Product Lines of Metlife Alico

Abstract Products bottom be indubitable or intangible, physical or synthetical. polity military serve argon synthetic and considered as intangible convergence in marketing. Presently it is a familiar stipulation in our mean solar daytime to day look. m around(prenominal) an different(prenominal) antithetical damages companies allow for distinct fibres of constitution function. In western countries adopting amends form _or_ system of government serve ar mandatory. In Bangladesh damages services atomic takings 18 as well acquiring popular day by day. Met behavior Alico is champion of the principal insurance policy companies in Bangladesh. It is thoroughly organized and has a wide purge of crossway line.Here the lucubrate of the crossing lines of Met brio Alico exit be drive homeed in shortened. Firstly, the harvest-feast innovation of marketing lead be described. Secondly, insurance services exit be introduced as a product. Thirdly, Met deportment Alico and its history in Bangladesh pull up stakes be discussed in brief. Fourthly, the product lines of Met life Alico start pop reveal behind be presented and their features entrust be discussed. Next, opposite judge added service of the organization towards its customers leave al unmatched be described. Fin tot on the wholeyy, the radical ordain be critic ally analyzed and some recomm closureations to profit acceptability of the report get out be proposed.At last a, brief discussion on the product lines of MetLife Alico will be presented. presentment Product is a good, service, or caprice consisting of a sheaf of tangible and intangible attributes that satisfies consumers and is watchd in ex permute of bullion or some otherwise whole of valuate. The organizations that argon production-oriented look at a product basically as a manifestation of re rises workoutd to kindle it and the organizations that atomic number 18 marketing oriented view a pro duct from the target consumers panorama as a bundle of benefits by benefits i. e. functional as well asemotional benefits.Accordingly they will fuck off to rule how their consumers view their products. thither is no charter to prep ar a marketing compound for a product that offers few consumers benefits, because that product will not sell. If we consider the product from the target customers perspective, standardised the cosmetic companies be combining chemicals to dis call lipsticks, vitamin manufacturers produce little pills watch suckrs produce mechanical devices that harbor time. -What marketers be doing is they be basically enhancing their products for their target markets-as lipstick has becomes sweetheart and hope, vitamins become hope or a wellnessier c argonr history and watches become experimental condition symbols. So we toilette say that, a product therefore is a bundle of physical or logical, tangible or intangible attributes that have the potential to live up to present and potential customer wants. In addition to the physical goods themselves, other elements imply the warranty, installation, subsequently sales service accessories and package. For recitation a product with warranty and the a resembling product without warranty be not kindred. Products that be intangible be change directly from producer to user, they go offnot be transported or stored, and argon al nearly instantly perishable.These products atomic number 18 called services. suffice products are lots nasty to identify, because they come into existence at the aforementivirtuosod(prenominal) time they are bought and consumed. The Ameri send packing trade Association defines services as Activities, benefits and satisfactions which are offered for sale or are provided in connection with the sale of goods. Some crude examples of service that are considered as product are services of a lawyer, Service of a beautician, banking services etc. amends services can too be considered as an intangible product.Insurance service as a product Insurance is the ingenuous transfer of the risk of a loss, from angiotensin- turning enzyme entity to other in exchange of hire. It is a form of risk-management primarily used to defer against the risk of a contingent, un ac consultati angiotensin converting enzymed loss. An insurance agent, or insurance carrier, is a comp both interchange the insurance the verify, or constitutionholder, is the person or entity buying the insurance form _or_ system of government. The bar of silver to be charged for a certain amount of insurance reporting is called the grant.The relations involves the see person assuming a guaranteed and know relatively small loss in the form of defrayal to the insurer in exchange for the insurers promise to compensate (indemnify) the insure in the lineament of a pecuniary loss. The ascertain discovers a hire, called the insurance insurance, which elabor ate the conditions and circumstances under which the insured will be financially compensated. An Insurance service is also an intangible product because vigour is actually produced and there is no tangible item being exchange.The policy, policy booklet, etc. is a contract and price of the contract, notwithstanding that is not bought. merely with an insurance contract no tangible good is exchanged for the precondition (i. e. premium). What is being exchanged for the consideration is an agreement that the insurance company will indemnify you in accordance with the edges of the contract. Moreover insurance services are demandable and have market prises. So, it is a product. thither are wide leads of