Robinhood Insurance Broker Private Limited

Product Info

UIN

117L072V01

Status

Withdrawn

Launch Date

04/11/2011

Withdrawn Date

30/11/2013

Product Overview

This plan is desgined to Help the customer to build a corpus for theirs child's future. It helps to Shields your savings from market uncertainty. Built-in flexibilities and provisions to maximize your wealth.

Product Description

  • It is a Unit-Linked Insurance plan for the benefit of the child.
  • In this plan, policy tenure can be 10, 15 or 20 years.
  • This plan also offers Loyalty Additions to policies with tenure of 15 or 20 years.
  • Fund Value + Loyalty Additions are paid to the policyholder on maturity as Maturity Benefit.

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Unique Features

  • This plan also offers Loyalty Additions to policies with tenure of 15 or 20 years which is 2% or 3% of Average Fund Value.
  • In the case of death of the life assured, sum assured is paid and all the future premiums are waived off. Fund value along with loyalty additions are paid as per the schedule on the maturity.
  • There is Systematic Transfer Option in this plan.
  • Death benefit is equal to Sum assured + all the future premiums waived off.

Eligibility Criteria

Eligibility Criteria
  Minimum Maximum
Age at Entry for Life Insured 18 Years 55 Years
Age at Entry for beneficiary 90 days 17 years
Premium Payment term Same as policy Term
Minimum Annualised Premium Rs. 18,000 p.a.
Maximum Annualised Premium Till age 35 : 2 lakh
36-45 age : 1.25 lakhs
Age 46+ : 1 lakh
Policy Term 10, 15 & 20 years
Sum Assured 10 times the chosen Annualised Premium only
Premium Payment modes Annual, Semi Annual, Quarterly, monthly and PSP (Payroll Savings Program)

 

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Product Benefit

Benefit Description
Maturity Benefit Fund Value along with Loyalty additions, as applicable, will be paid to the customer.
Death Benefit Higher of Sum Assured or 105% of the Total Regular Premium paid is paid immediately to the beneficiary, subject to acceptance of claim by the insurance company.
Future Premiums payments under the Policy will cease. In addition, the MetLife will credit on a regular basis an amount equivalent to one annualized regular premium as a part of PWB on a monthly basis into Policyholder’s Fund.

Other Policy Features

Feature Description
 Loyalty Additions Policy Term  Loyalty Additions as a percentage of  Average Fund Value*
15 Years 2.00%
20 Years 3.00%
Policy is in-force when the insured has made the payment for all due premiums in full till maturity in the event the Policyholder is alive.
Policy is in force with payment of all due premiums in full till the death of the insured.
 
Discontinuance of Premium Policy is discontinued within the lock-in period of 5 years from the date of commencement of the Policy
The Fund Value under the said Policy, after deduction of the Discontinuance Charges (as specified in the Table of Policy Charges), will be credited to a separate fund called the Discontinued Policy Fund.
No other charges except Fund Management Charge of discontinued fund will be recovered at the time of NAV declaration on a daily basis.
The proceeds of the discontinued policies should be at least equal to the Fund Value transferred to the Discontinuance Fund under the policy, accumulated at the minimum interest rate of SBI Savings bank Account as prevalent from time to time.
You have an option to revive your Policy within 2 years from the date of discontinuance but before the expiry of the lock-in period of 5 years.
Policy is discontinued After the lock-in period of 5 years from the date of commencement of the Policy
The proceeds of the discontinued policy will be payable to you immediately upon such Discontinuance.
Unit Allocation The minimum amount allocated to any Unit Linked Fund shall be 20% of the Regular Premium or Top-up premium subject to applicable rules, if any, of that Unit Linked Fund
If the Regular Premium is received by local cheque/DD (payable at par where the premium is received) on or before 15:00 hours on a Business Day, the Valuation Date will be the same Business Day
If the Regular Premium is received by local cheque/DD (payable at par where the premium is received) after 15:00 hours on a Business Day, the Valuation Date will be the next Business Day
If the Regular Premium is received by any other authorized mode, the Valuation Date will be the Business Day on which the payment is realized.
If no valuation is undertaken on a Business Day, then the Valuation Date will be the date when the next valuation is done
Top Up Top Premium is allowed in this plan.
Switching There is allowed in this plan. The first 4 switches in a policy year are allowed free of cost and there is a charge of Rs 250 per switch thereafter
Premium Redirection The Proportion for any chosen fund should be at least 20% of the regular premium
Premium Redirection facility is not available in case you opt for Auto rebalancing option.
Subsequent changes in a Policy Year would be considered as an alteration and would be subject to Miscellaneous Charges.

