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Traditional, non participating,

Money Back Insurance Plan

Objectives
Importance of monthly income The Guaranteed Monthly Income Plan Living benefits Death benefit Calculation of Monthly Income Boosters Calculation of premium Product Specifications Process for selling GMIP Things to be careful about while sourcing Operational requirements

The Virtues of Monthly Income


Expenses are easier to plan when one knows the monthly income coming in

Childrens school fee & overhead activity expenses

Medical expenses

Monthly household expenses, including EMIs for the house, car, others

Festival season: Gifts and other expenses

Among all your responsibilities, securing your familys future tops the chart
India is a country of 120 Cr people
Over 112 Cr people do not have any form of Insurance Out of those insured, 3 out of 4 are under protected

Source: IMRB Consumer U&A Research 2010

Guarantee your family a Monthly Income, and provide them the financial security they deserve

Providing for all-round development for children is every parents dream


Cost of education has increased
by 45%-60% in the last 10 years 56% of the children said that their parents have time but they cant afford activities like music, swimming etc.

wholesome development means providing for coaching Classes, co-curricular activities and a higher education.

Be a proud parent plan now to increase your Monthly Income and gear up to meet these demands

What would you want?


96% of Indian working population does not have a formal, mandated provision for pension
Source: http://www.rediff.com/news/2008/jan/09survey.htm

A luxurious

retired life?

Or old age, spent working?

Work life is getting shorter; To see through more than two decades of retired life, you will need much more money than the previous generations did!
We all wish to fulfill our responsibilities towards our parents in a better way we can do that by gifting them a comfortable lifestyle during their golden years

Receive a regular, guaranteed Monthly Income during Retirement!

Inflation increases your expenses but not your Income!

Indias inflation rate amongst the steepest in the world

In last 12 months alone, the fuel prices have gone up by almost 25%

Food inflation grew by 11.6% from 200809 to 2010-11

Fight inflation better by planning your monthly income well

Source: http://news.in.msn.com/business/article.aspx?cp-documentid=5248221&page=2

Guaranteed returns Protection of Life Protection of Financial Goals Beating inflation


Monthly cash flows that help with expense management

to give a boost to your monthly income!

Guaranteed Monthly Income Plan : Give and Get

Year 1 - 11

Year 12 - 21

GMIP: In which you pay 11 Annual Premiums

Your GMIP pays you back:


120 payouts, every month, from 12th year onwards. For 10 years

GMIP Benefits
Money if one lives Living benefits
Guaranteed Monthly Income Starting 12th Year Monthly Income Booster (Non-Guaranteed) Starting 12th Year Guaranteed Terminal Benefit With the last monthly payout in the 21st year

Money if one doesnt Death Benefits


Refund of all premiums paid, immediately

All future premiums borne by the Company

GMI starts getting paid every month from the policy anniversary following the date of intimation of death Guaranteed Monthly Income Starting 12th Year Monthly Income Booster (Non-Guaranteed) Starting 12th year Guaranteed Terminal Benefit With the last monthly payout in the 21st year

Living Benefits
1:Guaranteed Monthly Income

GMIP
3:Guaranteed Terminal Benefit 2: Monthly Income Boosters

Calculation of Monthly Income Boosters


FIMMDA 5-Year G-Sec Benchmark Rate < 4.0 % 4.0 % to < 4.5 % 4.5 % to < 5.0 % 5.0 % to < 5.5 % 5.5 % to < 6.0 % 6.0 % to < 6.5 % 6.5 % to < 7.0 % 7.0 % to < 7.5 % 7.5 % to < 8.0 % 8.0 % to < 8.5 % 8.5 % to < 9.0 % 9.0 % to < 9.5 % 9.5 % to < 10.0 % 10.0 % to < 10.5 % 10.5 % to < 11.0 % 11.0 % to < 11.5 % 11.5 % to < 12.0 % 12.0 % to < 12.5 % 12.5 % to < 13.0 % >= 13.0 % Monthly Income Booster Rate 0.00% 5% 10% 15% 21% 27% 33% 39% 46% 53% 60% 68% 76% 84% 92% 101% 111% 120% 130% 141%

