Transcript Wealth Advantage - ICICI Prudential LIFE Insurance

Some things last FOREVER…
Some relationships like….
…marriage
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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.
1
Some things last FOREVER…
Some relationships like….
…marriage
…friendship
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 for
presentation to a prospect or general public at large.
2
Some things last FOREVER…
Some relationships like….
…marriage
…friendship
…parenthood
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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.
3
Some things last FOREVER…
Some assets like….
…your own home
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Prudential Life Insurance Co. Ltd. or its advisors, corporate agents or brokers and should not be further circulated or used for
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4
Some things last FOREVER…
Presenting an Insurance plan…
…which lasts FOREVER
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Prudential Life Insurance Co. Ltd. or its advisors, corporate agents or brokers and should not be further circulated or used for
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5
FOREVER???
But does a plan that lasts FOREVER imply that….
…I need to PAY FOREVER?
…I get no benefits during my lifetime?
…my goals remain unfulfilled if I die during my earning
years?
NO!
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 for
presentation to a prospect or general public at large.
6
Presenting ICICI Pru Whole Life…
With ICICI Pru Whole Life, you…
Pay only for a limited term
And get benefits for a lifetime
Get a lump sum payout at the end of this term
To help you meet your financial goals
Get double cover during your earning years
To fulfill your goals even in your absence
Get covered for the remaining years of your life
To leave your family an inheritance
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 for
presentation to a prospect or general public at large.
7
ICICI Pru Whole Life: the plan for life….
DOUBLE Sum
Assured
coverage
during PPT
Pay regular premiums for a limited term
Savings
kitty
End of
premium
paying term
Get regular bonus additions
Whole life cover
To achieve your GOALS
To leave an
INHERITANCE
For your TODAY!!
For your family’s
TOMORROW!!
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 for
presentation to a prospect or general public at large.
8
Key benefits
Whole life
cover
Double Sum
Assured
Insurance protection till age 100
Get a cover of double the sum assured until
your premium paying term (PPT)
Savings
benefit
Lump sum benefit which includes sum assured
and all accumulated bonuses at end of PPT
Enhanced
coverage
Enhance your coverage through riders –ADBR,
CIR and IBR
Tax
benefits
Get tax benefits under Section 80C & 10(10D) of
Income Tax Act, 1961
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 for
presentation to a prospect or general public at large.
9
How does the plan work?

You need to choose the following:
Sum Assured (SA)

Reversionary bonuses
(Declared per year till PPT)
Terminal bonus
(At the end of PPT)
Insurance cover during PPT:
Double Sum Assured

Mode of premium
payment
At the end of PPT you will receive:
Sum
Assured

Premium payment
term (PPT)
Reversionary bonuses
(Declared regularly till PPT)
Insurance coverage for whole of your life after PPT:
Sum Assured
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 for
presentation to a prospect or general public at large.
10
ICICI Pru Whole Life at a glance
Policy term
Whole life
Min / Max premium payment
term
10 / 30 years
Min/ Max age at entry*
0 / 60 years
Min/ Max age at end of
premium payment term*
30 / 70 years
Modes of Premium Payment
Yearly, Half yearly or Monthly
*Lower terms are not available at higher ages. Please check Login Assistant to check eligibility of your
case.
*Age completed birthday
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 for
presentation to a prospect or general public at large.
11
Product details
Benefits during PPT
Benefits after PPT
Product pitches
Enhanced protection with riders
Discounts and loadings
Policy discontinuance and revival
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 for
presentation to a prospect or general public at large.
12
Product details
Benefits during PPT
Benefits after PPT
Product pitches
Enhanced protection with riders
Discounts and loadings
Policy discontinuance and revival
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 for
presentation to a prospect or general public at large.
13
Savings Benefits: Achieve your goal
Invest regularly in a secure savings plan
Child’s
Your
House
Goal
Education
Marriage
30 yrs
45 yrs
Increase your savings corpus through yearly bonus
additions
Unfortunate death
2 X SA + Accrued bonuses
At the end of savings
period
SA + Acc. Bonus + TB
Achieve your goals NO MATTER WHAT!!!
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 for
presentation to a prospect or general public at large.
14
Savings benefit
Helps you create a corpus to meet your desired goal at the
end of the PPT
Reversionary
bonus
Sum Assured (SA)
Reversionary
bonus
Terminal bonus
Terminal bonus
Declared as a % of SA at end of every policy year
and added to the SA
 Bonus once declared is guaranteed



Payable on death or at the end of PPT
Terminal bonus is not guaranteed
* The rate of the bonus will depend upon the performance of the participating
This material is strictly meant for circulation within the organization/fund
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 for
presentation to a prospect or general public at large.
15
How is the reversionary bonus
calculated?

