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Published byLizeth Paxson Modified over 9 years ago
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SWADHAN A life cover that is practically FREE!!
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SBI Life products Protection cum Savings Scholar Savings cum Protection Sudarshan Sanjeevan & Young Sanjeevan Pension Scheme Lifelong Pensions Protection ?
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Everyone needs Protection Products As a social security tool: –Protection of the family As a safe tool to build up assets: –Collateral for loans BUT… It would be much better if at least you get some benefits at the end of the term, DON’T YOU?
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You are not comfortable with the idea of paying premiums for 10 years without receiving any benefits at the end! We have created SWADHAN for you!
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SWADHAN Pay premiums to protect your family…. And get back entire/part of the premiums paid at the end of the term!! Upto 100% of basic premiums paid are refunded to YOU!!
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SWADHAN: Product features
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SWADHAN Age: –Minimum: 18 years –Maximum: 55 years Maximum cover age: – 65 years Sum Assured: –Minimum: Rs. 3 lakhs (x 10,000) –Maximum: Rs. 1 crore Term: –5 / 6 / 7 / 8 / 9 or 10 years Premium mode: –Yearly / Half-Yearly / Quarterly –Standing instruction on bank / Credit Card Account for renewal premium ( First premium always by cheque/draft). Attractive premium rebate for women – 30 days money back guarantee
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Death benefits Sum Assured is payable to your nominee EASY TO UNDERSTAND
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EASY TO REMEMBER Choose the term… Accordingly, YOU will get 5 Years50% Basic Premiums paid 6 years 60% Basic Premiums paid 7 years 70% Basic Premiums paid 8 years 80% Basic Premiums paid 9 years 90% Basic Premiums paid 10 years 100% Basic Premiums Paid Depending on the term chosen… YOU will get at the end
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Men: Yearly Premium Sum Assured: Rs. 3 lakhs (Yearly premium Net of Rebates) 5 years6 years7 years8 years9 years10 years 20 years1,1251,3601,4721,7892,2733,801 25 years1,1781,3161,5321,8582,3603,948 30 years1,2111,3691,6151,9852,5514,295 35 years1,4181,6351,9602,4343,1455,265 40 years1,8572,1652,6153,2654,2327,002 45 years2,6143,1033,7854,7406,1129,831 50 years3,9944,7495,7627,1308,99913,834 55 years5,9557,0298,44310,30212,75518,696 50% 60% 70% 80% 90% 100% of Total Basic Premiums Paid are refunded to you at the end of the policy
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How much does it effectively cost? (Sum Assured: Rs. 3 lakh - 30 years old man – Yearly premium) Term Amount (Rs.) 5 years6 years7 years8 years9 years10 years Yearly premium 1,2111,3691,6151,9852,5514,295 Total Premium Paid 6,0558,21411,30515,88022,95942,950 You will get at Maturity 3,028 (50%) 4,929 (60%) 7, 914 (70%) 12,704 (80%) 20,663 (90%) 42,950 (100%) Total Insurance real cost 3,028 3,2853,3913,1762,296 NIL Real cost of insurance (p.a.) 606548485397255 NIL Effective premium varies from Rs. 1.66 a day to NOTHING !! Total premium paid = Yearly premium / Term Total insurance cost = Total Premium Paid – Maturity Benefits Real cost of insurance per annum = Total insurance cost / Term
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Woman Yearly Premium Sum Assured Rs. 3 lakhs (Yearly Premium net of rebates) 5 years6 years7 years8 years9 years10 years 20 years1,0521,1801,3811,6822,1413,592 25 years1,1021,2331,4391,7482,2243,732 30 years1,1341,2841,5181,8682,4064,154 35 years1,3301,5361,8452,2952,9694,981 40 years1,7472,0392,4663,0834,0016,629 45 years2,4662,9293,5774,4835,9859,315 50 years3,7754,4915,4536,9518,52513,114 55 years5,6366,6557,1979,76112,08917,727 Attractive premium rates for women
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What about the competitors?
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Yearly Premium for Sum Assured Rs. 1 lakh, For of 30 or 45 years old man, Term 10 years 1,432 10,157 3,277 10,268 0 2,000 4,000 6,000 8,000 10,000 12,000 SwadhanSudarshan 30 years 45 years Choose what you want and pay accordingly… Cost ProtectionSavings X 7 x 3 Maturity benefit 100% BP refunded Maturity benefit Rs. 1 lac + VB
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TAX ADVANTAGES Tax Rebate U/s 88 Made Easy Available for Premium Paid on Life Insurance Policies Policy can be in the name of Spouse or Children (Major or Minor & Married Daughters) Ceiling for Life Insurance Premium Paid:Rs.70,000 Tax Rebate Slabs Gross Total Income (GTI)Tax RebateMax Admissible Amount Upto Rs. 1.5 lakhs20%Rs. 14,000 1.5 lakhs – 5 lakhs15%Rs. 10,500 More than Rs. 5 lakhsNIL Gross Salary Income Not exceeding Rs. 1 lakh (should not be less than 90% of GTI) 30%Rs. 21,000
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TAX ADVANTAGES Maturity benefits as well as death benefits are tax-free in the hands of the policyholder /nominee u/s 10 (10D) I.T. Act.
