Robinhood Insurance Broker Private Limited

Product Info

UIN

109L001V02

Status

Withdrawn

Launch Date

01/07/2006

Withdrawn Date

01/01/2010

Product Overview

This plan is a unit-linked nonparticipating saving plan to give the customer efficient returns. Tax-free lump sum payouts to take care of recurring needs. This plan is designed to meet the various financial obligations at crucial junctures such as education of your child or marriage.

Product Description

  • A unit-linked non-participating savings plan.
  • Tax-free lump sum payouts to take care of recurring needs
  • A choice of three Investment Fund Options: Protector, Builder and Enhancer, with the freedom to switch between the Investment Fund Options anytime during the policy tenure

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Unique Features

  • The plan provides minimum guaranteed returns of 3% p.a. on the premium and any top-up amounts, net of all Policy Charges.
  • There is no surrender charge after the 4th policy year.
  • The plan provides periodic payout every 5 years which is dependent on the policy term.

Eligibility Criteria

Eligibility Criteria
Min Entry Age 13(Age last birthday, 3 months to be completed)
Max. Entry Age 65 years(Age last birthday)
Max Age of Maturity Till Age 75yrs
Min Regular Premium Rs. 20,000  p.a.
Min Top-up Premium Rs. 5000/-
Min Sum Assured Rs. 100,000/-
Max Sum Assured No limit subject to medical and financial underwriting
Premium Payment Term 10, 15, 20years or Regular Premium Payment Period.
In case of 25 years term, the premium payment period will be 20 years or regular or 15 years.
Min/ Max Policy Term 10, 15, 20 or 25 years

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Product Benefit

  • Maturity Benefit :
    The higher of the 'Fund Value' or the 'Guaranteed Fund Value' (based on 3% net returns)
  • Survival Benefit :
  1. The higher of the 'Fund Value' or the 'Guaranteed Fund Value' (based on 3% net returns)
  2. The percentages are as under: 30% for policy with duration of 10 years, 25% for policy with duration of 15 years, 20% for policy with duration of 20 years, 15% for policy with duration of 25 years
  • Death Benefit :
  1. Higher of 'Fund Value' or 'Guaranteed Fund Value' or Sum Assured less all applicable Partial Withdrawals in the 24 months preceding the death of the life insured.
  2. In the case of death at the age of 60 years or above, the Sum Assured will be reduced by the applicable Partial Withdrawals made since the life insured attained the age of 58.

Other Policy Features

Feature Description
Surrender The policy can be surrendered any time during the tenure of the policy. The surrender charges will be zero after the 4 policy years. In the case of surrender in the first 3 policy years, the benefits will be paid out only after the 3 policy years.
Top-Up Min. Amount: Rs. 5,000 & Max. Amount: Rs. 50,000 in a policy year or the Annual Premium whichever is higher.
Partial Withdrawals Partial Withdrawals are allowed after three policy years or on attaining the age of 18 years (in case of minors) whichever is later.
Subject to the condition that, the minimum balance in the Fund Value after the Partial Withdrawal is equal to the 'Guaranteed Fund' or 'One Annual Policy.
Fund Switch/Redirection In a year, two switches between Investment Fund Options are free. For every additional switch, a charge of Rs. 100 will be levied.
Guaranteed Returns/Guaranteed Funds A minimum guaranteed return of 3% p.a. applies on premiums and top-up premium, net of policy charges and survival benefits. This total will constitute the Guaranteed Fund Value. The guaranteed returns are applicable incase of all exits.
Increase Plan SA There is an option of varying the life insurance cover in every 5 years of the policy. The minimum amount of increase will be Rs. 50,000 and will be subject to Underwriting.
INVESTMENT FUND PARTICULARS
Investment Fund Option Risk Profile Asset Allocation * Min. Max.
Protector Low Debt Instruments, Money Market & Cash 90% 100%
Equities & Equity Related Securities 0% 10%
Builder Low Debt Instruments, Money Market & Cash 80% 90%
Equities & Equity Related Securities 10% 20%
Enhancer Medium Debt Instruments, Money Market & Cash 65% 80%
Equities & Equity Related Securities 20% 35%
Note:- The Investment Funds have a varying amount of debt and equity. In each Investment Fund Option, the Money Market & Cash asset allocation will not exceed 40%.
PREMIUM DISCONTINUANCE
In the first three Policy Years: To keep the Policy in force, you must contribute, within the grace period of 30 days the amount of Policy Premiums which is due but unpaid. Even at the end of the grace period if the premium is not received, then the Policy will lapse and all Coverages will terminate immediately. 
After the first three Policy Years:
To continue the Policy, you must contribute, within the grace period of 30 days, an amount equal to Policy Premium due but unpaid. At the end of the grace period, if the premium is not received you will be given a period of two years to pay all due and unpaid Policy Premiums. 
POLICY REVIVAL
Grace Period & Revival If you are unable to pay the premium by the due date, you will be given a grace period of 30 days (15 days for monthly mode) and during this grace period, all coverage under your policy will continue. You can reinstate your policy for its full coverage within two years from the due date of the first unpaid premium by paying all outstanding premiums together with interest.

