Download - Unit Linked Certification
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Unit Linked CertificationMay 2006
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Agenda
What is a ULIP? Asset Classes – Debt & Equity Financial Markets – Structure & Investments Financial Crime Products – Before & After
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What is a ULIP
A Unit Linked Insurance Plan is an effective combination of insurance with the benefits of market linked investments
The need for such plans have been felt for a long time
It was only with the privatization of the sector, that ULIP’s became popular
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How a unit linked plan works
Premium
(Less) Charges
Mortality Charges for SA Other Charges
Investible Premium (this is unitized)
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How a unit linked plan works
Policyholder (Investible Premium)
Pool of Money (Various Unit Linked Funds)
Market Fluctuates
Invest / pool of money
Invested in stocks/bond as per the fund objective
Profit or loss from individual investment
Profit/Loss from portfolio of investment
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What is a Unit?
A unit in simple terms is a component or constituent. It represents a fraction of the total part
It can also be defined as “a precisely specified quantity in terms of which the magnitudes of other quantities of the same kind can be stated”
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UNIT IN UL PRODUCTS
In a UL product, unit represents specified share of money / assets
It is a token of transaction of sale or purchase
Value of a UL product is calculated on the basis of the units
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Unit
1 Unit = Rs 10 ( NAV )
Debt Market Equity Market Money Market
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Financial BasicsAsset Classes – Debt &
Equity
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Asset Class - Debt
Debt Concepts Features of Debt Instruments
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Debt Concepts
Inflation Interest Time Value of Money
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What is Inflation?
Inflation is the increase in prices over time Correspondingly, it represents the fall in value
of money over time The purchasing power of money gets
reduced due to inflation
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How is inflation determined?
Inflation would affect different entities to a different extent
The effect would depend on the price increase of their commonly used goods
Price increase would not be the same for all goods in a class
“Basket of Goods” concept
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What does inflation do?
The value of Rs. 1,00,000 will become
Inflation%
No. of yrs. 3 5 6
0 100000 100000 100000
5 85,873 77,378 73,390
10 73,742 59,874 53,862
15 63,325 46,329 39,529
20 54,379 35,849 29,011
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Inflation Indexes
List five different good/ commodities used by:A construction firmA urban household
Wholesale Price Index Consumer Price Index
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Wholesale Price Index (WPI)
Index of Wholesale Prices Basket of goods include
Wholesale grainsPowerCementSteel, etc.
Most commonly referred index
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Consumer Price Index (CPI)
Index of Retail Prices Basket of goods include
Grains (retail price)ToothpasteSoap, etc.
Captures the increase in “Cost of Living”
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Cost of Living Increase
1992 2003
% Increase
1 Kg of Potato Rs 1.50 Rs 8 433%
1 Litre of Milk Rs 6 Rs 16 133%
1 Balcony Ticket
Rs 20 Rs 80 300%
1 Mumbai-Delhi Train Ticket
Rs350 Rs1750 400%
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Cost of Living Increase
2003 % Increase 2013
1 Kg of Potato Rs 8. 00 433% 43
1 Litre of milk Rs 14 133% 33
1 Balcony Ticket Rs 80 300% 320
1 Mumbai-Delhi Train Ticket
Rs1750 400% 8750
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Interest
Simply put, it is the price of money
It is the compensation for the opportunity cost of lending the money
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Rate of Return
A rate of return is expected to at least account for inflation
Money would grow only if returns are above the inflation
Consequently, inflation also has a bearing on the interest rate
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5.5
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6.5
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BankInterest
Inflation
EquityInvestment
Impact
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Rate of Return
Nominal rate of return is the Absolute Return offered (eg. Infrastructure Bonds @ 9.00%)
All investment instruments are quoted in terms of nominal rate
Real Rate is return which has been adjusted to take inflation into account
Real Rate = Nominal rate – Inflation
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Rate of Return
You have made a FD @ 5% for one year. The relevant inflation index is 4.3%. What is the real rate of return?
Real = Nominal – Inflation Real Return = 5 – 4.3 = 0.7%
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Time Value of Money
Inflation robs away purchasing power @5% inflation, Rs. 105 next year is worth Rs.
