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SANJEEVAN SUPREME

SANJEEVAN SUPREME. ONE OF A KIND! Limited Premium Payment + Full Life Cover throughout + Money back benefits =. How does it work?. Depending on Premium Payment Term: 6 years or 10 years – Single premium also available Depending on amount of survival benefit:

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SANJEEVAN SUPREME

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  1. SANJEEVAN SUPREME ONE OF A KIND! Limited Premium Payment + Full Life Cover throughout + Money back benefits =

  2. How does it work? • Depending on Premium Payment Term: • 6 years or 10 years – Single premium also available • Depending on amount of survival benefit: • 20% of Sum Assured p.a. for the last 5 years • 10% of Sum Assured p.a. for the last 10 years  4 plans from 15 years upto 25 years

  3. Flat Life Cover for the entire term of the policy Last 5 yrs: 20% of S.A. p.a. Plan A: 15 yrs 6 years Premium Payment Term 4 years deferment Plan B: 20 yrs Last 10 yrs: 10% of S.A. p.a.

  4. Flat Life Cover for the entire term of the policy Last 5 yrs: 20% of S.A. p.a. Plan C: 20 yrs 10 years Premium Payment Term 5 years deferment Plan D: 25 yrs Last 10 yrs: 10% of S.A. p.a.

  5. SANJEEVAN SUPREME • 4 plans: • 2 riders for regular premium mode: • Acc. Death & Acc. Total Permanent Disability Cover • Term Assurance

  6. SANJEEVAN SUPREME: Product features Min. age of entry:18 years Max. age of entry:Plan A:60 years Plan B&C: 55 years Plan D: 50 years Max. cover age: 75 years Mode of payment: SP, Yearly, Half Yearly, Quarterly Life cover (in multiple of Rs. 10,000): Minimum:Rs. 50,000 Maximum:Rs. 5 crores Survival Benefits: Plan A and C:Last 5 years: 20% of S.A. Plan B and D:Last 10 years: 10% of S.A. Riders avalable for regular mode only: Double Accident Cover: upto Basic S.A. / Rs. 20 lac Term Assurance: upto Basic S.A. / Rs. 20 lac • Last Survival Benefits with vested bonus • Rebates: mode of payment, gender, high value policy

  7. In case of death: Basic Sum Assured (irrespective of survival benefits already paid) + Vested Bonus will be paid to the nominee Suicide will not be covered in the first year. Flat Life cover till the last installment PROTECTION: EASY TO UNDERSTAND

  8. Depending on the duration of the money-back period… Plus Vested Bonus for entire Term with the last installment

  9. TTax Rebate U/s 88 Made Easy…………… ·Available for Premium Paid on Life Insurance Policies upto a maximum of 20% S.A. ·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 ADVANTAGES

  10. TAX ADVANTAGES • Maturity benefits are tax-free in the hands of the policyholder u/s 10 (10D) I.T. Act if, at any point of time during the policy life, premiums paid within one year does not exceed 20% of the basic Sum Assured. • Death benefit are tax-freein the hands of the nominee u/s 10 (10D) I.T. Act. Single Premium mode: maturity benefits are taxable

  11. What about premium payment? • For regular mode: • For basic cover as well as riders • 6 or 10 years • Premiums can be Q / HY/ Y: • To avoid lapsation, use standing Instruction on Credit Card / Bank account. • Grace delay • 30 days (death claim will bepaidafter deduction of dues) Rider extra premiums: same duration, same mode as per basic plan

  12. Revival of the policy Possible within 5 years from the first unpaid premium: • Submission of a new medical questionnaire • Payments of arrears premiums with interest (PLR of SBI) • SBI Life reserves the right not to accept.

  13. Policy shall not be wholly void: when premiums have been paid for at least 3 years Sum Assured shall be reduced in proportion of No. of Premium paid/ Total No. of Premiums payable. No participation in bonuses declared subsequently All riders end. S.A: Rs. 5 lacs Plan D No. of premiums paid: 6 Years Total No. of premium: 10 Years New S.A = Rs. 5 lacs X 6/10 = Rs. 3 lacs + vested bonus till paid-up value date. New survival benefit : = Rs. 30,000 p.a. during the last 10 years + last with vested bonus till paid-up value date. Paid-Up Value during premium payment period

  14. SANJEEVAN SUPREME: Liquidity You have 2 possibilities: • You surrender the policy: • Policy ends immediately • You will get the surrender value • You ask for a loan against your policy: • SBI Life does not grant a loan. • State Bank branches may grant a loan against your policy based on a percentage of the surrender value @ PLR of State Bank + 1%. • Your policy is assigned to the Bank and all survival / death benefits will be paid to the Bank upto the amount of the dues. In case of regular premium mode, you have to continue to pay the premiums

  15. Surrender Value + Cash value of existing Vested Bonus

  16. SBI Life SANJEEVAN SUPREME 15 days Money BackGuarantee If a client is not satisfied with the features of the policy, he can return it within 15 days of the date of policy SBI Life will give him a complete refund after deducting Administrative Charges

