jeevan anand - 815-2-2
TRANSCRIPT
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New Jeevan Anand
J D Chandrapal
CII (Award)London, MBAmarketing , PGDHRM, P HD Scholar Development Officer
- LIC of IndiaAhmedabad - 9825070933
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The Market-Place Today
Growing Investment service Segments
Driven Market = Price=Value=Quantity=Quality
Investment Trends
Marketing Campaigns
Customer Service = 24/7 Service Facilities
Value Expectation = Quality Products, Reliable
Service, On time Delivery,
Fair valueJ
D
Chandrapal-D
evelopm
entOffic
er-LIC
ofIndia
-Ahm
edabad
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The Market Needs
Security
Reduced Liability
Liquidity and Flexibility
Short / Mid Term Financial Planning
Risk Coverage During the Investment
Simplified User Friendly Process
Asset Management
J
D
Chandrapal-D
evelopm
entOffic
er-LIC
ofIndia
-Ahm
edabad
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Features . . . . .
Particulars Minimum Maximum
Entry Age of Life
to be Assured
18 yearsCompleted
50 years (NearerBirth Date)
Age at Maturity - 75 years
Term 15 years 35 years
Sum Assured
Rs. 100,000/and in multiple of
5000
No Limit(Depending upon
Income)
J
D
Chandrapal-D
evelopm
entOffic
er-LIC
ofIndia
-Ahm
edabad
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Features . . . .
Particulars Conditions
Premium Payment
mode
Yearly, Half-yearly, Quarterly,
Monthly (ECS & SSS)
Rider
Accident benefit allowed up
to Total Sum Assured of Rs.
50,00,000/-
Modes Allowed Yearly, Half Yearly, Quarterly,Monthly (ECS & SSS)
Age Proof Standard or NonStandard
Proof allowed.
J
D
Chandrapal-D
evelopm
entOffic
er-LIC
ofIndia
-Ahm
edabad
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Features . . . .
Particulars ConditionsFemale Category I, II & III Allowed.
NonMedical Scheme NMGNMSNM (Professional) Allowed.
Surrender Allowed at any time, till death Provided
premiums for Atleast Three Full Years
have been paid. - The Higher of
Guaranteed Surrender Value and Special
Surrender Value payable.
Policy Loan Allowed at any time before or after PPT.
Provided premiums for Atleast Three Full
Years have been paid. Subject to Certain
ConditionJ
D
Chandrapal-D
evelopm
entOffic
er-LIC
ofIndia
-Ahm
edabad
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Features . . . .
Mode Rebate
Yly 2 of Tabular Premium
Hly 1 of Tabular Premium
High Sum Assured Rebate
Up to 195,000 NIL
200,000 to 495,000 2% of Basic Sum Assured
500,000 & above 3% of Basic Sum Assured
J
D
Chandrapal-D
evelopm
entOffic
er-LIC
ofIndia
-Ahm
edabad
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Features . . . .
Particulars Conditions
Revival Period 2 years from FUP
Foreclosure Not for fully paid
up and in forcepolicies even if there is default of loan
interest.
No change for Dating Back, Grace Period, Paid up
value and Assignment/ Nomination.
Service Tax To Be Borne By Policy Holder (1stYear
3.09 and Subsequent Years 1.54 )
J
D
Chandrapal-D
evelopm
entOffic
er-LIC
ofIndia
-Ahm
edabad
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Benefits .
Maturity Benefit
Basic Sum Assured + Bonus + F A B
At the end of selected Premium Paying Term.
Additional Risk Cover equal to Basic Sum Assured willcontinue which is payable only on death.
J
D
Chandrapal-D
evelopm
entOffic
er-LIC
ofIndia
-Ahm
edabad
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Benefits . . . .
Natural Death
During Premium Paying Term After Premium Paying Term
S A on Death + Bonus + FAB if any
Sum Assured on Death shall not be lessthan 105% of total premiums.
S A on Death shall be Higher of ~ 125% of
Basic Sum Assured (1.25 x BSA)
OR
10 times Annual Premium.(10 x AP).
Basic Sum Assured
Accidental Death Up to age 70)
Double the Basic Sum Assured +
Bonus+ F.A.B. If any
Double the Basic Sum
Assured
J
D
Chandrapal-D
evelopm
entOffic
er-LIC
ofIndia
-Ahm
edabad
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Benefits . . . .
Double Accident Benefit
AB Premium shall be @ Rs.1.00 and for Police Duty @
Rs. 1.50%0
Minimum Accident Benefit Sum Assured (ABSA) Rs.