100 today Hence, the timing of income/ payment
streams assumes importance Present Value (PV) = Future Cash Flow/
Appropriate Discount
(It tells us the worth of FCF today)
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Features of Debt Instruments
Nature Principal or Par Value Maturity Coupon Yield (Yield to Maturity) Price
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Nature
A debt instrument is in the nature of a loan The debenture/ bond that you buy is the loan
you have given Remember, “Debt” = “Loan”
Investor Issuer/ Borrower
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Par Value & Maturity
Par Value Face Value of the Bond Interest is paid on the Par Value
Maturity Date on which the Principal is redeemed Term to Maturity is the number of years before
the bond expires
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Coupon
Is the term used to denote the “interest” on the loan – declared at the time of issue
‘Coupon Rate’ determines the amount of regular payments/ interest that the investor will receive
Zero Coupon Bond (ZCB) pays no periodic
interest (does not carry a coupon).
Typically issued at a discount and redeemed
at face value.
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Yield to Maturity (YTM)
YTM is the that an investor will receive till maturity, if all coupon payments were reinvested
Varies inversely with price YTM = Risk Free Rate + Risk Premium YTM is also affected by Demand & Supply
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Price
Price of any financial instrument is the present value of the future or expected cash flows
Price of a Bond & YTM are inversely related
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Equity Concepts
Nature Principal or Par Value Maturity Dividend Price P/E Ratio
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Nature
An Equity instrument is in the nature of “ownership”
The equity share you buy is the proportion of ownership you bought
Remember, “Equity” = “Own”
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What is a Share?
A share represents the smallest fraction of ownership – it is a High Risk Instrument
Each such form of ownership is given a share certificate
A share certificate enables them to be easily bought & sold
Only a Long Term holding allows you to reduce the risk – on a Diversified Portfolio
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Par Value & Maturity
Par Value is the Face Value of the share
There is no maturity date of an equity share
Your investment can be redeemed only by selling the shares
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Dividend
A share gives returns to its owner through 2 methods: Dividends Capital Appreciation
Dividend is that portion of the profits which is distributed to owners
It is normally declared on Face Value per share
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What is a Stock Exchange?
The institution where the buying/ selling of stocks/shares takes place is the stock exchange
Popular stock exchanges in India are BSE/ NSE/ CSE
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What is Share Price Index?
A share price index is that ONE number which represents the market as a whole at any point of time
It comprises a fixed number of shares weighted according to a certain logic (usually, trading volumes)
The BSE comprises of 30 shares and the NSE of 50
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What is P/E Ratio?
P/E Ratio or Price Earning Ratio is the ratio between the Market Price and the Earning Per Share (EPS) of a company
If the P/E Ratio of the company is less than that of the index, it means that the market expects the future earning potential of that share to be superior than the market
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MUTUAL FUNDMUTUAL FUND
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Money Market Concepts
Money Market
Money Market Instruments – Low Risk , Low Return
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Money Market
Money Market is the market for short term requirement and deployment of funds
The instruments have a maturity period of less than 1 year
Highly liquid and tradable instruments Some common instruments are Commercial
Paper, T – Bills, Certificate of Deposit
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Money Market Instruments
Commercial Paper Issued by corporate entities to fund working capital
requirements In the form of Promissory Note – transferable by
endorsement and delivery Issued for a period of 90 days to 1 year – Short Term Two Key Regulations:
• Rating by a Credit Rating Agency (viz. CRISIL)
• Funds raised by CP is not treated as fresh borrowing by the corporate
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Money Market Instruments
Certificate of Deposit Issued by Banks and FI’s Maturity ranging from 30 days to 3 yrs Credit Rating not compulsory Market is most active for 1 yr bracket Why is market active?
• No reserve requirements for banks
• No TDS
• Tradability
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Money Market Instruments
Treasury Bills (T – Bills) Issued by RBI on behalf of GOIMaturity – 14 days, 91 days, 182 days and
364 daysShort term borrowing instrument of the GOISold by way of RBI auction on weekly/
fortnightly basis
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Money Market Instruments
Repo A Repo is a repurchase agreement
A procedure for borrowing money by selling securities to a counterparty and agreeing to buy them back later at a slightly higher price
The interest rate paid is called the Repo Rate
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Money Market Instruments
Reverse Repo In essence, refers to a repurchase agreement
From the customer's perspective, the customer provides a collateralized loan to the seller.
