GSIP Training v2.2

8/6/2019 GSIP Training v2.2

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November 2010

This material is strictly meant for circulation within the organization/ solely for training and/or education of the employees of ICICI

Prudential Life Insurance Co. Ltd. or its advisors, corporate agents or brokers and should not be further circulated or used forpresentation to a prospect or general public at large.


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This material is strictly meant for circulation within the organization/ solely for training and/oreducation of the employees of ICICI Prudential Life Insurance Co. Ltd. or its advisors, corporate

agents or brokers and should not be further circulated or used for presentation to a prospect or

general public at large.

WHY do we save?

WHY do we save?

Children

s

education

Children

s

education

Your

retirement

Your

retirement

30 yrs 35 yrs 40 yrs 45 yrs 50 yrs 55 yrs 60 yrs

Childrens

marriage

Childrens

marriage

Short term

negotiablegoals

Long term non-negotiable goals


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HOW do we save?

HOW do we save?


Short term

negotiablegoals

Long term non-negotiable goals

Zero /

low risk

Assured

returns

Immediate

gains Stock marketinvestments

Mutual

Funds

PPF

Bank deposits

Traditional

insurance

Willingnes

s to takerisk


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Traditional insurance plans


Will it require

me to go

through time

consuming

medicals?

Do I need to payregular

premiums for a

long term?


Pay Rs. 20,000 every year for a long term

Are thereturns

guaranteed?

What determines the rate of return?

3%? 4%? 3.2%? 2%? 2.5%? 1%? 4%? 3.5%?

ECG

Hba1C

Blood Pressure

Cholesterol

TMT

SMA12


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Introducing

A traditional plan that

Gives you guaranteed returns for your long term goals

Requires you to pay for a limited term

Requires no medicals

A traditional plan that

Gives you guaranteed returns for your long term goals

Requires you to pay for a limited term

Requires no medicals


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Will it require

me to go

through time

consuming

medicals?

Do I need to payregular

premiums for a

long term?

Are thereturns

guaranteed?

Guaranteed

Returns on

Maturity

No medical

underwritin

g

Limitedpremium

paying

term

2 2


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Key benefits

Guaranteedbenefits

Guaranteedbenefits

Get Guaranteed Maturity Benefit with guaranteedRegular Additions added every yearGet Guaranteed Maturity Benefit with guaranteedRegular Additions added every year

Limited

premium pay

Limited

premium pay

Pay premiums for limited term of 7yrs (or 10 yrs)

and get coverage term for 15yrs (or 20yrs)



No medicalsNo medicals Easy and hassle free application process with no

medical underwriting

Easy and hassle free application process with no


TaxbenefitsTaxbenefits

Get tax benefits under Section 80C & 10(10D) of

Income Tax Act, 1961




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Key benefits

Guaranteedbenefits

Get Guaranteed Maturity Benefit with guaranteedRegular Additions added every year

Limited

premium pay

Limited

premium pay





No medicalsNo medicals Easy and hassle free application process with no




TaxbenefitsTaxbenefits






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Equivalent to Sum Assured

at the beginning of thepolicy term

Sum Assured = Premium

paying term * Premium

Increases annually as

Regular Additions are

added

Equivalent to Sum Assured

at the beginning of thepolicy term

Sum Assured = Premium

paying term * Premium

Increases annually as

Regular Additions are

added

Regular Additions added to

the Guaranteed Maturity

Benefit annually

Declared as a percentage of

Sum Assured

Announced &

GUARANTEED at the start

of each policy year

Regular Additions added to

the Guaranteed Maturity

Benefit annually

Declared as a percentage of

Sum Assured

Announced &

GUARANTEED at the start

of each policy year

Guaranteed Benefits at maturity

GuaranteedMaturity BenefitGuaranteed

Maturity BenefitGuaranteed Regular

AdditionsGuaranteed Regular

Additions


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This material is strictly meant for circulation within the organization/ solely for training and/or

education of the employees of ICICI Prudential Life Insurance Co. Ltd. or its advisors, corporate



How are the benefits guaranteed?

Benchmarked against GOVERNMENT SECURITIES

Independent of how invested fund performs

Declared as a percentage of Sum Assured

Guaranteed to be 50% of annualised gross redemption

yield (GRY) of the 10-year G-Sec*

RA announced on 7th of the first month of every quarter

Benchmarked against GOVERNMENT SECURITIES

Independent of how invested fund performs

Declared as a percentage of Sum Assured

Guaranteed to be 50% of annualised gross redemption

yield (GRY) of the 10-year G-Sec*

RA announced on 7th of the first month of every quarter

Guaranteed Regular Additions

(RA)


(RA)

Most trusted?Most trusted? GovernmentGovernment

RA for

OND 10 =

3.9%

*rounded down to the lower 0.2%


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How do your savings grow?

SumAssured

RA 1

RA 2

RA 3

RA 4

RA .

Sum of allRAs

Maturity

Addition

Beginning of

the plan

Regular Additions every year At end of

the plan

Total

payout

SumAssured


announced at the beginning of each policy year

Maturity Addition

at the end of policy term

Guaranteed

MaturityBenefit

Guaranteed

Maturity

Benefit

Guaranteed

MaturityBenefit

Note: Death benefit is different from the Sum Assured


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An example

Sum Assured (SA) Rs. 1,75,000

Year 1 Regular Addition (RA) * 4% of SA Rs. 7,000

Year 2 Regular Addition (RA) * 4% of SA Rs. 7,000 Year 3 Regular Addition (RA) * & onwards 4% of SA Rs. 7,000

Accumulated RAs Rs. 1,05,000

(A) Guaranteed Maturity Benefit (GMB) Rs. 2,80,000

(B) Maturity Addition (MA) * Rs. 74,292

Estimated Total Maturity Benefit (A+B) Rs. 3,54,292

*These assumed rates for the RA and the MA are projected assuming a gross interest

rate of 10% for this illustration only. The maturity benefit of your policy is dependent on a

number of factors, including future performance.

