Robinhood Insurance Broker Private Limited

Product Info

UIN

121N107V01

Status

Active

Launch Date

01/04/2015

Withdrawn Date

Product Overview

Reliance Fixed Money Back Plan is a money back insurance plan that offers fixed periodic lump sum in the last five years of the policy term. The plan offers you the flexibility to choose an appropriate life cover which safeguards your family against any unforeseen eventualities.

Product Description

  • Fixed money back during the last five years of the plan
  • Fixed loyalty additions of 3% of base sum assured accruing every year
  • Guaranteed maturity benefit as total accrued fixed loyalty addition
  • Flexibility to choose premium term of 5, 7 or 10 years

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Unique Features

  • Reliance Fixed Money Back Plan is a traditional limited premium paying money back plan without bonus facility.
  • Plan provides 2 Guarantee Benefit: Fixed money back benefit - as a percentage of sum assured paid in the last 5 years of the policy & Fixed loyalty additions - 3% of sum assured added every year and paid along with maturity.
  • 2 Death Benefit options provided:
  1. Option 1 will keep on paying guarantees only if the life assured is alive till maturity.
  2. Option 2 will keep on paying guarantees even if the life assured dies before the maturity.

Eligibility Criteria

Eligibility Criteria
Parameters  Minimum Maximum
Age at Entry 20 (last birthday) 60 (last birthday)
Age at Maturity 30 (last birthday) 70 (last birthday)
Sum Assured 25,000 No limit, subject to company's board approved underwriting policy
Policy Term 10 20
Premium Payment Term
Equal to Term policy
Premium Payment frequency Yearly, Half-yearly, Quarterly, Monthly
Flexible Premium Paying Mode Yearly, Half-yearly, Quarterly, Monthly
Loading on premium will be applicable as per the table below:-
Modes
Model Loading
Yearly Nil
Half-yearly 1%
Quarterly 2%
Monthly 4%

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Product Benefit

Benefit Description
 Death Benefit   In case of death of the life insured during the policy term, provided the policy is in force and all due premiums have been paid in full, the claimant will receive the following benefits irrespective of any Fixed Money back Benefit already paid, based on the plan option chosen at inception. 
• Option A - Sum Assured or 105% of all the premiums paid
• Option B - Sum Assured or 105% of all the premiums paid, in addition the premium payment will cease and claimant will receive unpaid fixed money back benefits and guaranteed maturity benefits.
Plan Option A Plan Option B
Higher of 
Sum Assured on death or
105% of the premium paid as on date of death. The policy will terminate on payment of death benefit.
Higher of 
Sum Assured on death or
105% of the premium paid as on the date of death. In addition the premium payment will cease and the claimant will receive the unpaid Fixed Money Back Benefit and Guaranteed maturity benefit when due.
 
Death Benefit Option  Death Benefit Multiple Minimum age at Entry
10X 10 18
7X 7 45
 
Death Benefit
Option 10X
Maximum age at Entry (years)
Plan Option A Plan option B
PPT/PT 15 20 15 20
5 50 55 45 50
7 55 55 50 50
10 55 55 50 55
 
Death Benefit
Option 7X
Maximum age at Entry (years)
Plan Option A Plan option B
PPT/PT 15 20 15 20
5 55 55 50 55
7 55 55 50 55
10 55 55 50 55
 
     Maturity Benefit At the end of the policy term you will receive Guaranteed Maturity Benefit which is the total Accrued Fixed Loyalty Additions.
Policy Year  15 20
Assured fixed Loyalty Additions 
( as a % of base Sum Assured )
45% 60%
Note: Fixed Loyalty Additions of 3% of the Sum Assured will accrue at the end of every year, provided the policy is not surrendered, Paid up or lapsed, and will be paid on the maturity or on earlier death as per the plan option chosen.

Other Policy Features

Feature Description
Option A Option B
Fixed Money Back Benefit and Guaranteed Maturity Benefits will be paid to the policyholder only on the survival of the life assured Fixed Money Back Benefit and Guaranteed Maturity Benefits will be paid to the claimant, when due irrespective of the survival or the death of the life assured and premium paying ceases on death.
           