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Financial BasicsFinancial Markets – Structure
& Instruments
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Asset Types
Physical Gold – to hedge against
inflation Real Estate – high
capital requirement. Low liquidity
Financial Equities Bonds/ Debentures Money Market
Instruments Fixed Deposits Govt. Savings
Instruments (PPF/NSC) Mutual Funds
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Physical Assets
Gold: Our National Obsession!! Considered to be a hedge against inflation Gold Bonds: Securitization of Gold
Real Estate Not for the small investor Liquidity is an issue
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Financial Assets
Issuer Type of Product Who can Invest
Banks Fixed Deposit All Investors
Shares All Investors
Bonds, Debentures All Investors
Fixed Deposit All Investors
Govt. Securities Companies, MF's
PPF Individual Investors
Other Personal Investments Individual Investors
FI's Bonds All Investors
Insurance Co. Insurance Plans Individuals Only
Corporate
Government
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Financial MarketFinancial Markets
Money Market
Debt Market
Forex Market
Capital Market
G - Secs Bonds
Central Govt.
State Govt.
FI Bonds PSU Bonds
Corporate Securities
Call Money T. Bills Commercial Paper Repo
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UNIT LINK LIFE INSURANCE PLAN
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What are fund options?
Funds are usually classified according to their investment objectives:
Protection of Income
Capital Growth
Balance between Protection of Income & Capital Growth
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What are AVIVA’s fund options?
Investment objectives of AVIVA’s Unit Linked Funds:
Protection of Income – Secure
Capital Growth – Growth
Balance between Protection of Income & Capital Growth – Balanced
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How are the funds constructed?
Secured Balanced GrowthEquity 0% - 20% 0% - 45% 30% - 85%
Debt Securities
60% - 100% 50% - 90% 0% - 50%
Cash and Money Market
0% - 20% 0% - 10% 0% - 20%
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Understanding Fund Returns
A person invests Rs. 10,000 into the Balanced Fund on 01.04.2006. Assuming, that the investment in Equity is 30%, in Debt 60% and in Money Market 10%, let us do a returns calculation.
NAV on 01.04.2006 – Rs. 26.50Returns on market – Debt : 8%
Equity : 60%Money : 4%
Calculate NAV & Annual Return % on 01.04.2007Answer: Rs. 32. 648Annual Return % : 23.20%
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CASE STUDIES
If Mr.Shahrukh Khan invests in growth fund let us assume that the distribution is like 85% in Equity,10% in Debt and 5% in Cash If the invested amount is Rs.10,000/-Rs.8500 will be invested in Equity unit price Rs 28.58Rs.1000 will be invested in Debt unit price Rs 14.45Rs.500 will be invested in Cash unit price Rs 10.78
Shahrukh gains 297.41 units in equity,69.20 in debt,46.38 in cash
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After one year if the unit price goes up to Rs.30 in equity, Rs.15.30 in debt and Rs.11 in cash
He gets 297.41x30=Rs 8922.30 in equity
69.20x15.30=Rs.1058.76 in debt
46.38x11=Rs.510.18 in Cash
Total he gets Rs. 10,491.24.
