852 Sales Talk

LIFE INSURANCE CORPORATION OF INDIA
CENTRAL OFFICE
Re: INRODUCTION OF LIC’s SIIP.
Agent:
Good afternoon sir.
Client:
Good afternoon. Thanks for prompt delivery of my renewal premium
receipt. Now tell me why you have come today.
Agent:
Sir, I am very happy to let you know that you that LIC has just introduced
a very attractive plan specially designed for you. You were telling last time
that I always talk about conventional plan. Now LIC has come out with a
regular premium Unit Linked Plan.
Client:
Yes, conventional plans only you were telling. I would like to go with the
market to see my investment appreciating in value. So, now you have the
plan for me?
Agent:
Yes Sir. LIC’s SIIP will do exactly what you asked for.
Client:
Ok, tell me what the features of this plan are.
Agent:
 Sir, LIC’s SIIP is a Regular Premium, Non-Participating, Unit Linked,
Individual Life Insurance plan which offers insurance cum investment
during the term of the policy.
 Minimum Premium:
Mode Yearly Half-Yearly Quarterly Monthly (NACH)
Amount Rs. 40,000 Rs. 22,000 Rs. 12,000 Rs. 4,000
 Maximum Premium : No limit.

 Maximum Entry Age : [65] years (nearer birthday)
 Policy Term : 10 to 25 years
 Minimum Maturity Age : [18] years (completed)
 Maximum Maturity Age : [85] years (nearer birthday)
 Premium Allocation charges: 3% to 8% of Annualized premium
 4 types of Investment funds will be available for allocated premium.
 4 switches from one type of fund to other will be free. After that Rs. 100/-
for per switching will be charged.
 No bid-offer spread.
 There will be a lock in period of 5 years. Discontinuance during lock-in
period will attract charges.
 Charges: Premium Allocation charge, Mortality charges, AB charges,
switching charges, fund management charges, partial withdrawal charges
are deducted but there is no policy administration charges for this policy.
 GUARANTEED ADDITIONS: Guaranteed Additions as a percentage of
Annualized Premium shall be added to the Unit Fund on completion of
specific duration of policy years provided all due premiums have been paid
and the policy is in force. Rate of addition will be as in the table below;
End of Policy Year Guaranteed Additions (as percentage of

one Annualized Premium)
6 5%
10 10%
15 15%
20 20%
25 25%
Client:
What will I get in maturity?
Agent:
Sir, on surviving the stipulated Date of Maturity, an amount equal to the
Unit Fund Value is payable. Also provided all due premiums under the
policy have been paid, on surviving the stipulated Date of Maturity, an
amount equal to the total amount of Mortality Charges deducted in respect
of life insurance cover shall be payable along with the Maturity benefit.
Client:
What is the death benefit available then?
Agent:
Sir, under this policy death benefit is as following;
On death before the Date of Commencement of Risk an amount equal to

the Unit Fund Value shall be payable.
On death after the Date of Commencement of Risk an amount equal to the
highest of the following shall be payable:
I. Basic Sum Assured less any Partial Withdrawals made during the two
years’ period immediately preceding the date of death ;or
II. Unit Fund Value; or
III.105% of total premiums received up to the date of death less Partial
Withdrawal.
Where Basic Sum Assured is defined as;
For Ages below 55 years For Ages 55 years and above
(10* Annualized Premium). (7* Annualized Premium).
Client:
May I surrender a part of my fund value in case of emergency?
Agent:
Sir, you can partially withdraw the units at any time after the fifth policy
anniversary, provided you have paid all due premiums till date of partial
withdrawal, subject to the following:
i. In case of minors, partial withdrawals shall be allowed only after Life
Assured is aged 18 years or above.
ii. Partial withdrawals may be in the form of fixed amount or in the form of
fixed number of units.
iii. The Maximum amount of Partial Withdrawal as a percentage of fund
during each policy year shall be as under:
Policy Year Percent of Unit Fund
6th to 10th 20%
11 to 15
th th 25%
16 to 20
th th 30%
21st to 25th 35%
The above Partial withdrawal shall be allowed subject to minimum balance

remaining after allowing for partial withdrawal is not less than 3
annualized premiums.
Client:
Is there any option for opting Accident Benefit cover under the plan?
Agent:
Sir, You may avail LIC’s Accident Benefit Rider in this plan also. AB charges
will be levied at the beginning of each policy month by cancelling appropriate
number of units out of the Unit Fund Value. The monthly Accident Benefit
Charge will be one twelfth of the annual Accident Benefit Charge.
Client:
Can I pay Top Up premium under this plan?
Agent:
Sorry Sir, Top up is not allowed under this plan.
Client:
OK
Agent:
Sir, one more important feature of the plan is the settlement option where
death benefits may be spread over a five year period if option exercised
beforehand.
Client:
Very good. It is a plan that will allow me to invest in Market along with
Insurance Cover. Thank you for updating me.

852 Sales Talk

Uploaded by

Copyright:

Available Formats

852 Sales Talk

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

852 Sales Talk

Uploaded by

Copyright:

Available Formats

LIFE INSURANCE CORPORATION OF INDIA

Re: INRODUCTION OF LIC’s SIIP.

 Maximum Premium : No limit.

End of Policy Year Guaranteed Additions (as percentage of

On death before the Date of Commencement of Risk an amount equal to

The above Partial withdrawal shall be allowed subject to minimum balance

You might also like