier 1 capital, in order to
expand the pool of eligible investors for the banks.
Future of Insurance Industry:
The future of Insurance industry looks promising especially with the schemes
introduced by the Government. These schemes not only boost the overall economic
stature of the country but also provides necessary protection and planning for the
lower and middle income groups.
India’s life insurance companies witnessed 11.36 per cent growth in their collective
premium income at Rs 48.26 lakh crore (US$ 684.64 billion) during the fiscal ended
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March 2020. This means that with the advent and continuation of pandemic, people
has become more health conscious and thus, investment in Insurance will be given due
importance.
POTTER’s FIVE FORCE ANALYSIS:
EXISTING COMPETITIVE RIVALRY:

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With as many as 52 players in the arena, the competition is all heated up with
consumer having vast array of choices to choose from. Though LIC of India has
most of the market share and despite any unlikely changes in the incumbent’s
outreach, the private players are emerging and expanding with innovative
schemes and policies to attract the customers.
THREAT OF SUBSTITUTES:
Though there are only a limited number of competitors, the threat of substitution
is incumbent since the insurance products are evenly matched in almost all
aspects and features. It becomes convenient and incurs almost no cost for the
consumer to switch insurers if he does not continue to see value for his
investments and money. This threat is multiplied by the fact that the regulator
facilitates such a move called “porting”.
BARGAINING POWER OF THE CUSTOMERS:
The customer is the king of the market here since he has tremendous bargaining
power in terms of the customizations he needs and the numerous options he has.
Insurance companies these days have agents servicing individual customer
requirements. This has made insurance easily accessible to anyone, anytime and
anywhere.
BARGAINING POWER OF SUPPLIERS
Suppliers here are basically the insurance distributors/agents. They usually have
a lower bargaining power than the customers mainly because volume of policies is
an important target. Competition market it more difficult for them to hold any
sort of advantage with the insurance companies since policies can be substituted
easily. With the advent of E-Commerce, insurance can be obtained or taken
without any interaction or communication with agents. This is another roadblock
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or hindrance the suppliers face reducing their weightage since insurance

companies utilize these alternative modes which are easier and cheaper.
THREAT OF NEW COMPETITORS

Licensing and regulations are strictly enforced by IRDA making it a not-so-easily-
accessible market for private players to enter. An organization with enough
financial backing and a brand name can establish itself but despite liberalization
since 1991, very little has changed in this industry with LIC of India being the
most trusted and go-to brand.
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1.12 COMPANY PROFILE
PNB METLIFE INSURANCE COMPANY LTD.
Foundation year: 2001

Business commencement year: 2001
PNB MetLife India Insurance Company Limited (PNB MetLife) is one of the
leading life insurance companies in India. PNB MetLife has as its
shareholders MetLife International Holdings LLC (MIHL), Punjab National
Bank Limited (PNB), Jammu & Kashmir Bank Limited (JKB), M. Pallonji and
Company Private Limited and other private investors, MIHL and PNB being
the majority shareholders. PNB MetLife has been present in India since
2001
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VISSION, MISSION AND VALUES:
The PNB MetLife India Insurance Company Limited is one of the most
successful conglomerates in India. the company has been successfully
marching towards its mission of serving the insurance needs of people in
India for the last 18 years. PNB MetLife and its partners’ core aim is to
provide a range of life insurance products that would help them to secure
financing. Also, the insurance products of PNB MetLife Benefits individual
as well as their families.
VALUES:
 Put customers first

 Be the first
 Makes thing easier
 Succeed together
 Integrity
PNB METLIFE INSURANCE BRAND ANALYSIS:
Parent company Metropolitan Life Insurance

Company
Category Health and life insurance
Sector Banking and financial

services
Tagline Have You Met Life Today;
For the if in life; Get Met. It
pays
USP MetLife offers Life
Insurance Plans, Child Plans,
Retirement Plans, Saving
Plans and Healthcare Plans
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PNB METLIFE INSURANCE STP:
Segmentation Enterprise and

Individuals who are
seeking financial help
and advice
Target Market Large enterprises and rich
individual investors
Positioning A company which
manages your wealth
in every phase of life
Highlights
History : PNB MetLife incorporates in India in 2001 and establishes a pan-

Indian footprint within 19 years of operations
Robust Distribution: Multi-channel distribution with strong Agency,

Bancassurance and Direct channels; with a presence in more than 700
distinct cities through a bank branch network of over 11,588 branches and
access to over 105 million customers.
Building of brand through Badminton: PNB MetLife believes in

nurturing talent from grass root level with an aim to reach out to young
talent across the country. To promote badminton on-ground, the company
has successfully launched its fifth season of the annual property - Junior
Badminton Championship (JBC 5) in June this year.
MILESTONES:
2001:
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MetLife India starts operations in India.