Profit(%) = 4.9124
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Let’s Calculate – 1
Taking the above distribution Let us assume Mr.X invests Rs.50000/- with unit price
Rs.25.68(E)Rs.13.79(D) Rs.11.21(C)
After 2 years the prices are Rs.35(E)Rs.16.45(D)Rs.12.50(C)
Distribution : 85% Equity,15% Debt
Calculate the Growth?(Percentage)
Ans:33.74%
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Taking the above distribution, let us assume Mr.Amir Khan invests Rs.1,50,000/- with unit price
Rs 28.68(E)Rs.12.79(D) Rs.10.21(C)
After 3 years the prices are Rs.33.48(E)Rs.15.45(D)Rs.11.20(C)
Distribution : 65% Equity,15% Debt ,20% Cash
Let’s Calculate – 2
Calculate the Growth?(Percentage)Ans:15.94%
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Taking the above distribution, let us assume Bipasha invests Rs.45000/- with unit price
Rs 22.68(E)Rs.16.79(D) Rs.10.12(C)
After 2 years the prices are Rs.29.88(E)Rs.16.45(D)Rs.10.88(C)
Distribution : 20% Equity,60% Debt ,20% Cash
Let’s Calculate – 3
Calculate the Growth?(Percentage)
Ans:6.63%
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Taking the above distribution Let us assume Mr.Akshay invests Rs.6000/- with unit price
Rs 25.68(E)Rs.13.79(D) Rs.11.21(C)
After 1 year the prices are Rs.24(E)Rs.12.45(D)Rs.12.50(C)
Distribution : 85% Equity,15% Debt, 20%Cash
Let’s Calculate – 4
Calculate the Growth?(Percentage)
Ans:15.2%
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Taking the above distribution Let us assume Kareena invests Rs.25000/- with unit price
Rs. 25.68(E)Rs.13.79(D) Rs.11.21(C)
After 4 years the prices are Rs.33.33(E)Rs.16.45(D)Rs.12(C)
Distribution : 20% Equity,65% Debt 15% Cash
Let’s Calculate – 5
Calculate the Growth?(Percentage)
Ans:19.548%
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TEST ON UNIT LINK CERTIFICATION
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Products – Before & After
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Announced by IRDA on December 21, 2005; classified into 6
sections
Product design
Market conduct
Disclosure norms
Advertisements
Furnishing of information
Rating of unit linked funds
Ulip guidelines : Summary
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Summary & Impact: Ulip guidelines
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Ulip guidelines : Summary & ImpactProduct features
Impact on Aviva products
Single Premium: Increase SA to 1.25 times SP in LB; Opt for SA in the range of 1.25 – 5 times SA in LB Plus
Whole Life: Min SA different for each age (e.g. Min SA = 20 AP for age 30); major impact on LL, SG
Endowment: Min SA for different PT (e.g. Min SA = 10 AP for PT 20 years); impact on LS, LB5, FLP, YA with PT > 10 years)
Feature Guideline Implication
1 Min SA for Single Premium plans = 1.25 times SP 1aSA for SP plans not linked with policy term; SP plan with SA < 1.25 times SP to be changed
2a SA for RP plans linked with policy term
2b Different min SA for different ages / policy term
2c Min SA a multiple of AP at inception
3SA cannot decrease (except to the extent of PW in last 2 years before death or post age 60)
3a With every PW, the sum at risk will keep increasing
4 No cover to be extended after policy term 4aOnly maturity proceeds payable after maturity; no extended life cover
5 Guaranteed SA payable on Death 5aImplications on plans where policy fund or x% of premium is paid on death for initial few years (DGH products impacted)
2Min SA for RP plans = Higher of 0.5*PT*AP or 5*AP (for whole life PT = 70 - age at entry)
Sum Assured
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Ulip guidelines : Summary & ImpactProduct features
Impact on Aviva products
Full surrender: All products to be modified to allow full surrender after 3 years
Partial withdrawal wrt RP / SP: FLP, LB5, LB, LB Plus impacted
Partial withdrawal wrt ASP: All products (except TP, ELP where ASP not allowed) to
be modified
Impact on SA by PW: All products (except TP, PP where PW not allowed) to be
modified; SA not to decrease due to PW
Feature Guideline Implication
1 Surrender value payable only after 3rd policy anniversary
1aMandatory lock-in of 3 years for full surrender, even to avail the SV accrued in the first 2 years
2PW allowed only after 3 policy years (for RP as well as SP)
2a
3PW from top-ups also after 3 years (except when made in the last 3 policy years)