SCENARIO: Guaranteed Monthly Income Chosen : Rs. 10,000 In year 2, on payment of renewal premium, assume that the benchmark rate is: 8.5%

CALCULATION:
Monthly Income Booster Rate corresponding to 8.5% benchmark rate: 60% Monthly Income Booster = 60% * Rs. 10,000 Monthly Income booster = Rs. 6,000

So your total monthly income is Rs. 16000

Living Benefits in detail


Premium Paying Phase 1-11 yrs Payout phase 12-21 yrs

Year 2012

Year 2013

Year 2014

Year 2023

Year 2024

Year 1 - 21
Jan - 1st Premium 1st Renewal Premium Jan 2013 Rate as on 31st Dec 2012 = 8.0% Booster rate attached to policy is 53%, which will be paid for 12 months in 2023 2nd Renewal Premium FIMMDA 5-Year Monthly Income Booster G-Sec Benchmark Rate as on 31st Dec 2013 = 8.5% Rate Booster rate attached to policy is 60% Rate 7.5 % to < 8.0 % 46% 8.0 % to < 8.5 % 53% locked in your policy for the 12 months of the 8.5 % to < 9.0 % 60%

This rate gets benefit year; once accrued, boosters are guaranteed to be paid out

GMIP: A transparent plan!

So today, in 2012, you know the income you will get paid 10 years later, in 2023

Is there any better guarantee than this in Life !

Living Benefits in detail


3:Guaranteed Terminal Benefit

200% of 1st annual premium is given as the Guaranteed Terminal Benefit with the final monthly payout

If the annual premium is Rs. 70000, the final payout will include the GTB of Rs. 1,40,000/-

This is how your GMIP works

Mr. Singh is 40 old and works in an MNC. He wants an additional regular monthly income to meet his future needs.

Step 1: Mr. Singh decided that he needs a monthly income of Rs. 10,000
Step 2: His policy term is 11 years Step 3: The premium for his policy comes out to be Rs. 1,05,120* payable for 11 years

*exclusive of Service Tax

GMIP: Living / Survival Benefits


Mr. Singh survives till the end of the payout period
Guaranteed Terminal Benefit Monthly Income Booster Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. 6000 6000 6800 6000 6800 6000 6000 6000 6000 6000

Each year will have a different booster rate attached.

Eg: Eg: Year 12 payouts include: Year 14 payouts include: o Total payouts: (GMI+MIB) o Total payouts: (GMI+MIB) Rs. 16000 X 12 = Rs.1,92,000, Rs.(Rs. 16800 X 12= Rs. 2,01,600, 120000 annually) Year 12Rs. 10000 per month Year 21 consisting of: consisting of: Guaranteed Monthly Income Guaranteed Monthly Income: Rs. 10000 X12 = 120000 Year 11 + Guaranteed Monthly Income: Rs. 10000*12 = 120000

Year 1

+
Monthly Income Boosters: Rs. 6800*12 = 81600

Monthly Income Boosters: Policyholder to pay premiums from year 1-11: Rs. 6000 X12 = 72000 Rs. 105120

GMIP: Death Benefit


1

In case Mr. Singh dies after paying 5 annual premiums


6
Guaranteed Terminal Benefit

MNYL refunds the annual premiums paid by the policyholder from year 1-5 (Rs. 5.25 Lacs)

Monthly Income Booster

Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. 6000 6000 6800 6000 6800 6000 6000 6000 6000 6000

Nominee gets a monthly income of Rs. 10000 from year 6 - 11

Year 12

Rs. 10000 p.m. (Rs. 120000 annually)

Year 21

Guaranteed Monthly Income continues

Rs. 105120

Rs. 630720

A glimpse of the monthly income you earn from GMIP


Year 12:
Jan* Feb Mar Apr May June July Aug Sept Oct Rs. 16000 Rs. 16000 Rs.16000 Rs. 16000 Rs. 16000 Rs. 16000 Rs. 16000 Rs. 16000 Rs. 16000 Rs. 16000 For the year: Oct Rs. 1,92,000 Nov Dec Rs. 16800 Rs. 16800 Rs. 16800 Rs. 2,01,600 Jan Feb Mar Apr