Establishes bancassurance partnerships with two private regional banks –
the Jammu & Kashmir Bank Ltd. (JKB) and Karnataka Bank Ltd. (KBL)
2008:
MetLife India achieves a milestone premium of USD 200 million
2009:
MetLife India launches Met Monthly Income Plan, pioneering the niche
“monthly income” market in India
2011:
MetLife India breaks even per statutory** and GAAP financials in the year;
among the few life insurance companies operating in India to turn
profitable.
MetLife India launches bancassurance partnership with Punjab National
Bank (PNB), one of the leading nationalised banks in India with around
6,000 domestic outlets across the country and a customer base of over 78
million. (as on FY2011)
2013:
Punjab National Bank (PNB) acquired 30% stake in MetLife India Insurance
Co Ltd.
2014:
PNB MetLife launches its CSR initiative in partnership with its bank
partners, JKB and KBL
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2018:
PNB MetLife launched AI powered customer service chatbot khUshi – the

first of its kind in Indian Life Insurance industry
PNB MetLife ties up with Shinhan Bank
2019:
PNB MetLife ties-up with Esaf Small Finance Bank

PNB MetLife on-boards PV Sindhu at its Brand ambassador
The Economic Times lists PNB MetLife among ‘Top 10 trusted Life Insurers
of India’ and recognizes among the Best Brands of 2019
SWOT ANALYSIS OF PNB METLIFE INSURANCE:
SWOT analysis of PNB METLIFE Insurance company analyses the

brand/company with its strengths, weaknesses, opportunities & threats. In
PNB METLIFE Insurance SWOT Analysis, the strengths and weaknesses
are the internal factors whereas opportunities and threats are the external
factors.
SWOT Analysis is a proven management framework which enables a brand
like Shriram Life Insurance to benchmark its business & performance as
compared to the competitors and industry. As of 2020, PNB METLIFE
Insurance is one of the leading brands in the banking & financial services
sector.
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STRENGTHS:
Below are the Strengths in the SWOT Analysis of MetLife:
1.Strong brand name and good financial position

2.Major player in insurance sector
3.Varied range of services and products
4.Has its presence in 60 countries with a customer base of 90
million
5.Over 65,000 employees
WEAKNESSES:
Here are the weaknesses in the MetLife SWOT Analysis:
 1.Over-dependence on US
2.Lacking in global recognition as compared to competitors
OPPORTUNITY:
Following are the Opportunities in MetLife SWOT Analysis:
 Expansion in other countries

 New emerging markets
 Diversifing portfolios for customers
 Acquisitions and JVs
THREATS:
The threats in the SWOT Analysis of MetLife are as

mentioned:
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 Changing govt regulations and financial crisis like recessions

 Natural disasters
 US financial service sector
 Other competitors in the industry
COMPETITORS OF PNB METLIFE INSURANCE
1 Life Insurance Corporation of India

2 Aegon Life Insurance Co. Ltd.
3 Bajaj Allianz Life Insurance Co. Ltd.
4 Bharti AXA Life Insurance Co. Ltd.
5 Birla Sun Life Insurance Co. Ltd.
6 Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd.
7 DHFL Pramerica Life Insurance Co. Ltd.
8 Max Life Insurance Co. Ltd.
9 Kotak Mahindra Old Mutual Life Insurance Ltd.
10 IndiaFirst Life Insurance Co. Ltd
11 IDBI Federal Life Insurance Co. Ltd.
12 ICICI Prudential Life Insurance Co. Ltd.
Future Generali India Life Insurance Co. LtdHDFC Standard Life

13 Insurance Co. Ltd
14 Shri Ram life Insurance company ltd
15 SBI Life Insurance Co. Ltd.
16 Sahara India Life Insurance Co. Ltd.
17 Reliance Life Insurance Co. Ltd.

