ICICI Prudential Guaranteed Income For Tomorrow (GIFT)
Save The Date Sales Pitch by Sujeet Kothare
GIFT sales Pitch
A very happy new year to you Sir/Mam!
Today I would like to share a very very interesting concept of gifting.
It is said that there is a joy in giving a gift to
somebody and there is an equal joy in receiving gifts.
Unfortunately in the life insurance world, because the life insurance policies are extremely inflexible, if you paid premiums meant for an emotional goal, the day on which
the money came out was also linked to your policy issuance date.
Which could be an important date or it could
be any other date in the year. And therefore, we made a small innovation which does not cost the client any money but allows him or her to choose the date on which the money comes in.
To achieve that, we created this beautiful plan called as GIFT, which is Guaranteed Income for Tomorrow.
Now let us take example of an emotional gift for an emotional loved one. As you know, 14th of February is Valentine’s Day.
And there are so many husbands who say that they’ve forgotten to gift something to their wives on Valentine’s Day.
Infact some of them have said that they’ve forgotten wedding anniversary and some of them actually have forgotten their wives’ birthdays as well to disastrous consequences.
What if we were able to gift your wife a plan on Valentine’s Day and we ensure that when the money comes out, after 8 years, the money comes out on the date of your choice – which could be your anniversary or your wife’s
That way, you will not, for the, after the maturity period, after the income starts, you will never forget any of these two dates, the date that you choose.
How does this plan work?
We buy a GIFT plan today and lock it with the exciting range that we have for you.
You pay premiums for 7 years which is let’s say hypothetically a Lac of rupees as premiums. You pay it for 7 years, after paying for 7 years, you wait for one year.
After the eighth the year is over, you will receive guaranteed for 10 years amount of 1.2 Lacs.
And this can come out either on your anniversary date or can come out on your wife’s birthday or Valentine’s Day.
We issue this policy, and on the 14th of February you surprise your wife by giving her this policy and saying, by telling her, that from the eighth year onwards, on your birthday or on our marriage anniversary we will have 1.2
Lacs of rupees either to plan trips abroad, or plan vacations or for buying jewelry or for buying something which you always wanted, which could be household appliances and so on so forth.
Now your life insurance policy will
ensure that you never forget your important dates, which could be your anniversary or your wife’s birthday.
And, more importantly, you will have a cash flow to celebrate on the important days as well.
How does gifting work for a second emotional goal, which is your children’s education?
Let’s take the example of the same 35 year old person who has an eight or a nine year old child. And he’s saving money for the child’s education or for the child’s marriage.
Again, you pay premiums for 7 years but you choose the date, as the date of birth of your child.
So from 35 to 42 you pay the premiums, 43 you have a holding period. From the 44th year,
when your child is 16 years old, which would mean he would have completed his schooling and would be going to college, you will start getting a Lac and Twenty on the child’s birthday from the child’s 16th birthday to the child’s 26th birthday.
Which means Junior College, Degree College and even post-graduation. Every year the child will get 1.2 Lacs guaranteed, on his birthday, which can be used for tuitions, for gifts, or for anything that you want to plan for your child.
You pay X, you get 1.7X, completely tax free. But more importantly, it is coming on the date of birth of your child.
Let us take a third scenario, and this to my mind is the most important emotional one.
A lot of grandparents today are taking care of their grandchildren. But also nuclearisation is happening, so the grandparents are around but they’re not perhaps living together with their grandchildren.
We asked very interesting four questions to grandparents. The first question we asked them was do you love your grandchildren and the answer was of course!
The second question was do you remember their dates of birth?
And grandparents say of course I do. If I have an iPad, the digits/codes or the password on my iPad or my password for my phone is a combination of my grandchildren’s date of birth.
Or I have written them down on a piece of paper that I can carry with me or in my diary and so forth, or in my notes.
Then we asked a third question to the grandparents which stunned them.
We said if you remember the dates of birth of your grandchildren, do your grandchildren remember your date of birth?
And there we got a maybe, maybe not. And if they don’t remember your dates of birth today, 10 years from now, or 9 years from now, when you’re there or not there, will they remember your dates of birth?
And the answer was they will not remember after I am gone. What if we were to create a structure where your grandchildren are made to remember your date of birth – Dada’s birthdate of Dadi’s birthdate.