  17. SANJEEVAN SUPREME: S.A. Rs: 1 lakh Plan A & Plan C for male Money-Back Rs. 20,000 p.a. (for 5 years) Inclusive of rebates for gender, mode of payment and High value policy

  18. SANJEEVAN SUPREME: S.A. Rs: 1 lakh Plan B & Plan D for male Money-Back Rs. 10,000 p.a. (for 10 years) Inclusive of rebates for gender, mode of payment and High value policy

  19. SANJEEVAN SUPREME: S.A. Rs: 1 lakh Plan A & Plan C for male Money-Back Rs. 20,000 p.a. (for 5 years) Inclusive of rebates for Gender and High value policy

  20. SANJEEVAN SUPREME: S.A. Rs: 1 lakh Plan B & Plan D for male Money-Back Rs. 10,000 p.a. (for 10 years) Inclusive of rebates for gender, mode of payment and High value policy

  21. Premium rebates • For the full term of the policy, based on the tabular premium • Due to mode of payment: • Yearly: 2% Half yearly: 1 % Quarterly: no rebate • Discount for women: 5% (regular mode) 1% (Single Premium Mode) No rebate on extra premium for riders

  22. SANJEEVAN SUPREME 2 riders are available for regular premium mode Term Assurance rider Accident rider (Acc. Death – Acc. Total Permanent Disability)

  23. SANJEEVAN SUPREME Term Assurance rider

  24. Term Assurance Rider • Min. entry age: 18yrs • Max. entry age: Plan A: 50yrs Plan B&C: 45yrs Plan D: 40yrs • Max. cover age: 65yrs • Duration: Same as per the basic cover • Min S.A.: Rs. 50,000( in multiple of Rs. 10,000) • Max S.A.: Basic SA/Max.Rs. 20 lac (specific ceiling for SanjeevanSupreme) whichever is lower within the overall ceiling of Rs. 50 lac(indiv. Policy) • Premium: Plan / Amount S.A. • Premium Payment Term: As per Basic Plan Available at entry time only

  25. Term Assurance benefit • Death benefit: • Nominee will receive additional S.A. under this rider. • Survival benefit: • No survival benefit

  26. Term Assurance rider: low premium rate • Increases the insurance cover at very nominal extra cost An example: • 30 years old man: • Extra premium • Rs. 785 per lac p.a. for Plan A: 15 years term • Rs. 1,038 per lac p.a. for Plan B: 20 years term • Rs. 673 per lac p.a. for Plan C: 20 years term • Rs. 860 per lac p.a. for Plan D: 25 years term Premium Payment Term: Plan A & B: First 6 years Plan C & D: First 10 years

  27. Term Assurance rider: An example • A 30 yrs old policyholder has: • SANJEEVAN SUPREME plan D for 25 years • Basic Sum Assured: Rs. 15 lac • Term Assurance rider: Rs. 10 lac • Nominee will receive in case of death during Year 22: • Basic SA + accrued bonus + SA for Term Assurance rider benefits = Rs. 15 lac + accrued bonus + Rs. 10 lac = Rs. 25 lac + accrued bonus (on Rs. 15 lac) High protection - Low cost – Rs. 10 lac Cover for 25 years - Rs. 8,430 p.a. for the first 10 years only

  28. SANJEEVAN SUPREME Accident rider : Accidental death Total & Permanent Disability due to an accident .

  29. Accident rider: • Min. entry age: 18 years • Max. entry age: Plan A: 50yrs Plan B&C: 45yrs Plan D:40 yrs • Max. cover age: 65 years • Duration: equal to basic cover • Min S.A.: Rs. 50,000( multiple of Rs. 10,000) • Max S.A.: Upto basic S.A. subject to overall ceiling of Rs. 20 lakhs per Life insured. • Premium Payment Term: As per the basic cover • Double Cover: • Accidental Death • Total Permanent Disability due to an accident Available at entry time only

  30. Accidental Death benefits • Nominee will receive: • Additional Sum Assured for Accidental cover High Protection: Negligible cost

  31. Accidental Total Permanent Disability benefits • Policyholder will receive: • In Installments • Sum Assured for accidental benefit in 10 installments till maturity / death whichever is earlier. • At Maturity / Death • Balance of TPD claim installments if any will be paid in one lump sum to the policyholder/nominee. • Policyholder exits from all riders: • No other rider benefit will be paid • Policy continue for the Basic plan: • Regular premium for basic plan, if any, has to be paid • Survival benefits will be paid as per the original schedule

  32. An example of Accidental TPD benefitsafter the premium payment term Mr Ravi (30 yrs) has a SANJEEVAN SUPREME policy plan C for 20 years term: • SA: Rs. 30 lakhs with Accidental rider Rs. 20 lakhs and Term rider Rs. 20 lakhs • In case of Accidental TPD year 13, Mr Ravi will receive: • In installments • 7 installment of Rs. 2 lakhs till maturity / death whichever is earlier. • At maturity / death, remaining installments will be paid to the nominee along with basic cover benefits. • Accidental and Term riders end immediately • No other benefits will be paid from these riders • Policy continues for basic cover • From Y 16 to Y20: survival benefits of Rs. 6 lakhs will be paid to Mr. Ravi. Last with vested bonus.

