Download - GMIP for Leaders
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Traditional, non participating ,Money Back Insurance
Plan
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Importance of monthly income
The Guaranteed Monthly Income Plan
Living benefits Death benefit
Calculation of Monthly Income Boosters Calculation of premium Product Specifications
Process for selling GMIP
Things to be careful about while sourcing
Operational requirements
Objectives
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The Virtues of Monthly Income
Expenses are easier to plan when one knows the monthlyincome coming in
Childrens school fee &overhead activity expenses
Monthly householdexpenses, including EMIsfor the house, car,others
Festival season:Gifts and otherexpenses
Medical expenses
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India is a country of 120 Cr people
Over 112 Cr people do not have anyform of Insurance
Out of those insured, 3 out of 4are under protected
Source: IMRB Consumer U&A Research 2010
Guarantee your family a Monthly Income , and provide themthe financial security they deserve
Among all your responsibilities, securing your familys future tops the chart
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wholesome development meansproviding for coaching Classes,co-curricular activities and ahigher education.
Cost of education has increasedby 45%-60% in the last 10 years
56% of the children said thattheir parents have time but they
cant afford activities like music,swimming etc.
Be a proud parent plan now to increase your Monthly Incomeand gear up to meet these demands
Providing for all-round development forchildren is every parents dream
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96% of Indian working populationdoes not have a formal, mandatedprovision for pension
Source:http://www.rediff.com/news/2008/jan/09survey.htm
Receive a regular, guaranteed Monthly Income duringRetirement!
Work life is getting shorter; To see through more than two decades ofretired life, you will need much more money than the previous generations
did!
What would you want?
A luxurious retired life? Or old age, spent working?
We all wish to fulfill our responsibilities towards our parents in a betterway we can do that by gifting them a comfortable lifestyle during their
golden years
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Inflation increases your expenses butnot your Income!
Food inflation grewby 11.6% from 2008-
09 to 2010-11
Source: http://news.in.msn.com/business/article.aspx?cp-documentid=5248221&page=2
Indias inflation rateamongst the
steepest in the world
Fight inflation better by planning yourmonthly income well
In last 12 months alone,the fuel prices have
gone up by almost 25%
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Guaranteed returns
Protection of Life
Protection of FinancialGoals
Beating inflation
Monthly cash flows that helpwith expense management
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to give a boost to yourmonthly income!
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Guaranteed Monthly Income Plan :Give and Get
GMIP:In which you pay 11 Annual
Premiums
Year 1 - 11 Year 12 - 21
Your GMIP pays you back:120 payouts, every month, from 12 th year
onwards. For 10 years
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GMIP Benefits Money if one lives
Living benefits
Guaranteed MonthlyIncome Starting 12 th Year
Monthly Income Booster(Non-Guaranteed)
Starting 12th
Year
Guaranteed TerminalBenefit With the last
monthly payout in the 21 st year
Money if one doesnt
Death Benefits
Guaranteed MonthlyIncome Starting 12 th Year
Monthly Income Booster(Non-Guaranteed)
Starting 12 th year
Guaranteed TerminalBenefit With the last
monthly payout in the 21st
year
Refund of all premiums paid, immediately
All future premiums borne by the Company
GMI starts getting paid every month from thepolicy anniversary following the date of
intimation of death
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Living Benefits
GMIP
1:GuaranteedMonthlyIncome
2: MonthlyIncome
Boosters
3:GuaranteedTerminalBenefit
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FIMMDA 5-YearG-Sec Benchmark
Rate
Monthly Income BoosterRate
< 4.0 % 0.00%4.0 % to < 4.5 % 5%4.5 % to < 5.0 % 10%5.0 % to < 5.5 % 15%
5.5 % to < 6.0 % 21%6.0 % to < 6.5 % 27%6.5 % to < 7.0 % 33%7.0 % to < 7.5 % 39%7.5 % to < 8.0 % 46%8.0 % to < 8.5 % 53%8.5 % to < 9.0 % 60%9.0 % to < 9.5 % 68%
