Recap Do you have any questions About EFU
Recap Do you have any questions? • About EFU LIFE’s Past and Present. • Why should you join EFU LIFE? • Your career with EFU LIFE? • Incentives and payment schedule? • Overseas convention and MDRT.
Day-Two Pre-Foundation Training Course 2/21/2021 Pre-FTC/irfanabbas/Trd
While you are about to begin your sales career, lets analyze what Sales is all about. 2/21/2021 Pre-FTC /irfanabbas/ TRD
What is selling? 2/21/2021 Pre-FTC /irfanabbas/ TRD
Selling is not about Debating. 2/21/2021 Pre-FTC /irfanabbas/ TRD
It is the art of convincing. 2/21/2021 Pre-FTC /irfanabbas/ TRD
It is as old as mankind. 2/21/2021 Pre-FTC /irfanabbas/ TRD
It is more than a profession. It is a way of life. 2/21/2021 Pre-FTC /irfanabbas/ TRD
Everybody, Everyday, Everywhere is either buying or selling --ideas, skills, services or products. 2/21/2021 Pre-FTC /irfanabbas/ TRD
DOCTOR Sells his knowledge of medicine and its ability to heal. 2/21/2021 Pre-FTC /irfanabbas/ TRD
Similarly, TEACHER Sells his knowledge and ability to transfer knowledge. 2/21/2021 Pre-FTC /irfanabbas/ TRD
“Sky is the limit” In terms of your earnings and the returns are with no capital investment. . 2/21/2021 Pre-FTC /irfanabbas/ TRD
What we Sell? 2/21/2021 Pre-FTC /irfanabbas/ TRD
We sell Peace of Mind 2/21/2021
Income protection for widows and children. 2/21/2021
Funds for children’s higher Education. 2/21/2021
Income after retirement. 2/21/2021
Long term savings for specific needs. 2/21/2021
Lump-sum in case of a critical illness. 2/21/2021
“You don’t buy Life Assurance because you are going to Die, but, because those you Love are going to Live”. 2/21/2021
Basic objective of Life Assurance is to provide protection against three main hazards that can create a huge financial loss: 2/21/2021 Pre-FTC /irfanabbas/ TRD
1 - Dying too soon 2 - Living too long 3 - Disability 2/21/2021
Most Frequently Used Life Assurance Terminologies 2/21/2021
LIFE ASSURED Person who’s life is covered under a certain insurance plan i. e. The Policy Holder. 2/21/2021 Pre-FTC /irfanabbas/ TRD
SUM ASSURED Amount guaranteed to be paid under certain pre-determined terms and conditions at the time of any incident such as Disease, Disability or Death. 2/21/2021 Pre-FTC /irfanabbas/ TRD
POLICY CASH VALUE Amount that the Life Assured can en-cash during or after a certain period of time. 2/21/2021 Pre-FTC /irfanabbas/ TRD
MATURITY End of a pre-specified policy term. 2/21/2021 Pre-FTC /irfanabbas/ TRD
POLICY IN-FORCE A term used to indicate that the policy and the benefits attached are active i. e. the premiums are regularly paid by the Life Assured. 2/21/2021 Pre-FTC /irfanabbas/ TRD
POLICY LAPSED A term used to indicate that the policy and the benefits attached are NOT-ACTIVE, due to non-payment of premium at a pre specified annual due date. 2/21/2021 Pre-FTC /irfanabbas/ TRD
SURRENDER A decision by the Life Assured to discontinue his policy before the end of a specified term. 2/21/2021 Pre-FTC /irfanabbas/ TRD
TYPES OF LIFE ASSURANCE 2/21/2021 Pre-FTC /irfanabbas/ TRD
i. Term Assurance ii. Endowment Assurance iii. Whole of life Assurance 2/21/2021
TERM ASSURANCE A type of Life Assurance where a predetermined amount is payable during a specified term in case of Death, Disease or Disability; there is no surrender or maturity value. 2/21/2021 Pre-FTC /irfanabbas/ TRD
ENDOWMENT ASSURANCE A type of Life Assurance that guarantees to pay a Lump-sum if death occurs during a specified term or at the maturity of the plan. 2/21/2021 Pre-FTC /irfanabbas/ TRD
WHOLE OF LIFE ASSURANCE A type of Life Assurance where there is no specified term. Premiums can be paid right up until death and Sum Assured is payable on death, however, surrender value is available according to the plan terms and conditions. 2/21/2021 Pre-FTC /irfanabbas/ TRD
POLICY PREMIUM & ITS ELEMENTS 2/21/2021
PREMIUM Amount that a client has to pay ‘on regular annual basis’ to the Life company. 2/21/2021 Pre-FTC /irfanabbas/ TRD
Elements of Premium i. P - Protection ii. I - Investment iii. E - Expenses 2/21/2021
UNIT LINKING SYSTEM 2/21/2021 Pre-FTC /irfanabbas/ TRD
ULS…. § Internationally recognized system. § EFU Life has introduced this system in Pakistan in 1994. § Each investor gets fair & equitable distribution of profits. § 2/21/2021 Transparency of charges.
