Robinhood Insurance Broker Private Limited

Product Info

UIN

104N085V01

Status

Withdrawn

Launch Date

10/10/2014

Withdrawn Date

31/05/2017

Product Overview

Max Life Guaranteed Income is a non-linked traditional annuity plan that guarantees a regular stream of income after your retirement. The plan provides a Guaranteed Income for a period of 10 years after the Policy Term. The income payable monthly in the last 5 years of the payout period is twice the income payable monthly in the first 5 years of the payout period. This is followed by a one-time guaranteed Terminal Benefit payable at the end of the Payout Period. Additionally, it ensures that the lifestyle of your family is protected against any exigencies.

Product Description

  • Guaranteed Income to cater to your needs as long as you live.
  • Option to receive life - long payments for as long as you or your partner are alive – You have the option to choose a single life or a joint life annuity.

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Unique Features

  • Guaranteed Monthly Income offered in the first five years of the payout period is doubled in the remaining five years. The Plan offers you a commutation option wherein you can receive the present value of the survival and death benefit respectively instead of the monthly payouts. This option can be availed anytime once the monthly payout has been started.

Eligibility Criteria

Eligibility Criteria
Minimum/ Maximum Age of Life Insured at Entry (age as on last birthday) Minimum Entry Age: 25 years  for both 6 and 12 year Policy Terms
Maximum Entry Ages:
For 6 year Policy Term – 60 years For 12 year Policy Term – 55 years
Maximum Maturity Age of the Life Insured (age as on last birthday) For 6 year Policy Term – 66 years For 12 year Policy Term – 67 years
Premium Payment Term(s) This plan offers only regular premium payment option and has two premium payment term options – 6 years and 12 years. The Premium Payment Term for the chosen option would be same as the Policy Term
Policy Term (s) This plan has two Policy Term options – 6 years and 12 years. The completion of Policy Term will be followed by a Payout Period of ten (10) years (120 months)
Minimum Guaranteed Maturity Sum Assured (GMSA) Minimum GMSA is based on the minimum annualized premium allowed and age of the life insured on issuance of the policy under each variant of the plan:
6 year Policy Term (Age last birthday - 60 years):  Rs. 4,50,873 12 year Policy Term (Age last birthday - 55 years): Rs. 2,69,565
Maximum Guaranteed Maturity Sum Assured (GMSA) No limit, subject to underwriting.

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Product Benefit

Benefit Description
Survival Benefit If the Policyholder has paid all the premiums as and when due and the life insured has survived the Policy Term, then the policyholder is entitled to receive the Survival Benefit as below: 
Survival Benefit  = Income Benefit + Terminal Benefit
Death Benefit during the Policy Term In case of death of the Life Insured within the Policy Term, the beneficiary shall receive the following death benefit:
The lumpsum Death Benefit payable is equal to the Death Sum Assured, which is defined as the higher of:
i) 10 times the Annualised Premium;
ii) 105% of Total Premiums paid;
iii) Guaranteed Maturity Sum Assured (GMSA), and
iv) Guaranteed Death Sum Assured (GDSA
The Death Benefit is payable as a lump sum benefit to the beneficiary. However, instead of taking the death benefit as lump sum, the beneficiary also has the option to avail the death benefit in monthly installments for a period of 10 years post the date of death. On exercising the option, the Death Benefit is paid as follows:
Variant Period Death Benefit 
(as % of Annualised Premium, payable monthly)
6years Policy Term 10yearsfollowing the date of death of the Life Insured 165%/12
12years Policy Term 10years following the date of death of the Life Insured 240%/12
While receiving the Death Benefit in monthly installments, the beneficiary can also choose at a future date to commute all outstanding payouts and receive the present value of the future outstanding payouts as a lump sum as provided under the commutation option. The lump sum payment on commutation to the nominee after discounting, will at  least be equal to the death benefit less installments already paid to the beneficiary. The policy shall terminate on payment of the commuted value.
Death Benefit during the Payout Period There is no risk cover provided during the Payout Period. On the death of the Life Insured during the Payout Period, the beneficiary will continue to receive the outstanding survival benefits (Income Benefit and Terminal Benefit). Additionally, the beneficiary has the option to receive the present value of outstanding survival benefit (Income Benefit and Terminal Benefit) as lump sum as provided under the Commutation Option.

Other Policy Features

Feature Description
Guaranteed Maturity Sum Assured (GMSA) GMSA is defined as the present value of survival benefits calculated at a discount rate of 5.7% p.a. and is expressed in terms of one Annualised Premium. The GMSA is always higher than the sum of the total annualised premiums payable over the policy term for all entry ages and is guaranteed.
Guaranteed Death Sum Assured (GDSA) Guaranteed Death Sum Assured (GDSA) is defined as 12.75 times Annualised Premium for 6 years Policy Term variant and 18.50 times Annualised Premium for 12 years Policy Term variant.
Commutation Option The Company provides an option to the policyholder on survival during the payout period or beneficiary in case of death of Life Insured (called Commutation option) to receive the present value of the outstanding survival and death benefit respectively as lump sum.
Surrender A policy can be surrendered only once it has acquired a surrender value. The policy acquires surrender value as shown below:
6 year Policy Term variant – After payment of 2 full years’ premiums (from 13th month)
12 year Policy Term variant – After payment of 3 full years’ premiums (from 25th month)
Surrender Value is defined as higher of Guaranteed Surrender Value or Special Surrender Value.The GSV/SSV factors will depend on the year of surrender and not on the date of premium discontinuance.The GSV will be a percentage of Total Annualised premiums paid as expressed in the sale brochure
Reduced Paid Up (RPU) Benefit Once the policy has acquired a surrender value, in case of non-payment of due premiums till the expiry of the grace period, the policy will not lapse but will become Reduced Paid-Up (RPU). The policy will continue with reduced benefits as follows.
RPU Death Benefit = (total Annualised premiums paid / total Annualised premiums payable ) x Death Benefit/survival benefit
Grace Period A grace period of thirty (30) days from the due date for payment of each premium will be allowed. During the grace period the Company will accept the premium without charges.
Lapse If the premium is not received within the Grace Period and the policy has not acquired a surrender value, the Policy shall lapse and all the benefits secured under the policy shall also terminate.
Revival of Policy Once the policy has lapsed, it can only be revived within a revival period of two years from the due date of first unpaid premium

Add-ons

Riders are not available in the plan

Exclusions

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

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 Guaranteed Income 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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