100000 and there after in multiples of 5000
Rs.50 Lakh overall limit, taking into account ABSA under
all existing policies, i.e. Individual, Group and New
proposals. The policies may be from LIC or any other
insurance company.
ABSA will be available up to age 70 onlyJ
D
Chandrapal-D
evelopm
entOffic
er-LIC
ofIndia
-Ahm
edabad
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Selling Propositions
Brand Name of the New Plans have not been changed only word
NEW is added
Death Benefit Increased to 125%
Double Accident Benefit as Optional Rider up to Total limit of 50
Lakh
Foreclosure Removed
SA Rebate Increased
Surrender Value Factor Increased
Suicide in 1styear80% of Premium Paid Refunded
Flexibility in determining beneficiaries in event of death
J
D
Chandrapal-D
evelopm
entOffic
er-LIC
ofIndia
-Ahm
edabad
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Old vs. NewPremium Comparison
SA 5 Lac Mode-YLY Term 20 Years
Age 149 815
Difference
W/O ServiceTax
%
ChangePremium
Basic
Premium
DAB
Premium
Service
Tax
Total
Premium
18 25828 26582 500 837 27919 1254 4.86
30 27550 28174 500 886 29560 1124 4.08
40 29975 30551 500 959 32010 1076 3.59
50 33515 34740 500 1089 36329 1725 5.15
J
D
Chandrapal-D
evelopm
entOffic
er-LIC
ofIndia
-Ahm
edabad
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Old vs. NewPremium Comparison
SA 5 Lac Mode-YLY Term 25 Years
Age 149 815
Difference
W/O ServiceTax
%
ChangePremium
Basic
Premium
DAB
Premium
Service
Tax
Total
Premium
18 19523 20285 500 642 21427 1262 6.46
30 20978 21657 500 685 22842 1179 5.62
40 23112 23936 500 755 25191 1324 5.73
50 26410 27978 500 880 29358 2068 7.83
J
D
Chandrapal-D
evelopm
entOfficer-LIC
ofIndia
-Ahm
edabad
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Unique Selling Propositions
Increased Profitability of the Product due to precise
segment of age group between
18to 50years. And
Paying Service Tax separately so it wouldnt have any
cost bearing on the returns
And World Famous Punch Line
,JD
Chandrapal-D
evelopm
entOfficer-LIC
ofIndia
-Ahm
edabad
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Are You Afraid of Premium Hike
Dont be lured by low premium, check Companys
settlement record too. - Economic Times Bureau | 16 Jan, 2014
As a customer, claim settlement ratio is your bottom line while
choosing an insurance company not always a premium rate.
claim settlement ratio in plain words this number tells chances of
your policy paying you if you make a claim.
Claims settlement ratio, along with related data, is the only
objective yardstick for the consumer to determine which
insurance company is preferable and more reliable.- Jehangir Gai - Consumer activist
LIC's claim settlement better than private insurers - IRDA
Determine the cost effectiveness of any insurance product one
has to look at the claim settlement ratio of the company and
economies of scale too.JD
Chandrapal-D
evelopm
entOfficer-LIC
ofIndia
-Ahm
edabad
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Claim Settlement -Fact Sheet
Source IRDA Annual Report2012 - 13
J
D
Chandrapal-D
evelopm
entOfficer-LIC
ofIndia
-Ahm
edabad
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IRDA - Annual Report for 2012-13
IRDA has just published its annual report for 2012-13 and as insurance
buyers, claim ratios have been of particular interest to a lot of people. Here
is a brief summary of claim settlement ratios for companies in 2012-2013: Most of the companies have maintained their claim ratios around previous
year.
Aegon Religare( a major player selling term insurance) remains one of the
lowest with 66.87% claim ratio. Other low claim ratio companies are DLF
Primerica ( 27%), India First, Future Generali( 70.5%), Edelweiss Tokio
(45%) etc.
Max Life has shown big improvement from 89% to 94%
HDFC Life, SBI Life and ICICI Prudential have maintained their claim ratios
around 95%
Bharti Axa has moved up few percentage points to 89% while Aviva has
dropped a few percentage points to 87%
Birla SunLife, Tata AIAs and Reliance Life remain around 83-85% when it
comes to claim ratio.
LIC remains the best in claim ratio with claim ratio of 97.7%!( This is the
gold standard every private insurer should beat!)
This again proves the point that good companies will have a consistent
record when it comes to claim ratios.JD
Chandrapal-D
evelopm
entOfficer-LIC
ofIndia
-Ahm
edabad
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