- LIC Bima Account 2 (Table No.806) is a simple non-linked plan. It’s similar to Bima Account 1 with some minor term differences. It’s a unique plan with Insurance and investment with guaranteed return.
- LIC Bima Account 1 (Table No.805) is a simple non-linked plan under which you can be covered without undergoing any medical examination. It’s a unique plan with Insurance and investment with guaranteed return.
Lic Launches New Plan Bima Account 1 & 2
Need Based Selling Steps for life Insurance
Need Based Selling Steps
Prospecting:
Obtain the name, address, and tel: no & one/two reasons to contact that person.
Setting an appointment:
Ask for appointment under favorable condition on telephone or face to face.
Initial interview:
Establish rapport, explain the purpose & get agreement to proceed with the gathering of pertinent information about prospect.
Fact finding interview:
Ask questions to uncover the needs. This may include goals, priorities, and attitudes. Not just fact & figures, obtain money commitment & arrange next interview
Analyzing & Planning:
Send follow up note to the prospect, analyze data secured & prepare recommendations for needs you can solve with your product & service.
Closing interview:
Review the facts discovered in fact finding interview, present recommendations, handle objections, and ask for the order.
Underwriting:
Complete the proposal form & all medical and other u/w requirements that are needed to get the proposal completed.
Deliver the policy:
Reaffirm the decision to buy. Reinforce the benefits. Set up next sale and obtain referred leads.
BIMA ACCOUNT-II (806) ILLUSTRATION
| LIC's BIMA ACCOUNT-II (T.No: 806):: ILLUSTRATION | |||||||
| AGE:30 YEARS | PREM:15000 | ||||||
| POL TERM:15 | S.A.: 1,50,000. | ||||||
| MODE: YLY | MATURURITY: Rs. 437523 | ||||||
| WITH I.T. BENEFIT OF | |||||||
| YLY PREM | EXPENSE CHARGE % | After Charge | MORTALITY PREM+SER.TAX | Net in Acct | 10% | 20% | 30% |
| 15000 | 27.50 | 10875 | 242 | 10633 | 9133 | 7633 | 6133 |
| 15000 | 7.50 | 13875 | 242 | 13633 | 12133 | 10633 | 9133 |
| 15000 | 7.50 | 13875 | 248 | 13627 | 12127 | 10627 | 9127 |
| 15000 | 5.00 | 14250 | 258 | 13992 | 12492 | 10992 | 9492 |
| 15000 | 5.00 | 14250 | 271 | 13979 | 12479 | 10979 | 9479 |
| 15000 | 5.00 | 14250 | 286 | 13964 | 12464 | 10964 | 9464 |
| 15000 | 5.00 | 14250 | 306 | 13944 | 12444 | 10944 | 9444 |
| 15000 | 5.00 | 14250 | 329 | 13921 | 12421 | 10921 | 9421 |
| 15000 | 5.00 | 14250 | 356 | 13894 | 12394 | 10894 | 9394 |
| 15000 | 5.00 | 14250 | 385 | 13865 | 12365 | 10865 | 9365 |
| 15000 | 5.00 | 14250 | 425 | 13825 | 12325 | 10825 | 9325 |
| 15000 | 5.00 | 14250 | 465 | 13785 | 12285 | 10785 | 9285 |
| 15000 | 5.00 | 14250 | 500 | 13750 | 12250 | 10750 | 9250 |
