Relationship insurance


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Relationship insurance

  2. 2. The Product: Relationship Breakdown Insurance • Here`s how it would work. You pay your premium to a company you select to cover you. Everyone has to have this insurance in order to date. • Both parties keep all receipts for expenses occured during said dating period. • Expenses would include food, entertainment, travel and gas, lodging ( a fee per night , his place or yours) apparel, health and beauty etc. • When you are done dating, our client goes through their receipts,and decides if you feel it necessary to file for financial compensation. If you do choose to file, you let us know and rest we'll duke it out. The kicker is, if a claim is filed with our company, our premium rate sky rocket.
  3. 3. What the customer gets Insured party will receive a refund of 50% of charges incurred directly to build the relationship These include 1. Funds spent on the first 10 dates / all the dates completed within first month whichever is smaller. This is subject to presence of appropriate proof 2. All gifts purchased for the individual, the insured party was in a relationship with. (refers to all the tangible and intangible gifts purchased by the insured party as long as valid proof is provided). In cases where presents are returned insurer is not liable to pay anything to the insured party
  4. 4. 100% of charges incurred to negate post relationship trauma will be refunded by the insurer. These include 1. Psychiatric help seeked 2. Expenses spent on tangible and intangible products to counter post relationship stress upto an amount of Rs 20000 will be insured (Include: shopping, holiday, gym membership, spa, beauty treatments, lavish dinners,etc) NOTE any amount spent on intoxication is not subject to be covered by insurer
  5. 5. THE AMOUNT SPENT ON THE ABOVE WILL BE INSURED ONLY IF IT IS SPENT IN THE FIRST MONTH POST BREAK UP ANY EXPENSES SPENT AFTER ONE MONTH ON THE ABOVE IS NOT SUBJECT TO BE COVERED 3. Expenses related to lodging will be covered to an extent of 15000/month ( this component of insurance can only be availed if the insured was living with the party he/she was in a relationship with and lost her/his place to stay because of the breakup…covered only for first 3 months NOTE: INSURED PARTY WILL ONLY RECEIVE HIS INSURANCE AMOUNT 3 MONTHS AFTER THE RELATIONSHIP HAS ENDED
  6. 6. Our role… We as insurers calculates the policy prices with intent to fund claims to be paid and administrative costs, and to make a profit. The cost of insurance is determined using in depth research about current pattern of relationships and the post break up emotional and financial trauma that couples go through. Most of the revenue received by us consists of premiums paid by policy holders, with some additional money being made through the investment of some of the cash raised from premiums.
  7. 7. Conception The idea bubbled up, as so many do, from the bottom of a financial pit. After we watched many lose a lot of their wealth and earnings follow their relationship down the drain, we figured there must be a market for those who want to hedge their relationship bets. Post an extensive survey we realized how many people would actually be interested in paying premiums so as to be pragmatic and atleast not lose financially after terminating a relationship with their beau effectively.
  8. 8. Criticism Not everybody thinks break up insurance is prudent. "The best insurance against a painful, financially devastating divorce is to find a way to be happy in your marriage," says relationship coach Mimi Daniel. "Break-up insurance implies from the beginning that terminating the relationship is already an option.”
  9. 9. Customer information Changes to your cover You must tell us if any of the following details change before you need cover to start: -You just got out of an old relationship -You are casually dating multiple people -You have entered into a new relationship Failure to provide correct information or inform us of any changes could adversely affect your policy, including invalidating your policy or claims being rejected or not fully paid.
  10. 10. Types of covers: • The stud plan: This covers for your foul experiences on multiple dates with potential mates. • The romeo plan: This covers for that relationship that you thought would last a lifetime but didn't. The emotional investment cannot be covered for but atleast the financial investment can. • The watch out plan: So your heart has been broken more than once? Why let heartbreaks burn a hole in your wallet. This covers for the fear that you have that your next might just be another ex.
  11. 11. Had a break-up? Dont panic!! Relationship breakdown coverage is triggered after two lovers break up and remain separated for more than three months. Pays 50 percent of the cost of unreturned gifts including rings and other jewelry; moving expenses; temporary housing; damaged or lost goods; up to Rs50,000 for reputational damage.
  12. 12. General exclusions: • Breach of trust : If our client was the one who was the root cause of betrayal to his/her partner. • Relationship that ends on mutual and cordial terms. • Relationship ending due to change in sexual orientation of one of the partners. • Relationship that ends due to caste, creed or religion issues or something of similar sort.
  13. 13. Benefits: • If relationship actually does last and culminate in an allaince, we cover 10% of the expenses of the wedding. • 20% off on premium of the first year if you take up divorce insurance prior to your nuptuals. • Counselling given to couples in case regarding what they need to consider before breaking apart and how to ease the process in terms of their finances. • Special preferences to women who got out of a dependent relationship in order to help them become independent. This is accompanied by housing options available to them.
  14. 14. Premiums All data collected from the insured party is used to determine premium paid. (data includes emotional attachment to relationship, financial health of insured, frequency of past breakups, number of times insured has cheated in the past, tendency to spend money on the relationship) Specific data in order to determine probability of the relationship lasting is calculated. This includes current condition of relationship, religious background of both parties, traditions and cultures of both parties, age of both parties, duration of relationship. Actuaries are appointed in order to consider the following data and determine premium packages
  15. 15. Premium packages are divided into 3 sub categories depending on income of individual insured • LOW- Earns 0-300000 • MEDIUM- Earns 300001-1000000 • HIGH- Earns 1000001 and above
  16. 16. There are 3 types of packages (premiums/month) The stud plan: Offered to people who have high frequency of breakups (Usually low tendency to spend on the relationship and high tendency to cheat) • LOW:- 2000 for 6m and 500 after that • MEDIUM:- 3000 for 6m and 1000 after that • HIGH:- 5000 for 6m and 2000 after that
  17. 17. The romeo plan: Offered to people with high emotional attachment to the relationship and and high tendency to spend on the relationship • LOW:- 4000 for 1y and 1000 after that • MEDIUM:- 7000 for 1y and 2000 after that • HIGH:- 12000 for 1y and 4000 after that The watch out plan: Offered to people who are very cautious in a relationship and have a very open mind with respect to their relationship (Usually emotional attachment is low) • LOW:- 2000 for 4m and 500 after that • MEDIUM:- 3000 for 4m and 1000 after that • HIGH:- 5000 for 4m and 2000 after that NOTE THESE ARE GENERAL GUIDELINES FOR PREMIUMS BUT MAY VARY DEPENDING ON THE SCOPE OF RELATIONSHIP LASTING
  18. 18. YOUR RIGHT TO CANCEL A CREDIT AGREEMENT • If you have chosen to pay by instalments, you may cancel your credit agreement within 14 days of submitting an enquiry of your break up. If you would like to cancel your credit agreement please call us on 0845 246 8833 or write to us at the address shown on your documents. If you cancel your Agreement you will need to arrange for payment of any outstanding policy premium. • You have the right to end the credit agreement at any time. If you wish to do so you should let us know. If you do this any outstanding balance of the policy premium must be settled in order for your insurance cover to continue under the policy.
  19. 19. Target market • • • • Age: Above 18 years. Target status: Unmarried, dating couples. Social class: Upper class. Income levels: High income levels.
  20. 20. Marketing and Promotional strategies • • • • • Public Relations Advertising Sales Promotion Personal Selling Direct Mail-Message and Media Strategy and Effective Communication Strategy.
  21. 21. New Promotional Strategies • Push strategy • Pull strategy
  22. 22. Internet Promotion • • • • Social Media Marketing Emails Web promotion Online site