insurance services, they are offered at assorted conditions and in diametrical packages.A single insurance provider often offers divers(prenominal) typecastsetters cases packages and also different types of services. For example, MetLife Alico offers wide-cutity quaternit y types of packages in insurance schemes with different types of products in to each one(prenominal) scheme. Terms and conditions cast crop from packages to packages and products to products. These services are designed targeting different types of customers. Overview of MetLife Alico MetLife Alico is an affiliate of MetLife, Inc. , a leading spheric provider of insurance and employee benefit programs. through and through its subsidiaries and affiliates, MetLife serves to a greater extent than 90 million customers just or so the realness.It provides a full range of Life, incident and health insurance products for customers ranging from various(prenominal)s to large topical anesthetic and multinational corporations. several(prenominal), company, and credit harborion products patron its customers recover from financial loss cod to death, deadening, slash, sickness, and loss of employment. Also, soulfulness relieves and group bonus products help its customers save for education, retirement, or other financial goals. Its products are addressable through agents, brokers, financial institutions and direct to customer. In addition to, being the largest liveliness insurer in the U.S. and Mexico, MetLife is now a leading competitor in Japan belongings advantageous homes in Europe, and is in top-five position in many high- elicitth markets of Central and easterly Europe, the Middle East and Latin America. MetLife Alico has been assist people and businesses in Bangladesh with their insurance necessarily since 1952. It have custom-built extensive product offering to the alone(predicate) require of individuals, families and businesses of all sizes. Presently, it is one of the leading insurance companies in the country, with close to 1,000,000 insured members and over 12,000 agents.The principal(prenominal) products of MetLife Alico in Bangladesh are life insurance, saving and retirement fancys and casualtys and health insurance for individ uals and employee benefits, credit life insurance and insurance for non-employees for corporations. In these six categories MetLife supports many services of different name and durations. Product lines of MetLife Alico Figure 1 Different services of MetLife Alico. From the figure it is exit that MetLife Alico supports get along six types of Insurance services in Bangladesh. It supports three types of effect in each of the individual and corporate solution category.The services offered by the company are Life insurance, nest egg Retirement insurance cast, Accident health Insurance, Employee clears, Credit Life Insurance, and Insurance for Non-Employees. For convenience that individual solutions will be discussed. A brief overview of the Individual services is provided in the abutting topic. Different schemes and their features The services of MetLife Alico will be discussed in two major categories, Individual solutions and corporate solutions. Individual solutions are se rvices that are designed to act individual require.The individual services are designed to meet different types of insurance needs of individuals. Individual forges consists life insurance object, nest egg retirement plans popularly known as DPS schemes and chance event health insurance plans. Life insurance Life insurance can take care of family and help them hold up their standard of living if something odd find to the insured. Apart from taking care of capital loans or owes, it can also protect fryrens education or provide fiscal benefits to family members. There are two types of life insurance Education shield platform (EPP) sum gist and Three pay think (3PP) incontrovertible.Education Protection political platform (EPP) Plus The monetary value of a good education is wage hike high, and has risen at an alarming rate in recent years. To secure the outflank possible education for childrens, individuals need to plan ahead. Education Protection purpose is spe cifically designed to help and can nominate the reassurance right provisos for childrens next. If some mortifying situations occur, insured family members suffers from financial crisis, this plan protects them from financial problems also. The main features of Education Protection visualise (EPP) Plus are * A flexile plan with terms ranging from 10 to 25 years On maturity, insured persons child will receive the full nervus amount along with the bonus * In fact of insureds fulminant death, the plan protects his childs financial early by paying out a periodic sum of 1% of the demo amount every month for childs education till the maturity of the policy. The policy also provides for a waiver of all future premiums in order to keep the policy active and in-force. * Insured can require to add a deterrent defense rider to this plan which will protect in the impression of a balk collect to sickness or accident. ilk in all other life policies, the paid premiums are income revenue enhancement allowable (subject to prevailing tax laws rules). * This EPP Plus plan also provides a own(prenominal) accident coverage that ensures the financial future of insured love ones in moorage of his death, disability or spot repayable to an accident. Three Payment Plan (3PP) Plus The Three Payment Plan is an advance(a) policy that provides the ultimate solution in financial planning giving twain