3a
4No impact on SA except when PW made during last 2 years before death or after age 60
4aReduced impact of PW on SA, sum at risk increases with every PW
Minimum lock-in period of 3 years for partial withdrawal for all products and also for top-ups
Surrender & Partial withdrawals
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Ulip guidelines : Summary & ImpactProduct features
Impact on Aviva products
All products (except ELP, TP, PP): For policies with annual premium < Rs
40,000; Min ASP of Rs 10,000 in the first year will increase SA
Can restrict ASP in the initial years; with passing years as total RP
increases, top-up amounts can also be increased without impacting SA
Feature Guideline Implication
1 Top-ups can be paid only if all due RP have been paid 1a No top-ups allowed for paid up policies
2No impact on SA till total top-ups < 25% total RP, any excess amount increases SA 1.25 times the amount
2a ASP will attract risk charges as SA increases
Top-up premiums
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Ulip guidelines : Summary & ImpactProduct features
Impact on Aviva products
All products: In case policy is paid-up, one cannot reduce SA to Zero (at present
policyholders enjoy this option)
All products: Min balance in the fund in case of paid up after 3 years > 1 year
premium as min SV = 1 year premium
Feature Guideline Implication
If case of non revival, it can be terminated without making any payment or SV if any is paid
In case of non revival, policy terminates after paying SV or continued till FV = 1 yr premium & paid (min SV payable is one full year’s premium)
2a
Revival period (not defined in the guideline) to be given; No cover level during the revival period
1Premium
discontinuance before 3 years
1a
Premium discontinuance
after 3 years2
Revival period (not defined in the guideline) to be given; SA continued for revival period, charges deducted from FV
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Ulip guidelines : Summary & ImpactCharges
Impact on Aviva products: Significant impact
We now guarantee Mortality charges for policy term No bid / offer spread can be charged Fund Management Charge cannot be through cancellation of units but through adjustment in NAV Initial management charge to be on first year’s premium only
Feature Guideline Implication
1 Uniform definition of charges for all UL products 1aDefinition of the charges have to be the same, across all products
2Premium allocation charge, including initial management charge
2aLevied at the time of premium receipt; on units created from 1st years' premium for a specified period
3 Fund management charge 3alevied as a % of value of assets at the time of computation of NAV, appropriated by adjusting NAV
4Policy administration charge (can be flat or vary at a pre-determined rate, max 5%)
4aexpressed as a fixed amount or a % of premium or % of SA (not as a % of NAV)
5 Surrender charge 5alevied on the unit fund at the time of surrender, expressed as a % of fund or as a % of AP
6 Switching charge 6a levied at the time of switching, usually a flat amount
7 Mortality charge 7a guaranteed during the contract period
8aAll riders to be filed separately; rider premium to be exclusive of expense loading
8bAppropriating rider cost by cancellation of units allowed if such cost < actual rider premium filed with IRDA
9 Partial withdrawal charge 9a levied on the unit fund at the time of partial withdrawal
10 Miscellaneous charge 10alevied for any alterations like increase in SA, premium redirection, change in policy term etc
Charges
8 Rider premium charge
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Ulip guidelines : Summary & Impact
Fund Management Charge (FMC)
Currently, we levy same FMC for all funds for a particular product
In LL, FMC is same for secure, Balanced, Growth funds (1%) while the
same Funds have FMC 1.25% in LB 5
This is possible by charging FMC through unit cancellation without
affecting the NAV of the funds.
Post guidelines, FMC will be charged through adjustment in the NAVs of the
Funds and not through units cancellation
Thus, we will have same FMC for a particular Fund across products
LL will have FMC of 1% for Protector Fund, 1.25% for Balanced fund and
1.5% for Growth Fund, Secure Fund (New 1.5%) And these FMC’s would
