Robinhood Insurance Broker Private Limited

Product Info

UIN

104N077V01

Status

Active

Launch Date

21/08/2013

Withdrawn Date

Product Overview

  • This plan gives the interest to invest and to make asset creation.
  • This plan helps you to take acre of the future need for the child education or marriage.
  • It simplifies your financial planning and saving needs.
  • This policy gives you life cover, money back features and also maturity benefits.

Product Description

  • A Traditional Participating Money Back Life Insurance Plan.
  • Life Insurance Coverage which provides choice of protection cover on the basis of the age of the Life Insured.
  • Option to choose Premium Payment Term as per your convenience.

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Unique Features

  • Plan pays 7.5% of the Guaranteed Sum Assured for 15 years starting from the 61st year till the 75th year.
  • Plan also provides annual bonus from 3rd year which can be taken every year or can be used to adjust against yearly premiums or can be added back to the policy to boost Guaranteed Maturity Sum Assured.

Eligibility Criteria

Eligibility Criteria
Age at Entry (Min) 91 days
Age at Entry (Max) 70 years(Age last birthday)
Max age of Maturity Till age 100 years
Maximum Age at entry
Premium Payment Term (in years) Maximum entry age (age last birthday)
7 and 10 years 55 years
15 years 50 years
20 years 45 years
Policy Term To age 75 years of the Life Insured
(Policy anniversary following or coinciding the life insured attaining age 75 years)
Policy Term : 75 years less Age at entry of Life Insured
Premium Payment Term (PPT) 7 years, 10 years, 15 years or 20 years
Maturity Age Policy anniversary following or coinciding with the life insured attaining age 75 years.
Premium Modes and Modal Factors
Modal Factors
Premium Mode Factor
Annual 1
Semi-annual 0.52
Quarterly 0.265
Monthly 0.09
Note: The Premium Payment mode can be changed during the Policy term.
 
Minimum Premium
Premium Payment Term
(in years)
Minimum Premium
7 years Rs 20,000 per annum
10, 15 or 20 years Rs 8,500 per annum
Note: The above minimum premium excludes extra premium, modal extra, service tax and education cess.
Maximum Premium As per maximum sum assured and age (subject to Board approved underwriting policy of the Company).

OneInsure App Benefits

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Product Benefit

  • Maturity Benefit:
    Guaranteed Maturity Sum Assured + Accrued Paid-up Additions (if any) + Terminal Bonus
  • Survival  Benefit:
    Guaranteed Survival Benefits is 7.5% of the Guaranteed Maturity Sum Assured payable from age 61 to 75yrs (for 15 years).
  • Death Benefit:
    On the death during the term of the policy, the following benefits will be paid - Guaranteed Death Benefit + Accrued Paid-up Additions (if any) + Terminal Bonus.

Other Policy Features

Feature Description
Surrender The policy acquires a Surrender Value as follows:
For policy with premium payment term of 7 years: After payment of first two full year premiums
For policies with premium payment term of 10, 15 and 20 years: After payment of first three full year premiums
Any other Feature
Guaranteed Surrender Value
Year of surrender % of Total Premiums paid
1 Nil
3-Feb 30%
7-Apr 50%
8 year + Minimum of [ { 50% + ( (40% X (N-7)) / (Policy Term
- 8) ) } or 90% ] Wherein N is the Policy Year of Surrender
Revival of Lapsed Policy A lapsed policy can be revived, within 2 years from the due date of the first unpaid Premium.
Guaranteed Death Benefit is defined as higher of: 105% of all the premiums paid by Policyholder as on the date of death of the life insured.
Guaranteed Maturity Sum Assured chosen by the Policyholder at policy inception.
Sum Assured Limits Minimum: Rs 50,000, & minimum premium of Rs 8,500 for policies with premium payment term of 10/15/20 years and Rs 20,000 for policies with premium payment term of 7 years.
The minimum premium excludes extra premium, modal extra and service tax.
Maximum: No Limit (subject to Board approved underwriting policy of the Company.
Sum Assured Bands
Guaranteed Maturity Sum Assured Bands Band 1 – Less than `Rs 1,00,000
Band 2 –Rs 1,00,000 to Rs 2,49,999
Band 3 – Rs 2,50,000 to Rs 4,99,999
Band 4 – Rs 5,00,000 and above
Premium Rates at sample ages
Age of the Life Insured 7 years Premium Payment Term 10 years Premium Payment Term 15 years Premium Payment Term 20 years Premium Payment Term
10 35,322 26,328 17,100 12,003
35 53,499 39,471 27,420 21,015
45 69,354 50,514 36,303 28,968
55 92,553 68,019 NA NA
Annual Bonus Annual Bonuses (if any) is 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 addition (if any) thereafter every year end.
There are 3 ways of taking this bonus Paid in Cash – Bonus will be paid in cash
Premium Offset – Will be adjusted towards future premium
Paid-up additions (PUA) – Additional Sum Assured will be purchased to boost Guaranteed Maturity Sum Assured.
Paid-up Additions withdrawal Option Minimum Withdrawal amount – Rs 5,000
Maximum Withdrawal amount – Subject to maximum PUA cash value available
Terminal Bonus Payable only once on earlier of Death, Surrender, or Maturity

Add-ons

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

Exclusions

Exclusion in Max Life - Life Perfect Partner Super Plan:- The rider provides policy continuance Benefit in case of death or disability of the policy holder (payor). This rider can be taken only if the Policyholder is different from life insured.

Tax Benefits

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

Claim Process

Know claim process of MAx Life - Life Perfect Partner Super 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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₹. 3,900/ Month.

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