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Objective of internship:
 To study about the brand awareness and brand recognition of PNB

METLIFE Insurance Company
 To study about investors consideration of insurance as a platform for
investment
 To develop skills and techniques required to grow and sustain in this
industry and to get well versed with its dynamic and diverse
environment.
Objective of the report:
1) To properly analyze and have an In depth understanding of the insurance

industry and it's structure
2) To understand the willingness of people and the aligned reasons and

benefits for investing in insurance industry
3) To analyze the impact of COVID on Indian Insurance industry and

forecast the possible and related outcomes.
4) To identify and understand the major market players in the industry,

types of products, premium range, penetration level and growth trends.
5) To meet the requirements and internship guidelines of both my Institute

and PNB METLIFE.
RESEARCH METHODOLOGY:
This section includes sampling design, data collection method, type of
research,
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Introduction to the research topic:
For my research work the selected topic is of consumer awareness
. Consumer awareness refers
to the familiarity of the brand, company or product among the customers. F
or any company it isvery essential that the company should be present in a
wareness set in the minds of customers.Products of any company will not b
e sold until buyers of those products or services are awareabout it. Hence br
and awareness plays crucial role for the success of any company in the mar
ket.And so new companies spend lot of efforts for making their brands awa
re among mindset of customers. Once customers get aware about the brand
then the brand will come into theconsideration set followed by choice set an
d finally it will get purchased by the customers.Hence the finally purchase
decision greatly depends on the brand awareness. So companiesheavily adv
ertise their brands and products through different means to make their brand
s familiar with target market.
DATA COLLECTION METHOD:
The data collection method for this report can be classified into
primary data and secondary data.
 Primary data
 Secondary data
PRIMARY DATA:
Primary data has been collected through Questionnaire and telephonic

interviews. The experience gained through and observations made during
my internship period at PNB METLIFE insurance also plays an important
role.
SECONDARY DATA:
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The data has also been collected using secondary sources. The secondary
sources of data collection include internet, blogs, PNB METLIFE
insurance's brochures and newspaper as well as interaction with company’s
professionals. These sources have mainly been used for market analysis and
having an in-depth knowledge about the insurance sector.
SAMPLING DESIGN:
The sample of study consists of 80 respondents of age group between 25-65

out of which 17 respondents are the customers of PNB METLIFE
insurance. 25% of the sample population are active investors who have
either not invested in the insurance sector or are planning to invest in it but
has not invested yet. Rest of the sample population are the customers of
different insurance companies.
SAMPLING PROCESS:
For the purpose of this project, the respondents of various age groups are
selected randomly from all across the country.
Sampling universe: India
Sampling technique: random sampling
Sample size: 80 respondents
Research instrument: personal interview with structured questionnaire
SCOPE OF STUDY:
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The scope of the study is confined only to PNB METLIFE insurance. The
study mainly involves analyzing the investing opportunities in insurance
sector with special reference to life insurance. It will be helpful for
professionals of PNB METLIFE insurance, interns and researchers to
understand the brand awareness of the company, about the policies offered
by PNB METLIFE insurance, the satisfaction level of its customers.
Similar studies in this line can be conducted to understand the performance
of other life insurance companies and investors’ interest in life insurance in
India as a whole.
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LITERATURE REVIEW:
A large body of literature on insurance provides the basis for this study.
The literature reviewed mainly consists of journals published by the
Insurance Institute of India, Federation of Insurance Institute, IRDA and
insurance magazines. The researcher has also gone through the websites of
various insurance companies and IRDA. An attempt has been made to
briefly review previous studies in the area of privatisation, liberalisation,
rural insurance, bancassurance, IRDA, customer satisfaction, insurance
coverage, insurance marketing and insurance growth.
Harold D. Skipper (2000) in his paper explains the terms liberalisation and
deregulation. Liberalisation means the process by which the government
take actions to move towards liberal markets. It denotes a reduction of
government barriers to market access, especially as relates to foreign
insurers. A liberal insurance market is one which determines:-
 who should be allowed to sell insurance?
 what products should be sold ?
 how the products should be sold ?
 at what price the products should be sold?
Mathur (2003) has the opinion that joint efforts need to be made by all
insurance operators to extend coverage to millions of insurable people who
need insurance and points out the need for promoting different distribution
channels for expanding rural insurance market. LIC has contributed
immensely to the process of economic development through its multi
dimensional activities and services over twelve crore policies which is a
record for any life insurance company in the world.
S. Krishnamurthy (2005) points out that the life insurance industry has
shown extremely satisfactory results in terms of premium income and new
policies sold but a huge potential still remains unexploited. Experience
suggests that consumers still favour insurance as a saving tool. There is a
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need to change the perception of Indian consumers towards insurance and it

is the responsibility of the distribution channel to advise and educate
consumers.
DATA ANALYSIS AND