Add-ons

  • Accidental Death & Dismemberment Rider :
    This rider provides 100% of coverage in case of death due to an accident, loss of more than one limb or sight in both the eyes or in case of loss of one limb and loss of sight in one eye, 50% coverage in case of loss of one limb or sight in one eye.
  • Term Rider :
    It provides an additional amount of cover in the event of the death of the life insured.
  • Critical Illness Rider :
    It provides a cover in the event of the life insured being diagnosed from any of four illnesses specified under the Critical Illness Rider.
  • Critical Illness Plus Rider :
    It provides a cover in the event of the life insured being diagnosed as suffering from any of the seventeen illnesses specified under the Critical Illness Plus Rider.
  • Critical Illness Women Rider :
    Critical Illness Women Rider provides a cover against several critical illness including woman specific illnesses, Pregnancy complications and congenital anomalies in a new born child.
  • Waiver of Premium :
    This rider waives payment of future premiums on the happening of any of the unforeseen events as covered under this rider.

Charges

Charges
Policy Charges
Payment period
Policy Year 10 Pay 15-Pay or greater
First Year 54.60% 65%
Second Year 7.50% 7.5%
Third Year 7.50% 7.5%
Forth Year + 5.00% 5.0%
Note:- The Premium Allocation Charge for top up and on Underwriting Extra (if any) will be 2.0 percent.
Mortality Charges
Sex/Age (in Yrs) Female Male
20 years 0.896 1.016
30 years 1.163 1.171
40 years 1.657 2.15
50 years 4.03 5.532
60 years 10.660 13.732
 
Policy Administration Charge
Life Insurance Coverage Sum Assured
Policy Year For First Rs. 100,000 On Amount in excess of Rs. 100,000
1 year 5.52 2.88
2 years 17.88 15.24
3years+ 5.52 2.88
 
FUND SWITCHING CHARGES
In a year, two switches between Investment Fund Options are free. For every additional switch, a charge of Rs. 100 will be levied.
 
PARTIAL WITHDRAWAL CHARGES
In a year, two Partial Withdrawals are free of charge. For every additional Partial Withdrawal, a charge equal to Rs. 100 subject to a maximum charge of Rs. 500 will be levied
 
SURRENDER CHARGES
The Surrender charges is levied in the first four policy years based on the duration of the policy. During the first 24 months of the Policy, the charge will be an amount equal to the annualised Life Insurance Coverage Premium payable for this policy. 

Exclusions

If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy, the Policy shall be void and the Company will only be liable to pay the premiums paid till date.

Tax Benefits

Tax Benefits under Section 80C, 80D and Section 10(10D) of the Income Tax Act, 1961.

Claim Process

Know Claim Process of ABSLI Flexi Insurance Solutions

Claim Process

Company Overview

Aditya Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Aditya Birla Group, a well known Indian conglomerate and Sun Life Financial Inc, one of the leading international financial services organizations from Canada

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