be same for all products
This has necessitated to have another fund called Protector wherein any
Maturity Guarantee is offered (e.g. Save Guard, Treasure Plus, Life Bond
Plus)
Charges
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Product Changes
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Before SA =10 times annual premium (AP) for
Policy Term (PT) 10, 15, 20, 25 years
Full surrender option available after 2 years
Paid up option available after 2 years
SA reduced to zero or maintained at same level till FV supports the charges
One switch per year free of charge
No settlement option
Charges Premium allocation: 99% - 101%
Admin charge: Rs 41 per month
IMC: 5% p.a. of initial units
FMC: 1% p.a. of fund value
Bid / Offer: 5% p.a. of annual premium
Mortality charges (not guaranteed over PT)
Surrender charge on Initial Units
Easy Life PlusAfter
SA = 10 times AP for PT 10, 15, 20 years, 12.5 times AP for PT 25 years
Full surrender option available after 3 years (SV will accrue after 2 years but cannot be exercised until after 3 years)
Paid up option available after 3 years
SA maintained at same level till FV falls below one year’s premium
Two switches per year free of charge (0.5% subsequent by cancellation of units)
Settlement option upto 5 years after maturity (No Cover)
Charges Premium allocation: 93% - 95%
Admin charge: Rs 41 per month
IMC: 5% p.a. of initial units
FMC: 1%, 1.25%, 1.5% p.a. for Protector, Balanced, Growth Funds respectively
Mortality charges (guaranteed over PT)
Surrender charge on Initial & Accumulation Units
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Before
Min SA =5 times annual premium (AP)
Max SA = AP*PPT*CL (CL : 1 to 3)
Top-up premium: Min Rs 10,000; no max limit
Full surrender option available after 2 years
Paid up option available after 2 years
SA maintained at same level till FV < Rs 10,000
Partial withdrawal (PW) allowed after 2 years, SA reduced by PW
No settlement option
Charges
Premium allocation: 100.5% - 103%
Admin charge: Rs 60 per month
IMC: 5% p.a. of initial units up to 20 years
FMC: 1% p.a. of fund value
Bid / Offer: 2% p.a. of annual premium
Mortality charges (not guaranteed over PT)
Surrender charge on Initial Units
Freedom Life PlanAfter
Min SA =0.5*PT*AP
Max SA = 1.25*PT*AP
Top-up premium: Min Rs 6,250; max 25% of total RP paid till date
Full surrender option available after 3 years (SV acquires after 2 years)
Paid up option available after 3 years
SA maintained at same level till FV < 1 AP
Partial withdrawal (PW) allowed after 3
years, no impact on SA Settlement option upto 5 years
Charges
Premium allocation: 98.5% - 101%
Admin charge: Rs 60 per month
IMC: 5% p.a. of initial units up to 20 years
FMC: 1.5%, 1.25%, 1.5% p.a. for Secure, Balanced, Growth Funds
Mortality charges (guaranteed over PT)
Surrender charge on Initial & Accumulation Units
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Before
SA =1.1 times single premium (SP)
Max age at entry : 75 years
Full surrender / Partial Withdrawal available from year 1
Top-up premium: Min Rs 10,000; no max limit
One switch per year free of charge
Charges
Premium allocation: 97% - 104.5%
Admin charge: 1.5% pa. For first 5 years, 0.5% p.a. thereafter
FMC: 1% p.a. of fund value
Mortality charges (not guaranteed over PT)
Partial Withdrawal charges
Life Bond
After
SA =1.25 times single premium (SP)
Max age at entry : 65 years
Full surrender / Partial Withdrawal available after year 3
Top-up premium: Min Rs 6,250; max 25% of SP (throughout term)
Two switches per year free of charge
Charges
Premium allocation: 97% - 104.5%
Admin charge: 1.5% pa. For first 5 years, 1% p.a. thereafter
FMC: 1%, 1.25%, 1.5% p.a. for Protector, Balanced, Growth Funds
Mortality charges (guaranteed over PT)
Partial Withdrawal charges
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Before
Full surrender / Partial Withdrawal available from year 1
Top-up premium: Min Rs 10,000; no max limit
No settlement option
Charges
Premium allocation: 100% - 104%
Admin charge: Rs 25 per month
IMC: 1.75% p.a. for first 3 years
FMC: 1.25% p.a. of fund value
Mortality charges (not guaranteed over PT)
Life Bond Plus
After
Full surrender / Partial Withdrawal available after year 3
Top-up premium: Min Rs 10,000; max 25% of SP
Settlement option upto 5 years
Charges