INTRPRETATIONS
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Impact of COVID on insurance sector:
Since my internship was done during the pandemic, I realized and felt
deeply the impact of COVID on insurance sector particularly in Life
insurance sector.
Pandemic has quite literally changed the way people look at insurance and
has forces insurance companies as well to tweak their product strategies.
 The insurance sector is also facing the impact of a regressing

economy due to Coronavirus and the need to come up with products
to suit the demand with COVID-19 specific policies.
 India's life insurance companies witnessed 11.36 per cent growth in
their collective premium income at Rs 48.26 lakh crore (US$ 684.64
billion) during the fiscal ended March 2020
 with the advent and continuation of pandemic, people has become
more health conscious and thus, investment in Insurance will be given
due importance.
 With the increase in digital presence of insurance companies, cyber
security risks, online frauds, privacy risks and data leak risks will also
rise
 With the changing scenario, insurance companies have lost complete
control on external factor analysis and there is the risk of under
pricing or over pricing the product
 The insurance companies are innovating and experimenting with the
new products to meet the new market demand
 There will be additional pressure on capital as growth level will affect
the absorption of overhead expenses.
 Overall market volatility and falling interest rates have taken the focus
away from products that have long term savings and variable returns
through linked instruments and annual bonuses
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DEMOGRAPHIC CHARACTERISTICS
AGE GROUP
2%
18-30
30% 31-40
41-50
51 AND ABOVE
53%
15%
This indicates the age group of the respondents. 53% of the sample
population belongs to the age category of 41-50, which is apt for our
research.
GENDER RATIO:
This data shows the gender mix of the sample population. It shows that
male candidates clearly comprises the highest percentage of the study.
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POPULATION
MALE
31% FEMALE
OTHERS
69%
OCCUPATION:
Sales
16% 23%
PRIVATE JOB
SELF EMPLOYED
GOVT JOB
STUDENT
33%
29%
This indicates the occupation of respondents to the study survey. Here,

Govt. employees accounts for maximum percentage followed by
entrepreneurs. The interest towards investment is usually seen to be high
among private job employees and entrepreneurs.
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PEOPLE COVERED THROUGH LIFE INSURANCE POLICY
FREQUENCY
23% COVERED
NON COVERED
78%
As high as 77% of the population is covered under insurance. It means that

remaining 23% of the population who are not covered through insurance
either are not aware or probably have better options available for
investment. We will try to understand that through the coming data.
PEOPLE INSURED BY WHICH INSURANCE COMPANY

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Sales
SHRIRAM LIFE
INSURANCE
BAJAJ ALLIANZ
LIC
PNB METLIFE
ICICI PRUDENTIAL
Out of 77% of the sample population who are covered under

insurance, around half of the population are covered by LIC. The
other 4 insurance companies have almost equal market share more
or less. This means that LIC is the most preferred brand for
insurance and this, it has better brand equity and brand recognition
as compared to other brands.
REASONS FOR LIFE INSURANCE:
Sales
SAVINGS TAX BENEFIT COVERING RISK TO LIFE

SECURITY TO FAMILY ALL OF THE ABOVE
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There are many reasons for getting covered under life insurance
which are mentioned above. However, the combined reasons
induces people to get insured followed by security to the family.
Tax benefit is the least significant factor and does not play the
major role in inducing people to get an insurance.
FACTORS AFFECTING TO CHOOSE LIFE INSURANCE

POLICY:
Column1
PREIUM RETURNS
GOODWILL OF THE COMPANY DURATION OF THE POLICY
CLAIM SETTLEMENT PERCENTAGE NOT THOUGHT THOROUGHLY
Premium and returns are the two most significant reasons that
influence investment in insurance sector. There are around 18% of
the population who isn’t even aware of the influencing factors and
thus makes random, unplanned decisions.
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AWARNESS OF INSURANCE AS AN INSURANCE

PLATFORM:
Column1
19% YES
NO
81%
The data reveals that 19% of the samples population aren’t aware
of or do not consider Insurance sector as a platform for investment.
INVESTMENT OPTION PREFERRED THE MOST:
Column1
GOLD STOCK MARKET MUTUAL FUNDS