Year 14:
Rs. 16800 Rs. 16800 Rs. 16800 Rs. 16800 Rs. 16800

May
June July Aug Sept

Rs. 16800
Rs. 16800 Rs. 16800 Rs. 16800 For the year:

Nov
Dec

Rs. 16000
Rs. 16000
*Assuming policy taken in Jan month; amt inclusive of guaranteed amt + boosters;

GMIP: Premium Calculation

Rajesh is 40 years old and works in a Software firm. He wants an additional regular monthly income of Rs. 10,000 to meet his future needs.

**Sum Assured = 240 times monthly income Rajeshs SA = 10,000 X 240 = Rs. 24,00,000
Premium
Rate as per Monthly Income

**Sum Assured

1000

Lets see age how Mr. Sharma is Mr. Sharma, 35, needs Rs. 10,000 monthly income from GMIP. thinking about GMIP
I need a monthly Income of Rs. 10000/The last 3 years average of the benchmark rate is near about 8%...so I should be able to earn around 60% as income boosters My AIP told me to look at a 70:30 ratio between the 2 returnsso if I take Rs. 7000 as the GMI & let the balance come through boosters, at 60% booster rate, I can earn Rs. 4200 as boosters, making my monthly income to be 11,200/This will also help me save almost 30% of the annual premium/-

Alternatively!
I need a monthly Income of Rs. 10000/I can take this entire amount as the guaranteed monthly income, so that there is no shortage of money. I can earn the monthly income boosters over and above this GMI ! Which means that I can earn upto Rs.15300* every month!

Higher premiums = higher savings, + guaranteed fulfillment of dreams


*@8% booster returns

GMIP: Product Features Parameters


Entry Age Policy Term* Monthly Income to begin from Income Payout Period Minimum guaranteed Monthly Income Sum Assured Premium Payment Mode Underwriting Multiple

Specifications
Min: 25 years Max: 60 years 11 years Year 12 (Month 133 onwards) 10 years (120 monthly payouts) Rs. 2000 (In multiples of Rs. 500) 240 times guaranteed monthly Income Annual (Only) 125 times guaranteed monthly Income

*Note: Premium Payment Term is equal to the policy term

GMIP: Tax Benefit


The tax benefits under Max New York Life Guaranteed Monthly Income

Plan are available as per the prevailing provisions and conditions of the
Income-tax Act, 1961, including benefits under section 80C and 10 (10D) of the Act that should be available in respect of sums received under Max New York Life Guaranteed Monthly Income Plan
It may be noted that the tax authorities may independently examine the availability of the aforesaid benefits. Also, this is subject to any changes made to the tax legislation in future. The policyholders are advised to independently consult their tax advisor on their incometax implications.

Documents Required
Signed application form, version 2.1 One latest passport size photo, colour Address Proof Income Proof

Age Proof
1 Cancelled cheque copy of the customers bank account Goal Finder, signed by the customer

Acknowledgement, signed by the customer


All documents to be self-attested by the customer

Operational Must Dos for smooth processing of your case

1. Ensure that the guaranteed monthly income + the sum assured is filled in the proposal form clearly

2. Mandatory to have customer bank a/c details in the proposal form for payouts
3. Cancelled cheque copy is mandatory, at the time of sourcing the proposal 4. Checkbox to be checked as acceptance of monthly remittance by NEFT 5. The revival period in GMI is 6 months ONLY, post which either the policy lapses or goes into nonforfeiture

The excitement is just building


For ABOs only:

Submit 1 case of

On 12th Jan, 2012 And


Get this exclusive

Sales Kit absolutely

Sales Kit

And now, the news weve all been waiting for

Year
First Year Premium 1st Year renewal 2nd Year renewal 3rd Year renewal

GMIP 50% 50% 10% 10%

All the Best!