1. L.I.C’s “Golden Jubilee Offering”
Welcome
Introducing
L.I.C’s “Golden Jubilee Offering”
NEW BIMA GOLD

2. A life insurance policy
NEW BIMA GOLD (179)
A life insurance policy
for
EMERGING INDIA
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3. NEW BIMA GOLD (179) 4 - in one policy a
Periodical Guaranteed Cash Back *
Auto Cover *
Return of Premiums with Loyalty Additions *
Extended Risk Cover *
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4. NEW BIMA GOLD (179) Extended risk cover (50% of SA & Term)
***** the attractions *****
Higher the cover, lower the premiums *
Auto cover facility (2 + 2) * *
Extended risk cover (50% of SA & Term)
Guaranteed Cash Back every 4 years * *
Full death cover at all times
(Survival Benefits once paid, not recovered)
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5. NEW BIMA GOLD (179) Who can avail of this plan ?
All male & female between years
Are policy terms flexible ?
Yes, The options are 12, 16 or 20 years.
Upto what age is risk cover available ?
The maximum age at maturity is 75 years.
How much sum assured can be chosen ?
Minimum sum assured : Rs.50,000.
Maximum sum assured : No limit.
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6. NEW BIMA GOLD (179) What are the modes of payment?
Yly / Hly / Qly / Mly / SSS
Non-medical schemes
NMS/NMG applicable
Combines the benefit of Bima Gold & Bima Kiran
Free risk cover ceases at age 75
Yet another GOLD from LIC!!!
Open ended scheme w.e.f. 4th Sep 2006
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7. Higher the SA, Lower the premium
NEW BIMA GOLD (179)
Higher the SA, Lower the premium
For a policy of Rs. 2,00,000 & above,
you get a rebate of Rs per thousand sum assured.
For a policy of Rs. 1,00,000 to 1,95,000
you get a rebate of Rs. 5 per thousand sum assured.
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8. NEW BIMA GOLD (179) Death Cover :
On unfortunate death of the life assured, during the term of the policy, an amount equal to Sum Assured under the Basic Plan is paid provided the life cover is in force.
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9. % of Sum Assured payable
NEW BIMA GOLD (179)
SURVIVAL BENEFITS:-
Policy Term
% of Sum Assured payable
At the end of years 12
15%
4th and 8th years 16
4th, 8th and 12th years 20
10%
4th,8th, 12th and 16th years
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10. NEW BIMA GOLD (179) Maturity Benefit
Total amount of premiums paid (excluding extra/optional rider premiums) plus LA
Less survival benefits paid
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11. NEW BIMA GOLD (179) Auto Cover (Premium Holiday)
If 2 years’ premium has been paid, and subsequent premiums not paid, full death cover shall be continue for a period of 2 years from date of First Unpaid Premium. This period of 2 years is called Auto Cover period.
During the Auto Cover period, one or more installments of premium can be paid with interest but without revival requirements and the Auto Cover period shall be available for 2 years from the revised date of FUP.
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12. NEW BIMA GOLD (179) MISCONCEPTIONS with money back
Loyalty Addition? Why is it ONE TIME?
Why no share of profits for Death Claims?
Will there be profits atleast equal to 75/20?
It is only a “return of premium” term insurance
with money back
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13. What is loyalty addition? How much will it be?
NEW BIMA GOLD (179)
What is loyalty addition?
How much will it be?
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14. NEW BIMA GOLD (179) Loyalty Addition With profit Identical to bonus
165, 174, 179
Without profit
Meager amount
111, 150
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15. NEW BIMA GOLD (179)
This is a with-profits Plan and the policy participates in the Corporation’s with-profit assurance business
Share of profits in form of loyalty addition (one-time) is a payable on maturity.
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16. NEW BIMA GOLD (179)
There is a misconception that Loyalty addition is just a little sweetener and the main growth comes from bonus / G.A.
But it will not be so in the case of New Bima Gold. Actuarial analysis will show that the actual L.A. that can be paid will not be less than the total regular bonus payable on death claim, surrender or maturity.
In fact the policy holder will stand to gain more due to this concept
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17. NEW BIMA GOLD (179)
Reversionary bonus is declared after assessment of surplus.
On this surplus first a tax of 12.5% + 10% surcharge on tax and 2% educational cess, i.e. a total of 14% has to be paid.
Thereafter 5% is the government share
Then there is also a Solvency Margin provision to be made
The remainder is then distributed as bonus to the policy holders
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18. NEW BIMA GOLD (179)
Loyalty Additions and Final Addition Bonuses are not based on assessment of surplus.
Hence there is NO TAX, NO GOVERNMENT SHARE AND NO SOLVENCY MARGIN PROVISION to be made.
The result naturally is substantially higher benefit to the policy holder
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19. NEW BIMA GOLD (179) INSURANCE PREMIUM RISK INVESTMENT PREMIUM PREMIUM
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20. How much Loyalty Addition? Age: 35 Term: 20 years S.A.: 5 lakhs
Plan
Premium
Risk prem
Balance
With profit
Bonus rate
T.164
2306
nil No
-----
T.75
32,319 “
30,013
YES
410000
T.179
19549
17243 ?
235552