Fixed Money Back Benefits Policy Term 15 years  20 years  Fixed Money Back Benefits
(as % of Base Sum Assured)
End of Policy Year 11 16 15%
12 17 15%
13 18 15%
14 19 15%
15 20 40%
 
Premium  Discontinuance The policy shall acquire a Surrender value on the payment of 
Atleast Two full years' premium, if the premium paying term is less than 10 years and more.
If the policy have acquired surrender value and no future premium are paid, you may choose to continue Policy on Paid up Basis
On your policy becoming Paid- up, all rider benefits will cease immediately and  the benefits under the plan will be reduced as given below
Events How and when payable Size of such Benefits
Death of the Life Insured  On the death of the Life Assured during the policy term provided the policy is in force as on the date of death. Sum Assured on Death* Paid Up factor Under Option B
In addition to the above stated benefit the claimant will also get the Paid up Fixed Money Back Benefits and the Paid up Guaranteed Maturity Benefit as per the benefit schedule
Money Back Benefit Fixed money back benefit will be payable on the survival of the life assured under Option A
Fixed Money Back Benefits will be payable irrespective of survival or death of the life assured under option B
Fixed Money Back benefit as a Percentage of Base Sum Assured* Paid Up Factor
Maturity of the policy Maturity Benefit shall be payable on the survival of the Life Assured at the end of policy term under option A
Maturity Benefit shall be payable irrespective of survival or death of the life assured under option B
Guaranteed Money Back * Paid Up Factor
 
Surrender Value If the policy acquires surrender value and you choose to discontinue your policy, you will be entitled to the surrender value, which is higher of the Guaranteed Surrender Value or Special Surrender Value of the policy . The policy will be terminated once it is surrendered and it cannot be reinstated.
 
Revival  You can your lapsed/ Paid-up policy and the riders for its full coverage within two years from the due date of the first unpaid premium but before the policy maturity, by paying all outstanding premium together with the interest as applicable.
The interest for the revival of the policy will be charged at market related rates stated by the company from time to time.
On revival, the policy will be eligible for future Fixed Loyality Additions and any due Fixed Loyality Additions will also be added to the policy.
 
Loan  Once the policy acquires surrender value, you may take a loan maximum 80% on the Surrendered value under the Base Plan and the interest will be according to the market rates.

Add-ons

  • Reliance New Major Surgical Benefit Rider:
    Reliance New Major Surgical Benefit Rider provides lump sum amount to take care of 25 critical conditions including Cancer, Heart Attack, Paralysis, Major Organ transplant and many more.
  • Reliance New Critical Conditions Rider:
    Reliance New Critical Conditions Rider provides lump sum amount to take care of 25 critical conditions including Cancer, Heart Attack, Paralysis, Major Organ transplant and many more.
  • Reliance Life Insurance Family Income Benefit Rider:
    Reliance Life Insurance Family Income Benefit Rider provides a monthly benefit of 1% of sum assured every month (i.e.12% per annum).
  • Reliance Accidental Death Benefit and Total and permanent Disablement Rider (Regular Premium):
    Reliance Accidental Death Benefit and Total and permanent Disablement Rider provides an additional death or disability benefit, if death/disability benefit occurs directly as a result of an accident. Also, the pemium of the waiver benefit under the rider continues in the plan in case of disability.
  • Reliance Accidental Death Benefit and Total and permanent Disablement Rider (Limited Premium):
    Reliance Accidental Death Benefit and Total and permanent Disablement Rider provides an additional death/disability benefit, if it occurs directly as a result of an accident. Also the waiver of premium benefit under the rider continues in the plan in case of disability.

 

Exclusions

If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of reinstatement of the Policy, the Policy shall be void and the Company will only be liable to pay the higher of 80% of premiums paid or the surrender value.

Tax Benefits

Tax benefits will be as per section 80C and section 10(10D) of the income tax, 1961

Claim Process

Know claim process of Reliance Fixed Money Back Plan

Claim Process

Company Overview

Reliance Life Insurance is a part of Reliance Capital of the Reliance Group. Reliance Capital is one of India's leading private sector financial services companies, and ranks among the top private sector financial services and non-banking companies, in terms of net worth. Nippon Life Insurance Company acquired 26% interest in equity share capital of the Company effective October 7, 2011 subsequent to receipt of all regulatory approval.

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