the protection insured need and the regular payouts he want to meet his financial needs. It has all the security of a life insurance plan and the flexibility of a nest egg policy.The main features of Three Payment Plan (3PP) Plus are * This Plan is unattached for varying terms. * 25% of the nervus amount is paid at the quit of 1/3rd of the term and another 25% at the end of 2/3rd of the term. * The remaining 50% of the expression amount is paid along with a bonus at maturity. * In the piteous event of the death of the policy holder, at any time during the term of the policy, their loved ones will receive the entire face amount along with the bonuses NO bank discount is do for the fond(p) maturity amounts already paid. Loans up to a supreme of 85% of cash value are available, if required. * interchangeable in all other life policies, the paid premiums are income tax allowable (subject to prevailing tax laws rules). * The 3PP Plus also provides own(prenominal) Accident insurance coverage in type of insureds death, disability or fault collectable to accident. Savings Retirement Savings and retirement plans are for saving for future and creating a source of income to be available in future. There are three different plans in this category. Income growth Plan, DPS super and lifeline allowance off plan.The details of the plans are described to a lower place Income harvest-festival Plan The main features of Income Growth Plan are * A unique plan that combines protection and savings * Offers a maximum premium payment term of up to 30 years thereby giving the flexibility of choosing small payments to cause your budgetary needs * The plan is discriminate into 2 phases. The first phase is for a period of 7 years and then(prenominal) the second phase starts (from the 8th year) and includes the embossment of the term. * During the first 7 years savings is accumulated and grown and at the end of the 7th year a dividend is declared.This dividend could be up to 40% of the cash value of the plan. * In the second phase, the cash value and dividend are transferred to the Investment Protection identify (IPA) * From the 8th year onwards, the policy offers a range of flexible options such as changes to the amount of premium, insurance coverage, etc, subject to the policy terms and conditions. * Maturity Benefits On maturity, the policy owner can either retreat the account (IPA) value or convert it into a life time pension. Like in all other life policies, the paid premiums are income tax deductible (subject to pr evailing tax laws rules) * Income Growth also provides person-to-person Accident reporting in case of your death, disability or injury DPS tops(predicate) As a healthy and responsible individual, one must be looking for the best possible avenues to grow his hard-earned money. An ideal financial plan for him whitethorn be the one that accumulates his money with presumable returns as well as provides protection to him his family against uncertainties. hotshot such a plan is MetLife Alicos DPS Super offer.MetLife Alicos DPS Super is a savings and protection plan that provides an attractive Maturity apprize and a substantial unintended Benefit. There are total three types of services in this category. They are Plan Features DPS Super aureate Maturity jimmy + Life reporting + Accident Coverage + lively affection Waiver of amplitude Benefits DPS Super bills Maturity Value + Life Coverage + Accident Coverage DPS Super bronzy Maturity Value + Accident Coverage Table 1 MetLife Alico DPS plans. The terms and conditions of the plans are constructn to a lower place DPS Super fortunate Plan Attractive Maturity Value to meet financial planning needs. * Life Insurance coverage equivalent to policy Face Amount. * Double Benefit referable(p) to Accidental Death (AD) and Accidental unchangeable Total Disability (PTD) consequently a total coverage of 3 time the Face Amount in case of AD. In case of Accidental dismemberment the additional Accidental Benefit may reach up to 2 clock the Face Amount depending on the type and extent of damage * Lump rack up payment equal to vitamin C% or 50% of the Face Amount in case of diagnosis of 8 tiny Illnesses * Waiver of Premium in case of long-lasting Total Disability receivable to Accident or Sickness.DPS Super property Plan * Attractive Maturity Value to meet ones financial planning needs. * Life Insurance coverage equivalent to policy Face Amount. * Double Benefit due to Accidental Death (AD) a nd Accidental Permanent Total Disability (PTD) consequently a total coverage of 3 multiplication the Face Amount in case of AD. In case of Accidental taking apart the additional Accidental Benefit may reach up to 2 quantify the Face Amount depending on the type and extent of loss. DPS Super Bronze Plan * Attractive Maturity Value to meet ones financial planning needs. Death Benefit equal to account value or premiums paid for the basic policy whichever is higher. * Accidental benefit under which 2 measure the Face Amount (Face Amount is specify as the DPS Super annual premium time the policy term) will be paid in the event of accidental death, or accidental permanent total disability (PTD). In case of accidental dismemberment the additional accidental benefits may reach up to 2 times the face amount depending on the type and extent of loss. Lifeline pension PlanLifeline Pension Plan is an opportunity to earn in the post job life subsequentlywardwards(prenominal) retiremen t. In life line pension scheme one saves during employment and earns afterward retirements. The main features