Rizal Philippines
June 23, 2017
We are on final stages of having actuarial studies which is UNIT + Plans. (UPP) These are to be sold in units of P10,000 each to match various funeral services (which we can pay up to 65% of the listed at need price)
Then we have to IC for product plan approval.
The features of the product (internal and financial perspective)
1. Unit Price one unit 3 units
Unit Price P10,000 Total P30,000 Total
Annual 2,000 10,000 6,000 30,000
Semi Annual 1,060 10,300 3,180 31,800
Quarterly 562 11,240 1,686 33,720
Monthly 199 11,940 597 35,870
2. Trust Fund Contribution
Year 1 2 3 4 5 Total
TFC 10.00 60.66 60.66 60.66 60.66 50.53
Com 40.00 10.00 x x x 10.00
ME 3 3 3 3 3 3.00
Admin 20.00 10.00 10.00 10.00 10.00 12.00
ST 75.53
Liquidity fund 24.47
Shall used for liquidity, other investments and other expenses (to pay extra the mortuary, to make investments in memorial products of other companies)
3. Matching the funeral product services with the unit plans
The catalogue of services shall be provided the sellers. Based on what the customers want, using only one product, the prospect shall select the number of units he/she needs; The number of units shall match the product or service selected at the servicing mortuary (or in house chapel memorial service)
2. Funeral Services
Pre Need Price #Units At need
Wood White Rose - P30,200 3 38,000
Gladioli 39,500 4 49,000
Cattleya 48,500 5 60,000
Metal
Peace Lily 62,400 6 78,000
Carnation 89,500 9 112,000
Chrysanthemum 115,200 11 144,000
3. High end
Lotus 150,000 15 185,000
Gold Orchid 200,000 20 250,000
Saffron 300,000 30 375,000
Bouquet 500,000 50 625,000
Interment Service
Economy 12,000 1 unit
Du Luxe 23,000 2
Luxury 25,000 3
Cremation
Direct 28,000 3 units
With service
before cremation 65,000 6 units
3 nights chapel
karuwahe, etc
With service 48,000 5 units
after cremation
N. B.
One unit is a loss product
There is profit on 3 units as listed
4 Product benefits and advantages
1. Insurance protection during the paying period: term life and personal accident
2. Guaranteed memorial services (more economical than at need)
3. Preferred customer services: funeral pack, tribute, ceremonies, flowers, prayers
4. Flexible: only one product a unit plan to cover 16 product lines; not fixed to any particular plan but to the peso value of the plan
5. Liquid can be withdrawn any time especially past the paying period (on the 6th year)
6. With increments - depending on the trust fund earnings the plan holder will participate get a share of additional earnings of the trust fund.
Interment Service
Economy 12,000 1 unit
Du Luxe 23,000 2
Luxury 25,000 3
Cremation
Direct 28,000 3 units
With service
before cremation 65,000 6 units
3 nights chapel
karuwahe, etc
With service 48,000 5 units
after cremation
N. B.
One unit is a loss product
There is profit on 3 units as listed
4 Product benefits and advantages
1. Insurance protection during the paying period: term life and personal accident
2. Guaranteed memorial services (more economical than at need)
3. Preferred customer services: funeral pack, tribute, ceremonies, flowers, prayers
4. Flexible: only one product a unit plan to cover 16 product lines; not fixed to any particular plan but to the peso value of the plan
5. Liquid can be withdrawn any time especially past the paying period (on the 6th year)
6. With increments - depending on the trust fund earnings the plan holder will participate get a share of additional earnings of the trust fund.
