NEW BIMA GOLD [ Table 179 ] MONEY BACK PLAN WITH LOYALTY ADDITIONS

1
NEW BIMA GOLD Table 179 MONEY BACK PLAN WITH
LOYALTY ADDITIONS

• A PRESENTATION BY
• AMRITSAR DIVISION

2
It has been decided to re-launch New Avatar of
LIC s Golden Jubilee Policy - Bima Gold (Close
Ended Plan No. 174) i.e. New Bima Gold (Open
Ended Plan No. 179) This is a money back
type plan where total premiums paid under the
policy shall be paid back to the policyholder in
installments at the specified durations in case
of survival and Sum Assured shall be paid in case
of death during the term of the policy
irrespective of whether or not any survival
benefits have been paid earlier.
3
New Avatar Features

• OPEN ENDED PLAN
• 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.
• Reduced Premium Rates Rebates
• Revised Terms Maturity Age

4
Benefits

• Death Benefit On death of the Life Assured
  during the term of the policy, an amount equal to
  Sum Assured and 50 of the Sum Assured during the
  extended term, provided the policy is in force.
• Maturity Benefit Total amount of premiums
  (excluding extra/optional rider premiums, if any)
  paid plus Loyalty Additions, if any, less the
  amount of survival benefits paid earlier, shall
  be payable in case of Life Assured surviving to
  the end of the term provided the policy is in
  full force.

5
Benefits

• Survival Benefit In case the life assured is
  surviving to the end of the specified durations,
  the following benefits shall be payable provided
  the policy is in full force.
• For policy term 12 years 15 of the Sum Assured
  under Basic Plan at the end of each 4th 8th
  policy year
• For policy term 16 years 15 of the Sum Assured
  under Basic Plan at the end of each 4th, 8th
  12th policy year
• For policy term 20 years 10 of the Sum Assured
  under Basic Plan at the end of each 4th, 8th,
  12th 16th policy year

6
Loyalty Additions

• This is a with-profits Plan and the policy shall
  participate in the profits of the Corporations
  with-profits assurance business. The policy
  shall, however, be eligible to a share of profits
  in the form of Loyalty Addition (one time) only
  payable on maturity. On the Life Assured
  surviving the stipulated date of maturity, the
  policy may be eligible for payment of Loyalty
  Addition, if any, depending upon the experience
  of the Corporation at such rate and on such terms
  as may be declared by the Corporation.

7
Auto Cover Facility

• If at least two full years premiums have been
  paid in respect of this policy, any subsequent
  premium be not duly paid, full death cover shall
  continue for a period of two years from the date
  of First Unpaid Premium (FUP). This period of 2
  years from FUP shall be called Auto-Cover period.
• During the Auto-Cover period, one or more
  installments of premiums can be paid along with
  interest without any revival requirements.
• On revival or payment of part/full arrears of
  premiums during Auto-Cover period, the date of
  FUP will shift and accordingly the Auto-Cover
  facility shall again be available for two years
  from the date of revised FUP.

8
Rider Options

• Accident Benefit Rider shall be available as an
  optional benefit for a premium at the rate of
  Rs.1 per thousand Accident Benefit Rider Sum
  Assured. Accident Benefit Rider shall be
  available for an amount not exceeding the Sum
  Assured under the Basic Plan subject to an
  overall limit of Rs.50 lakh taking all existing
  policies of the Life Assured under individual as
  well as group schemes including policies with
  in-built accident benefit taken with Life
  Insurance Corporation of India and other
  insurance companies and the Accident Benefit
  Rider Sum Assured under the new proposal into
  consideration. NOT AVAILABLE DURING THE EXTENDED
  TERM.

9
Miscellaneous

• LOAN Available after the policy acquires paid-up
  value (at least three full years premiums have
  been paid).
• SURRENDER VALUES (GSV,SSV) If at least three full
  years premiums have been paid, the GSV is equal
  to 30 per cent of the total amount of premiums
  paid excluding the premiums for the first policy
  year, all extra premiums paid, the premiums paid
  for Accident Benefit Rider and the amount of
  survival benefits paid earlier.
• Special Surrender Value will be calculated using
  the surrender value factors as applicable in the
  case of Endowment Plan and paid-up value as
  defined above.
• GRACE PERIOD FOR PAYMENT OF PREMIUM
• COOLING-OFF PERIOD
• BACK DATING INTEREST Back- dating interest will
  be charged at the prevailing rate at the time of
  completion of policy for dating back in excess of
  one month.

10
Rebates/Incentives

• Mode Rebate / Extra
• Rebates are available at the following rates
• Yearly mode 2 of tabular premium
• Half-yearly mode 1 of tabular premium
• Quarterly and SSS NIL
• Monthly mode 5 extra on tabular premium
• High Sum Assured Rebates
• Less than Rs.1 Lac NIL
• 1 Lac Less than 2 Lac Rs.5.00 per 000 SA
• Rs.2 Lac and above Rs.7.50 per 000 SA
• CEIS REBATE The rebate shall be _at_ 10 of the
  Tabular Premium for the basic plan.

11
Eligibility Conditions

• Entry Age Minimum 14 Years LBD Maximum 57 Yrs
  NBD (Term 12), 51 Yrs NBD (Term 16) 45 Yrs NBD
  (Term 20)
• Max Age at Maturity 75 years NBD
• Term 12, 16 or 20 Yrs.
• Min Sum Assured Rs.40,000 /-
• Max Sum Assured No limit
• Sum Assured will be in multiples of Rs.5000 /-
  only.