Premium allocation: 100% - 104%
Admin charge: Rs 25 per month
IMC: 1.75% p.a. for first 3 years
FMC: 1.5%, 1.25%, 1.5% p.a. for Secure, Balanced, Growth Funds
Mortality charges (guaranteed over PT)
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Before
Whole Life, no max maturity age
PPT: 10, 15, 20, 25, 30 years
SA = 10 times (AP), max Rs 12,00,000
Top-up premium: Min Rs 10,000; no max limit
Full surrender option available after 2 years
Paid up option available after 2 years
SA reduced to zero or maintained at same level till FV supports the charges
Partial withdrawal (PW) allowed after 10 years, SA reduced by PW
No settlement option
Charges
Premium allocation: 100% - 101%
Admin charge: Rs 43 per month
IMC: 5% p.a. of initial units up to 20 years
FMC: 1.5% p.a. of fund value
Bid / Offer: 5% p.a. of annual premium
Mortality charges (not guaranteed over PT)
Surrender charge on Initial Units
Save Guard After
Endowment, max maturity age 70
PPT (= PT): 10, 15, 20, 25, 30 years
SA = 0.5*PT*AP; max Rs 15,00,000 (DGH)
Top-up premium: Min Rs 3,000; max 25% of total RP paid till date
Full surrender option available after 3 years (SV acquires after 2 years)
Paid up option available after 3 years
SA maintained at same level till FV < 1 AP
Partial withdrawal (PW) allowed after 10 years, no impact on SA
Settlement option upto 5 years
Charges
Premium allocation: 95% - 96%
Admin charge: Rs 43 per month
IMC: 7% p.a. of initial units up to 20 years
FMC: 1.5%, 1.25%, 1.5% p.a. for Secure, Balanced, Growth Funds
Mortality charges (guaranteed over PT)
Surrender charge on Initial & Accumulation Units ERC = 1- 1/(1.07)^n
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Before
Entry age: 18-65 years, max maturity age 80 years
Policy term: 10 – 50 years
SA = 5 times AP
Top-up premium: Min Rs 10,000; no max limit
Full surrender available after 1 year
Partial Withdrawal available from 2 years, SA reduced by PW
Paid up option available after 1 year
SA reduced to zero or maintained at same level till FV supports the charges
No settlement option
Charges
Premium allocation: 98% - 102%
Admin charge: Rs 55 per month
IMC: 5% p.a. for first 5 years
FMC: 1.25% p.a. of fund value
Mortality charges (not guaranteed over PT)
Surrender charge on Initial Units
Life Bond 5
After
Entry age: 18-50 years, max maturity age 60 years
Policy term: 10, 15, 20 years
SA = 0.5*PT*AP
Top-up premium: Min Rs 6,250; max 25% of total RP paid till date
Full surrender available after 3 years
Partial withdrawal available after 3 years, no impact on SA
Paid up option available after 3 years
SA maintained at same level till FV < 1 AP
Settlement option upto 5 years
Charges
Premium allocation: 98% - 102%
Admin charge: Rs 55 per month
IMC: 5% p.a. for first 5 years
FMC: 1.5%, 1.25%, 1.5% p.a. for Secure, Balanced, Growth Funds
Mortality charges (guaranteed over PT)
Surrender charge ONLY on Initial Units ERC = 1- 1/(1.05)^n
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Before
Min Annual Premium = Rs 3,500
Min SA = 10 times annual premium
Top-up premium: Min Rs 10,000; no max limit
Full surrender available after 2 policy years
Partial Withdrawal available after 3 policy years, SA reduced by PW
Paid up option available after 2 policy years
SA reduced to zero or maintained at same level till FV supports the charges
Charges
Premium allocation: 99% - 105%
Admin charge: Rs 64 per month
IMC: 5% p.a. on initial units (2 yr AP) for 30 years
FMC: 1% p.a. of fund value
Bid / Offer : 5% p.a. of annual premium
Mortality charges (not guaranteed over PT)
Surrender charge on Initial Units
Life Long
After
Min Annual Premium = Rs 6,000
Min SA = Max {0.5*(70-entry age), 5}*AP
Top-up premium: Min Rs 1,500; max 25% of total RP paid till date
Full surrender available after 3 policy years
Partial withdrawal available after 3 years, no impact on SA
Paid up option available after 3 years
SA maintained at same level till FV < One year Premium
Charges
Premium allocation: 93% - 99%
Admin charge: Rs 64 per month
IMC: 10% p.a. on initial units (1 yr premium) for 30 years
FMC: 1%, 1.25%, 1.5% p.a. for Protector, Balanced, Growth Funds
Mortality charges (guaranteed over PT)
Surrender charge on Initial & Accumulation Units
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Before
Full surrender option available after 2
years
