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A year that will re-define your 5th Category
We have huge excitement in store for you in 2012
ARE YOU READY FOR IT !
What we all have been waiting for…
Brings to you…
A n exciting new product
Traditional, non
participating,Money Back Insurance
Plan
Presenting…
The Virtues of Monthly Income…
Expenses are easier to plan when one knows the monthly income coming in…
Children’s school fee & overhead activity expenses
Monthly household expenses, including EMIs for the house, car, others…
Festival season:Gifts and other expenses
Medical expenses
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
Source: IMRB Consumer U&A Research 2010
Guarantee your family a Monthly Income, and provide them the financial security they deserve
Among all your responsibilities, securing your family’s future tops the chart
96% of Indian working population does not have a formal, mandated provision for pension
Source: http://www.rediff.com/news/2008/jan/09survey.htm
Receive a regular, guaranteed Monthly Income during
Retirement!
What would you want…?
A luxurious retired life? Or old age, spent working?
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
Inflation increases your expenses but not your Income!
Food inflation grew by 11.6% from 2008-
09 to 2010-11
Source: http://news.in.msn.com/business/article.aspx?cp-documentid=5248221&page=2
India’s inflation rate amongst the
steepest in the world
Fight inflation better by planning your
monthly income well…
In last 12 months alone, the fuel prices have
gone up by almost 25%
Guaranteed returns
Protection of Life
Protection of Financial Goals
Beating inflation
Monthly cash flows that help with expense management
A suitable solution will be one that offers…
And in GMIP, we have all of these…
to give a ‘boost’ to your monthly income!
Guaranteed Monthly Income Plan : Give and Get
GMIP:In which you pay 11 Annual
Premiums
Year 1 - 11 Year 12 - 21
Your GMIP pays you back:Every month, from 12th year onwards. For
10 years i.e. 120 payouts.
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
Money if one doesn’t –
Death 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
Refund of all premiums paid, immediately
All future premiums borne by the Company
GMI starts getting paid every month from the policy anniversary following the date of
intimation of death
Living Benefits
GMIP
1:Guaranteed Monthly Income
2: Monthly Income
Boosters
3:Guaranteed Terminal Benefit
• From policy year 2 onwards, upon receipt of the renewal
premium, the policy will accrue monthly boosters
• Along with your Guaranteed Monthly Income, you would also
get a variable monthly income booster which is based on the
Govt Securities rate. These are very low risk investments, and
the rate vary basis the interest rate scenario.
• Boosters also start from the 12th year, and come to you
each month till the end of the payout period
• The Booster rate attached will be determined as on the last
working day of the previous month in which renewal is paid
2: Monthly Income
Boosters
Living Benefits in detail…
Year 1 - 21
Premium Paying Phase – 1-11 yrs Payout phase – 12-21 yrs
1st Renewal Premium Paid – 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 Paid• Rate as on 31st Dec 2013 = 8.5%• Booster rate attached to policy is 60%
This rate gets locked in your policy for the 12 months of the benefit year; once accrued, boosters are guaranteed to be paid out…
Year 2023
Year 2024
Jan - 1st Premium
Year 2012
Year 2013
Year 2014
FIMMDA 5-Year G-Sec Benchmark
Rate
Monthly Income Booster Rate
7.5 % to < 8.0 % 46%8.0 % to < 8.5 % 53%8.5 % to < 9.0 % 60%
Living Benefits in detail…
GMIP: A transparent plan!
Is there any better guarantee than this in Life !
So in 2013, 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
3:Guaranteed Terminal Benefit
Living Benefits in detail…
If the annual premium is Rs. 70000, the final payout will include the GTB of Rs. 1,40,000/-
Case
Study
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
*exclusive of Service Tax
This is how your GMIP works…
GMIP: Living / Survival Benefits
Mr. Singh survives till the end of the payout period
Booster rate will vary depending on the benchmark rate.