REAL ESTATE PEER TO PEER LENDINGS INSURANCE
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People have many investment options with them. The sample

population prefers investments in stock market the most followed
by investment in gold. Insurance is the second least preferred
investment option after real estate.
IS LIFE INSURANCE A SMART INVESTMENT?
Column1
NO YES
While 72% of the population don’t consider investment as a smart

investment, 28% of the sample population considers Life insurance
as a smart investment. The investment opportunities and
population’s preference discussed through the data above might
play a role here.
TYPE OF PEOPLE WHO INVEST IN LIFE INSURANCE ON

PRIORITY BASIS:
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Column1
DIVERSIFIED
RISK TAKER
PORTFOLIO
2% 9% RISK TAKER
SAFE PLAYER
LESS EXPOSURE LESS EXPOSURE
42%
DIVERSIFIED PORTFOLIO
SAFE PLAYER
47%
Those who life insurance ok priority basis are either a safe player
or lacks exposure related to the other investment opportunities
available and the process of investment there in. These two factors
accounts for 89% of the response.
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Learnings and outcomes from my Summer Internship:
My roles and responsibilities included:
 Designing and implementing a strategic sales plan that

expands company’s customer base and ensure its strong
presence
 Identifying business opportunities by identifying prospects
and evaluating their position in the industry; researching and
analysing sales options.
 Selling products by establishing contact and developing
relationships with prospects; recommending solutions.
 Maintaining relationships with clients by providing support,
information, and guidance; researching and recommending
new opportunities; recommending profit and service
improvements.
 Identifying product improvements or new products by
remaining current on industry trends, market activities, and
competitors.
 Preparing reports by collecting, analysing, and summarizing
information.
 Maintaining quality service by establishing and enforcing
organization standards.
 Maintaining professional and technical knowledge by
attending educational workshops; reviewing professional
publications; establishing personal networks; benchmarking
state-of-the-art practices; participating in professional
societies.
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 Contributing to team effort by accomplishing related results as

needed
Learning outcomes:
 Theory and practical coherence: I learnt a lot about the

insurance sector, investment opportunities and applied all my
sales and marketing concepts which l have learnt in my PGDM
 Handling pressure: during the course of internship, I was
required to Work under deadlines for meeting the sales and
delivery of goods. It helped me learn how to deal with pressure
and work under stressful situations as well
 Skills: This internship helped a lot in gaining practical
experiences, skills and techniques required in the industry. From
improving on the Communication skills, to meeting targets,
selling technique, network building etc, I learned and
improvised on these skills.
 Values: I realized how an ethical person or the person with
values are appreciated and respected in any organization. I tried
to develop the sense of responsibility, commitments punctuality
and strived to become a trustworthy and self spirited person
 Networking: in my first hand experience in the industry, I got
to build networks and learnt to manage rich professional
networks.
 Client management and CRM: interacting with clients to pitch
for the products and selling it to the prospects involved frequent
communication and client management.
 Social media marketing: my role involved active use of
various social media like LinkedIn, Facebook and WhatsApp to
generate leads, nurture them and convert them into sales.
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CONCLUSION AND RECOMMENDATIONS:
Words won’t be sufficient to describe my experience with PNB METLIFE

INSURANCE COMPANY Ltd and now that the internship is over, I truly
am overwhelmed. I can’t thank enough to everybody who helped me
through this and I am grateful to them.
The set parameters or expectations before the start of the internship and the
learnings during the course of the internship clearly speaks in itself that the
learnings supersede far more than what my expectations were. Having said
that, I wish though, that I was able to gain a more market exposure
had there not been the pandemic. The pandemic to a very limited extent
restricted my learnings as the movements were restricted and tasks were
assigned keeping in mind the pandemic situation.
Life insurance is now being considered as a versatile financial planning

