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SWADHAN

A life cover that is practically FREE!!. SWADHAN. SBI Life products. Pension Scheme Lifelong Pensions. Savings cum Protection Sudarshan Sanjeevan & Young Sanjeevan. Protection cum Savings Scholar. Protection ?. Everyone needs Protection Products. As a social security tool:

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SWADHAN

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  1. A life cover that is practically FREE!! SWADHAN

  2. SBI Life products Pension Scheme Lifelong Pensions Savings cum Protection Sudarshan Sanjeevan & Young Sanjeevan Protection cum Savings Scholar Protection ?

  3. 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?

  4. 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!

  5. 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!!

  6. SWADHAN: Product features

  7. 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

  8. Death benefits • Sum Assured is payable to your nominee EASY TO UNDERSTAND

  9. Depending on the term chosen…YOU will get at the end EASY TO REMEMBER

  10. Men: Yearly Premium Sum Assured: Rs. 3 lakhs(Yearly premium Net of Rebates)

  11. How much does it effectively cost?(Sum Assured: Rs. 3 lakh - 30 years old man – Yearly premium) Total premium paid = Yearly premium / Term Total insurance cost = Total Premium Paid – Maturity Benefits Real cost of insurance per annum = Total insurance cost / Term Effective premium varies from Rs. 1.66 a day to NOTHING!!

  12. Woman Yearly Premium Sum Assured Rs. 3 lakhs(Yearly Premium net of rebates) Attractive premium rates for women

  13. What about the competitors?

  14. Yearly Premium for Sum Assured Rs. 1 lakh, For of 30 or 45 years old man, Term 10 years Cost Maturity benefit Rs. 1 lac + VB 12,000 10,157 10,268 10,000 8,000 Maturity benefit 100% BP refunded 30 years 6,000 45 years x 3 3,277 4,000 1,432 X 7 2,000 X 7 0 Swadhan Sudarshan Protection Savings Choose what you want and pay accordingly…

  15. 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

  16. 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.

  17. 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 GroupBranch Surrender Value

  18. 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

  19. 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

  20. SWADHAN 30 days Money BackGuarantee 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

  21. Medical Selection

  22. Medical selection Definition of Sum Under Consideration: Sum Assured for Swadhan + Sum Under Consideration for existing SBI Life individual policies Basic medical test, subject to requirement

  23. 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!

  24. 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

  25. An example • Swadhan for 10 years term • Sum Assured: Rs. 5,50,000 • Woman: 42 years old • Yearly mode • Premium calculation: • Choose Yearly premium table for woman. • Find out the rate for Rs. 1 lakh: • 10 years for a 42 years of age: 2,616.95 • Deduct the rebate for high Sum Assured • 2,616.95 – 150 = 2,466.95 • Calculate the premium for Sum Assured Rs. 5,50,000 • Rs. 2, 466.95* 5.5 = Rs. 1 3,568.22 • Round off to the next higher rupee • Rs. 13,568.22  Rs. 13,569 Ready made premium tables inclusive of all rebates

  26. Commissions

  27. 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

  28. 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

  29. REMEMBER…. Adequate Insurance = Windfall The game of the ladder and the snake Non / Under insured = Liability SWADHAN: THE snake antidote

  30. 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.

  31. THANK YOU

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