Robinhood Insurance Broker Private Limited

Product Info

UIN

121L085V01

Status

Withdrawn

Launch Date

31/01/2012

Withdrawn Date

16/12/2013

Product Overview

Reliance Life Insurance Classic Plan - II helps you plan your finances wisely, cover the risk arising due to loss of life and assumes all the flexibilities required in a financial product.

Product Description

  • Dual benefit of market linked return and insurance protection
  • Investment opportunity with flexibility - Choose from 8 pure investment fund options
  • Option to pay Top-up Premium(s)
  • A host of optional rider benefits to enhance protection cover

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Unique Features

  • In this plan, premium needs to be paid either till the end of the Policy Tenure, as in Regular Payment Option or in a lumpsum under Single Payment Option.
  • This plan has the option of converting the benefits of this plan after completion of 5 policy years to another plan wherein exchange option is available.

Eligibility Criteria

Eligibility Criteria
    Minimum Maximum
Age at Entry (Years) 7 (last birthday) 60 (last birthday)
Policy Term (Years) Regular 15 30
Single 20
Age at Maturity (Years) 22 (last birthday) 75 (last birthday)
Premium Payment Term(Years) Regular Regular Equal to policy term
  Single One-time payment
Annual Premium Amount (Rs) Regular 15,000 No Limit (subject to Sum Assured limits T&C)
  Single 75,000
Premium Payment modes Yearly, Half-Yearly, Quarterly and Monthly for
Regular Premium policy
Sum Assured under the Base Plan
Minimum
Sum
Assured
Premium Payment
Option
If the age at entry is less than
45 years
If the age at entry is greater
than or equal to 45 years
Regular Pay Higher of
• 10 times of Annualised
Premium
• 0.5 x policy term x Annualised
Premium
Higher of
• 7 times of Annualised
Premium
• 0.25 x policy term x
Annualised Premium
Single Pay 125% of Single Premium 110% of Single Premium
Maximum
Sum
Assured
Premium Payment Option Age at entry (last birthday) Maximum Sum Assured
(as a multiple of Annualised
Premium)
Regular
Premium
7 to 11 30 times
12 to 50 30 times
51 to 55 25 times
56 to 60 20 times
Premium Payment Option Age at entry
(last birthday)
Policy Term
(yrs)
Maximum Sum Assured
(as multiples of Single
Premium)
Single
Premium
7 to 11 15 to 30 6 times
12 to 30 15 to 30 6 times
31 to 40 15 to 25 5 times
26 to 30 3 times
41 to 50 15 to 25 5 times
26 to 30 2 times
51 to 60 15 to 24 2 times
Sum Assured under Top-up
Sum
Assured
If the age at entry is less than
45 years
If the age at entry is greater
than or equal to 45 years
125% of Single Premium 110% of Single Premium

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Product Benefit

Benefit Description
Maturity Benefit On survival of the Life Assured till the end of the policy term, provided the policy is in force and
all due premiums are paid, the Fund Value including claw-back additions, if any, under the base
policy and under Top-ups, if any, will be paid.
Death benefit On death of the Life Assured, provided the policy is in force as on the date of death, the following
benefits are payable:
Sum Assured or Fund Value whichever is higher, plus
Top-up Sum Assured or the Top-up Fund Value whichever is higher
At any point of time, the minimum death benefit shall be 105% of the total premiums, including
Top-ups, paid.
If death is due to an accident, an additional benefit equal to the Sum Assured is payable