| 15000 | 5.00 | 14250 | 538 | 13712 | 12212 | 10712 | 9212 |
| 15000 | 5.00 | 14250 | 586 | 13664 | 12164 | 10664 | 9164 |
| Maturity benefit assuming Gross int.rate of 10%>> | 437523 | 437523 | 437523 | 437523 | |||
| IRR>>> | 9.18% | 10.54% | 12.08% | 13.85% | |||
BIMA ACCOUNT - I (805) ILLUSTRATION
| BIMA ACCOUNT-I Table.No: 805 | LIC's BIMA ACCOUNT-I (T.No: 805):: ILLUSTRATION | |||||||||
| AGE:30 YEARS | PREM:10000 | |||||||||
| POL TERM:7 | S.A.: 1,00,000. | |||||||||
| MODE: YLY | MATURURITY: Rs.89240 | |||||||||
| WITH I.T. BENEFIT OF | ||||||||||
| POL YEAR | AGE | TAB. PREM | YLY PREM | EXPENSE CHARGE % | After Charge | MORTALITY PREM + SER.TAX | Net in Acct | 10% | 20% | 30% |
| 1 | 30 | 1.46 | 10000 | 27.50 | 7250 | 161.04 | 7089 | 6089 | 5089 | 4089 |
| 2 | 31 | 1.46 | 10000 | 7.50 | 9250 | 161.04 | 9089 | 8089 | 7089 | 6089 |
| 3 | 32 | 1.50 | 10000 | 7.50 | 9250 | 165.45 | 9085 | 8085 | 7085 | 6085 |
| 4 | 33 | 1.56 | 10000 | 5.00 | 9500 | 172.07 | 9328 | 8328 | 7328 | 6328 |
| 5 | 34 | 1.64 | 10000 | 5.00 | 9500 | 180.89 | 9319 | 8319 | 7319 | 6319 |
| 6 | 35 | 1.73 | 10000 | 5.00 | 9500 | 190.82 | 9309 | 8309 | 7309 | 6309 |
| 7 | 36 | 1.85 | 10000 | 5.00 | 9500 | 204.06 | 9296 | 8296 | 7296 | 6296 |
| 8 | 37 | 1.99 | Maturity benefit assuming Gross int.rate of 10% >> | 89240 | 89240 | 89240 | 89240 | |||
| 9 | 38 | 2.15 | ||||||||
| 10 | 39 | 2.33 | IRR>>> | 9.18% | 12.31% | 15.92% | 20.18% | |||
| 11 | 40 | 2.57 | ||||||||
| 12 | 41 | 2.81 | ||||||||
| 13 | 42 | 3.02 | ||||||||
| 14 | 43 | 3.25 | ||||||||
| 15 | 44 | 3.54 | ||||||||
Combination Of BIMA BACHAT and JEEVAN SARAL
| Combination Of BIMA BACHAT & JEEVAN SARAL (For 15 Years) | ||||||
| Name | Ravi Tiwari | Age | 36 | |||
| Bima Bachat | Jeevan Saral | Total | JS | BB | ||
| Sum Assured | 80000 | 85000 | 165000 | 75 | 59 | |
| SB DUE OF BIMA BACHAT IS TAKEN AS ADVANCE PREMIUM FOR JEEVAN SARAL | ||||||
| No.Of Years | Year | Bima Bachat | Jeevan Saral | Total Out Going | S.B.Claim | Comm. |
| 1 | 2009 | 61503 | 12001 | -73504 | 2658.06 | |
| 2 | 2010 | 0 | 306 | |||
| 3 | 2011 | 0 | 306 | |||
| 4 | 2012 | 0 | 12000 | 204 | ||
| 5 | 2013 | 0 | 204 | |||
| 6 | 2014 | 0 | 204 | |||
| 7 | 2015 | 0 | 12000 | 204 | ||
| 8 | 2016 | 0 | 204 | |||
| 9 | 2017 | 0 | 204 | |||
| 10 | 2018 | 0 | 12000 | 204 | ||
| 11 | 2019 | 0 | 204 | |||
| 12 | 2020 | 0 | 204 | |||
| 13 | 2021 | 0 | 12000 | 204 | ||
| 14 | 2022 | 0 | 204 | |||
| 15 | 2023 | 0 | 5514.06 | |||
| 222873 | ||||||
| Return of Premium | 61503 | IRR | 8% | 7.501714 | ||
| *LA OF BB | 47200 | |||||
| Jeevan Saral | 65240 | |||||
| *LA OF JS | 48930 | |||||
| *LA-Loyality Additions are Approximations | ||||||
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