9.5 % to < 10.0 % 76%10.0 % to < 10.5 % 84%10.5 % to < 11.0 % 92%11.0 % to < 11.5 % 101%11.5 % to < 12.0 % 111%12.0 % to < 12.5 % 120%12.5 % to < 13.0 % 130%
>= 13.0 % 141%
Calculation of Monthly Income Boosters
CALCULATION:
Monthly Income Booster Ratecorresponding to 8.5% benchmark
rate: 60% Monthly Income Booster = 60% * Rs.10,000
Monthly Income booster = Rs. 6,000
SCENARIO:
Guaranteed Monthly Income Chosen: Rs. 10,000
In year 2, on payment of renewalpremium, assume that thebenchmark rate is: 8.5%
So your total monthly income is Rs. 16000
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Year 1 - 21
Premium Paying Phase 1-11 yrs Payout phase 12-21 yrs
1 st Renewal Premium Jan 2013 Rate as on 31 st Dec 2012 = 8.0% Booster rate attached to policy is 53%,
which will be paid for 12 months in 2023
2nd Renewal Premium Rate as on 31 st Dec 2013 = 8.5% Booster rate attached to policy is 60%
This rate gets locked in your policy for the 12 months of the benefityear; once accrued, boosters are guaranteed to be paid out
Year2023
Year2024
Jan - 1 st Premium
Year2012
Year2013
Year2014
FIMMDA 5-YearG-Sec Benchmark
Rate
Monthly Income BoosterRate
7.5 % to < 8.0 % 46%8.0 % to < 8.5 % 53%8.5 % to < 9.0 % 60%
Living Benefits in detail
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GMIP: A transparent plan!
Is there any better guarantee than this in Life !
So today, in2012, you knowthe income youwill get paid 10years later, in2023
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200% of 1 st annual premium is given as theGuaranteed Terminal Benefit with the finalmonthly payout
3:GuaranteedTerminalBenefit
Living Benefits in detail
If the annual premium is Rs. 70000,the final payout will include the GTBof Rs. 1,40,000/-
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Mr. Singh is 40 old and works in an MNC. He wants an additional regular
monthly income to meet his future needs.
Step 1: Mr. Singh decided that he needs a monthly income of Rs. 10,000
Step 2: His policy term is 11 years
Step 3: The premium for his policy comes out to be Rs. 1,05,120* payablefor 11 years
*exclusive of Service Tax
This is how your GMIP works
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GMIP: Living / Survival Benefits
Mr. Singh survives till the end of the payout period
Each year will have a differentbooster rate attached.
Policyholder to pay premiums from year 1-11:Rs. 105120
Year 11 Year 1
Year 21Year 12
Guaranteed Monthly Income
Rs. 10000 per month (Rs. 120000 annually)
Monthly Income Booster
Rs.6000
Rs.6000
Rs.6800
Rs.6000
Rs.6800
Rs.6000
Rs.6000
Rs.6000
Rs.6000
Rs.6000
Guaranteed Terminal Benefit
Eg:Year 12 payouts include:
o
Total payouts: (GMI+MIB)Rs. 16000 X 12 = Rs.1,92,000,consisting of:
Guaranteed Monthly Income:Rs. 10000 X12 = 120000
+ Monthly Income Boosters:
Rs. 6000 X12 = 72000
Eg:Year 14 payouts include:
o
Total payouts: (GMI+MIB)Rs. 16800 X 12= Rs. 2,01,600,consisting of:
Guaranteed Monthly Income:Rs. 10000*12 = 120000
+ Monthly Income Boosters:
Rs. 6800*12 = 81600
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GMIP: Death Benefit
In case Mr. Singh dies after paying 5 annual premiums
MNYL refunds theannual premiumspaid by thepolicyholder fromyear 1-5(Rs. 5.25 Lacs)
1
Year 21Year 12Guaranteed Monthly Income continues
Rs. 10000 p.m. (Rs. 120000 annually)
4
Monthly Income Booster
Rs.6000
Rs.6000
Rs.6800
Rs.6000
Rs.6800
Rs.6000
Rs.6000
Rs.6000
Rs.6000
Rs.6000
5Guaranteed Terminal Benefit6
Rs. 105120
2
Rs. 630720
Nominee gets a monthlyincome of Rs. 10000 from
year 6 - 11
3
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A glimpse of the monthly incomeyou earn from GMIP
Year 12:
*Assuming policy taken in Jan month; amt inclusive ofguaranteed amt + boosters;
Jan* Rs. 16000
Feb Rs. 16000
Mar Rs.16000
Apr Rs. 16000
For the year:
Rs. 2,01,600
Year 14:
Jan Rs. 16800Feb Rs. 16800
Mar Rs. 16800
Apr Rs. 16800
For the year:
Rs. 1,92,000
May Rs. 16000
July Rs. 16000
June Rs. 16000
Dec Rs. 16000
Aug Rs. 16000
Sept Rs. 16000
Oct Rs. 16000
Nov Rs. 16000
May Rs. 16800June Rs. 16800
July Rs. 16800
Aug Rs. 16800
Sept Rs. 16800
Oct Rs. 16800
Nov Rs. 16800
Dec Rs. 16800
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Rajesh is 40 years old and works in a Software firm.He wants an additional regular monthly income ofRs. 10,000 to meet his future needs.