  33. An example of Accidental TPD benefitsduring the premium payment term Mr Ravi (30 yrs) has a SANJEEVAN SUPREME policy plan C for 20 years term: • SA: Rs. 30 lakhs with Accidental rider Rs. 20 lakhs and Term rider Rs. 20 lakhs • In case of Accidental TPD year 7, Mr Ravi will receive: • In installments • 10 installment of Rs. 2 lakhs. • In case of death before year 16, balance TPD claim will be paid to the nominee along with basic cover if policy is in force for the full Sum Assured. • Accidental and Term riders end immediately • No other benefits will be paid from these riders • Policy continues for basic cover • Basic premium of Rs. 2,81,327 has to be paid for Y8/9/10 otherwise policy will go in paid-up value. • From Y 16 to Y20: survival benefits of Rs. 6 lakhs will be paid to Mr. Ravi.Last with vested bonus

  34. Extra premium per Rs. 1 lakh of S.A.for Accidental rider High protection, negligible cost

  35. Eligibility criterion for riders at a glance

  36. SANJEEVAN SUPREME Medical selection rules

  37. Medical selection rules: Basic Sum Assured + Sum Assured for Term Assurance - Single Premium amount(SP mode) + Sum Under Consideration for existing individual SBI Life policy = Sum Under Consideration Accidental rider Sum Assured is not taken into account for calculation of Sum under consideration

  38. Medical selection based on Sum Under Consideration Basic medical test, subject to requirement

  39. SANJEEVAN SUPREME Underwriting process

  40. Criteria for underwriting • Medical requirements to be submitted along with the proposal form in accordance with the Medical Grid • If any adverse medical history is revealed: • Submit the relevant MQ along with hospital reports (past and recent) • Medicals may be called based on these reports • In case of physically handicapped persons: • Deformity Questionnaire needs to be filled • Case may be accepted with an extra premium / without Accident rider. • Persons engaged in hazardous occupation or adventurous sports: • Specific Questionnaire to be filled and/or extra premium and/or exclusions as applicable

  41. Female Proposers • Pregnant females lives accepted to normal rates: • Medical examination and attending gynaecologist’s report being found satisfactory • No previous history of complications • Females lives with Personal history of Cesarean (falling in the reproductive age) upto 39 years last birthday: • Can be considered for acceptance at ordinary rates with a Single/One-time extra chargeable: • Plan without term rider: Rs. 2/- per ‘000 Sum assured • Plan with term rider: Rs. 3/- per ‘000 Sum Assured

  42. Standard Age Proof • Birth Certificate • School / College Certificate • Passport • Service Extract in case of PSU employees • Baptism certificate in case of Roman Catholics • Domicile Certificate • Driving licence issued 2 years prior to the date of proposal • LIC policies with codes S,M,B,J,P,F,C

  43. Non standard age proof • An affidavit giving declaration of date of birth AND age thereof needs to be executed on a non-judicial stamp paper of appropriate value • Extra premium for non standard age proof along with consent letter for paying this additional premium • Maximum term rider is restricted to Rs. 2 lakhs. • Overall cover shall be restricted to Rs. 10 lakhs.

  44. HOW TO SELL SANJEEVAN SUPREME?

  45. Who are the SANJEEVAN SUPREME customers? • High Networth Individuals (HNI) • Limited premium payment Term to avoid the liability to pay premiums for the entire term • Guaranteed cash inflow at regular intervals • with Tax-free returns (regular premium mode)

  46. Plus of SANJEEVAN SUPREME • Long Term cover with guaranteed money back period and limited premium payment term • Tax-free survival benefits for regular premium • Bonus is based on Sum Assured not Premiums Paid NO COMPETITION: SANJEEVAN SUPREME IS UNIQUE

  47. Plan D: SANJEEVAN SUPREME Male: 35 Yrs S.A. Rs. 6 lakhs 5 installments Rs. 1,20,000/ (2020 to 2024) Last with vested bonus Rs. 56,176/- Premium Payment Term: 10 years (2004 to 2013) 5 years growth period (2014 to 2019) Flat Life cover for 20 years - Last installment with vested bonus calculated on Rs. 6 lakh for 20years (@ 1.50% p.a. (not guaranteed) cumulative bonus works out at Rs. 1.8 lakhs)

  48. SANJEEVAN SUPREME • Simplicity: • Select the right plan according to the needs of your customer. • 2 riders easy to understand: • Term assurance: • protection in case of death • Accident cover • High protection, negligible cost. • Limited Premium Payment Term with flat cover: • 6 years • For 15 years benefits Plan A • For 20 years benefit Plan B • 10 years • For 20 years benefit Plan C • For 25 years benefit Plan D • Guaranteed Money back period: • Last 5 years • 20% Basic Sum Assured (Plan A & C) • Last 10 years • 10% Basic Sum Assured (Plan B & D) Special discount for women – High Value policy rebates

  49. COMMISSION • Regular premium mode: • 1st year: 10% of 1st Year Premium • 2nd year onwards: 5% of renewal Premium • Single premium mode: • 2% of Single Premium

  50. THANK YOU

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