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L.I.Cs Golden Jubilee Offering. NEW BIMA GOLD (179) IntroIntro features benefits illustrations featuresbenefitsillustrations Introfeaturesbenefitsillustrations.

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Presentation on theme: "L.I.Cs Golden Jubilee Offering. NEW BIMA GOLD (179) IntroIntro features benefits illustrations featuresbenefitsillustrations Introfeaturesbenefitsillustrations."— Presentation transcript:

1 L.I.Cs Golden Jubilee Offering

2 NEW BIMA GOLD (179) IntroIntro features benefits illustrations featuresbenefitsillustrations Introfeaturesbenefitsillustrations

3 IntroIntro features benefits illustrations featuresbenefitsillustrations Introfeaturesbenefitsillustrations NEW BIMA GOLD (179)

4 IntroIntro features benefits illustrations featuresbenefitsillustrations Introfeaturesbenefitsillustrations NEW BIMA GOLD (179)

5 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. IntroIntro features benefits illustrations featuresbenefitsillustrations Introfeaturesbenefitsillustrations NEW BIMA GOLD (179)

6 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. 4 th Sep 2006 IntroIntro features benefits illustrations featuresbenefitsillustrations Introfeaturesbenefitsillustrations NEW BIMA GOLD (179)

7 For a policy of Rs. 2,00,000 & above, you get a r rr rebate of Rs per thousand sum assured. For a policy of Rs. 1,00,000 to 1,95,000 you get a r rr rebate of Rs. 5 per thousand sum assured. IntroIntro features benefits illustrations featuresbenefitsillustrations Introfeaturesbenefitsillustrations NEW BIMA GOLD (179)

8 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. IntroIntro features benefits illustrations featuresbenefitsillustrations Introfeaturesbenefitsillustrations NEW BIMA GOLD (179)

9 SURVIVAL BENEFITS:- Policy Term % of Sum Assured payable At the end of years 1215%4 th and 8 th years 1615%4 th, 8 th and 12 th years 2010%4 th,8 th, 12 th and 16 th years IntroIntro features benefits illustrations featuresbenefitsillustrations Introfeaturesbenefitsillustrations NEW BIMA GOLD (179)

10 Maturity Benefit Total amount of premiums paid (excluding extra/optional rider premiums) plus LA Less survival benefits paid IntroIntro features benefits illustrations featuresbenefitsillustrations Introfeaturesbenefitsillustrations NEW BIMA GOLD (179)

11 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. IntroIntro features benefits illustrations featuresbenefitsillustrations Introfeaturesbenefitsillustrations NEW BIMA GOLD (179)

12 IntroIntro features benefits illustrations featuresbenefitsillustrations Introfeaturesbenefitsillustrations NEW BIMA GOLD (179) 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 MISCONCEPTIONS

13 What is loyalty addition? How much will it be? IntroIntro features benefits illustrations featuresbenefitsillustrations Introfeaturesbenefitsillustrations NEW BIMA GOLD (179)

14 Loyalty Addition IntroIntro features benefits illustrations featuresbenefitsillustrations Introfeaturesbenefitsillustrations NEW BIMA GOLD (179)With profit I Identical to bonus 1 165, 174, 179 Without profit M Meager amount 1 111, 150

15 IntroIntro features benefits illustrations featuresbenefitsillustrations Introfeaturesbenefitsillustrations This is a with-profits Plan and the policy participates in the Corporations with-profit assurance business Share of profits in form of loyalty addition (one- time) is a payable on maturity. NEW BIMA GOLD (179)

16 IntroIntro features benefits illustrations featuresbenefitsillustrations Introfeaturesbenefitsillustrations 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 NEW BIMA GOLD (179)

17 IntroIntro features benefits illustrations featuresbenefitsillustrations Introfeaturesbenefitsillustrations Reversionary bonus is declared after assessment of surplus. 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 NEW BIMA GOLD (179)

18 IntroIntro features benefits illustrations featuresbenefitsillustrations IntrofeaturesbenefitsillustrationsLoyalty 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 NEW BIMA GOLD (179)

19 INSURANCE PREMIUM RISKINVESTMENT PREMIUM PREMIUM IntroIntro features benefits illustrations featuresbenefitsillustrations Introfeaturesbenefitsillustrations NEW BIMA GOLD (179)

20 How much Loyalty Addition? Age: 35 Term: 20 years S.A.: 5 lakhs Plan Premium Risk prem Balance With profit Bonus rate T nil No----- T.75 32,319 30,013 YES T YES ?

21 LOYALTY ADDITION RATES (likely) TERMPER 1000 SA IntroIntro features benefits illustrations featuresbenefitsillustrations Introfeaturesbenefitsillustrations NEW BIMA GOLD (179)

22 2 TYPES OF CUSTOMERS FIRST- CLASSOTHER CUSTOMERSCUSTOMERS IntroIntro features benefits illustrations featuresbenefitsillustrations Introfeaturesbenefitsillustrations NEW BIMA GOLD (179) HOW TO POSITION THE PRODUCT ?

23 IntroIntro features benefits illustrations featuresbenefitsillustrations Introfeaturesbenefitsillustrations NEW BIMA GOLD (179) How to convince them ? How to win over the sale ? FIRST CLASS CUSTOMERS

24 ILLUSTRATION: AGE /16 5 LAKHS YEARPRMIT REBATE NET PRM SUR BENEFIT MONEY LOCKED WITH LIC IS VERY LESS

25 ILLUSTRATION: AGE /16 5 LAKHS YEARPRMIT REBATE NET PRM SUR BENEFIT MONEY LOCKED WITH LIC IS VERY LESS

26 ILLUSTRATION: AGE /16 5 LAKHS YEARPRMIT REBATE NET PRM SUR BENEFIT MONEY LOCKED WITH LIC IS VERY LESS

27 ILLUSTRATION: AGE /16 5 LAKHS YEARPRMIT REBATE NET PRM MATURITY BENEFIT L.A. MONEY LOCKED WITH LIC IS VERY LESS

28 IntroIntro features benefits illustrations featuresbenefitsillustrations Introfeaturesbenefitsillustrations NEW BIMA GOLD (179) How to convince customers who are otherwise not comfortable ? How to ensure policy doesnt lapse? OTHER CUSTOMERS How to save your club membership?

29 AUTO COVER Age 35, Term 20 Yr., S.A.Rs.5 Lakhs YearPremiaRevival AmtS Bbalance 1 st nd rd unpaid 4 th unpaid th th th unpaid 8 th unpaid th th19549

30 YearPremiaRevival AmtS BBalance 11 th unpaid 12 th unpaid th th thunpaid 16 th unpaid th th th unpaid 20 th unpaid ,80,980 (Guarantee) 1,36,975+ 3,00,000

31 IntroIntro features benefits illustrations featuresbenefitsillustrations Introfeaturesbenefitsillustrations NEW BIMA GOLD (179) STRENGTH OF NEW BIMA GOLD Realize the true potential of our new BIMA GOLD with ILLUSTRATIONS

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 IntroIntro features benefits illustrations featuresbenefitsillustrations Introfeaturesbenefitsillustrations NEW BIMA GOLD (179) 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 MISCONCEPTIONS & REALITY

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