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751 Micro Bachat For Agents 1

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4K views12 pages

751 Micro Bachat For Agents 1

L

Uploaded by

sanju the nice guy
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Plan 751 Micro Bachat

UIN: 512N329V03
Agents Training Material By
K B Jagetiya
Manager(Products and Digital Marketing)
Prepared on 9-10-2024
Micro Bachat Plan 751

Plan no. 751 UIN 512N329V02


A non linked, Participating,
Endowment Micro Insurance Plan
GST FREE

GST FREE PLAN

LIC’s Micro Bachat Plan


Is Only the plan where

NO GST on Premium
Plan Basics
• Available for Age 18 Completed to 55 Years Nearer Birthday.
• Policy term Min 10 Years, Max 15 Years. PPT = Policy Term.
• Sum Assured Min. 1,00,000 Max 2,00,000
• Loan facility available after 1 year.
• Available Life Insurance Riders:
 LIC’s Accidental Death and Disability Rider (UIN512B209V02)
 LIC’s Accident Benefit Rider (UIN: 512B203V03).
• Loyalty Addition.
• Surrender facility after completion of 1 Year.
• Mode of Premium Payment
 For SA Less than Rs.2 Lakh : Yearly, Half Yearly
 For Rs. 2,00,000 : Yearly, Half Yearly, Quarterly, Monthly NACH and
SSS.
Death and Maturity Benefit
• On death during first five policy years: Sum
assured on death i.e.
 Higher of
A. 7 Times the annualized Premium
B. Basic Sum Assured
C. 105% of total premium Paid
• On death after completion of five policy years
 Sum Assured on death + Loyalty Addition
• On Maturity : Basic Sum Assured+ Loyalty
Addition
Commission – 751 Micro Bachat

Commission for Agents:


First Year :10%
Subsequent Years : 6%
No Bonus Commission payable.

DO Credit
Policy term 10 to 14 years = 30%
Policy term 15 Years = 60%
Where is my market?

• Some Plan not allowed after 50 Years, Micro


Bachat available up to Age 55 Years.
• Auto Cover facility
 3 years premium Paid : 6 months cover from FUP
 5 years premium Paid : 2 years Cover from FUP
Big opportunity for covering MAB and lives for
Club membership.
Misc Points

• Customized benefit illustration


• Customer Information Sheet and Need Analysis
document is part of policy.
• Fee look period : 30 days
• Days of Grace : 30 days for YLY/HLY/QLY, 15 days
for Monthly NACH and SSS.
• Nomination, Assignment Allowed.
• Accident Benefit can be taken up to 3 times of
Basic Sum Assured.
My opportunity

TOTALLY NON MEDICAL PLAN

Big opportunity
Minimum Sum Assured
1,00,000 only
ILLUSTRATION – plan 751
Age 30 Years
Term 15 Years
Sum Assured 2,00,000
Yearly Premium 10,400
Maturity SA 2,00,000
Loyalty Addition 30,000
Expected Maturity Amount 2,30,000
Loyalty addition is payable provided 5 policy years are completed with at least five full
years premium have been paid and maturity paid up SA is 1 lakh or more.
Start from today

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