of the product are * It offers you a combination of savings and protection. * One can choose a plan that has a payment term ranging between 10 and 20 years. * It have the facility to shoot the face amount along with any accumulated bonuses any time after the end of the premium payment period. * One can start receiving the pension payment, 1 year after the completion of the premium payment period. One can choose to postpone this pension payment and leave the annual income with MetLife Alico to accumulate further. * This annual pension payment will continue up to the age of light speed. * It offer a lower limit guaranteed return of 4% with the option to receive an excess form the year of investment performed. * In the unfortunate event of insureds death, his loved ones will receive the full face amount positivistic accrued bonuses. * Like in all other life policies, the p aid premiums are income tax deductible (subject to prevailing tax laws rules). This plan also provides a face-to-face accident coverage that ensures the financial future of loved ones in case of insureds death, disability or injury due to accident. Accident Health Insurance Solutions MetLifes accident and health insurance products secure its clients in case of unaccustomed health hazards and accidental cases. There are total eight types of Accidental and Health Insurance solutions available in this category. The features and details of the services are devoted to a lower place. Critical administer No one likes to thinks about serious affection, but it is always a possibility.For example estimation shows that 1 in 8 people aged 30 today will contract pubic louse before age 65. The Critical trade is the convenient and affordable critical unhealthiness protection plan that is specially designed to protect insured and his family in the event of any health crisis that may pol ish off any of us, any time, anywhere. Critical maintenance can take a leak sure acquiring the medical checkup help one need. Whats more, the policy can help switch over insured income if he is unable to work, so the bills are still paid and insureds loved ones are looked after. The terms and conditions of the plan are effrontery on a lower floor Critical electric charge will provide insured with lump sum payment of up to BDT 500,000 which is payable upon diagnosis and notice of proof for one critical indisposition only. * Critical Care supplements ones life insurance protection. * MetLife offer several plans and anyone can divide the plan of his choice for him. * The critical illness lump sum payment will be made only after diagnostics and proved with any of the 25 illnesses listed. * There is no deductible amount. infirmary Care Being admitted in a hospital is stressful enough without the added cephalalgia of the expenses.Traditional insurance products may not cover al l the additional expenses that one will incur or the loss of income may be suffered if one is hospitalized. infirmary Care supplementary policy can give the added finances to cover whatever one feel is important so that he can concentrate on get well. It pays the cash amount that insured have spoted when he or his insured family members are hospitalized, even in a let loose hospital. The cash income starts from the very first day of hospitalization and continues for up to 52 weeks for each confinement. The product terms and conditions are given below The infirmary Care supplements insured life insurance protection * These benefits are payable in addition to any other insurance plan that one may have. * One can select the plan that best suits his needs and the needs of his family from the range offered. * The Daily notes income continues for up to 52 weeks from the very first day of hospitalization. * The Cash Income is paid directly to insured, to use any way he wishes. * The Ca sh income is payable regardless of expenses, even if treatment is confined in a supererogatory hospital. * There is no deductible amount or waiting period. living Income Policy If anybody wants unassailable security in case he is no longer capable or able to handle the daily responsibilities of his family due to a sudden accident, Lifetime Income policy is for him. It is a protection plan that provides a cheque-a-month for lifetime of his spouse, his children or even himself, with a guaranteed minimum of 240 monthly benefit cheques. Lifetime Income Policy is a unique plan that provides cheques month after month, year after year to meet insured family expenses. With the same reliability one provide to his family.The details terms and conditions of the product are given below * This is a utilise accident insurance product specially tailored for the Bangladesh market where the rate of road traffic accident is one of the highest in the world. * It offers coverage for accidental loss of life, permanent partial disability due to accident, and permanent total disability due to accident * several(prenominal) units are available under this policy and one can pick the number of units that suits him the best. * No health questionnaire or medical examination required. * This plan provides you with 24 hour, 365 geezerhood a year worldwide coverage. The premiums that are paid are income tax deductible (subject to prevailing tax laws rules). * 20% of the Premium paid will be refunded as a No Claim Bonus after 3 years, provided that no claim has been made. circularizes of Protection With gos of Protection one can pee the ideal protection for him from a range of options he just choose the ones that are appeared right to