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Introducing…
A training presentation
This material is strictly meant for circulation within the organization/ solely for training and/or education of the employees of ICICI Prudential Life Insurance Co. Ltd. or its advisors, corporate agents or brokers and should not be further circulated or used for presentation to a prospect or general public at large.
New updates
Clause Details Remarks
Assured benefit on vesting
Absolute amount – non zero return
Minimum guarantee to be return of premium
Death benefit At least the same guaranteed rate of return as Assured benefit
Guaranteed death benefit to be applicable
Policyholder options at vesting or surrender
Commute up to extent allowed under Income Tax Act and purchase Immediate Annuity with the remaining amount
Purchase single premium deferred pension product
Postponement of vestingAnnuity from same insurer
Mandatory annuitisation on vesting or surrender.
This material is strictly meant for circulation within the organization/ solely for training and/or education of the employees of ICICI Prudential Life Insurance Co. Ltd. or its advisors, corporate agents or brokers and should not be further circulated or used for presentation to a prospect or general public at large.
Pension Guidelines
Clause Details Remarks
Options for nominee on death of policyholder
Purchase Immediate AnnuityWithdraw entire proceeds
Sales literature and benefit illustration
Illustrative target purchase price and likely annuity amounts at 8% and 4%
Sales literature and EBI illustrations provided at 8% and 4% instead of 10% and 6%.
This material is strictly meant for circulation within the organization/ solely for training and/or education of the employees of ICICI Prudential Life Insurance Co. Ltd. or its advisors, corporate agents or brokers and should not be further circulated or used for presentation to a prospect or general public at large.
Key benefits
Equity participationEquity participation Build your retirement corpus through equity participation
Build your retirement corpus through equity participation
Get income for life for self and spouse using the retirement corpus
Get income for life for self and spouse using the retirement corpus
Assured BenefitAssured BenefitProtect your savings from market downturns through Assured Benefit
Protect your savings from market downturns through Assured Benefit
Limited premium payment term
Limited premium payment term
Pay premiums only for 5 or 10 years
Pay premiums only for 5 or 10 years
Guaranteed lifetime income
Guaranteed lifetime income
Multiple investment options
Multiple investment options
Invest according to your risk appetite
Invest according to your risk appetite
This material is strictly meant for circulation within the organization/ solely for training and/or education of the employees of ICICI Prudential Life Insurance Co. Ltd. or its advisors, corporate agents or brokers and should not be further circulated or used for presentation to a prospect or general public at large.
How does the plan work?
Choose premium payment option & policy term
Choose investment option as per your risk appetite Aggressive, Moderate or Conservative
Assured Benefit is calculated based on PPT, policy term, investment option and annual premium
Vesting benefit = Max (Assured Benefit, Fund Value)
Death benefit = Max (Guaranteed Death Benefit, Fund Value)
Premium payment option
PPT Policy Term
Five Pay 5 10, 15, 20, 25, 30
Ten Pay 10 20, 25, 30
This material is strictly meant for circulation within the organization/ solely for training and/or education of the employees of ICICI Prudential Life Insurance Co. Ltd. or its advisors, corporate agents or brokers and should not be further circulated or used for presentation to a prospect or general public at large.
Premiums will be invested in the following funds:
The allocation between these two funds will be determined by us based on your investment option, premium payment option and policy term.
To protect the accumulated savings, it is expected that as the policy nears maturity, a greater proportion of investment will be allocated to the Pension Secure Fund.
Assured benefit & equity participation
Fund Name Asset Allocation%
(Min)
%(Max)
Risk-Reward Profile
Pension Growth Fund
Equity & Equity Related Securities
Debt, Money Market & Cash
75%0%
100%25%
High
Pension Secure Fund
Debt Instruments,Money Market & Cash
100%
100% Low
This material is strictly meant for circulation within the organization/ solely for training and/or education of the employees of ICICI Prudential Life Insurance Co. Ltd. or its advisors, corporate agents or brokers and should not be further circulated or used for presentation to a prospect or general public at large.
