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Welcome. Introducing. L.I.C’s “Golden Jubilee Offering”. NEW BIMA GOLD. NEW BIMA GOLD (179). A life insurance policy for EMERGING INDIA. Intro features benefits illustrations. NEW BIMA GOLD (179). 4. - in one policy. a. Periodical Guaranteed Cash Back. *. Auto Cover. *.

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NEW BIMA GOLD


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

    2. NEW BIMA GOLD (179) A life insurance policy for EMERGING INDIA Introfeaturesbenefitsillustrations

    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 * Introfeaturesbenefitsillustrations

    4. NEW BIMA GOLD (179) ***** 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) Introfeaturesbenefitsillustrations

    5. NEW BIMA GOLD (179) • Who can avail of this plan ? • All male & female between 14 - 57 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. Introfeaturesbenefitsillustrations

    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 Introfeaturesbenefitsillustrations

    7. 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. 7.50 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. Introfeaturesbenefitsillustrations

    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. Introfeaturesbenefitsillustrations

    9. NEW BIMA GOLD (179) SURVIVAL BENEFITS:- Introfeaturesbenefitsillustrations

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

    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. Introfeaturesbenefitsillustrations

    12. NEW BIMA GOLD (179) MISCONCEPTIONS • 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 Introfeaturesbenefitsillustrations

    13. NEW BIMA GOLD (179) What is loyalty addition? How much will it be? Introfeaturesbenefitsillustrations

    14. NEW BIMA GOLD (179) Loyalty Addition • With profit • Identical to bonus • 165, 174, 179 • Without profit • Meager amount • 111, 150 Introfeaturesbenefitsillustrations

    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. Introfeaturesbenefitsillustrations

    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 Introfeaturesbenefitsillustrations

    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 Introfeaturesbenefitsillustrations

    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 Introfeaturesbenefitsillustrations

    19. NEW BIMA GOLD (179) INSURANCE PREMIUM RISK INVESTMENT PREMIUM PREMIUM Introfeaturesbenefitsillustrations

    20. How much Loyalty Addition?Age: 35 Term: 20 years S.A.: 5 lakhs 235552

    21. NEW BIMA GOLD (179) • LOYALTY ADDITION RATES (likely) • TERMPER 1000 SA • 12 400 • 16 500 • 20 600 Introfeaturesbenefitsillustrations

    22. NEW BIMA GOLD (179) HOW TO POSITION THE PRODUCT ? 2 TYPES OF CUSTOMERS FIRST- CLASS OTHER CUSTOMERS CUSTOMERS Introfeaturesbenefitsillustrations

    23. NEW BIMA GOLD (179) FIRST CLASS CUSTOMERS How to convince them ? How to win over the sale ? Introfeaturesbenefitsillustrations

    24. MONEY LOCKED WITH LIC IS VERY LESS ILLUSTRATION: AGE 30 179/16 5 LAKHS

    25. MONEY LOCKED WITH LIC IS VERY LESS ILLUSTRATION: AGE 30 179/16 5 LAKHS

    26. MONEY LOCKED WITH LIC IS VERY LESS ILLUSTRATION: AGE 30 179/16 5 LAKHS

    27. MONEY LOCKED WITH LIC IS VERY LESS ILLUSTRATION: AGE 30 179/16 5 LAKHS

    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? Introfeaturesbenefitsillustrations

    29. AUTO COVERAge 35, Term 20 Yr., S.A.Rs.5 Lakhs

    30. NEW BIMA GOLD (179) STRENGTH OF NEW BIMA GOLD Realize the true potential of our new BIMA GOLD with ILLUSTRATIONS Introfeaturesbenefitsillustrations

    31. ILLUSTRATION – 1 AGE 30 YEARS

    32. ILLUSTRATION – 2 AGE 35 YEARS

    33. ILLUSTRATION – 3 AGE 40 YEARS

    34. ILLUSTRATION – 4 AGE 45 YEARS

    35. 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 Introfeaturesbenefitsillustrations

    36. NEW BIMA GOLD From LIC. . . . . . completing 50 years of your continued trust Thank you Sridhar, Dev Officer sridhar.gayathri@vsnl.net