Robinhood Insurance Broker Private Limited

Product Info

UIN

104L081V01

Status

Active

Launch Date

22/11/2013

Withdrawn Date

Product Overview

  • It helps the customer to maximize their savings in order to enable yourself to live life to the fullest, fulfill their wishes, and accomplish their own dreams.
  • It provides a Life insurance coverage which gives the choice of protection cover basis age of the Life Insured.
  • It also allows a Dynamic Asset Allocation mechanism to protect the investments against market volatility.
  • It gives the flexibility to make a Partial Withdrawals to meet unplanned expenses.

Product Description

  • This Policy is a Non-Participating Unit-Linked Insurance Plan.
  • Option to choose the Premium Payment Term as per your convenience.

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Unique Features

  • The Plan offers sum assured plus fund value in case of death.
  • The plan offers "Dynamic Fund Allocation" option in which funds are invested in equity and debt funds in a fixed proportion and the funds are switched from equity fund to secure fund systematically as per number of years left to the maturity.

Eligibility Criteria

Eligibility Criteria
Age at Entry (Min) 18 years
Age at Entry (Max) 55 years
Maximum Maturity Age of the Life Insured (Age as of last birthday) 70 years
Policy Term 15 years
Premium Paying Term 7 years to 10 years
Premium Payment Mode Annual mode only
Minimum Annualised Premium Rs 35,000
Maximum Annualised Premium No limit
Minimum Sum Assured Rs 385,000
Maximum Sum Assured No Limit, subject to underwriting, as per the Board approved underwriting policy of the Company
Sum Assured multiples Age of the
Life Insured at entry (Age as of last birthday)
Sum Assured Multiple(s) available
18 to 34 years 11, 15 or 20 times of Annualised Premium
35 to 44 years 11 or 15 times of Annualised Premium
45 years & above 11 times of Annualised Premium

OneInsure App Benefits

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Product Benefit

  • Maturity benefit: Fund value is paid on maturity
  • Death Benefit: Sum Assured plus Fund Value as on the date of death, subject to a minimum of 105% of all premiums paid
 

Other Policy Features

Feature Description
Surrender 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
Top Up Not available in this plan 
Partial Withdrawals Minimum amount charged for the partial withdrawal is Rs 5000, and maximum is 50% of the fund value
Switch: Switch Units between available Funds at any time during the Policy Term, subject to a minimum Switch amount of ` 5,000. Maximum of twelve (12) Switches are allowed in a policy year and they are free of charge.
Any time impose a complete or partial ban on switches, with prior approval from the Authority, for a time period not exceeding 30 days
the Company considers that it is appropriate to do so in order to maintain the stability of a Fund or Funds or is necessary to protect the interest of the Policyholders.
Settlement Option: You may, at least fifteen (15) days prior to the Maturity Date, opt for a Settlement Option
Company will continue to manage the Funds for you for a maximum period of five (5) years from the Maturity Date and make periodic payments.
The balance number of Units in the Fund at the start of the settlement period will be divided in equal installments for payout over the settlement period.
Discontinuance of Payment of Premium during First Five Policy Years The Notice Period- In case the premium is not paid by the expiry of the Grace Period, the Company will, within 15 days of the expiry of the Grace Period
Revive the policy within a period of two years from the Date of Discontinuance of the policy.
Complete Withdrawal (Surrender) from the policy without any risk cover
Dynamic Fund Allocation Funds are maintained in Growth Super and Secure funds in a pre-defined proportion. This proportion changes by the way of switching as per the years left for maturity and matrix below
 
Discontinue paying the Annualised Premiums In case the premium is not paid by the premium due date, a Grace Period of 30 days from the due date of first unpaid premium will be allowed.
In case the premium is not paid by the expiry of the Grace Period, the following provisions will apply
Dynamic Fund Allocation Under this option, assets under management shall be maintained amongst Growth Super Fund and Secure Fund in a pre-defined proportion that changes depending upon the years left to maturity as per the matrix below
Number of Years to Maturity Funds in Growth Super Fund Funds in Secure Fund
11-15 years 70% 30%
6-10 years 50% 50%
0-5 years 30% 70%
 
Funds Available  Fund Name Govt. Sec/Corporate Bonds/Money Market Instruments Equity and Equity Related Securities
Growth Fund 20%-60% 40%-70%
Growth Super Fund 0%-30% 70%-100%
Balanced Fund 60%-90% 10%-40%
Conservative Fund 85%-100% 0%-15%
Secure Fund 100% NIL
 
Policy Loan Provisions Not available in this plan

Add-ons

Not available in this plan

Charges

Charges
Premium Allocation Charge
Policy Year Allocation Charge
(as % of Premium)
1 to 5 years 4%
Year 6 & above 2%
 
Policy Administration Charge This is a charge expressed as a percentage of premiums paid i.e. 0.24% of Annualised Premium per month for both variants
This charge will inflate at 4% p.a. compounded annually from start of the 2nd
Policy Year but will not be greater than ` 400 per month at any point during the Policy Term
Fund Management Charge
Name of The Fund Charge (per annum) as % of Fund Value
Growth Fund 1.25%
Growth Super Fund 1.25%
Balanced Fund 1.10%
Conservative Fund 0.90%
Secure Fund 0.90%
 
Surrender/Discontinuance Charge
If Policy is Surrendered/ discontinued Surrender/Discontinuance Charge shall be lower of the following
As a % of Annualised Premium As a percentage of Fund Value Fixed amount (Rs.)
In 1st Policy Year 6% 6% 6,000
In 2nd Policy Year 4% 4% 5,000
In 3rd Policy Year 3% 3% 4,000
In 4th Policy Year 2% 2% 2,000
Note:- No Surrender/Discontinuance charge shall be levied from 5th Policy Year onwards.
 
Mortality Charge
Age Mortality charge (Rs.)
(per Rs.1,000 Sum Assured)
25 1.13
30 1.17
35 1.39
40 2.05
 
Partial Withdrawal Charge After the first five policy years, a maximum of two Partial Withdrawals are allowed in a policy year and both are free of charge.
 
Switch Charge A maximum of twelve Switches are allowed in a policy year and all are free of charge
Any Other Charges
Miscellaneous Charges Service Tax and Education Cess is applicable on all charges as per the prevailing laws.
Any further taxes and cess shall be passed on to you.
 
Premium Redirection Charge A maximum of six Premium Redirections are allowed in a policy year and all are free of charge.

Exclusions

Suicide:

  1. All risks under the Policy shall come to an end simultaneously and the Policy will terminate
  2. The Fund Value, as on the date of death, to the beneficiary will be paid(nominee/Policyholder, as the case may be).

Tax Benefits

Tax benefits are subject to the changes in tax laws. You may be entitled to certain applicable tax benefits on your premiums and Policy benefits.

Claim Process

Claim process of Max Life Maxis 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

BENEFITS OF BUYING FROM ONEINSURE

OneInsure is owned by Robinhood Insurance Broker Pvt. Ltd.

Robinhood is known for its user & customer centric approach. We take care of all the phases of insurance, whether you've bought the policy from us or not.

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₹. 3,900/ Month.

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