It will be calculated basis simple interest method

Example : For Rs. 1 Lac SA and assumed bonus rate of
4% every year)
Year
Sum Assured
(Rs)
Bonus amount
(Rs) for the year
Sum Assured including bonus
additions
Year 1
1,00,000
4,000
1,04,000
Year 2
1,00,000
4,000
1,08,000
Year 3
1,00,000
4,000
1,12,000
Year 4
1,00,000
4,000
1,16,000
Year 5
1,00,000
4,000
1,20,000
Year 10
1,00,000
4,000
1,40,000
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 for
presentation to a prospect or general public at large.
16
Product details
Benefits during PPT
Benefits after PPT
Product pitches
Enhanced protection with riders
Discounts and loadings
Policy discontinuance and revival
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 for
presentation to a prospect or general public at large.
17
Whole life benefit: Legacy for your
family
Sum Assured for life with no additional premiums
End of PPT
Inheritance
Emergency fund
Age
100
Leave a legacy for your wife or child
 Lump sum payout of SA in case of your
demise anytime after PPT till age 100 years
 On survival till100 years of age, SA will be
payable as a maturity benefit
Avail a loan facility equivalent to 80% of the
surrender value in case of an emergency
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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.
18
Product benefits in detail
Benefits during PPT
Benefits after PPT
Product pitches
Enhanced protection with riders
Discounts and loadings
Policy discontinuance and revival
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 for
presentation to a prospect or general public at large.
19
Selling tips
Power of Whole life
Get tax free inflation adjusted pension
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 for
presentation to a prospect or general public at large.
20
Case study
Meet Mr. Karan
Age
35 years
Profession
Garment trader
Income
Rs. 20 lacs per annum
Wife – Sunaina
 Daughter – Richa (8
years old)

Dependents
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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.
21
Mr. Karan’s concerns…

Richa is the most important person in my life

Her marriage is my MOST important
responsibility

I would want her to be married by age 23 yrs

I need to save 20 lacs for her marriage
I am worried about who will take care of her in case I am not
around
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 for
presentation to a prospect or general public at large.
22
Solution
Mr. Karan’s most important responsibility – Richa’s
marriage is secured, even if he is not around
Richa’s marriage
Premium of Rs 1 lac p.a.
Payout of Rs 20
lac
Age
49
35
99
In case Karan dies…
After age 49 yrs….
Family gets Rs. 21 lac + vested bonus
Mr. Karan has a ICICI Pru
Whole life cover of Rs 10.5
lac
Rincha’s marriage is secured
Double cover in earning years!!
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Power of Whole life
1
He does not need to pay any further premiums
2
He may find it difficult a life cover to get at later
age
3
Whole life cover can be a security for wife
4
Whole life cover can be a gift to Richa
5
He can take an emergency loan at old age
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 for
presentation to a prospect or general public at large.
24
Selling tips
Power of Whole life
Get tax free inflation adjusted pension
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 for
presentation to a prospect or general public at large.
25
Case study
Meet Mr. Rahul Khanna
Age
40 years
Profession
Works at a
FMCG company
in marketing
Income
Rs. 15 lacs per
annum
Dependents
Wife and two
children
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 for
presentation to a prospect or general public at large.
26
Discussion with Rahul Khanna




Age 40 yrs
Income – 15 lac

Investments
 10 lac in FD
 2 lac in MF

Wants to retire
at age of 55 yrs





Successful career
Can save 10% of income
Fixed income profile
Risk averse
Saving for children
Retirement plan to meet
expenses
Worried about inflation
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 for
presentation to a prospect or general public at large.
27
Solution
Tax free pension increasing with inflation