Five Pay
Ten Pay
Assured benefit & equity participation
Investment option
Details
Policy term
10 15 20 25 30
Aggressive
Assured Benefit Factor
101%
101%
101%
101%
101%
Max exposure to PGF 65% 65% 75% 75% 75%
Moderate
Assured Benefit Factor
105%
115%
130%
150%
165%
Max exposure to PGF 45% 45% 50% 50% 50%
Conservative
Assured Benefit Factor
110%
125%
145%
170%
195%
Max exposure to PGF 25% 25% 25% 25% 25%
Investment option
Details
Policy term
20 25 30
AggressiveAssured Benefit Factor
101%
101%
101%
Max exposure to PGF 75% 75% 75%
ModerateAssured Benefit Factor
125%
140%
150%
Max exposure to PGF 50% 50% 50%
ConservativeAssured Benefit Factor
145%
165%
190%
Max exposure to PGF 25% 25% 25%
“Assured Benefit would depend on the premium, investment option, premium payment option and the policy term chosen by you. Assured Benefits will be applicable only on vesting. There will be a charge of 0.50% p.a. towards the cost of investment guarantee”
This material is strictly meant for circulation within the organization/ solely for training and/or education of the employees of ICICI Prudential Life Insurance Co. Ltd. or its advisors, corporate agents or brokers and should not be further circulated or used for presentation to a prospect or general public at large.
Vesting benefit
• Option 1:• Commute up to 1/3rd of Vesting Benefit• Utilise balance amount to purchase an immediate
annuity plan at the then prevailing rate
• Option 2: Purchase a single premium deferred pension product
• Option 1:• Commute up to 1/3rd of Vesting Benefit• Utilise balance amount to purchase an immediate
annuity plan at the then prevailing rate
• Option 2: Purchase a single premium deferred pension product
Options available on vesting date
Options available on vesting date
Higher of Assured Benefit and Fund ValueHigher of Assured Benefit and Fund Value
Note: • You have to purchase the Immediate Annuity plan
from ICICI Pru• NO Open Market Option
Note: • You have to purchase the Immediate Annuity plan
from ICICI Pru• NO Open Market Option
This material is strictly meant for circulation within the organization/ solely for training and/or education of the employees of ICICI Prudential Life Insurance Co. Ltd. or its advisors, corporate agents or brokers and should not be further circulated or used for presentation to a prospect or general public at large.
Death benefit
• Withdraw the entire death benefit amount
• Utilise all or part of the entire death benefit amount to purchase an immediate annuity plan at the then prevailing rates.
• Withdraw the entire death benefit amount
• Utilise all or part of the entire death benefit amount to purchase an immediate annuity plan at the then prevailing rates.
Options available to the nominee
Options available to the nominee
Higher of Guaranteed Death Benefit and Fund ValueHigher of Guaranteed Death Benefit and Fund Value• GDB depends on PPT, Term and Investment option
chosen • 101% of sum of premiums paid for
Aggressive• 105% - 165% of sum of premiums paid for
Moderate• 105%-195% of sum of premiums paid for
Conservative
• GDB depends on PPT, Term and Investment option chosen
• 101% of sum of premiums paid for Aggressive
• 105% - 165% of sum of premiums paid for Moderate
• 105%-195% of sum of premiums paid for Conservative
This material is strictly meant for circulation within the organization/ solely for training and/or education of the employees of ICICI Prudential Life Insurance Co. Ltd. or its advisors, corporate agents or brokers and should not be further circulated or used for presentation to a prospect or general public at large.
Loyalty additions
Get loyalty additions at the end of every policy year starting from the end of the 10th policy year.
This addition will be a percentage of the average of daily Fund Values in that same policy year.
Policy year 10 11 onwards
Loyalty Addition
2% 0.5%
Effective FMC of 0.85% from year 11 onwards !Effective FMC of 0.85% from year 11 onwards !