Each unit has Two prices: 2/21/2021 Pre-FTC /irfanabbas/ TRD
Offer price Fund’s selling price of units 2/21/2021 Pre-FTC /irfanabbas/ TRD
Bid price At which the fund buys back the unit from the client. 2/21/2021 Pre-FTC /irfanabbas/ TRD
The offer price is higher than the bid price and the difference is called, “Bid – offer spread” and is about 5%. 2/21/2021 Pre-FTC /irfanabbas/ TRD
Fund Management Charges for the Investment expertise: 2/21/2021 Pre-FTC /irfanabbas/ TRD
charges…. The monthly fund management charge is 0. 125% of the total value of the fund. 2/21/2021 Pre-FTC /irfanabbas/ TRD
Sectors of Investment 2/21/2021 Pre-FTC /irfanabbas/ TRD
sectors…. 2/21/2021 • Equities • Government Securities • Fixed Deposits 2/21/2021 Pre-FTC /irfanabbas/ TRD
Products offered by EFU Life 2/21/2021 Pre-FTC /irfanabbas/ TRD
123456782/21/2021 EFU Prosperity for Life Plan EFU Education Plan EFU Khushhali Plan EFU Investment Plan EFU Marriage Plan EFU Head start Plan EFU Grand Start Plan EFU Nisa Savings Plan
9101112131415162/21/2021 EFU Savings Plan EFU Executive Pension Plan EFU Wealth Builder Plus EFU Noor Plan EFU Asasa Plan EFU Security Plan EFU Loan Protection Plan EFU Accident & Hospitalization Plan
2/21/2021
EFU PROSPERITY FOR LIFE PLAN -Key Features 2/21/2021 Pre-FTC /irfanabbas/ TRD
PL It is a unit linked whole of life plan i. e. it lasts for the whole of one’s life. There is no fixed term. 2/21/2021
PL When death occurs the amount payable is, either The basic sum assured Or The cash value, Whichever is greater, 2/21/2021
PL Eligibility / age of entry 2/21/2021 Minimum 18 next birthday Maximum 60 next birthday
PL Annual premium Minimum annual basic premium is rupees 16, 000/- 2/21/2021
ADDITIONAL BENEFITS (Riders) 1) 2) 3) 4) 5) 6) 7) 8) 9) 10) 2/21/2021 Additional Term Assurance (ATA) Accidental Death Benefit (ADB) Accidental death and disability benefit (ADDB) Accidental death and disability benefit PLUS (ADDBplus) Family Income Benefit (FIB) Life Care Benefit Plus (LC-Plus) Hospital Care (HC) Hospital Care Plus ( HC plus) Waiver of Premium (WOP) Medical Recovery Benefit (MRB)
THE SALES PROCESS PART – 1 2/21/2021 Pre-FTC /irfanabbas/ TRD
PROSPECTING: ‘Search for Prospects’ 2/21/2021
WHO IS A PROSPECT? “Possible customer’’ 2/21/2021
PROSPECTING? ‘Search for a possible customer’ 2/21/2021
The names of people on their own are not prospects but the basis from which prospects can be found. We have to identify certain characteristics to qualify a prospect. 2/21/2021 Pre-FTC /irfanabbas/ TRD
A Prospect must: • have NEED • be ABLE TO SAVE • be in GOOD HEALTH 2/21/2021
SOURCES OF PROSPECTING 2/21/2021 Pre-FTC /irfanabbas/ TRD
RELATIVES EAGLE EYEING FRIENDS CENTER OF INFLUENCE NEWSPAPERS INTERNET YELLOW PAGES / TRADE DIRECTORIES 2/21/2021 REFERRALS
CENTER OF INFLUENCE INTERNET EAGLE EYEING PROSPECTS RELATIVES FRIENDS NEWSPAPERS REFERRALS Per week at-least YELLOW PAGES / TRADE DIRECTORIES Calls Interviews Fact Find Presentation 60 - 80 15 - 20 08 – 10 full fact-find 06 – 08 Standard presentation Sales 01 – 02 cases per week Auguts 2012 Pre-FTC/irfanabbas/trd 67
YOUR ROLE AS EFU LIFE SALES CONSULTANT 2/21/2021 Pre-FTC /irfanabbas/ TRD
1 - 2/21/2021 Write good quality business. 2/21/2021 Pre-FTC /irfanabbas/ TRD
2 - Report to your manager to whom you are responsible for the achievement of agreed sales and operating objectives. 2/21/2021 Pre-FTC /irfanabbas/ TRD
3 - 2/21/2021 Expanding the clientele through referrals and direct sales techniques. 2/21/2021 Pre-FTC /irfanabbas/ TRD
4 - 2/21/2021 Expected to have atleast 03 new appointments and 01 ask to buy “fact-find” per day. 2/21/2021 Pre-FTC /irfanabbas/ TRD
5 - 2/21/2021 Attend regular branch meetings to discuss activity with your concerned managers. 2/21/2021 Pre-FTC /irfanabbas/ TRD
6 - 2/21/2021 Maintain a proper diary to record your daily activity. 2/21/2021 Pre-FTC /irfanabbas/ TRD
Good Luck 2/21/2021
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