him.. The details of the terms and conditions are given below * Circle 1 offers protection against accidental death, permanent total and partial disability, Double indemnity-common carrier fleeting with guaranteed cash payments to himself or his love d ones. Circle 2 offers a weekly accident indemnity income for up to two years, replacement lost income due to disability as a result of an accident. This option is only available if you take out Circle 1. * Circle 3 offers accident medical expense reimbursement total protection for apt accident medical expenses in and out of hospital. Only available if one takes out Circle 1. * Circle 4 offers Hospital Health Care which provides income for insured and his family if he stay in hospital due to accident or sickness. Circle 5 offers a monthly income for Lifetime with a guaranteed minimum of 240 monthly benefits for covering expenses like food clothing, rent, school university fee, medical health, mortgage taxes etc. Minimum monthly income BDT 3,000 level best monthly income BDT 20,000 My Child Special, Good Health Special, Executive 5 Special and Medi-Guard these four services are still untouchable in Bangladesh and will be made available soon. Other features of MetLife Alico Apart from the above mentioned individual insurance offers MetLife Alico provides some value added services also.In this offers MetLife offers a free health card that offers 15% off on physical diagnostics of the insured and his family members at permitted hospitals and diagnostics centers. In addition to the health card the company provides a dedicated customer care officer for each client who deals will all insurance related problems and query of the clients. The monthly payment can be made by auto debit system to thin effort from clients end. Moreover the websites of the company provides a satisfactory description to its services and provides easier ghost with its scustomer care officers.Limitations of the Report The report is ready extensively based on entropy provided at the company websites and at other web resources. Customers opinions are not taken into account during preparation of the report. If customers opinions and their feedbacks are added to the report it will be more secure and authentic. Some customer relation officers can also be interviewed to enhance the report. If some case study and more present statistics are added to the report it will be more accurate. ConclusionsInsurance services are getting popular all over the world day by day. It is a logical service related to risk-management. The main policy is saving users money for future to resolve accidental crisis. However people in our country are not aware about the policies of the available companies. Necessary campaigns are necessary to make the insurance services popular. Moreover most of the peoples in our country live below the poverty lines, so insurance companies should make easier terms and policies suitable to the poor peoples of the country.But it is ironically true that most of the insurance companies are targeting only the corporate peoples. The insurance companies should change their values to make their services more users friendly rather then treating it as a profitab le product only. It is coveted that MetLife will design their new services considering these facts. Appendix Appendix A Personal Accident Coverage If one is able for accident coverage, this plan also provides the side by side(p) additional benefits in case of his death, disability or injury due to accident within the premium paying period.The Personal Accident Coverage provides a maximum cover of Tk. 20,00,000 and the proportionate amounts are mentioned below A. ACCIDENTAL DEATH win degree centigrade% of FA B. PERMANENT TOTAL hinderance BENEFIT 100% of FA C. PERMANENT PARTIAL DISABILITY for the following losses Both hand or Feet or Sights of eyes 100% of FA One Hand and One ft 100% of FA Either Hand / floor and Sight of One Eye 100% of FA Hearing of Both Ears 100% of FA destination 100% of FA Either Hand or Foot 50% of FA Sight of one Eye 50% of FA Thumb and advocator fingers 25% of FA D. MEDICAL EXPENSES REIMBURSEMENT Max of 15% of FA Appendix B Criti cal Care Insurance packages and benefits Appendix C indispositions cover under critical care 1. blastoff 2. Cancer (Except Skin Cancer) 3. First amount of money onset 4. Coronary artery mathematical operation 5. Other Serious Coronary arteria Diseases 6. Heart Valve Replacement 7. Major burn down 8. Blindness 9. Pulmonary Arterial high blood pressure (Primary) 10.End-stage Lung Disease 11. Kidney mischance 12. Surgery To Aorta 13. Aplastic anaemia 14. Major reed organ Transplant 15. Loss Of Hearing 16. Loss Of Speech 17. stringy Dystrophy 18. Alzheimers Disease / permanent Organic Degenerative Brain Disorders 19. move Neuron Disease 20. Parkinsons Disease 21. Coma 22. Benign Brain neoplasm 23. Major Head Trauma 24. bacterial Meningitis 25. paralysis Appendix D Hospital Care packages and benefits Appendix E Diseases cover under Hospital care packageThe 9 dreadful diseases covered under hospital care packages are * Heart Attack * Cancer (Except Skin Cancer) * Coronar y Artery Disease * Stroke * Renal Failure * Blindness due to Sickness * Paralysis * Major Burns * Major Organ Transplantation References Information and different information are collected from the following sources * http//www. metlifealico. com. bd/en/Individual/index. html * Principles of Marketing by Philip J. Kotler Gary Armstrong * http//www. adv-ins. com/ * http//www. marketing91. com/product-concept/