Robinhood Insurance Broker Private Limited

Product Info

UIN

104N014V01

Status

Withdrawn

Launch Date

13/10/2003

Withdrawn Date

31/12/2013

Product Overview

This plan offers a one-time Guaranteed Additions of 10% of the Sum Assured at maturity. This is a Participating Plan with Bonus Facility. There are 3 Bonus Options available after completion of 3 Policy Years. This Plan offers Double Sum Assured as Death Benefit after completion of 5 Policy Years.

Product Description

  • This is a Traditional Endowment Plan.
  • This is a Participating Plan with Bonus Facility.
  • There are 6 additional riders available in this plan.
  • This Plan offers Double Sum Assured as Death Benefit after completion of 5 Policy Years.

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Unique Features

  • This Plan offers Double Sum Assured as Death Benefit after completion of 5 Policy Years.
  • This plan offers a one-time Guaranteed Additions of 10% of the Sum Assured at maturity.
  • If the Life Insured is diagnosed of a terminal illness with a life expectancy of six months or less, he will get upto 50 % of Sum Assured (subject to a maximum of Rs. 5,00,000) and the remaining Sum Assured when he dies.

Eligibility Criteria

Eligibility Criteria
Entry Age Minimum 18 years
Maximum 55 years
Maximum Maturity Age 75 years
Premium Payment Term You can choose between 6 / 10 years
Sum Assured Minimum Rs. 50,000
Maximum - No upper limit, Subject to underwriting
Tenor of cover 20 years
Minimum Premium Rs. 2,500
Min/ Max Policy Term  20 years

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Product Benefit

  • Maturity Benefit: 110% of Sum Assured + sum assured of paid up additions, if any
  • Survival Benefit: NA
  • Death benefit: Double sum assured after 5 years of commencement plus sum assured of paid up addition, if any

Other Policy Features

Feature Description
Surrender After the Policy has acquired Cash Value, you may opt to surrender this Policy. 
The Surrender Value payable will be subject to the condition that the Policy is in full force and that there are no statutory
or other restrictions to the contrary.
The Surrender Value payable will be equal to Cash Value less any loan including interest accrued to date of surrender. 
 
 Non-Forfeiture Benefits You may surrender your policy for cash or exercise any one of the following non-forfeiture options, as opted for by you in the Proposal Form. 
Reduced Paid Up Insurance A reduced paid up insurance is the amount of paid up insurance which can be purchased by the Surrender value
 If at any time the outstanding indebtedness exceeds the surrender value of the paid up policy, the paid up policy
will lapse. Such paid up policy is not entitled to any bonus. 
 
Extended Term Insurance (ETI) The Surrender Value will be used as a single Premium to buy Term Insurance equal to the current Sum Insured of this Policy for a term which the Surrender Value can purchase.
 The maximum term for this ETI cannot exceed the remaining term of this Policy
Note:- 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.
 
OTHER BENEFITS:
Vesting on attaining majority If the Policy has been issued on the life of a minor, the Policy will automatically vest in him on his attaining majority (eighteen years)
 the Life Insured would be the Policy holder and the
Company shall enter into all correspondence directly with him.
 
Cash Value Non – guaranteed cash values as decided by the Appointed Actuary. 
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 in this Policy will be thirty percent of the Premium(s) (excluding the first year’s Premium) received.
 
Surrender Value After the Policy has acquired Cash Value, you may opt to surrender this Policy. 
The Surrender Value payable will be subject to the condition that the Policy is in full force and that there are no statutory
or other restrictions to the contrary
The Surrender Value payable will be equal to Cash Value less any loan including interest accrued to date of surrender
 
Loan(s) The maximum amount of loan/s at any point in time shall not exceed ninety percent of the Cash Value or such other amount as the Company may determine from time to time. 
Any loan/s granted will form a first charge against the Policy proceeds and will be deducted before
any payment is made on the Policy
The minimum amount of loan that can be granted at any time will be Rupees ten thousand only
 
Automatic Premium Loan (“APL”) In case you have elected APL option in the Proposal and the Policy has Surrender Value which must
be sufficient to take a loan for paying the overdue premium
 In case premiums have been paid
through APL for two years in a row, the next premium cannot be paid through APL.
 Surrender Value is not sufficient to take a loan for paying full overdue premium, you will be
liable to pay the full premium, failing which the Policy will lapse and the Surrender Value, if any, will
be paid to you. All other conditions regarding APL will be those as specified under “Loans”
 
PREMIUMS Premiums are payable to us on the due dates specified in the Schedule. 
The Premium Mode can be changed subsequently, upon our receipt of your written request. 
 Change sought to Premium Mode will lead to a revision in the Modal Premium amount as per the below mentioned modal premium factors. 
 
Premium Modal Factor Annual 1
Semi-annual 0.52
Quarterly 0.265
Monthly 0.09
 
Grace Period We allow a grace period of thirty days from the due date for payment of each Premium. 
In case premium mode is monthly, the grace period shall be fifteen days only.
 During the grace period we
will accept the premium without interest.
The insurance coverage continues during this grace period but if the Life Insured dies during the grace period, the Company shall be entitled to deduct the unpaid Premium from the Benefits payable under the Policy. 
 
Non-payment of Premium If a Premium is not received by us by the end of the Grace Period, the Policy will lapse. 
If the Policy
has cash value then it will be subject to Non Forfeiture/Automatic Premium Loan Provision,
All Insurance cover will end at the time of lapse if the Policy has no cash value
We must receive such notice, in writing, no later than one month from the date of expiry of the grace period.
 
Revival of Policy After the policy is lapsed the , YOU MAAY APPLY FOR EVIEWING THE POLICY 
All overdue Premiums must be paid together with interest at such rates as declared by us from time to time. 
At the time of revival any unpaid loan and any loan deducted when we determined the non forfeiture benefit, must also be repaid. 
If the Policy has been surrendered and the benefits under the Policy, if any, has been paid by us, this Policy cannot be revived.
 
BONUS 
Cash Bonuses  The Bonuses declared will be paid to The policyholder in cash.
 
Premium Offset This entitles the policyholder to offset the premium payable by him/her under the Policy against the bonuses, if any. 
 the event the bonus is in excess of the premium payable under the policy, the excess will be paid to the policyholder in cash.
However, if the bonus is not sufficient, the shortfall should be paid in full before this option can be exercised.
 
Paid Up addition This entitles the policyholder to utilize the bonus, if any, to buy single premium endowment benefits, which will mature along with the base policy
n the event of death of the Life Insured prior to maturity, the company shall pay Sum Insured of single premium endowment benefits, if any.

Add-ons

  • 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 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 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.
  • Max Life Five-Year Renewable and Convertible Term Rider:
    This rider provides additional death benefit for the initial 5 years of the policy and can be renewed every 5 years
  • Max Life Personal Accidental Benefit Rider: 
    Max Life Personal Accidental Benefit Rider provides additional death benefit in case the death happens because of an accident.

Exclusions

Exclusion in Max Life - Life Gain Plus 20 Participating 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

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

Claim Process

Know Claim Bonus of Max Life - Life Gain Plus 20 Participating 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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