Robinhood Insurance Broker Private Limited

Product Info

UIN

512N112V01

Status

Withdrawn

Launch Date

11/02/1997

Withdrawn Date

15/03/2002

Product Overview

A Money Back Plan that assures periodic payment of basic Sum Assured in an installments on survival with increasing life cover. Added attractive features like Guaranteed and Loyalty Addition. No additional premium for accident cover, as it is a part of the policy.

Product Description

  • Money back plan with both Death and Survival Benefits
  • Money is paid as pre-decide intervals in 20 years term, i.e. 5th year(20% of SA),10th year(20% of SA), 15th year(20% of SA) and 20th year(40% of the SA plus accrued reversionary bonus)
  • Choice of 4 different terms 12,15,20 and 25 years

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Unique Features

  • The product guarantees Rs. 7% sum assured for each policy year completed.
  • Money Back Plan that assures guaranteed periodic payment of basic Sum Assured in installments on survival e.g. 20% of sum assured after 5th years, 20% after 10th years, 20% after 15th years, 40% with guaranteed & loyalty additions after 20th years

Eligibility Criteria

Eligibility Criteria
Age at Entry (Min) 14 years
Age at Entry (Max) 58 years
Max age of Maturity 70 years
Min Premium Payable NA
Min Sum Assured Rs. 25,000
Max Sum Assured No limit subject to medical and financial underwriting
Mode Available Annual, Semi Annual, Quarterly, Monthly, payroll savings program
 
Terms
Policy Term Min 12 years
Max 25 years
Premium Paying Term Regular Pay

OneInsure App Benefits

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Product Benefit

  • Death Benefit:
  1. Before the end of the Policy Term, the Sum Assured + accrued Bonus is paid
  2. After the Policy Term, Sum Assured is paid as Death Benefit whenever the Life Insured dies
 
  • Maturity Benefit:
    At the maturity of the policy, the insured will get Sum Assured + accrued Bonus + Final Addition Bonus

Other Policy Features

Feature Description
Bonus Types Guaranteed Addition Calculated as Rs.70/- per thousand Sum Assured payable for each completed policy year during which the policy was inforce for the full Sum Assured.
Loyalty Addition Loyalty addition is paid with maturity, if the premiums are paid for atleast 5 years, loyalty addition may become available alongwith claim payments. Loyalty addition would depend on Company's experience.
Premium Dis-continuance
Reduced paid-up If you stop paying the premiums after 3 policy years, the policy acquires a Paid Up Value for a Reduced Sum Assured but the policy would be eligible for any future regular additions. 
Surrender Under any of these options, the policy acquires a Guaranteed Surrender value from the end of the 3rd policy year onwards. Guaranteed Surrender Value will be 30% of all premiums paid – 1st year’s premium
Bonus This is a with-profit plan and participates in the profits of the Corporation’s life insurance business.
The plan participates in LIC's reversionary bonuses are declared per thousand Sum Assured annually at the end of each financial year.
A Final (Additional) Bonus may also be payable provided a policy has run for certain minimum period.

Add-ons

Accidental Death Benefit(In built):- An additional Sum Assured (subject to a limit of Rs.5 lakh) is paid if death is due to accident till 70 years of age.

Exclusions

Exclusion in Jeevan Sanchay Plan:- 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 will be as per prevailing tax laws. Tax laws are subject to change.

Claim Process

Know claim process of LIC Jeevan Sanchay Plan

Claim Process

Company Overview

Life Insurance Corporation is an Indian state-owned insurance group and investment company headquartered in Mumbai. It is the largest insurance company in India with an estimated asset value of Rs.1560482 crore.

BENEFITS OF BUYING FROM ONEINSURE

OneInsure is owned by Robinhood Insurance Broker Pvt. Ltd.

Robinhood is known for its user & customer centric approach. We take care of all the phases of insurance, whether you've bought the policy from us or not.

10
YEARS OF JOURNEY
50,000
HAPPY CUSTOMERS
APP SUPPORT
500+
INSURANCE EXPERTS
7
CITIES
23
OFFICES

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Tab 2

2 burgers per month

burger₹ 700
Your yearly cost on fast food = roughly ₹ 8,400
price
Cost of Health Insurance for whole family with ₹ 5 lakhs cover!

Tab 3

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₹. 3,900/ Month.

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