21. LOYALTY ADDITION RATES (likely)
NEW BIMA GOLD (179)
LOYALTY ADDITION RATES (likely)
TERM PER 1000 SA
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22. NEW BIMA GOLD (179) HOW TO POSITION THE PRODUCT ? 2 TYPES OF CUSTOMERS
FIRST- CLASS OTHER
CUSTOMERS CUSTOMERS
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23. NEW BIMA GOLD (179) FIRST CLASS CUSTOMERS How to convince them ?
How to win over the sale ?
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24. ILLUSTRATION: AGE 30 179/16 5 LAKHS
MONEY LOCKED WITH LIC IS VERY LESS
ILLUSTRATION: AGE /16 5 LAKHS
YEAR
PRM
IT REBATE
NET
SUR
BENEFIT
2006
18408
5522
12886
2007
2008
2009
2010
51544
50000

25. ILLUSTRATION: AGE 30 179/16 5 LAKHS
MONEY LOCKED WITH LIC IS VERY LESS
ILLUSTRATION: AGE /16 5 LAKHS
YEAR
PRM
IT REBATE
NET
SUR
BENEFIT
2010
18408
5522
12886
2011
2012
2013
2014
51544
50000

26. ILLUSTRATION: AGE 30 179/16 5 LAKHS
MONEY LOCKED WITH LIC IS VERY LESS
ILLUSTRATION: AGE /16 5 LAKHS
YEAR
PRM
IT REBATE
NET
SUR
BENEFIT
2014
18408
5522
12886
2015
2016
2017
2018
51544
50000

27. ILLUSTRATION: AGE 30 179/16 5 LAKHS
MONEY LOCKED WITH LIC IS VERY LESS
ILLUSTRATION: AGE /16 5 LAKHS
YEAR
PRM
IT REBATE
NET
MATURITY
BENEFIT
2018
18408
5522
12886
2019
2020
2021
2022
51544
L.A.

28. NEW BIMA GOLD (179) OTHER CUSTOMERS
How to convince customers who are otherwise not comfortable ?
How to ensure policy doesn’t lapse?
How to save your club membership?
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29. AUTO COVER Age 35, Term 20 Yr., S.A.Rs.5 Lakhs
Year
Premia
Revival Amt
S B
balance
1 st
19549
2nd
3rd
unpaid
4th
44005
50000
5995
5th
13554
6th
7th
8th
9th
10th

30. Year Premia Revival Amt S B Balance 11th unpaid 12th 44005 50000 5995
13554
14th
19549
15th
16th
17th
18th
19th
20th
1,80,980
(Guarantee)
1,36,975+3,00,000

31. NEW BIMA GOLD (179) STRENGTH OF NEW BIMA GOLD
Realize the true potential of our new BIMA GOLD with ILLUSTRATIONS
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32. ILLUSTRATION – 1 AGE 30 YEARS

33. ILLUSTRATION – 2 AGE 35 YEARS

34. ILLUSTRATION – 3 AGE 40 YEARS

35. ILLUSTRATION – 4 AGE 45 YEARS

36. NEW BIMA GOLD (179) MISCONCEPTIONS & REALITY
Loyalty Addition? Why is it ONE TIME?
Loyalty Addition (with profit) is a beauty which is paid on the date of maturity just like FAB
Why no share of profits for Death Claims?
FAB is not given for death claims in money back plans.
Will there be profits atleast equal to 75/20?
No doubt. It could be even more than that.
It is only “return of premium” term insurance with money back
It is a blend of Endowment, Money Back, New Janaraksha and Bima Kiran
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37. NEW BIMA GOLD From LIC. . . . . . completing 50 years of
your continued trust
Thank you
Sridhar, Dev Officer