Robinhood Insurance Broker Private Limited

Product Info

UIN

104N070V02

Status

Withdrawn

Launch Date

23/07/2013

Withdrawn Date

15/05/2017

Product Overview

This plan gives Guaranteed Income to cater to your needs as long as you live. After the death of the annuitant(s), the purchase price of the policy is returned to the nominee. You may choose to receive the payout on a yearly, half yearly, quarterly or monthly basis, as per your needs and requirement.

Product Description

  • Bonuses are Annual and Terminal Bonuses
  • Death Benefits is provided
  • Premium will be declared for SA more then 50,000
  • Convenience of paying only for the first 12 years and enjoying life insurance coverage for 20 years along with a maturity benefit.

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Unique Features

  • In case of death of proposer and life assured still a minor, all the future premiums are paid by the company and all the future benefits continues.
  • In the case of death of the life assured because of an accident, the nominee will receive 50% of additional sum assured along with the usual death benefit of sum assured and accumulated bonus.

Eligibility Criteria

Eligibility Criteria
Minimum/ Maximum Age at Entry of Life Insured
Life Insured  1 year to 55 years (Age Last Birthday)
Proposer Age  
(if the Life Assured is a minor)
18 to 60 years (Age Last Birthday)
Policy Term 20 years fixed
Premium Payment Term 12 years fixed
Minimum Sum Assured Rs. 150,000 (Subject to a minimum annual premium of Rs.12,500 excluding service tax and extra mortality premium)
Maximum Sum Assured  Rs 2 Crores
Premium Rates at Sample Ages
Age of the Life
Insured (Years)
Unisex Premium Rates Per Thousand Sum Assured For Standard Lives (Excluding Service Tax) (In Rs.)
10 84.55
35 83.85
45 86.08
55 91.88
Note: - Premium discount: For Sum Assured greater than equal to Rs. 500,000, a discount of
Rs 2.50 per thousand Sum Assured will be applicable.

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Product Benefit

  • Maturity Benefit:
    If the policy is in force and the Life Assured survives the policy term, then he/she will get  total of the Sum Assured and Total Accrued Compound Reversionary Bonuses (if any) + Terminal Bonus (if any).
  • Survival Benefit: NA
  • Death Benefit:
  1. On the death, during the term of the policy, the beneficiaries will receive an amount equal to 100% of the sum assured plus accrued bonuses (if any) and terminal bonus (if any).
  2. If death happens by an accident, the beneficiaries will receive an additional amount equal to 50% of the sum assured plus accrued bonuses (if any) and terminal bonus (if any).

Other Policy Features

Feature Description
Surrender Benefit The policy acquires a surrender value from the end of third policy year subject to the payment of three full year’s premiums.
The Surrender value will be equal to the higher of Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV).
The discount rate used to calculate the GSV is 12% p.a.
The Special Surrender Value is not guaranteed and will be as approved by the Regulator.
Post the death of the proposer, the policy cannot be surrendered until the child attains majority.
Any other Feature
On Death of the Proposer during the Policy term (in case of minor Life Insured)
Policy Continuance Benefit: ( Rider ) Where the Life Insured and the Proposer are two different individuals policy premium would be paid by company if proposer dies 
Participation in bonuses will continue and the maturity benefit will be paid to the nominee/appointee at the end of the policy term.
Note:- Only if the entry age of the Life Insured is less than 18 years and that of the Proposer is not more than 60 years
Non-Forfeiture Benefit Once the policy acquires a surrender value policy will offer Reduced Paid-Up (RPU) Sum Assured and will not lapse.
Reduced Paid-Up Sum Assured = Sum Assured * (Total premiums paid / Total premiums payable).
The Reduced Paid-Up policies will also participate in future Compound Reversionary Bonus and Terminal Bonus.
 
Revival of Policy  Lapsed / RPU policy can be revived within three years from the date of first unpaid premium after the policy has lapsed, provided it has not been surrendered for cash. For detailed terms and conditions of the revival clause, please refer to the product brochure.
Bonus
Annual Bonus This plan has a compound reversionary bonus
 Reversionary bonuses help in increasing your sum assured and hence your insurance cover increases.
Reversionary Bonuses would be declared from the end of year two onwards and once accrued are guaranteed for the life of the contract. Bonuses are Not Guaranteed and are declared at the discretion of the Company.
 Bonuses are Not Guaranteed and are declared at the discretion of the Company.
Terminal Bonus an additional lump sum bonus paid only ONCE, on the earlier of either death of the life insured or surrender or maturity of the policy provided your policy
 Bonuses are Not Guaranteed and are declared at the discretion of the Company.

Add-ons

Not available in this plan

Exclusions

Exclusion in Max Life Future Secure II Plan:- If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of reinstatement of the Policy, the Policy shall be void and the Company will only be liable to pay the higher of 80% of premiums paid or the surrender value.

Tax Benefits

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

Claim Process

Know claim process of Max Life Future Secure II 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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