Robinhood Insurance Broker Private Limited

Product Info

UIN

104N079V01

Status

Active

Launch Date

11/11/2013

Withdrawn Date

Product Overview

Max Life - Life Gain Premier Plan is an endowment plan which offers guaranteed returns. The plan has bonus facility. In this plan, premium needs to be paid only for a limited period while the policy continues till the end of the policy tenure. This policy also has flexible Bonus options. On maturity, the guaranteed sum assured is payable along with Bonus.

Product Description

  • It is a Limited Premium Traditional Endowment Plan.
  • Guaranteed Sum Assured plus Paid Up Additions plus Terminal Bonus is paid on maturity.
  • 3 Bonus Options available - Cash Bonus, Premium Offset and Paid Up Additions.
  • Inbuilt Terminal Illness Benefit-whereby 50% of the Guaranteed Maturity Sum Assured would be paid as advance on diagnosis of any terminal illness.

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Unique Features

  • Inbuilt Terminal Illness Benefit: Whereby 50% of the Guaranteed Maturity Sum Assured would be paid as advance on diagnosis of any terminal illness
  • 3 Bonus Options available: Cash Bonus, Premium Offset and Paid Up Additions

Eligibility Criteria

Eligibility Criteria
  Minimum Maximum
Sum Assured 50,000 No Limit
Policy Term  15 years, 20 years 25 years
Premium Payment Term  6, 8, 10 or 12 years
Entry Age of Life Insured 18 years 55 years – for 15/20 year Plan
50 years – for 25 year Plan
Age at Maturity of Life Insured NA 70 years – for 15 year Plan
75 years – for 20/25 year Plan
Annualized Premium Rs. 8,500 No Limit
Payment modes Yearly, Half-Yearly, Quarterly & Monthly

OneInsure App Benefits

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Product Benefit

  • Death Benefit:
  1. On death during the policy term, the following benefits will be paid.
  2. Guaranteed Death Benefit
  3. Accrued paid-up Additions (if any), plus
  4. Terminal Bonus (if any)
  • Maturity Benefit:
  1. The plan offers 100% of Guaranteed Maturity Sum Assured on maturity of the policy
  2. Guaranteed Maturity Benefit= Guaranteed Maturity Sum Assured
  3. Total Maturity Benefit= Guaranteed Maturity Benefit +Accrued Paid Up additions (if any) + Terminal Bonus (if any)

Other Policy Features

Feature Description
Flexible Premium Payment Terms and Policy Terms Life Gain Premier offers as many as 6 options to choose from, basis your need:
6 Years Premium Payment Term with Policy Term of 15 and 20 years
8 Years Premium Payment Term with Policy Term of 15 and 20 years
10 Years Premium Payment Term with Policy Term of 20 years
12 Years Premium Payment Term with Policy Term of 25 years
Flexible Bonus Option The plan offers the flexibility to choose the bonus option basis your need. You can choose to take the bonus in
cash or enjoy the power of compounding by purchasing Paid-up Additions.
Terminal Illness Benefits In case you are diagnosed to be suffering from a disease which is likely to lead to death within six months, the
Company will pay 50% of Guaranteed Maturity Sum Assured (subject to maximum of `10 lacs) to you as an
advance
Annual Bonus The product has a Cash Bonus system. Bonuses will be declared every year from the end of
2nd policy year (24th policy month) on the Guaranteed Maturity Sum Assured and from the
end of 3rd policy year (36th policy month) on accrued Paid-up additions (if any) and every
year end, thereafter.
The Policyholder can take bonuses through any of the three options :
Purchase Paid-up Additions (PUA) Bonus declared by the Company will be used to
purchase Paid-up Additions. These PUA increase the Sum Assured under the policy and
will be payable in full on the earlier of Death or Maturity. Also these PUAs will earn
further bonuses to increase the value of the policy.
Premium Offset Policyholder can also opt to utilize the Cash Bonus declared by the
Company to offset future premiums payable under the policy.
Paid In Cash Bonus declared by the Company is paid out to the Policyholder as and
when declared
Terminal Bonus Terminal Bonus is an additional bonus paid only ONCE, on earlier of Death, Surrender or
Maturity, provided the policy has been in force for at least ten years i.e. payable in case of
claims made from the end of 120th month onwards.
Surrender The policy can be surrendered only after the policy has acquired a Surrender Value.
The Surrender Value will be equal to higher of Guaranteed Surrender Value (GSV) or
Special Surrender Value (SSV).
Reduced Paid-Up(RPU) Once the policy acquires surrender value as mentioned above, by default the policy will
become RPU in case of non-payment of any due premium. The Guaranteed Maturity
Sum Assured will be reduced using the proportionate premiums method as mentioned
below.
Reduced Paid-up (RPU) Sum Assured = (Total Premiums Paid less Extra Premium (ifany) less Rider Premium (if any)) / Total Premiums payable less Extra Premium (if any)
less Rider Premium (if any))) X Guaranteed Maturity Sum Assured
Loan
Facility
Policy loans will be available under this product subject to a maximum of 50% of Special
Surrender Value as per existing Terms and Conditions of policy loans at Max Life
Insurance. The company will charge an interest rate on the loan, currently 11% p.a.
compounded annually.

Add-ons

  • Max Life Payor Rider:
    Max Life Payor Rider provides policy continuance benefit in case of death or disability of the payor. This rider can be taken only if the Policyholder is different from life insured.

Exclusions

Not Available

Tax Benefits

You may be entitled to certain applicable tax benefits on your premiums and Policy benefits. Please note that all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. It is advisable to seek an independent tax consultation.

Claim Process

Know claim process of Max Life - Life Gain Premier 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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on retirment by saving
₹. 3,900/ Month.

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