Paid up option available after 2 years
One switch per year free of charge
Charges
Premium allocation: 103% - 107%
(RP); 103-104% (SP)
Admin charge: Rs 47 per month
IMC: 5% p.a. of initial units
FMC: 1% p.a. of fund value
Bid / Offer: 5% p.a. of annual
premium
Surrender charge on Initial Units
Pension PlusAfter
Full surrender option available after 3
years (SV acquires after 2 years)
Paid up option available after 3 years
Two switches per year free of charge
Charges
Premium allocation: 98% - 102%
(RP); 98-99% (SP)
Admin charge: Rs 47 per month
IMC: 7% p.a. of initial units
FMC: 1.5%, 1.25%, 1.5% p.a. for
Secure, Balanced, Growth Funds
respectively
Surrender charge on Initial Units
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Before
Min AP Rs 12,000 (Min SA Rs 1,20,000) for all PT
Full surrender option available after 2 years
Paid up option available after 2 years
SA reduced to zero or maintained at same level till FV supports the charges
Partial Withdrawal in the last 5 years, SA reduced by PW
No settlement option
Charges
Premium allocation: 101% - 102%
Admin charge: Rs 38 per month
IMC: 5% p.a. of initial units
FMC: 1.5% p.a. of fund value
Bid / Offer: 5% p.a. of annual premium
Mortality charges (not guaranteed over PT)
Surrender charge on Initial Units
Treasure Plus
After
Min AP for 10 yr PT Rs 24,000 (Min SA Rs 2,40,000); for other PTs, as before
Full surrender option available after 3 years (SV acquires after 2 years)
Paid up option available after 3 years
SA maintained at same level till FV falls below one year’s premium
Partial Withdrawal in the last 5 years, no impact on SA
Settlement option upto 5 years
Charges
Premium allocation: 96% - 97%
Admin charge: Rs 38 per month
IMC: 7% p.a. of initial units
FMC: 1.5% p.a. for Secure Fund respectively
Mortality charges (guaranteed over PT)
Surrender charge on Initial & Accumulation Units
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Before
Min Annual Premium = Rs 3,500
Top-up premium: Min Rs 10,000; no max limit
Full surrender available after 2 policy years
Partial Withdrawal available after 3 policy years, SA reduced by PW
Paid up option available after 2 policy years
SA reduced to zero or maintained at same level till FV supports the charges
No settlement option
Charges
Premium allocation: 99% - 105%
Admin charge: Rs 64 per month
IMC: 5% p.a. on initial units (2 yr AP)
FMC: 1% p.a. of fund value
Bid / Offer : 5% p.a. of annual premium
Mortality charges (not guaranteed over PT)
Surrender charge on Initial Units
Life Saver
After
Min Annual Premium = Rs 6,000
Top-up premium: Min Rs 1,500; max 25% of total RP paid till date
Full surrender available after 3 policy years
Partial withdrawal available after 3 years, no impact on SA
Paid up option available after 3 years
SA maintained at same level till FV < One year Premium
Settlement option upto 5 years
Charges
Premium allocation: 93% - 99%
Admin charge: Rs 64 per month
IMC: 10% p.a. on initial units (1 yr premium)
FMC: 1%, 1.25%, 1.5% p.a. for Protector, Balanced, Growth Funds
Mortality charges (guaranteed over PT)
Surrender charge on Initial & Accumulation Units
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Before
Top-up premium: Min Rs 10,000; no max limit
Full surrender available after 2 policy years
Paid up option available after 2 policy years
SA reduced to zero or maintained at same level till FV supports
Settlement option upto 5 years
Charges
Premium allocation: 99% - 101%
Admin charge: Rs 55 per month
IMC: 5% p.a. on initial units
FMC: 1% p.a. of fund value
Bid / Offer : 5% p.a. of annual premium
Mortality charges (not guaranteed over PT)
Surrender charge on Initial Units
Young AchieverAfter
Top-up premium: Min Rs 1,500; max 25% of total RP paid till date
Full surrender available after 3 policy years
Paid up option available after 3 years
SA maintained at same level till FV < One year Premium
Settlement option upto 5 years (Better version)
Charges
Premium allocation: 94% - 96%
Admin charge: Rs 55 per month
IMC: 10% p.a. on initial units (1 yr premium)
FMC: 1%, 1.25%, 1.5% p.a. for Protector, Balanced, Growth Funds
Mortality charges (guaranteed over PT)
Surrender charge on Initial & Accumulation Units
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Recap
TEST
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.
Thank You