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Training Materials for Agents
&
Not for Private Circulation
PRESENTED BY:-P.T.PATIL DOLIC HUBLI III
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Guaranteed Maturity Insurance Plan
CLOSE ENDED PLAN
FOR LIMITEDPERIOD ONLY
INSIDE STORY OF JEEVAN VRIDDHI
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GET MORE WITH LESS INVESTMENT
INSIDE STORY OF JEEVAN VRIDDHI
SUM ASSURED +
GUARANTEEDADDITION
LOYALITY ADDDITION
ON MATURITY
On death, Basic Sum Assured shall be PayableBasic Sum Assured shall be 5 times the Single Premium excluding extra premium
Death Benefit:-
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SINGLE PREMIUM
IS NOTHING BUT AN Attractive Guaranteed Discount Over Yearly Premium Payment
INSIDE STORY OF JEEVAN VRIDDHI
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Right PlanBest plan for a short-term Life Insurance
with Guaranteed returns.Right TimeWith financial year closing, no better time to invest.
Right TermShort term plan, liquidity available any time.
Right ReturnA return of 12% without any headache + Tax Free return.
Right InsuranceCan be taken for all Individual in a family
Right IdeaFixed deposit + Life Insurance
INSIDE STORY OF JEEVAN VRIDDHI
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LIC JEEVAN VRIDDHI is a SINGLE PREMIUM
with No upper limit Life Insurance plan with Guaranteed Maturity Sum Assured and Loyalty
Addition (if any) Though it is mentioned “if any” for Loyalty
Addition, but LIC India has been providing to almost all Insurance plans.
INSIDE STORY OF JEEVAN VRIDDHI
BALANCING IS AN ART OF LIFE
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•Building corpus for your child education
•Plan marriage for your Children
•Got Cash, with no/safe Investment ideas
•Looking for a HIGH interest rate around 12%
•Looking for TAX FREE money on Maturity
•Secure your Family life & Retirement life
•Do Not want to RISK with ULIP Plans
•IT rebate available u/s 80c & 10(10)(d).
If you think of below mention, It is advisable to invest in Jeevan Vriddhi
INSIDE STORY OF JEEVAN VRIDDHI
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You receive as below on investing your
money into this plan as below:
Maturity Benefit: On maturity, the
Guaranteed Maturity Sum Assured along with Loyalty Addition, if any, shall be payable
Death benefit: On death, Basic Sum Assured shall be payable. The Basic Sum
Assured shall be 5 times the Single Premium excluding extra premium, if any.Loyalty Addition: Depending upon the
Corporation’s experience the policy will be eligible for Loyalty Addition on date of
maturity at such rate and on such terms as may be declared by the Corporation.
INSIDE STORY OF JEEVAN VRIDDHI
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Loan :- Facility is available under this plan, after
completion of one policy year (approx 63% of premium paid).
Surrender Value:The policy can be surrendered for cash after the
policy has run for at least one year. The minimum Guaranteed Surrender Value allowable is equal to 90% of the Single premium paid excluding extra
premium, if any.Corporation may however pay Special Surrender
value as applicable on the date of surrender provided the same is higher than the Guaranteed Surrender Value.
The Special Surrender Value will be the discounted value of the Guaranteed Maturity Sum
Assured as on date of surrender.Back Dating is Allowed
INSIDE STORY OF JEEVAN VRIDDHI
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Guaranteed Maturity Sum Assured or each Age at entry perRs.1000 Single Premium (exclusive of Service Tax )as under
INSIDE STORY OF JEEVAN VRIDDHI
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Service Tax @ 1.545 % on
Premium.
Others
Min -150,000/-
Max- No upper limit.