tool. Research also suggests that Indians have four basic financial needs
during their life – asset accumulation (such as buying a house or car),
protecting their family, securing their children education, and provision for
their retirement. So, while there are three basic types of insurance, these
have been structured with increased flexibility to meet the required
requirements. Furthermore, these can be enhanced with riders to protect one
against disability and provide monetary compensation at times of critical
illnesses or surgeries.
For conclusion, I would just like to say that the people preferences and
perception are changing regarding insurances nowadays, earlier Insurance
was a means for wealth creation and that too for a longer period as returns
were comparatively significantly low but as compared with the data in the
current past it can be said that people are shifting towards Insurance sector
39
not only for tax saving but for future planning, life covering risk against
security, and other multiple reasons. But again when compared with other
investment options people still prefer Bank Deposits, Equity & Mutual
Funds because they provide a higher percentage of return and in less time
when compared with Insurance Sector.
REFERENCES:
https://www.televisory.com/blogs/-/blogs/insurance-industry-in-india-the-
way-forward
https://www.mbaskool.com/brandguide/banking-and-financial-
services/1246-shriram-life-insurance.html
https://www.investopedia.com/articles/active-trading/120814/life-
insurance-smart-investment.asp
https://bfsi.economictimes.indiatimes.com/amp/news/insurance/kpmg-
explains-how-coronavirus-can-impact-insurance-sector/75067123
https://www.google.com/search?
q=vision+and+mission+of+pnb+metlife&oq=vision+and+misson+of+pmb
+&aqs=chrome.1.69i57j0l2.10575j0j4&client=ms-android-xiaomi-
rev1&sourceid=chrome-mobile&ie=UTF-8
https://www.mbaskool.com/brandguide/banking-and-financial-
services/620-metlife.html
https://www.google.com/search?
q=vision+and+mission+of+pnb+metlife&oq=vision+and+misson+of+pmb
+&aqs=chrome.1.69i57j0l2.10575j0j4&client=ms-android-xiaomi-
rev1&sourceid=chrome-mobile&ie=UTF-8
40
https://www.wishpolicy.com/insurance-companies/pnb-metlife-india-
insurance-company-limited/
THANK YOU !

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1

SUMMER PROJECT REPORT ON INVESTMENT IN LIFE INSURANCE

“A Study of Consumer behaviour towards Investment in

Under the Guidance of

In partial fulfilment of the requirements for the award of degree of

I am neither a research expert nor a trend spotter; I am a management student with

Miss Ishika Agarwal

The methodology used by me to sell the insurance policies was based on

Chapter Particular Page

Chapter 2 Project Overview 21-24

INDUSTRY AND COMPANY

1.1.1 INTRODUCTION TO INSURANCE SECTOR

Overall penetration in India (premium as a percentage of GDP) reached 3.69 percent

Investments and Recent Developments

some of the major investments and developments in the Indian insurance

Major steps taken by Government of India to boost the insurance

Future of Insurance Industry:

POTTER’s FIVE FORCE ANALYSIS:

EXISTING COMPETITIVE RIVALRY:

BARGAINING POWER OF THE CUSTOMERS:

BARGAINING POWER OF SUPPLIERS

or hindrance the suppliers face reducing their weightage since insurance

THREAT OF NEW COMPETITORS

1.12 COMPANY PROFILE

PNB METLIFE INSURANCE COMPANY LTD.

Foundation year: 2001

VISSION, MISSION AND VALUES:

 Put customers first

PNB METLIFE INSURANCE BRAND ANALYSIS:

Parent company Metropolitan Life Insurance

Sector Banking and financial

PNB METLIFE INSURANCE STP:

Segmentation Enterprise and

History : PNB MetLife incorporates in India in 2001 and establishes a pan-

Robust Distribution: Multi-channel distribution with strong Agency,

Building of brand through Badminton: PNB MetLife believes in

MetLife India starts operations in India.

MetLife India achieves a milestone premium of USD 200 million

PNB MetLife launched AI powered customer service chatbot khUshi – the

PNB MetLife ties-up with Esaf Small Finance Bank

SWOT ANALYSIS OF PNB METLIFE INSURANCE:

SWOT analysis of PNB METLIFE Insurance company analyses the

Below are the Strengths in the SWOT Analysis of MetLife:

1.Strong brand name and good financial position

Following are the Opportunities in MetLife SWOT Analysis:

 Expansion in other countries

The threats in the SWOT Analysis of MetLife are as

 Changing govt regulations and financial crisis like recessions

COMPETITORS OF PNB METLIFE INSURANCE

1 Life Insurance Corporation of India

3 Bajaj Allianz Life Insurance Co. Ltd.

4 Bharti AXA Life Insurance Co. Ltd.

5 Birla Sun Life Insurance Co. Ltd.

6 Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd.

7 DHFL Pramerica Life Insurance Co. Ltd.

8 Max Life Insurance Co. Ltd.

9 Kotak Mahindra Old Mutual Life Insurance Ltd.

10 IndiaFirst Life Insurance Co. Ltd