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SWADHAN : LIQUIDITY Cash if you need After the policy has acquired Surrender Value, loan available at an attractive rate of interest (PLR of SBI + 1%) from any State Bank Group Branch Surrender Value Year 1/2/3No surrender value Year 4 / 5 / 660% Premium Paid – 1 st year Premium Year 7 onwards65% Premium Paid – 1 st year Premium
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In case of unpaid premium Grace period: –30 days If premium is not paid within this period: –During the first 3 years: policy lapses –After the first 3 years: paid-up value Standing Instruction limits unpaid premium
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Paid up value An example: –Swadhan: Rs. 5 lakhs Term: 10 years 1st unpaid premium Year 8 –Paid up value: New death benefit: –Rs. 5 lakhs x (7/10) = Rs. 3.5 Lakhs. New maturity benefit: –At the end of the policy, refund of: (7/10) *100 = 70% of Total Premium Paid
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SWADHAN 30 days Money Back Guarantee If a client is not satisfied with the features of the policy, he can return it within 30 days of the date of policy SBI Life will give him a complete refund
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Medical Selection
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Medical selection Entry Age Only medical questionnaire upto Sum Under Consideration 18 to 35Rs. 8 lakhs 36 to 45Rs. 5 lakhs 46 to 55Compulsory Medical Basic medical test, subject to requirement Definition of Sum Under Consideration: Sum Assured for Swadhan + Sum Under Consideration for existing SBI Life individual policies
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Premium rebates Due to mode of payment: –Yearly: 2% –Half-Yearly:1% – Quarterly: No rebate For high Sum Assured: –Rs. 1 SA Rs. 3lakh upto Rs. 4.99 lakhs –R. 1.5 SA Rs. 5 lakhs and above Special rebate for women –5% Special rebate for women!
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Premium Calculation Based on: Gender Mode of payment Choose the right premium table Depending on: Age Term Find the premium rate Deduct the rebate for high Sum Assured Add extra premium for Non Standard Age Proof if any Multiply the result by Sum assured / 1,00,000 You get the premium amount (final premium should be rounded off to the next higher rupee) EASY TO CALCULATE
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An example Swadhan for 10 years term Sum Assured: Rs. 5,50,000 Woman: 42 years old Yearly mode Premium calculation: 1.Choose Yearly premium table for woman. 2.Find out the rate for Rs. 1 lakh: 10 years for a 42 years of age: 2,616.95 3.Deduct the rebate for high Sum Assured 2,616.95 – 150 = 2,466.95 4.Calculate the premium for Sum Assured Rs. 5,50,000 Rs. 2, 466.95* 5.5 = Rs. 1 3,568.22 5.Round off to the next higher rupee Rs. 13,568.22 Rs. 13,569 Ready made premium tables inclusive of all rebates
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Commissions Depending on Sum Assured Rs. 3 lakhs upto Rs. 4.9 lakhs Rs. 5 lakhs and above 1 st year premium 10%20% Renewal premiums 5%
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Who are the swadhan’s customers? People who want: – A protection product with maturity benefits. –Tax rebates u/s 88 of I.T. act People who need an additional collateral for loans: –For personnal loan, educational loan – S.I.B / S.S.I / Trade Advances segment –Loan amount is repaid in case of death –Free collateral in case of survival 10 years term: 100% refund of premium Women who want to benefit from low premium rate: –Upto 7% rebate EASY TO SELL
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Swadhan as a collateral? It doesn’t under any circumstances increase the credit limit / borrowing capacity of the borrowers, as it is not an endowment product. It prevents the bank against N.P.A. due to death, not N.P.A. due to unpaid EMI. Taking a Swadhan policy is not a guaranty of Getting a loan from the bank
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REMEMBER…. The game of the ladder and the snake Adequate Insurance = Windfall Non / Under insured = Liability SWADHAN: THE snake antidote
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Why SWADHAN? Simple and affordable: –Choice of S.A. From Rs. 3 lakhs upto Rs. 1 crore –Mode of payment: Yearly / Half-Yearly / Quarterly Automatic debit from the account throught standing instruction –Affordable premium rate One of the lowest of the market Unique feature for 5 / 6 / 7 / 8 and 9 years: –%tage of basic premium paid is refunded, not full basic premium makes premium rates very attractive. Special rebate for women –Up to 7% on premium 30 Days Money Back guarantee –SBI Life gives complete refund of money if the customer is not satisfied within 30 days from the receipt of the policy document.
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