Other Policy Features

Feature Description
Fund Options The plan offers 5 fund options at inception
Life Equity Fund 3
Life Corporate Bond Fund 1
Life Money Market Fund 1
Life Pure Equity Fund 2
Life Balanced Fund 1
Discontinued Policy Fund For the policies where the premiums are discontinued, the Fund Value will be moved to Discontinued Policy Fund. The proceeds of the Discontinued Policy Fund shall be refunded only upon completion of the 5 policy anniversaries.
Top-ups Top-ups can be accepted only where the due base Regular Premiums are paid-up to date. The
minimum Top-up Premium at any time is Rs 5,000.T&C3 The total Top-up Premiums at any point of
time shall not exceed 100% of the total Regular Premium paid till that time.
Partial withdrawal Partial withdrawals are available only after the completion of 5 policy anniversaries or on
attainment of age 18 by the Life Assured, whichever is later.
The minimum amount of partial withdrawal is ` 5,000 and the maximum amount of partial
withdrawal should not exceed 20% of the Fund Value at the time of withdrawal.
Switching You have the option to switch amongst the 5 funds as and when you choose, depending on your
financial priorities and investment outlook. You are entitled for 52 free switches each policy year.
Unused free switches cannot be carried forward to a following year.
Premium Redirection You can choose to redirect your premiums in which case your future premiums will be allocated
to funds of your choice, without changing your existing fund allocation.
Exchange Option After completion of 5 policy years, you can transfer your Policy benefits to another plan wherein
exchange option is available.
Settlement Option You have an option to take the maturity proceeds in periodic installments within a maximum
of 5 years from the date of maturity of your Policy.
Systematic Transfer Plan (STP) Systematic Transfer Plan (STP) allows you to invest the portion of Premium or Top-ups initially
into Life Money Market Fund 1 and then systematically transfer (i.e., automatically switch) every
week (not less than 1/4 part of the amount initially invested) into Life Equity Fund 3 option.
Non-Forfeiture Benefits/Surrender Regular Premium The policy can be surrendered only after the completion of 5 policy
years. Surrender Value will be the Fund Value less Discontinuance Charges, if any.
Surrender Value is acquired immediately on payment of the Base Premium.
Single Premium The Surrender Value will be payable after the completion of 5 policy
years. Surrender Value under the Single Premium policy will be the Fund Value. Surrender
Value is acquired immediately on payment of the Single Premium. There is no
Discontinuance Charge under Single Premium policy.
Top-ups Surrender Value under the Top-up will be the Fund Value. Surrender Value is
acquired immediately on payment of the Top-up Premium. There is no Discontinuance Charge on the Top-ups.
Discontinuance of payment of premium Premium discontinuance within first 5 policy years If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the Fund Value net of any discontinuance charge will be transferred to the Discontinued Policy Fund, net of discontinuation charges
  Premium discontinuance after first 5 policy years If the policyholder surrenders the policy after completion of 5 policy years, then the insurance cover will cease, the fund value shall be paid immediately and the policy would be terminated.
Revival You can revive the discontinued policy within
2 years from the date of discontinuance but before the expiry date of the policy term, by paying
all the outstanding premiums to the Company.

Add-ons

  • Major Surgical Benefit Rider:
    Provides lump sum amount to cover surgical expenses from a list of 33 surgeries including Open Heart surgery, Kidney Transplant, Cornea transplantation, Transplant of Lungs and many more.
  • Critical Conditions (25) Rider:
    Provides lump sum amount to take care of 25 critical conditions including Cancer, Heart Attack, Paralysis, Major Organ transplant and many more.
  • Term Life Benefit Rider:
    Provides additional death benefit depending on the sum assured selected under the rider.
  • Family Income Benefit Rider:
    Provides a monthly benefit of 1% of sum assured every month (i.e.12% per annum). The benefit is payable from the date of death till end of the rider policy term or 10 years whichever is later, in the event of death/total and permanent disablement due to accident or sickness, before the maturity of the policy

Charges

Charges
Premium Allocation Charges Policy Year Year 1 Year 2 to
Year 5
Year 6 to
Year 9
Year 10 onwards
  Allocation charge
(as a % of Annualised
Premium)
8% 5.50% 5% 3%
Accidental Death Benefit Charges Annual Charge for Accidental Death Benefit up to age 65 is Rs 1 per 1000 Sum Assured and will
be deducted on monthly basis by cancellation of units.
Fund Management Charges (FMC) Fund Name Annual Rate
Life Equity Fund 3 1.35%
Life Pure Equity Fund 2 1.35%
Life Balanced Fund 1 1.25%
Life Corporate Bond Fund 1 1.25%
Life Money Market Fund 1 1.25%
  Discontinued Policy Fund 0.50%
Policy Administration Charges Regular Premium Policy Rs. 40 per month from Year 6 till the end of the policy term
Single Premium Policy Rs. 40 per month for the entire policy term
Partial Withdrawal Charges A Partial Withdrawal Charge of ` 100 will be deducted from the amount of fund withdrawn
Discontinuance Charges (For Regular Premium Policy) The policy year during which
the policy is discontinued
Discontinuance Charge if the
Annualised premium is less
than or equal to ` 25,000
Discontinuance Charge if
the Annualised premium is
greater than ` 25,000
1 Lower of 20% of (Annualised
Premium or Fund Value),
subject to a maximum of
Rs 3,000
Lower of 6% of (Annualised
Premium or Fund Value),
subject to a maximum of
` 6,000
2 Lower of 15% of (Annualised
Premium or Fund Value),
subject to a maximum of
` 2,000
Lower of 4% of (Annualised
Premium or Fund Value),
subject to a maximum of
` 5,000
3 Lower of 10% of (Annualised
Premium or Fund Value),
subject to a maximum of
` 1,500
Lower of 3% of (Annualised
Premium or Fund Value),
subject to a maximum of
` 4,000
4 Lower of 5% of (Annualised
Premium or Fund Value),
subject to a maximum of
` 1,000
Lower of 2% of (Annualised
Premium or Fund Value),
subject to a maximum of
` 2,000
5 and above NIL NIL
Switching charge There are 52 free switches during any policy year. Subsequent switches if any will have a fixed charge of Rs 100 per switch.
Miscellaneous Charge There is no charge, the first time Systematic Transfer Plan Option is affected for regular premium payment mode as well as top-ups. Subsequently

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 benefits will be as per prevailing tax laws. Tax laws are subject to change.

Claim Process

Know claim process of Reliance Life Insurance Classic Plan II

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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