This material is strictly meant for circulation within the organization/ solely for training and/or education of the employees of ICICI Prudential Life Insurance Co. Ltd. or its advisors, corporate agents or brokers and should not be further circulated or used for presentation to a prospect or general public at large.
Surrender
During first five policy years: On receipt of intimation that you wish to
surrender during the first five policy years the Fund Value shall be transferred to the Pension Discontinued Policy Fund after deduction of applicable discontinuance penalty. You would be entitled to receive an amount only after the lock in period.
After completion of fifth policy year: On receipt of intimation that you wish to
surrender the policy after the first five policy years, you would be entitled to receive an amount not less than the Fund Value
This material is strictly meant for circulation within the organization/ solely for training and/or education of the employees of ICICI Prudential Life Insurance Co. Ltd. or its advisors, corporate agents or brokers and should not be further circulated or used for presentation to a prospect or general public at large.
Options available on surrender
To commute up to 1/3rd of the amount available on the termination of the Policy and to utilise the balance amount to purchase an immediate annuity plan at the then prevailing rate.
To purchase a single premium deferred pension product.
Note: • You CANNOT take your entire fund value as
lump sum on surrender
Note: • You CANNOT take your entire fund value as
lump sum on surrender
This material is strictly meant for circulation within the organization/ solely for training and/or education of the employees of ICICI Prudential Life Insurance Co. Ltd. or its advisors, corporate agents or brokers and should not be further circulated or used for presentation to a prospect or general public at large.
Boundary conditions
Five Pay Ten Pay
Premium payment term (PPT)
5 years 10 years
Policy term10,15,20,25,30
20,25,30 years
Min annualised premium
Rs. 24,000
Maximum premium Unlimited
Min/ Max Age at Entry 35 / 70 years
Min/ Max Age at Vesting
45 / 80 years
Premium payment mode
Annual / Half-yearly / Monthly
This material is strictly meant for circulation within the organization/ solely for training and/or education of the employees of ICICI Prudential Life Insurance Co. Ltd. or its advisors, corporate agents or brokers and should not be further circulated or used for presentation to a prospect or general public at large.
Charges
Premium allocation charge(As a % of premium)
Policy administration charges(As a % of annualised premium)
Subject to a maximum of Rs. 500 per month
FMC
Guarantee Charge: 0.50% p.a.(Deducted at the end of each policy month by redemption of units based on the closing fund value)
Mode Year 1-2
Year 3-5
Yearly and HY 3% 3%
Monthly 3% 2%
Policy Year Pol. Admin
Year 1 - PPT 0.3% p.m.
Thereafter 0.1% p.m.
Fund
Pension Growth Fund
Pension Secure Fund
FMC 1.35% p.a. 1.35%p.a
This material is strictly meant for circulation within the organization/ solely for training and/or education of the employees of ICICI Prudential Life Insurance Co. Ltd. or its advisors, corporate agents or brokers and should not be further circulated or used for presentation to a prospect or general public at large.
Shubh Retirement: Pension plan
Mr. Gaurav, a 50 years old senior executive in a pharma company, wants pension once he retires at
age 60
50 55 8060 70Pay 2 lakh p.a. for 5
years
Pay 2 lakh p.a. for 5 years
Get Rs 1 lakh per year for life for self and spouse (@8%)
Get Rs 1 lakh per year for life for self and spouse (@8%)
He invests in ICICI Pru Shubh Retirement, Five Pay and opts for the Conservative investment option
Vesting benefit of Rs. 14.8 lakh (@8%)
Vesting benefit of Rs. 14.8 lakh (@8%)
Assured Benefit of Rs. 11 lakh
Assured Benefit of Rs. 11 lakh
Illustration
This material is strictly meant for circulation within the organization/ solely for training and/or education of the employees of ICICI Prudential Life Insurance Co. Ltd. or its advisors, corporate agents or brokers and should not be further circulated or used for presentation to a prospect or general public at large.
Thank you