Even after you’re old, even after you’re gone. So we spoke of a concept of grandparent gifting.
You buy a policy for your grandchild.
You pay a Lac of rupees for 7 years and when you choose your date, do not choose your grandchild’s date but choose the Dada’s date or Dadi’s date.
Which means that after you’ve paid for 7 years, you hold for one year. From the 9th year onwards, the money will come out, 1.2 Lacs guaranteed on Dadaji’s birthday or Dadi’s birthday.
Whichever is the date that we choose and lock-in. So if you’re old or if you’re not there, the grandchild will always remember the Dada’s or the Dadi’s because they will get not only the
blessings but also 1.2 Lacs on the Dadi’s birthday or Dada’s birthday for the next 10 years.
What a beautiful concept this is.
Let us therefore, save the date and lock-in the date, because there is no better sentiment than gifting an income to somebody for tomorrow.
Pay for 7 years, stay for 1 year and then choose the date on which you will get guaranteed income of 1.2 Lacs for the next 10 years.
The most beautiful feature about the GIFT plan is not only does it allow you to choose the date on which the income will start, it nudges you, in fact give you a compelling reason to do it.
Unlike other plans, when I have to give an option of choosing the date, it means that as an organization, ICICI Prudential has to change its systems, record the additional date, keep that date stored, and ensure that after the
seven premiums are paid, after the waiting period, the payouts don’t come out on the policy anniversary but come out on the date that we have chosen.
Now how much do you think the customers will be willing to pay more for this additional feature that we are adding?
As you’re aware, customization are charged as a premium.
Will the customers pay us maybe a 1000 rupees more, or 5000 rupees more or 10,000 rupees more to enable this feature of save the date?
And this is where the magic of ICICI Prudential GIFT unveils. Not only will we not charge you for this system development that we have to do by locking on to that special date, we will, from our side, add more money to make your GIFT sweeter.
Don’t believe it? Let me show you my own example.
My daughter, Ananya, was born on the 1st of November.
Now let’s assume if I choose a GIFT plan, for Ananya, in January, in a normal life insurance policy, I would pay premiums for 7 years, and after 1 year wait, from the 9th year onwards, I would start getting income for 10 years on the policy anniversary which would be the January 25th hypothetically speaking, if I get the policy issued on January 25th.
So if I pay a Lac of rupees for 7 years, the income that Ananya would get in January after 8 years, would be a Lac and Twenty. But if as a father, I choose, that the income should not be received in January, which is on the policy issuance date, but on 1st of November, which is Ananya’s birthday, then that Lac and Twenty actually increases to a Lac and Twenty Two.
Hence, Sir, let’s Save the Date, you choose the date and GIFT and income to either yourself or to your loved one.
Let the GIFTing season begin. Have you chosen your loved one and have you chosen your date?
If not, I suggest that you do it right now.
More importantly, after you have chosen your loved one, you can put it in a trust with the
Married Woman’s Property Act.
If your wife is the beneficiary, then you can create a trust with your wife as the trustee and with your wife and children as the beneficiaries.
If your child is the beneficiary, then you can use the MWPA to make your wife the trustee and your wife and children the beneficiaries so that this money, this GIFT that you’re creating cannot be touched by anyone else.
It is very important that such a beautiful plan, we should not forget to pay. Why will this fail?
If you do not pay the second premium, the third premium, the fourth premium, the fifth premium, the sixth premium, the seventh
Most people make the common mistake of only attaching one standing instruction from their bank.
But God forbid if there is no money in the bank, then this plan will fail.
So what we recommend is that we set a second standing instruction using a credit card or a bank account where you are getting your salary.
So in case, the bank account from which you’re paying your first premium fails, the second premiums will get debited to your credit
card or your second bank account.
That way, you will not lose the benefits and that way the emotions that you are capturing today, the GIFTing that we are ensuring today, will never fail.
Also, please use the MWPA to put into a
trust so that no current or future creditor, no family member, no neighbors, no partners, nobody can deny the intended beneficiaries of this gift, the benefits of this policy.
By making the wife the trustee, by making the wife and children the beneficiaries in the proportion that you choose. Let us seal this gift, and let us save the date. Thank you very much Sir.
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