12
Commission Credit

• Agents, Corporate Agents
• 1st Year 2nd 3rd Year Renewal
• 15 7.5 5
• Bonus Commission 40 of 1st year commission.
• Brokers
• 1st Year Renewal
• 20 5
• No Bonus Commission shall be paid to the Brokers.
• Development Officers Credit
• For term 12 years 60
• For terms 16 and 20 years 100

13
GOLD Low Cost Money BackComparative Cost of
Insurance Tabular Rates Rs.1000 SA
While making a comparison the fact regarding the
VERY HIGH REBATES for the Sum Assured above 1 Lac
MUST be kept in mind.
PLAN gtgtgt 75-20 174-20 179-20
Age 15 64.95 41.75 40.40
Age 20 65.15 42.25 41.20
Age 25 65.70 42.85 42.30
Age 30 66.80 44.00 44.20
Age 35 68.70 46.45 47.55
Age 40 71.85 50.40 52.75
Age 45 76.70 56.15 60.15
Age 50 83.90 64.25

14
First among the Equals

• Illustration I-Low Cost Money Back
• Comparison with Popular 75-20 (Age 15, Std. Life)
• Items of Comparison 75-20 179-20
• Sum Assured 2 Lac 2 Lac
• Yearly Premium 12200 6418
• SB I 5 40000 4 20000
• SB II 10 40000 8 20000
• SB III 15 40000 12 20000
• SB IV - 16
  20000
• Maturity 20 80000BonusFAB 48360LA
• 31.03.2005 80000164000FAB 68360LA
• Valuation G V V G
  V
• RISK COVER 2 Lac 2 Lac
• GGuaranteed V-Variable

15
Other Point of View

• Illustration II-More Value in Lesser Cost
• Comparison with Popular 75-20 (Age 15, Std. Life)
• Items of Comparison 75-20 179-20
• Sum Assured 2 Lac 4 Lac
• Yearly Premium 12200 12836
• SB I 5 40000 4 40000
• SB II 10 40000 8 40000
• SB III 15 40000 12 40000
• SB IV - 16 40000
• Maturity 20 80000BonusFAB 96720LA
• 31.03.2005 80000164000FAB 136720LA
• Valuation G V V G
  V
• RISK COVER 2 Lac 4 Lac
• GGuaranteed V-Variable

16
Other Possibilities

• GOLDEN ANAND Term Assurance Money Back with
  Return of Premium with Free Risk Cover After
  Maturity Offer the Plan-179 for Equal SA under
  Plan-75 Purchase an add on Plan-149 for Balance
  Amount of Premium
• ????? ????? LICs Self Reliant Policy Auto
  Financing of the Premium after 4 Years from the
  SB Payments

17
GOLDEN ANAND

• Illustration III
• COMBI PLAN 179149 20 Yrs (Age 25, Std. Life)
• 75-20 179-20 149-20
• SA 2 Lac 2 Lac 1 Lac
• Premium 12546 6991 5946
• SB I 5 40000 4 20000
• SB II 10 40000 8 20000
• SB III 15 40000 12 20000
• SB IV - 16 20000
• Maturity 20 80000BF 79820LA 1 LacB
• 80000164000F 59820L
  10000086000
• RISK 2 Lac 4 2 Lac 4 1 Lac 2
• FREE - 1 Lac 1 Lac 2

18
Benefits - Golden Anand

• Low Cost
• Free Life Risk Cover after Maturity (T-149 as
  well as T-179)
• Early Survival Benefits (T-179)
• More Number of the SBs
• Return of Premium LA (T-179)
• Maturity Value (T-149)
• More Risk Cover (150)
• More Guaranteed Amount
• Loyalty Addition Better Prospects
• S V in lieu of Free Cover (T-149)

19
Swyam Siddha LICs Self Reliant Policy

• Age 25 179-20 Mode Yearly
• Premium 6991
• Tax Saving 20 1398 30 2097
• Net Premium 5593 4894
• 4 Yr Prem 22372 19576
• SB I 20000 20000
• Loss/Gain 2372 (-) 424 ()
• The example proves that after the premiums are
  paid for First 4 Years and the SB is received the
  policy can be financed from the SB amount.

20
USPs of Bima Gold

• NEW AVATAAR OF PLAN LAUNCHED BY THE PRIME
  MINISTER
• EVEN LOWER COST Janta Money Back
• BEST OF ALL Bima Kiran, Jeevan Saral,
  Money Back New Jana Raksha
• NO CROSS SUBSIDY No Exit Loading
• ATTRACTIVE HIGH SA REBATES High End Customer
  Benefited
• RETURN OF PREMIUM - Element of Guarantee
  Increased
• PARTICIPATING LOYALTY ADDITIONS

21
USPs of Bima Gold

• HIGHER AGE Return of Premium Same
• FULL RISK COVER FOR FULL TERM 50 OF SA DURING
  EXTENDED TERM (FREE)
• COOLING OFF OPTION
• AUTO COVER FACILITY MONEY BACK IN TERM
  ASSURANCE PLAN
• FLEXI TERMS 12, 16 20 Years
• EARLY SURVIVAL BENEFITS 4, 8, 12 16
• OPTIONAL RIDERS DAB, Disability
• POLICY LOAN AVAILABLE

22
Lets give our BEST to the organisation
THANKS