Robinhood Insurance Broker Private Limited

Product Info

UIN

109N079V01

Status

Withdrawn

Launch Date

02/01/2013

Withdrawn Date

31/12/2013

Product Overview

This Plan helps the insured to plan a better future to achieve their financial goals and realise their dreams. With survival benefits payable every year from the end of the premium paying term till the maturity, it offers a perfect blend of the income and financial protection for your family.

Product Description

  • LifeIncome Plan is a traditional participating, wholelife plan with survival benefits.
  • Premium paying term is for every year till maturity.
  • Key objective is to secure savings and earning income upto the age of 100.

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Unique Features

  • 5% of the Sum Assured is guaranteed during the premium paying term plus reversionary bonus every year after the completion of the premium paying term.
  • Comprehensive financial protection for your family with whole life cover till age 100 yrs.

Eligibility Criteria

Eligibility Criteria
Age at Entry (Min) 15 years (age last birthday)
Age at Entry (Max) 60 years(age last birthday)
Max age of Maturity 60 years
Min Premium Payable Rs. 18,000/-
Min Sum Assured Rs. 2,00,000/-
Max Sum Assured No limit subject to medical and financial underwriting.
Mode Available
Annual, Semi-Annual, Quarterly & Monthly
Policy Term Min 1 year
Max 40 years
Premium Paying Term 15 years to 40 years

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Product Benefit

  • Death Benefit:
  1. On maturity, life insurer will receive - Sum Assured plus Reversionary Bonus plus Terminal Bonus, during PPT.
  2. Sum Assured plus Bonus from current policy plus Terminal Bonus, if any.
  • Maturity Benefit:
  1. On maturity, of the policy, Life Assured will receive the base sum assured plus Reversionary Bonus plus Terminal Bonus.
  2. If in the case the insurer is different from the policyholder, then policyholder will receive the benefits.
  • Survival Benefit:
    In the event the life insured survives to the end of each subsequent policy year, we shall pay to you: Income Benefit of 5.0% of the Sum Assured plus Bonus from the current policy year.

Other Policy Features

  • Surrender Value:
    In case of surrender, the surrender value of the attached bonus will be payable along with the interim bonus. Regular Bonus Rate may vary from year to year according to the economic conditions.
  • Reduced paid-up:
    If at least 3yrs premiums have been paid, then the policy gets converted to the Reduce Paid-Up Value & continues with a reduced coverage. The policy can, however, be revived within 3 years from the date the policy lapses.
  • Bonus Types:
  1. Reversionary Bonus - Reversionary Bonus is declared by the company financial years and those will be accrued in the policy on its anniversary along with interim bonuses. It will be declared year on year on the prevailing economic conditions.
  2. Terminal Bonus - The company declares Terminal Bonus on the company's discretion on the death, maturity, based on the actual experience and the prevailing economic conditions.
  • Grace Period & Revival:
    If you are unable to pay your 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.
  • Policy Loan:
    You may take a loan against your policy once it has acquired a Surrender Value. The minimum loan amount is Rs. 5,000 and the max. is 90% of your Surrender Value.

Add-ons

  • Accidental Death & Disability Rider :
    Provides for the payment of an additional amount, if death occurs as a result of an accident by an outward, violent and visible means before age 75 years.
  • Critical Illness Rider :
    On diagnosis of any of the four illnesses - Heart Attack, Cancer, Major Organ Transplant and Stroke, the sum insured paid is upto 100% of the Rider Sum Assured.
  • Surgical Care Rider :
    In the case the insured is hospitalised due to a surgery, he will be paid a lump sum amount to cover his expenses.
  • Hospital Care Rider :
    Hospital Cash Rider offers you a fixed amount benefit for each day of hospitalisation or in the event of a surgery.
  • Waiver of Premium Rider :
    In the event of death of the Life Assured, all the future premiums gets waived off and all the benefits remain intact and paid to the nominee as per the policy Terms & Conditions.

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 Vision LifeIncome Plan

Claim Process

Company Overview

Aditya Birla Sun Life Insurance Company Limited (ABSLI) 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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