Rate as perMonthly Income
1000
**Sum AssuredPremium
**Sum Assured = 240 times monthly income
GMIP: Premium Calculation
Rajeshs SA = 10,000 X 240 = Rs. 24,00,000
L h M Sh i
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Lets see how Mr. Sharma isthinking about GMIP
I need a monthlyIncome of Rs. 10000/-
The last 3 years average of thebenchmark rate is near about 8%...soI should be able to earn around 60%
as income boostersMy AIP told me to look at a 70:30 ratiobetween the 2 returnsso if I take Rs.
7000 as the GMI & let the balancecome through boosters, at 60%
booster rate, I can earn Rs. 4200 asboosters, making my monthly income
to be 11,200/-This will also help mesave almost 30% of
the annual premium/-
Mr. Sharma, age 35, needs Rs. 10,000monthly income from GMIP.
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I need a monthly
Income of Rs.10000/-
I can take this entire amountas the guaranteed monthlyincome, so that there is no
shortage of money.
I can earn the monthly incomeboosters over and above thisGMI ! Which means that I can
earn upto Rs.15300* every
month!Higher premiums =higher savings, +
guaranteedfulfillment of dreams
*@8% booster returns
Alternatively!
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GMIP: Product Features
Parameters Specifications
Entry Age Min: 25 yearsMax: 60 years
Policy Term* 11 years
Monthly Income to begin
from Year 12 (Month 133 onwards)
Income Payout Period 10 years (120 monthly payouts)
Minimum guaranteedMonthly Income
Rs. 2000(In multiples of Rs. 500)
Sum Assured 240 times guaranteed monthly Income
Premium Payment Mode Annual (Only)
Underwriting Multiple 125 times guaranteed monthly Income
*Note: Premium Payment Term is equal to the policy term
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GMIP: Tax Benefit
It may be noted that the tax authorities may independently examine the availability of theaforesaid benefits. Also, this is subject to any changes made to the tax legislation infuture.
The policyholders are advised to independently consult their tax advisor on their income-tax implications.
The tax benefits under Max New York Life Guaranteed Monthly Income
Plan are available as per the prevailing provisions and conditions of the
Income-tax Act, 1961, including benefits under section 80C and 10 (10D)
of the Act that should be available in respect of sums received under Max
New York Life Guaranteed Monthly Income Plan
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Documents Required
Signed application form, version 2.1
One latest passport size photo, colour
Address Proof
Income ProofAge Proof
1 Cancelled cheque copy of the customers bank account
Goal Finder, signed by the customer
Acknowledgement, signed by the customer
All documents to be self-attested by the customer
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Operational Must Dos for smooth processingof your case
1. Ensure that the guaranteed monthly income + the sum
assured is filled in the proposal form clearly
2. Mandatory to have customer bank a/c details in theproposal form for payouts
3. Cancelled cheque copy is mandatory, at the time ofsourcing the proposal
4. Checkbox to be checked as acceptance of monthly
remittance by NEFT
5. The revival period in GMI is 6 months ONLY, postwhich either the policy lapses or goes into non-
forfeiture
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The excitement is just building
And Get this exclusive
Sales Kit absolutely
For ABOs only:
Submit 1 case of
On 12 th Jan, 2012
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Sales K i t
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YearFirst YearPremium
1 st Year renewal
2nd Yearrenewal3 rd Year
renewal
GMIP50%
50%10%
10%
And now, the news weve all beenwaiting for
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All the Best!