15 Whole life policies with total SA of Rs. 19.8 lacs

Term – 15, 16, 17, 18… up to 30 years
Increasing @ 6% p.a.
Premium of Rs. 1.4 lac p.a.
Rs. 2 lac
Rs. 4.5
lac
Age
40
55
In case Rahul dies…
Family gets Rs. 39.5 lac + vested
bonus
Rahul pays Rs. 21.7 lac
Family’s financial needs secured
70
Tax free pension adjusted for
inflation
Whole of life cover for Rs. 19.8 lac
Total Payout
 Rahul gets
Rs.Rs.
66 46.5
lac lac
 Family
gets Rs. 19.8 lac
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 for
presentation to a prospect or general public at large.
28
Workings
Rahul pays Rs. 21.7 lac
Death
Benefit
He gets Rs. 46.5 lac + 19.8 lac whole life cover
Age ( yrs)
Net
Payout
Death
Benefit
4,038,989
55
200,000
5,015,067
144,715
4,122,064
56
212,000
4,834,723
42
144,715
4,205,138
57
224,720
4,649,954
43
144,715
4,288,212
58
238,203
4,459,579
44
144,715
4,371,286
59
252,495
4,262,551
45
144,715
4,454,361
60
267,645
4,055,606
46
144,715
4,537,435
61
283,704
3,861,863
47
144,715
4,620,509
62
300,726
3,659,877
48
144,715
4,703,583
63
318,770
3,448,922
64
337,896
3,228,394
49
144,715
4,786,657
65
358,170
2,991,477
50
144,715
4,869,732
66
379,660
2,755,516
51
144,715
4,952,806
67
402,439
2,508,257
52
144,715
5,035,880
68
426,586
2,249,238
53
144,715
5,118,954
69
452,181
2,702,683
Age ( yrs)
Premium
40
144,715
41
144,715
70training
+
1,977,958
This material54
is strictly meant
for circulation5,202,029
within the organization/ solely for
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 for
presentation to a prospect or general public at large.
29
Product details
Benefits during PPT
Benefits after PPT
Product pitches
Enhanced protection with riders
Discounts and loadings
Policy discontinuance and revival
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 for
presentation to a prospect or general public at large.
30
Enhanced protection with riders
Critical
illness rider
Protection against 9 critical illnesses
 Rider SA is payable only on survival for 28 days
post the diagnosis of a critical illness

On death due to an accident rider Sum Assured
will be payable
 Twice the SA will be payable, in case of
accidental death while traveling by mass
transport
 In case of total and permanent disability due to
an accident, 10% of the rider SA is paid out every
year for 10 years

Accidental &
Disability
Benefit Rider
Income
Benefit Rider

On death 10% of the rider SA will be paid out
every year for the remaining years of PPT
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 for
presentation to a prospect or general public at large.
31
Product details
Benefits during PPT
Benefits after PPT
Product pitches
Enhanced protection with riders
Discounts and loadings
Policy discontinuance and revival
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 for
presentation to a prospect or general public at large.
32
Large Sum Assured discount

Large Sum Assured discounts on the
premium*
Sum Assured (Rs.)
Rebate per thousand SA
Less than 2 lacs
Nil
2 lacs to less than 3 lacs
4.3
3 lacs to less than 5 lacs
5.7
5 lacs to less than 10 lacs
6.7
Greater than or equal to 10 lacs
7.5
This material is strictly meant for circulation within the organization/ solely for training and/or education of the employees of ICICI
*excluding
premium
and
premiums
paid towards
rider and
benefits,
if be
any
Prudentialextra
Life Insurance
Co. Ltd.
or its
advisors, corporate
agents or brokers
should not
further circulated or used for
presentation to a prospect or general public at large.
33
Modal loading

For premium paying frequency other than yearly, a
modal loading will be levied on the premium including
any extra premium
Mode
% of premium
Monthly
4.5%
Half yearly
2.5%
Yearly
Nil
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 for
presentation to a prospect or general public at large.
34
Product details
Benefits during PPT
Benefits after PPT
Product pitches
Enhanced protection with riders
Discounts and loadings
Policy discontinuance and revival
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 for
presentation to a prospect or general public at large.
35
Surrender Value

The policy will acquire a Guaranteed Surrender Value
on payment of premium for at least 3 policy years

It will be equal to 35% of the base policy premiums
paid less the first year's premium.

Any survival benefits paid, extra premiums paid and
premiums paid towards riders shall be excluded. A
discounted value of the bonuses allocated will also be
added
The actual Surrender Value payable will depend on
Sum Assured, vested reversionary bonus, policy term
This material is strictly meant for circulation within the organization/ solely for training and/or education of the employees of ICICI
Prudential
Life Insurance
Ltd. or its advisors,
corporate
agents or brokers and
should not be further circulated or used for
and
theCo.number
of
premiums
paid.
presentation to a prospect or general public at large.

36
Paid up policy

Once the policy has acquired a Surrender Value and
no future premiums are paid, the policy may continue
as a 'Paid-up' policy for a reduced Sum Assured
(Paid-up Sum Assured), as indicated below:
Paid-up SA = SA X (Total number of premiums
paid / Total number of premiums payable)
Bonuses already vested to the policy will be added to
this amount
 The policy will however not be eligible for any future
bonuses
 The rider benefits will cease to be payable in case of a
This material
is strictly meant
for circulation within the organization/ solely for training and/or education of the employees of ICICI
paid-up
policy
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.
37
Policy revival

A lapsed policy may be revived subject to the
following:

Allowed within 2 years from the due date of the first
unpaid premium and before the end of the PPT

Revival will be based on the revival norms then
applicable

The Policyholder furnishes, at his own expense,
satisfactory evidence of health of the Life Assured, as
required by the Company

The arrears of premiums together with interest, at such
rate as the Company may declare from time to time, for
late payment of premiums are paid
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 for
presentation to a prospect or general public at large.
38