Sum Assured
Minimum- Rs.30,000/- ( in
multiples of 1000)
Premium
SinglePremium Mode
10 yearsPolicy Term
8 years to 50 yearsAge at entry
DescriptionCondition
Who can take the Policy
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(Only age at entry i.e 8 years in on lbd basis, all
other ages will be as per age nbd only)
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Incentive For Higher Premium
INSIDE STORY OF JEEVAN VRIDDHI
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INSIDE STORY OF JEEVAN VRIDDHI
Non Medical SchemesNMG, NMS and NMG (Professional)
50,0003,00,00046 to 50
75,0004,00,00036 to 45
1,00,0005,00,00018 to 35
NSAP-II
and
NSAP-III
Std Age
Proof and
NSAP-I
Age
Underwriting Rules:
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Underwriting Rules:
INSIDE STORY OF JEEVAN VRIDDHI
Applicable to Minors, Male & Female Lives-Cat.I, II, & III.
2 Lacs2.5 Lacs0.50 Lacs46-50 yrs
10 Lacs12.50 Lacs2.50 Lacs36-45 yrs
15 Lacs18.75 Lacs3.75 Lacs18-35 yrs
49.96 Lacs62.45 Lacs12.49 Lacs
( with Juvenile
FMR)
8-17 yrs
8 Lacs10 Lacs2 Lacs10-17 yrs
25.00 Lacs31.25 Lacs6.25 Lacs8 & 9 Yrs
SUCMAX. SA ALLOWED
MAX. Single Premium
ALLOWED
AGES
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Underwriting Rules:
INSIDE STORY OF JEEVAN VRIDDHI
These are exclusive limits for single
premium and not to be clubbed with regularpremium plans. ASA under single premium
plans taken during last one year only willbe added for purpose of SUC.
Non-Standard Age proof: All Allowed
Female Lives : All AllowedMinor lives : Only standard lives
with standard age proof only.Non-Medical for minors:Age 8 and 9 : 25 lakhs.
Age 10 to 17 : 8 lakhsSub Standard Lives: All allowed
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Underwriting Rules:
INSIDE STORY OF JEEVAN VRIDDHI
Actual Sum Assured (ASA) for SUC:
For Non-Medical, Medical, Special
Reports and Financial Underwriting:4 times of Single Premium Paid
excluding Extra Premium charged and Service tax paid.
Occupation Extra:7.2 times of applicable extra.
NRI’s:
Allowed to all Residence Groupsincluding Foreign Nationals of Indianorigin without charging any extra.
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INSIDE STORY OF JEEVAN VRIDDHI
Riders:Accident Benefit : Not AvailablePermanent Disability : Not Available
Term Assurance Rider : Not AvailableCritical Illness Rider : Not Available
Dating Back: Allowed @10% inexcess of one month, without lean
months benefit.
Proposal Form : 300, 340 or 360
Underwriting Rules:
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Best Bank Fixed Deposit Rates – March 2012
15,9919.50%State Bank of
Travancore
15,9919.50%Punjab & Sind Bank
15,9919.50%IDBI Bank
16,0699.60%South Indian Bank
16,38610.00%Tamilnad
Mercantile Bank
Maturity Amount for Rs.
10,000
Interest Rate
(%)Banks
Best Fixed Deposit Rates for Tenure of 5 Years
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7.48%Actual IRR
19,95,557Net in hand
4,26,667TDS @ 30%
24,22,2242217,13910
22,17,1392066,8699
20,29,4181887,5528
18,57,5911723,7917
17,00,3121574,2396
15,56,3501437,6615
14,24,5771312,9324
13,03,9601199,0253
11,93,5561095,0002
10,92,5001000,0001
Amt at yr endPrincipalYR
Rs. 10 Lac in Bank FD @ 9.25%
FIXED DEPOSITE EARNING
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NAME OF PROPOSER xAGE OF PROPOSER 30PREMIUM(BASIC INVESTED AMOUNT) 100000.00TOTAL PREMIUM (INCL SERVICE TAX) 101545.00GURANTEED MATURITY SUM ASSURED 199985.00ADDITION LOYALITY ADDITION 24998.00TOTAL YIELD ON MATURITY 224983.00IRR(PRE TAX) 8.28%IRR(POST TAX -10% SLAB) 9.41%IRR(POST TAX -20% SLAB) 10.68%IRR(POST TAX -30% SLAB) 12.14%BANK FD YIELD(POST TAX - 10% SLAB) 228000.00BANK FD YIELD(POST TAX - 20% SLAB) 213778.00BANK FD YIELD(POST TAX - 30% SLAB) 199556.00BANK FD IRR(POST TAX -10% SLAB) 9.55%BANK FD IRR(POST TAX -20% SLAB) 10.12%BANK FD IRR(POST TAX-30% SLAB) 10.80%
Free Risk cover of 5 TIMES OF BASE PREMIUM.On death- SUM ASSURED IS payable whereas in Bank FD only
accumulated value paid with deduction of TDSEasy Liquidity – Loan/Surrender after 1 yr.
