Robinhood Insurance Broker Private Limited

Product Info

UIN

121N079V01

Status

Withdrawn

Launch Date

09/11/2010

Withdrawn Date

01/01/2014

Product Overview

Reliance Life Insurance Money Multiplier Plan is a non-linked non-participating endowment plan. This plan not only provides protection to your family in your absence, but also creates wealth for the ever growing financial support required. This versatile plan combines the security of long-term insurance protection with the growth potential through an increasing Guaranteed Loyalty Additions every year during the policy term and a Guaranteed Maturity Addition at the end of the policy term.

Product Description

  • Guaranteed Money Back during the last 5 policy years
  • Guaranteed Loyalty Additions up to 40% of Sum Assured
  • Guaranteed Maturity Addition up to 20% of Sum Assured, at maturity of the policy

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Unique Features

  • The plan provides Triple survival benefit like Basic sum assured plus Accrued Guaranteed Loyalty Additions plus Guaranteed Maturity Addition
  • All future premiums are waived and Guaranteed Benefits continue
  • This Plan offers increasing Guaranteed Loyalty Additions every year and Guaranteed Maturity Additions with policy term

Eligibility Criteria

Eligibility Criteria
  Minimum Maximum
Age at Entry 18 years 65 years last birthday
Age at Maturity 28 years 75 years last birthday
Policy Term 10 years / 15 years / 20 years
Minimum Sum
Assured
Rs  50,000 No Limit
 
Flexible Premium Payment Modes You have the option to pay regular premium under yearly, half-yearly, quarterly and monthly mode.
 Quarterly and Monthly modes are allowed only if premiums are paid electronically. 
 The mode of premium payment can be changed on the policy anniversary. 
 
Policy
Term
(yrs.
Total Guaranteed Loyalty Additions
accrued at the end of policy term
Total Guaranteed
Loyalty Additions
Accrued at the
end of policy term in Rs
Guaranteed Maturity
Addition (as a % of
basic sum assured)
Guaranteed
Maturity Addition
(as a % of basic sum
assured)
10 55% 55,000 10% 10,000
15 120% 1,20,000 15% 15,000
20 210% 2,10,000 20% 20,000

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Product Benefit

  • Maturity Benefit:
  1. Basic sum assured
  2. Accrued Guaranteed Loyalty Additions
  3. Guaranteed Maturity Addition

Note : - The policy terminates on payment of maturity benefit

  • Death Benefit: On the death, the nominee will get twice the basic sum assured and Accrued Guaranteed Loyalty Additions, if any

Other Policy Features

Feature Description
Life Cover Benefit  In case of an unfortunate death of the life assured before the maturity date
1) Double the basic sum assured
2) Accrued Guaranteed Loyalty Additions, if any
 
Guaranteed Maturity Addition Guaranteed Maturity Addition = 1%* Policy Term * Basic Sum Assured
 
Guaranteed Loyalty Addition The plan pays Guaranteed Loyalty Additions up to 210% of the basic sum assured provided all due premiums are paid in full. Guaranteed Loyalty Additions will get added to the sum assured at the end of each policy year.
Guaranteed Loyalty Additions (in the 10th year) = 1%* X* Basic Sum Assured
 
Premium for basic plan A modal factor of 1.02, 1.04 and 1.06 will be multiplied to the annual premium, for half yearly, quarterly and monthly modes respectively.
Note:- The modal factors will not be applicable, if the premiums are paid electronically.
 
Premium for rider benefits Premium for rider benefits if selected will be collected over and above the premium under Basic Plan.
 
High Sum Assured Rebate
Sum assured Rebate per 1000 Sum Assured
Less than Rs 1,00,000  Nil
1,00,000 and above but less than  Rs  2,50,000  Rs 1
Rs  2,50,000 and above but less than Rs  5,00,000  Rs 2
Rs  5,00,000 and above but less than Rs  10,00,000  Rs 3
Rs 10,00,000 and above  Rs 4
 
Discontinue the policy
Surrender the policy: Your policy acquires a surrender value after three full year premiums have been paid
 The surrender value is payable only after completion of three policy years.
. The surrender value payable is higher of the Guaranteed Surrender Value (GSV) and Special Surrender
Value (SSV). Once the policy is surrendered in full, it cannot be reinstated.
 
Guaranteed Surrender Value  We guarantee a minimum surrender value of 30% of the total premiums paid excluding first year premium, rider premiums and extra premium paid, 
 
Special Surrender Value Paid up value payable at maturity = Basic sum assured*(number of premiums paid / total number of premiums payable) plus Accrued Guaranteed Loyalty Additions.
 
Completed policy Years Policy
Term 10
Policy Term 15 Policy
Term 20
1 0% 0% 0%
2 0% 0% 0%
3 30% 20% 15%
4 40% 27% 20%
5 50% 33% 25%
6 60% 40% 30%
7 70% 47% 35%
8 80% 53% 40%
9 90% 60% 45%
10 100% 67% 50%
11 NA 73% 55%
12 80% 60%
13 87% 65%
14 93% 70%
15 70% 75%
16 NA 80%
17 85%
18 90%
19 95%
20 100%
 
Discontinue paying premium
Lapse  If less than three years' premiums have been paid and should you decide to stop paying further premiums, your policy will lapse at the end of the grace period and Insurance Cover and Rider benefits cease immediately. 
No benefits will be paid when the policy is in lapsed status. Accrued Guaranteed Loyalty Additions, if any, are not payable for a policy in lapsed status. 
 
Paid up Paid up value payable on death = Twice the basic sum assured * (Number of premiums paid / total number of premiums payable) plus Accrued Guaranteed Loyalty Additions.
Paid up value payable on maturity = Basic sum assured* (number of premiums paid / total number of premiums payable) plus Accrued Guaranteed Loyalty Additions.

Add-ons

  • Reliance Accidental Death and Total and Permanent Disablement Rider:
    Provide additional death/disability benefit if the death/disability occurs as a result of an accident. Also, the Waiver of Premium benefit under the rider continues the plan incase of disability
  • Reliance Term Life Insurance Benefit Rider:
    Provide additional death benefit depending on the sum assured selected under the rider.
  • Reliance New Major Surgical Benefit Rider:
    Provides lump sum amount to cover surgical expenses from a list of 33 surgeries including Open Heart surgery, KidneyTransplant, Cornea transplantation, Transplant of Lungs and many more.
  • Reliance New Critical Conditions (25) 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 Life Insurance Family Income Benefit Rider:
    This rider provides a benefit of 1% of the rider sum assured every month (i.e.12% per annum), to the beneficiary.

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 Money Multiplier Paln

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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