Policyholder to pay premiums from year 1-11: Rs. 105120
Year 11Year 1
Year 21Year 12
Guaranteed Monthly Income
Rs. 10000 per month (Rs. 120000 annually)
Monthly Income Booster
Rs. 6000
Rs. 6000
Rs. 6800
Rs. 6000
Rs. 6800
Rs. 6000
Rs. 6000
Rs. 6000
Rs. 6000
Rs. 6000
Rs. 2.1 Lacs as Guaranteed Terminal Benefit
Eg:Year 12 payouts:
o Total payouts: (GMI+MIB) Rs. 16000 X 12 = Rs.1,92,000, consisting of:
• Guaranteed Monthly Income: Rs. 10000 X12 = 120000
+• Monthly Income Boosters: Rs. 6000 X12 = 72000
Eg:Year 14 payouts include:
o Total payouts: (GMI+MIB) Rs. 16800 X 12= Rs. 2,01,600, consisting of:
• Guaranteed Monthly Income: Rs. 10000*12 = 120000
+• Monthly Income Boosters: Rs. 6800*12 = 81600
GMIP: Death Benefit
In case Mr. Singh dies after paying 5 annual premiums
MNYL refunds the annual premiums paid by the policyholder from year 1-5 (Rs. 5.25 Lacs)
1
Year 21Year 12
Guaranteed Monthly Income continues
Rs. 10000 p.m. (Rs. 120000 annually)
4
Monthly Income Booster
Rs. 6000
Rs. 6000
Rs. 6800
Rs. 6000
Rs. 6800
Rs. 6000
Rs. 6000
Rs. 6000
Rs. 6000
Rs. 6000
5
Rs. 2.1 Lacs Guaranteed Terminal Benefit6
GMI is now paid for 16 years,
instead of 10 years
Rs. 105120
2
Rs. 630720
Nominee gets a monthly income of Rs. 10000 from
year 6 - 11
3
Lets see how Mr. Singh is 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 53%
as income boosters
My AIP told me to look at a 70:30 ratio between the GMI and MIB…so if I take Rs. 7000 as the GMI & let the balance
come through boosters, at 53% booster rate, I can earn Rs. 3710 as
boosters, making my monthly income to be 10,710/-
This will also help me save almost 30% of
the annual premium/-
Mr. Singh, age 35, needs Rs. 10,000 monthly income from GMIP.
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 could earn about Rs.15300* every
month!
Higher premiums = higher savings +
guaranteed fulfillment of dreams
*@8% booster returns
Alternatively…!
GMIP: Product Features
Parameters Specifications
Entry AgeMin: 25 yearsMax: 60 years
Policy Term* 11 years
Monthly Income to begin from
Year 12 (Month 133 onwards)
Income Payout Period 10 years (120 monthly payouts)
Minimum guaranteed Monthly Income
Rs. 2000 (In multiples of Rs. 500)
Sum Assured 240 times guaranteed monthly Income
Premium Payment Mode Annual (Only)
Underwriting Multiple 125 times guaranteed monthly Income
*Note: Premium Payment Term is equal to the policy term
GMIP: Tax Benefit
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 income-tax implications.
“The tax benefits under Max New York Life 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”
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 customer’s bank account
Goal Finder, signed by the customer
Acknowledgement, signed by the customer
All documents to be self-attested by the customer
The excitement is just building…
And…Get this exclusive
Sales Kit absolutely…
Guaranteed Monthly Income
Plan
For ABOs only:
Submit 1 case of
On 12th Jan, 2012…
Branded Key Chain
Presentation CD
Proposal Forms
Branded PenSales Kit
Sales Tool
Leaflets
Year First Year Premium
1st Year renewal
2nd Year renewal
3rd Year renewal
GMIP
50%
50%
10%
10%
And 5% thereon, every year, till renewals continue
And now, the news we’ve all been waiting for…
Don’t forget to collect your folder!
And…Get this exclusive
Sales Kit absolutely…
Guaranteed Monthly Income
Plan
For ABOs only:
Submit 1 case of
On 12th Jan, 2012…
THE FIFTH CATEGORY