Académique Documents
Professionnel Documents
Culture Documents
Objectives
Importance of monthly income The Guaranteed Monthly Income Plan Living benefits Death benefit Calculation of Monthly Income Boosters Calculation of premium Product Specifications Process for selling GMIP Things to be careful about while sourcing Operational requirements
Medical expenses
Monthly household expenses, including EMIs for the house, car, others
Among all your responsibilities, securing your familys future tops the chart
India is a country of 120 Cr people
Over 112 Cr people do not have any form of Insurance Out of those insured, 3 out of 4 are under protected
Guarantee your family a Monthly Income, and provide them the financial security they deserve
wholesome development means providing for coaching Classes, co-curricular activities and a higher education.
Be a proud parent plan now to increase your Monthly Income and gear up to meet these demands
A luxurious
retired life?
Work life is getting shorter; To see through more than two decades of retired life, you will need much more money than the previous generations did!
We all wish to fulfill our responsibilities towards our parents in a better way we can do that by gifting them a comfortable lifestyle during their golden years
In last 12 months alone, the fuel prices have gone up by almost 25%
Source: http://news.in.msn.com/business/article.aspx?cp-documentid=5248221&page=2
Year 1 - 11
Year 12 - 21
GMIP Benefits
Money if one lives Living benefits
Guaranteed Monthly Income Starting 12th Year Monthly Income Booster (Non-Guaranteed) Starting 12th Year Guaranteed Terminal Benefit With the last monthly payout in the 21st year
GMI starts getting paid every month from the policy anniversary following the date of intimation of death Guaranteed Monthly Income Starting 12th Year Monthly Income Booster (Non-Guaranteed) Starting 12th year Guaranteed Terminal Benefit With the last monthly payout in the 21st year
Living Benefits
1:Guaranteed Monthly Income
GMIP
3:Guaranteed Terminal Benefit 2: Monthly Income Boosters
SCENARIO: Guaranteed Monthly Income Chosen : Rs. 10,000 In year 2, on payment of renewal premium, assume that the benchmark rate is: 8.5%
CALCULATION:
Monthly Income Booster Rate corresponding to 8.5% benchmark rate: 60% Monthly Income Booster = 60% * Rs. 10,000 Monthly Income booster = Rs. 6,000
Year 2012
Year 2013
Year 2014
Year 2023
Year 2024
Year 1 - 21
Jan - 1st Premium 1st Renewal Premium Jan 2013 Rate as on 31st Dec 2012 = 8.0% Booster rate attached to policy is 53%, which will be paid for 12 months in 2023 2nd Renewal Premium FIMMDA 5-Year Monthly Income Booster G-Sec Benchmark Rate as on 31st Dec 2013 = 8.5% Rate Booster rate attached to policy is 60% Rate 7.5 % to < 8.0 % 46% 8.0 % to < 8.5 % 53% locked in your policy for the 12 months of the 8.5 % to < 9.0 % 60%
This rate gets benefit year; once accrued, boosters are guaranteed to be paid out
So today, in 2012, you know the income you will get paid 10 years later, in 2023
200% of 1st annual premium is given as the Guaranteed Terminal Benefit with the final monthly payout
If the annual premium is Rs. 70000, the final payout will include the GTB of Rs. 1,40,000/-
Mr. Singh is 40 old and works in an MNC. He wants an additional regular monthly income to meet his future needs.
Step 1: Mr. Singh decided that he needs a monthly income of Rs. 10,000
Step 2: His policy term is 11 years Step 3: The premium for his policy comes out to be Rs. 1,05,120* payable for 11 years
Eg: Eg: Year 12 payouts include: Year 14 payouts include: o Total payouts: (GMI+MIB) o Total payouts: (GMI+MIB) Rs. 16000 X 12 = Rs.1,92,000, Rs.(Rs. 16800 X 12= Rs. 2,01,600, 120000 annually) Year 12Rs. 10000 per month Year 21 consisting of: consisting of: Guaranteed Monthly Income Guaranteed Monthly Income: Rs. 10000 X12 = 120000 Year 11 + Guaranteed Monthly Income: Rs. 10000*12 = 120000
Year 1
+
Monthly Income Boosters: Rs. 6800*12 = 81600
Monthly Income Boosters: Policyholder to pay premiums from year 1-11: Rs. 6000 X12 = 72000 Rs. 105120
MNYL refunds the annual premiums paid by the policyholder from year 1-5 (Rs. 5.25 Lacs)
Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. 6000 6000 6800 6000 6800 6000 6000 6000 6000 6000
Year 12
Year 21
Rs. 105120
Rs. 630720
Year 14:
Rs. 16800 Rs. 16800 Rs. 16800 Rs. 16800 Rs. 16800
May
June July Aug Sept
Rs. 16800
Rs. 16800 Rs. 16800 Rs. 16800 For the year:
Nov
Dec
Rs. 16000
Rs. 16000
*Assuming policy taken in Jan month; amt inclusive of guaranteed amt + boosters;
Rajesh is 40 years old and works in a Software firm. He wants an additional regular monthly income of Rs. 10,000 to meet his future needs.
**Sum Assured = 240 times monthly income Rajeshs SA = 10,000 X 240 = Rs. 24,00,000
Premium
Rate as per Monthly Income
**Sum Assured
1000
Lets see age how Mr. Sharma is Mr. Sharma, 35, needs Rs. 10,000 monthly income from GMIP. thinking about GMIP
I need a monthly Income of Rs. 10000/The last 3 years average of the benchmark rate is near about 8%...so I should be able to earn around 60% as income boosters My AIP told me to look at a 70:30 ratio between the 2 returnsso if I take Rs. 7000 as the GMI & let the balance come through boosters, at 60% booster rate, I can earn Rs. 4200 as boosters, making my monthly income to be 11,200/This will also help me save almost 30% of the annual premium/-
Alternatively!
I need a monthly Income of Rs. 10000/I can take this entire amount as the guaranteed monthly income, so that there is no shortage of money. I can earn the monthly income boosters over and above this GMI ! Which means that I can earn upto Rs.15300* every month!
Specifications
Min: 25 years Max: 60 years 11 years Year 12 (Month 133 onwards) 10 years (120 monthly payouts) Rs. 2000 (In multiples of Rs. 500) 240 times guaranteed monthly Income Annual (Only) 125 times guaranteed monthly Income
Plan are available as per the prevailing provisions and conditions of the
Income-tax Act, 1961, including benefits under section 80C and 10 (10D) of the Act that should be available in respect of sums received under Max New York Life Guaranteed Monthly Income Plan
It may be noted that the tax authorities may independently examine the availability of the aforesaid benefits. Also, this is subject to any changes made to the tax legislation in future. The policyholders are advised to independently consult their tax advisor on their incometax implications.
Documents Required
Signed application form, version 2.1 One latest passport size photo, colour Address Proof Income Proof
Age Proof
1 Cancelled cheque copy of the customers bank account Goal Finder, signed by the customer
1. Ensure that the guaranteed monthly income + the sum assured is filled in the proposal form clearly
2. Mandatory to have customer bank a/c details in the proposal form for payouts
3. Cancelled cheque copy is mandatory, at the time of sourcing the proposal 4. Checkbox to be checked as acceptance of monthly remittance by NEFT 5. The revival period in GMI is 6 months ONLY, post which either the policy lapses or goes into nonforfeiture
Submit 1 case of
Sales Kit
Year
First Year Premium 1st Year renewal 2nd Year renewal 3rd Year renewal