Add-ons

Waiver of Premium (WoP):- There are No Additional Riders in this plan. However, there is 1 in built rider: Future premiums are waived off in case of a critical illness.

Charges

Charges
Premium Allocation Charge Policy Year Premium Allocation Charge
1  7% of Premium
2 6% of Premium
3 5% of Premium
 
Policy Administration Charge Policy Year Policy Administration Charge
1st to 5th Rs 10 p.m.
6th onwards Rs 35 p.m.
Settlement Period Rs 35 p.m.
Notes: This is the charge for the administrative working of the policy and is deducted by cancellation of units on a monthly basis.
 
Fund Management Charge Type Charge
Protector II Fund 1.00% of Protector II Fund Value
Preserver II Fund 1.00% of Preserver II Fund Value
Balancer II Fund 1.15% of Balancer II Fund Value
Flexi Cap Fund 1.25% of Flexi Cap Fund Value
Virtue II Fund 1.25% of Virtue II Fund Value
Multiplier II Fund 1.25% of Multiplier II Fund Value
Discontinue Fund 0.50% of Discontinue Fund Value
Notes :-  This charge is deducted by adjusting the NAV of the units on a daily basis.
Discontinuation Charge policy year Annual premium ≤ Rs.  25,000 Annual premium > Rs. 25,000
1 Lower of 20% of (AP or FV), subject to a maximum of Rs. 3,000 Lower of 6% (AP or FV), subject to a maximum of Rs. 6,000
2 Lower of 15% of (AP or FV), subject to a maximum of Rs. 2,000 Lower of 4% of (AP or FV), subject to a maximum of Rs. 5,000
3 Lower of 10% of (AP or FV), subject to a maximum of Rs. 1,500 Lower of 3% of (AP or FV), subject to a maximum of Rs. 4,000
4 Lower of 5% of (AP or FV), subject to a
maximum of Rs. 1000
Lower of 2% of (AP or FV), subject to a maximum of Rs. 2,000
5 and onwards NIL Nil
Notes: This charge is for discontinuing the plan before the end of the Policy Tenure.
Switching Charges Four switches in a policy year will be allowed free of charge thereafter a charge of Rs.250 per additional switch will be levied.
Partial Withdrawal Charge Two partial withdrawals are allowed in a Policy Year of which the first one is free of charge. Rs 250 will be charged on the subsequent partial withdrawal done in the same policy year
Mortality Charge This charge is paid for the Life Coverage provided according to the Sum At Risk. This is based on the mortality rates which are specified for all ages and amount of cover being provided.
Notes: Mortality charge = (Sum at risk/1000)*COI  Where, Sum at risk is defined as higher of (105% of the total premiums paid or Sum Assured) plus discounted value of future outstanding premiums (For further details please refer the Policy Terms and Conditions)

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

Tax benefit under Section 80 C & 10(10D) as per Income Tax Act 1961

Claim Process

Know claim process of Met Smart Child Plan

Claim Process

Company Overview

PNB MetLife India Insurance Company Limited (PNB MetLife) is one of the fastest growing life insurance companies in the country, having as its shareholders, MetLife International Holdings LLC. (MIHL), Punjab National Bank Limited (PNB), Jammu & Kashmir Bank Limited (JKB), M. Pallonji and Company Private Limited and other private investors, with MIHL and PNB being the majority shareholders. PNB MetLife has been present in India since 2001.

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