a life insurance policy for emerging india

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New Bima Gold. A life insurance policy for EMERGING INDIA. - in one policy. 4. Periodical Guaranteed Cash Back. a. *. Auto Cover. *. Return of Premiums with Loyalty Additions. *. 50% Extra Term & 50% extra SA. *. ***** the attractions *****. - PowerPoint PPT Presentation

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Page 1: A life insurance policy  for  EMERGING INDIA
Page 2: A life insurance policy  for  EMERGING INDIA
Page 3: A life insurance policy  for  EMERGING INDIA
Page 4: A life insurance policy  for  EMERGING INDIA

Who can avail of this plan ? Those aged between 14 years and 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.

Page 5: A life insurance policy  for  EMERGING INDIA

For a policy of Rs. 2,00,000 & above, you get a rebate of Rs. 7.5 per thousandrebate of Rs. 7.5 per thousand sum assured.

For a policy of Rs. 1,00,000 to 1,95,000 you get a rebate of Rs. 5 per thousandrebate of Rs. 5 per thousand sum assured.

Page 6: A life insurance policy  for  EMERGING INDIA
Page 7: A life insurance policy  for  EMERGING INDIA

Death CoverDeath 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.

Page 8: A life insurance policy  for  EMERGING INDIA

…… …… all these and periodical all these and periodical benefits too !!!benefits too !!!Yes, On survival upto end of the specified durations, the following benefits shall be paid provided the policy is in force:

Policy Term

% of Sum Assured payable

At the end of years

12 15% 4th and 8th years

16 15% 4th, 8th and 12th years

20 10% 4th,8th, 12th and 16th years

Page 9: A life insurance policy  for  EMERGING INDIA

What do you get when What do you get when policy matures ? policy matures ?

Total amount of premiums paid (excluding extra/optional rider premiums) plus plus loyalty additions, less less amount of survival benefits paid earlier, shall be paid on survival to end of the term, if policy is in force.

Page 10: A life insurance policy  for  EMERGING INDIA

… …and the (L) icing and the (L) icing on the cake on the cake - Loyalty - Loyalty Addition !!!Addition !!!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.

Page 11: A life insurance policy  for  EMERGING INDIA

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 Jeevan Saral. 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

Loyalty

Page 12: A life insurance policy  for  EMERGING INDIA

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

Page 13: A life insurance policy  for  EMERGING INDIA

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

Page 14: A life insurance policy  for  EMERGING INDIA

Accident Cover:Accident Cover:

Accident cover is available as an optional benefit for an amount not exceeding sum assured in the Basic Plan subject to an overall limit of Rs. 50 lakhs.

Page 15: A life insurance policy  for  EMERGING INDIA

Auto Cover (Premium Auto Cover (Premium Holiday)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 instalments 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.

Page 16: A life insurance policy  for  EMERGING INDIA

Another Mega Benefit

EXTENDED TERM: The Extended Term will be half of the policy term and shall

commence immediately on the expiry of the policy term. For example, for a 16 years policy term, the Extended Term will be 8 years with the result the total term will be 24 years. No premiums are payable during the Extended Term of the plan.

During the extended term: Payment of an amount equal to 50% of Sum Assured under the Basic Plan on death of the Life Assured during the extended term provided all the premiums under the policy have been paid.

Page 17: A life insurance policy  for  EMERGING INDIA

Commission 1st Year 2nd & 3rd Year Renewal

15% 7.5% 5%

Bonus Commission : 40% of 1st year commission