Robinhood Insurance Broker Private Limited

Product Info

UIN

104L067V01

Status

Withdrawn

Launch Date

23/05/2011

Withdrawn Date

31/12/2013

Product Overview

This policy maximizes your savings, enabling you to lead a relaxed lifestyle. This policy helps you support to stand strong financially for the future of your family. It provide a Life insurance coverage. Choice of six well-managed funds for investors with different risk appetite is available.

Product Description

  • Choice of protection cover basis age of life insured
  • Life insurance coverage
  • Option of short premium payment terms, enabling an early maturity and fast track accumulation
  • Flexibility to make partial withdrawals to meet unplanned expenses

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Unique Features

  • The plan pays sum assured plus fund value in the event of death of life assured
  • The fund value can be withdrawn completely after the completion of 5th policy year without any surrender charge

Eligibility Criteria

Eligibility Criteria
Minimum / Maximum Age of Life Assured at Entry (Last Birthday) 30 years to 60 years
Maximum Age of Life Assured at
Maturity
70 years
Premium Payment Term & Policy Term
Single Pay 10 year policy term
5 Pay 10 Year policy term
10 Pay 20 year policy term
Premium Payment Mode Annual, Semi-Annual, Quarterly & Monthly modes
Minimum Annual Target Premium All Variants: Rs 100,000
Minimum Single Premium Rs 100,000
Maximum Annual Target Premium No Limit
Sum Assured Multiples
Limited Pay Single Pay (SP)
Age 30 to 45 years 10 or 20 times ATP Age 30 to 45 years 1.25 or 5 times SP
Age 46 to 60 years 10 times ATP Age 46 to 60 years 1.25 times SP
Note:- At no point in time during the term of the policy, the death benefit will be less than;
higher of the Sum Assured or 105% of total premiums paid to date.

OneInsure App Benefits

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Product Benefit

  • Maturity Benefit: Fund Value is paid as the maturity benefit
  • Survival Benefit: NA
  • Death benefit: Amount equal to Sum Assured plus Fund Value

Other Policy Features

Feature Description
Surrender
Surrender within five years of the inception of the Policy On surrender, this policy will close the unit account and credit the fund value to the Discontinued Policy Fund.
On Completion of Five Policy Years, the Company shall pay the proceeds of the Surrendered Policy together with interest earned.
 After five years of the inception of the Policy The Company shall close the Unit Account and pay the Fund Value immediately.
 
Partial Withdrawal:  you can make lump-sum partial withdrawals from your Funds at any time after the Policy has completed five years and within the Policy Term chosen. 
 In case of Single Premium option, the maximum amount of partial withdrawal allowed in any particular year is 20% of the fund value subject to minimum Fund Value equal to 50% of the Single Premium after partial withdrawal of units.
Note:- The minimum amount of partial withdrawal allowed per transaction is Rs  5,000
A maximum of 12 partial withdrawals are allowed in a policy year and all are free of charge.
Switching You may switch Units between available Funds at any time during the term of the Policy, subject to a minimum switch amount of Rs 5,000.
 Maximum 12 switches allowed in a Policy Year and these would be free of charge.
Premium Re-direction: : You may redirect your future Premiums between available Funds at any time by giving Us 7 day’s prior written notice.
Maximum 12 re-directions allowed in a policy Year and these would be free of charge.
Note:- *No Switch or Redirection is allowed to and from Secure Plus Fund under STP Option.
 
Investment Funds Available
Growth Fund
(SFIN:ULIF00125/06/04
LIFEGROWTH104)
Government Securities 0%-30% High
Corporate Bonds 0%-30%
Money Market and Cash
Instruments
0%-40%
Equity &Equity related securities 20%-70%
Growth Super Fund
(SFIN:ULIF01108/02/07
LIFEGRWSUP104)
Government Securities 0%-20% High
Corporate Bonds 0%-20%
Money Market and Cash
Instruments
0%-30%
Equity &Equity related securities 70%-
100%
Balanced Fund
(SFIN:ULIF00225/06/04
LIFEBALANC104
Government Securities 20%-50% Moderate
Corporate Bonds 20%-40%
Money Market and Cash
Instruments
0%-40%
Equity &Equity related securities 10%-40%
Conservative Fund
(SFIN:ULIF00325/06/04
LIFECONSER104)
Government Securities 50-80% Low
Corporate Bonds 0-50%
Money Market and Cash
Instruments
0-40%
Equity &Equity related securities 0%-15%
Money Market Fund
(SFIN:ULIF01528/04/09
LIFEMONEYM104)
Government Securities Nil Capital Preservation
Corporate Bonds Nil
Money Market and Cash
Instruments
100%
Equity &Equity related securities Nil
Secure Fund
(SFIN:ULIF00425/06/04
LIFESECURE104)
Government Securities 50-100% Low
Corporate Bonds 0-50%
Money Market and Cash
Instruments
0-40%
Equity &Equity related securities Nil
 
Systematic Transfer Plan (STP)
Secure Plus Fund
(SFIN:ULIF01628/04/09
LIFESECPLS104
Government Securities 60-100%  Low
Corporate Bonds 0-40%
Money Market and Cash
Instruments
0-40%
Equity &Equity related securities Nil

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:
    Paid in case the insured’s death or total and permanent disability caused by an accident. The rider can be opted for ages between 30 to 55 years, and expires at life insured age of 60 years.

Charges

Charges
 PREMIUM ALLOCATION CHARGE
(as a % of ATP)
The premium allocation charge will be 4% of annual premium throughout the premium payment term in case you opt for a 5 pay or 10 pay option.
The premium allocation charge for Single Pay option is 2%.
FUND MANAGEMENT CHARGES
Name of The Fund Charge p.a.
Growth Fund 1.25%
Growth Super Fund 1.25%
Balanced Fund 1.10%
Conservative Fund 0.90%
Money Market Fund 0.90%*
Secure Fund 0.90%
Secure Plus Fund 0.90%
Note:-  Under this fund the declared NAV will not be less than the previous day declared NAV for which a cost of 
guarantee charge of 0.15% p.a. is levied and is included within the FMC of 0.90% p.a.
Policy Administration Charge  fixed amount of Rs  900 p.a. (Rs  75 per month) for single pay & Rs  1,500 p.a. (Rs  125 per month) for 5 pay / 10 pay variants and is levied at each monthly anniversary by cancelling proportionate units starting from first policy year
 This charge will inflate @5%p.a. compounded annually starting from the 2nd Policy Year 
Mortality Charge Mortality rates applicable in this plan are mentioned below(Rs per 1000)
Age Years  20 30 35 40
Mortality charge 1.61 1.82 2.49 3.55
Switching Charge 12 switches are allowed in a policy year
Redirection
Charge 
12 redirections are allowed in a policy yea
Partial Withdrawal
Charge
12 partial withdrawals are allowed in a policy year 
 
Surrender/Discontinuance Charge shall be lower
of the following
If Policy is surrendered/discontinued  As a percentage of Annual Premium As a percentage of Fund Value Fixed amount Rs
In 1st Policy Year 6% 6% 6,000
In 2nd Policy Year 4% 4% 5,000
In 3rd Policy Year 3% 3% 4,000
In 4th Policy Year 2% 2% 2,000

Exclusions

Suicide: The company pays fund value in case of suicide

Tax Benefits

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

Claim Process

Know claim process of Max Life Fast Track 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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