Age at entry 30 years Premium Paying Term 7 years

Premium Rs. 25,000 Policy Term 15 years


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Key benefits

Guaranteedbenefits

Guaranteedbenefits


Limited

premium pay

Limited

premium pay





No medicalsEasy and hassle free application process with no


Tax

benefits

Tax

benefits






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No medicals

NO MEDICAL

UNDERWRITING

REQUIRED

NO MEDICAL

UNDERWRITING

REQUIRED

Easy to sellEasy to sell


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Key benefits

Guaranteedbenefits

Guaranteedbenefits


Limited

premium pay



No medicalsNo medicalsEasy and hassle free application process with no




Tax

benefits

Tax

benefits






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Limited pay

30 yrs 35 yrs 40 yrs 45 yrs 50 yrs

Premium paying termPremium paying term 7 years7 years 10 years10 years

Policy termPolicy term 15 years15 years 20 years20 years

Get returns over a long termGet returns over a long term

Pay for a limited termPay for a limited term


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Death Benefit

In the event of death of Life Assured, sum of all premiums paid

till date compounded at the rate of 5 percent per annum is paid

In the event of death of Life Assured, sum of all premiums paid

till date compounded at the rate of 5 percent per annum is paid

Guaranteed Death Benefit (GDB)Guaranteed Death Benefit (GDB)


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Things to note

Surrender ValueSurrender Value

Surrender Value if premiums for first 3 policyyears have been paid; policy continues for

reduced Paid Up Sum Assured* if no further

premiums are paid

Surrender Value if premiums for first 3 policyyears have been paid; policy continues for

reduced Paid Up Sum Assured* if no further

premiums are paid

LoanLoan

Can avail of loan of up to 80% Surrender value

after completion of 3 policy years if premiums

have been paid

Can avail of loan of up to 80% Surrender value

after completion of 3 policy years if premiums

have been paid

*Paid Up Sum Assured (PUSA) = GMB X (Total number of premiums paid / Total number of premiums payable)

LoanLoan


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Boundary conditions

Min/ Max age at entry 0 / 60 years

Min /Max maturity age 18 / 75 years

Premium payment

term 7 years 10 years

Policy term 15 years 20 years

Minimum Annual

Premium (Rs.)

18,000 12,000


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ProductPitches


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at your grand daughter's wedding

Case study 1: Make your presence

felt


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Age: 57 years

Goal: Mr. Keshav would like to invest for his granddaughtersfuture whose present age is12 years

His current income from pensions is about Rs. 3 lacs

Age: 57 years

Goal: Mr. Keshav would like to invest for his granddaughtersfuture whose present age is12 years

His current income from pensions is about Rs. 3 lacs

Let us see how systematic & long term investment helpselderly customers like him to fulfill financial goals for his

family

Meet Mr. KeshavMeet Mr. Keshav


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57 72

Guaranteed

lump sum at

maturity to fund

granddaughters

wedding

64Save for 7 years

PLUS no hassle of getting

MEDICALS done to get the policy!

Guaranteed Savings Insurance

Plan

lets you save for your grandchildren

Gift your loved ones a GUARANTEED lump sum amount

Rs. 1,00,000 each

year


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education of the employees of ICICI Prudential Life Insurance Co. Ltd. or its advisors, corporateagents or brokers and should not be further circulated or used for presentation to a prospect or


Case study 2: Meet your goals

Age: 35 years

Goal: Mr. Sachin would like to a plan which helps him set asidesome amount each year for his retirement at 55 yrs

Income: Rs. 20 lacs per annum

Age: 35 years

Goal: Mr. Sachin would like to a plan which helps him set asidesome amount each year for his retirement at 55 yrs

Income: Rs. 20 lacs per annum

Let us see how our Guaranteed Savings Insurance Plan

helps him build his retirement fund

Meet Mr. SachinMeet Mr. Sachin


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35 55

Guaranteed

lump sum at

maturity to start

your retired life

45Invest for 10 years

Guaranteed Savings Insurance

Plan

lets you save for your retirement

Rs. 2,00,000 each

year

Pay for a limitedterm

Get benefits over a long term


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Thank you


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What happens if the policy is

discontinued?

On discontinuing the policy, policyholder will beentitled to a surrender value which is the higher

of the Guaranteed Surrender Value (GSV) and

Non Guaranteed Surrender Value (NGSV)

GSV will be equal to 35% of the base policy

premiums paid less the first years premium

NGSV will be equal to the present value of PUSA,

discounted at the Gross Redemption Yield at the

Review Date immediately preceding the date of

surrender, plus 2% per annum


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Policy revival

A policy, which has discontinued payment of premium, maybe revived subject to the following conditions:

The application for revival is made within 2 years from the due

date of the first unpaid premium and before the maturity date

of policy. Revival will be based on the revival norms then

applicable.

The Policyholder furnishes, at his own expense, satisfactoryevidence of health of the Life Assured, as required by the

Company.

The arrears of premiums together with interest are to be paid,

at the rate which would be Gross Redemption Yield (GRY) at

review date plus 2 percent, for late payment of premiums.

The revival of the policy may be on terms different from thoseapplicable to the policy before premiums were discontinued.

The revival will take effect only if it is specifically

communicated by the Company to the Life Assured or the

applicant.

GSIP Training v2.2

Documents

Transcript of GSIP Training v2.2