Loan@ 10.25% as against >14% in the banks.
JEEVAN VRIDDHI YIELD CALCULATOR
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8.65%IRR (compounding annually)
22,60,664Total Returns
2,51,185Loyalty
7.39%IRR on Gtd. Mty Sum Assured
20,09,479Guaranteed Maturity Benefit
9,85,450Net outgo
30,000Tax Rebate @ 30% for 1 Lac
10,15,450Premium
50,00,000Sum Assured
Rs. 10 Lac in Jeevan Vriddhi at age 25 Yrs
JEEVAN VRIDDHI EARNING
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Apart from
RETURN ON INVESTMENTthe customer gets
Free Risk Cover of 50,00,000.
On Death- 50 Lacs Payable whereas in Bank FD accumulated value paid with deduction of TDS
Easy Liquidity – Loan/Surrender after 1 yr.
Loan@ 10.25% as against >14% in the banks.
Business takes loan from LIC or OD from bank.
Claim it as expense u/s 37(1)
JEEVAN VRIDDHI EARNING IMPACT
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Planning to Insure Your Business
7.06%IRR Compounding on Net Outgo - post tax
19,49,193/-Net Receivable
4,00,176/-Tax on interest from NSC @ 30% of 13,33,919/-
23,49,369/-Proceeds at the end of 10 yrs
8.75%Interest declared for current yr
10,15,450/-Amount invested in NSC
9.48%IRR (compounding annually)
22,60,664/-Total Proceeds
2,51,185/-Loyalty Addn.
8.20%IRR on Gtd Mty SA
20,09,479/-Gtd Mty Sum Assurred
9,13,800/-Actual Investment
71,650/-Term Assurance Prem (as per 190–S P for term 10 yrs)
9,85,450/-Net Outgo
30,000/-Tax rebate @ 30%
10,15,450/-Premium
50,00,000Risk Cover (Sum Assured)
JEEVAN VRIDDHI v/s NSC
for 10 yrs at age 25 yrs- Amt invested-10 Lacs
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START EARLY REACH EARLY
RETURNS DEPENDS ON AGE AT THE TIME OF INVESTMENT
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Apart from Individual Assessment:-
You can make the provision under MWP ACT
You can take the policy under HUFYou can make the provision under E&E INSURANCE
YOUR ONE DECESION WILL CHANGE YOUR LIFE
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Planning to Insure Your Business
The views mentioned above are of the author only.
Data and charts, if used, in the article have been
sourced from available information and has not been
authenticated by any statutory authority. The authors
do not claim it to be accurate nor accept any
responsibility for the same
The views mentioned above are of the author only.
Data and charts, if used, in the article have been
sourced from available information and has not been
authenticated by any statutory authority. The authors
do not claim it to be accurate nor accept any
responsibility for the same
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PRESENTED BY:-P.T.PATIL DOLIC HUBLI III
MOBILE NO:09448133179E-Mail:[email protected]
Sleep Better at Night
With
Right Financial Planning