Assignment on Requirement Gathering
A nationwide insurance coverage firm dealing in life merchandise is working on launching a brand new product. This product will probably be obtainable to the purchasers who’ve a present coverage protection of 5 million and above in ‘Time period Life Coverage’ or ‘Entire Life Coverage’.
The brand new coverage being launched by the corporate is termed “Incapacity Aid Coverage”
The phrases of this coverage are:
i. The consumer must create a web-based profile (New profile totally different from the present)
ii. The profile of the consumer will embrace
a) Full Identify.
b) Date of Delivery
c) Present and Everlasting Tackle.
d) Federal ID ( must be present and legitimate ).
e) Earnings vary (Self and with partner).
f) Present protection on Time period Life Insurance coverage and Entire Life Insurance coverage.
g) The consumer will present the solutions to 3 safety questions from the six questions.
h) On completion of making the profile, the consumer will probably be supplied a code which he must use each time he/she logs into the account.
i) If the consumer forgets the code, the system will validate the account by the safety questions.
j) The consumer will be capable to log into the account provided that he/she solutions a minimum of two safety questions appropriately.
ok) After three unsuccessful makes an attempt the system will direct the consumer to contact customer support.
Product and It’s Advantages
· The consumer can select protection of any quantity for the brand new product from the vary a million to 2 million.
· One time premium of 20% (Twenty %) will probably be paid by the consumer on the time of enrolling for the brand new product.
· The coverage will probably be locked for 5 years (The consumer will be unable to cancel or money out the coverage for 5 years).
· After 5 years the consumer may have two choices –
a) Money out the coverage and get 50% (Fifty %) of the quantity of the coverage.
b) Proceed the coverage for subsequent ten years, after this time period of the coverage the advantages obtainable will probably be (Alternative of One).
i. Money out, the consumer will get the face worth quantity of the coverage plus 25% (Twenty 5 %). This quantity will probably be credited to the consumer’s checking account. The consumer must present checking account particulars.
ii. Enroll for incapacity benefits-
On this profit, if the individual insured or his/her partner get disabled and never in a position to work, they are going to get incapacity advantages as beneath –
· One time fee of $20,00zero.00 on receipt of the discover of incapacity.
· A fee of $2500.00 each month after the receipt of the legal responsibility discover and will probably be credited to the consumer account (Financial institution Particulars Required) upfront on the first day of each month.
