Robinhood Insurance Broker Private Limited

Product Info

UIN

104N019V01

Status

Withdrawn

Launch Date

07/07/2004

Withdrawn Date

31/12/2013

Product Overview

Max Amsure Bonus Builder Plan is a Money Back cum Whole Life Plan. This is a Traditional Participating Plan with Bonus Facility.

Product Description

  • Max Amsure Bonus Builder Plan is a Money Back cum Whole Life Plan.
  • This is a Participating plan with bonus facility.
  • On survival beyond 80 years of age or till 100 years of age, 200% of the Sum Assured is paid to the Life Insured or his nominee.
  • The policy continues till the Life Insured is 100 years of age.

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Unique Features

  • This plan offers a 5% of the Sum Assured as Money Back Benefit from age 61 to 80 years of the Life Insured.
  • There are 3 options for Bonus:
  1. Cash Bonus, where you can take the bonus in cash
  2. Premium Offset, where you can use the bonus to pay a part of your premium 
  3. Paid Up Additions, where you can use the bonus to permanently increase the Sum Assured

Eligibility Criteria

Eligibility Criteria
  Maximum Minimum
Entry Age 18 years  50 years 
Maturity Age 100 years 
Sum Assured 50,000 No limit, subject to underwriting 
Min/ Max Policy Term  100 – Age of Entry
Premium Payment Options Annual, Semi-Annual, Quarterly and Monthly 
Note:-  For more details on the riders and various terms and conditions, please refer to the rider brochure(s).
 
Premium Payment Term (Years) The premium term for this product is equal to 20 years or up to the policy anniversary following age 60 whichever is longer. 

OneInsure App Benefits

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Product Benefit

  • Maturity Benefit:
  1. Till 100 years of the insured, policy will get matured and Sa of paidup additional bonuses , if any will be paid.
  2. Living benefits already paid to Life Insured during ages of 61 years to 80 years shall not be deducted from the benefit payable on maturity.
  • Survival Benefit:
    If the Life Insured survives beyond 60 years of age, then he would get 5% of the Sum Assured every year as Money Back Living Benefit till age 80.
  • Death Benefit:
  1. Till 100 years of the insured, policy will get matured and Sa of paidup additional bonuses , if any will be paid.
  2. Living Benefits already paid during the lifetime of the Life Insured shall not be deducted from the benefit payable on death of the Life Insured.

Other Policy Features

Feature Description
Surrender Value After the Policy has acquired Cash Value, you may surrender this Policy. The Surrender Value payable will be equal to Cash Value.
 Once a request for surrender of the Policy is received by us, no other benefit under this policy is payable. 
Any other Feature
 
Living Benefit On the 61st birthday of the insured, 5% of Sum Assured will be paid on policy anniversary til 80th birthday of the insured.
 
Additional Benefit You may exercise Option to Participate in Progressive Bonus (OPPB)(UIN: 104B008V01) in the form of paid-up additions (“PUA”) by paying the premium either at the stage of proposal.
The Sum Assured together with the Sum Assured of PUAs in-force, will be payable on the happening of the Insured Event. 
 
Terminal Illness benefit Upto 50% of the Sum Assured, subject to a maximum cumulative of ` 5 lakhs (Rupees Five
Lakhs only) under all policies which provide for this Terminal Illness Benefit.
The remainder of the Sum Assured, upon the occurrence of the Insured Event. 
 
Non-Forfeiture Benefits
Reduced Paid Up Insurance A reduced paid up insurance is the amount of paid up insurance, which can be purchased
by utilizing the Surrender Value. 
Note :- This reduced paid up insurance will acquire cash value. Such paid up policy is not entitled to any bonus.
Extended Term Insurance (ETI) The minimum term for ETI is five years. 
 If the surrender value is not sufficient to purchase ETI for five years or more the surrender value will be paid in cash. 
 
BONUS
Paid in Cash: The Bonus declared will be paid in cash.
Premium Offset: : Use the bonus to offset the premium payable under the Policy. 
In the event the bonus is in excess of the premium payable under the policy, the excess will be paid out in cash.
However, if the bonus is not sufficient, the shortfall should be paid in full to keep the policy in force. 
Paid Up additions Utilize the bonus, if any, to buy single premium endowment benefits,
which will mature along with the base policy.
Note:-  Please note that Bonuses are NOT guaranteed and may be as declared by the Company time to time.
 
Revival of Policy: If we do not receive a Premium by the end of the Grace Period, the Policy will lapse
However, if the policy has acquired cash value, it  will be subject to the chosen non-forfeiture option. 
The cost of providing evidence of insurability would be the actual medical examination fee plus an
administrative fee, which shall be not more than ` 2000/-.
 
Cash Value Cash Value This Policy will acquire cash value if it has been in force for at least three years and provided all the
Premiums that have fallen due have been received.
The guaranteed cash value of this policy will be thirty per cent (30%) of the Premium(s) (excluding the first year’s Premium) received. 

Add-ons

  • Max Life Dread Disease Rider:
    Opted for ages between 30 to 50 years and expires at life insured age 60 years. coverage from 10 specified dread diseases which is incase Insured is diagnosed with any of the below mentioned diseases, an additional benefit will be paid to the insured. (Heart Attack, Cancer, Stroke, Coronary Artery Bypass Graft, Multiple Sclerosis, Kidney Failure, Major Organ Transplant, Paralysis, Coma, and Heart Valve Replacement/Repair.)
  • Max Life Personal Accident Benefit Rider:
    Max Life Personal Accident Benefit Rider provides additional death benefit in case the death happens because of an accident.
  • Max Life Term Rider:
    Max Life Term Rider provides additional death benefit in case of your death. The benefits under this rider are payable along with the base plan benefit(s).
  • Max Life Waiver of Premium Rider:
    You can add Max Life Waiver of Premium Rider to your life insurance policy and get waiver of all future premiums in case of Death, Disease or Dismemberment. The benefits under this rider are payable over and above the base plan benefits.

Exclusions

Suicide: In such an event, we will only refund the Premium(s) received from the Date of Policy or the effective date of any revival, whichever is later, without interest, less any expenses incurred by the company

Tax Benefits

Service Tax and education cess will be charged extra as per applicable rates

Claim Process

Know claim process of Max Life Amsure Bonus Builder Plan

Claim Process

Company Overview

Max Life Insurance, one of the leading life insurers, is a joint venture between Max India Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max India is a leading Indian multi-business corporate, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance Group, which is amongst the top general insurers in the world.

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