Robinhood Insurance Broker Private Limited

Product Info

UIN

121L082V01

Status

Withdrawn

Launch Date

25/02/2011

Withdrawn Date

16/12/2013

Product Overview

Reliance Pay Five insurance plan is a great financial product that helps you build a substantial corpus by paying just 5 premiums per year. This plan offers flexibility to choose between five investment funds and to actively manage your investment.

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, annual premium is paid only for a period of 5 years but the policy continues till the end of the Policy Term.
  • Death Benefit - if the Life Insured dies within the policy tenure, the nominee would receive Double Death Benefit, i.e. the Sum Assured + the Fund Value as Death Benefit.

Eligibility Criteria

Eligibility Criteria
Age at entry
(last birthday)
7 to 11 12 to 45 46 to 50 51 to 55 56 & above
Maximum Sum Assured as multiple
of Annualised premium
 5 lac (across all policies with Reliance Life) 30 20 10 7
Note: At any point of time, the minimum death benefit shall be 105% of the total premiums (including top-ups) paid.
Maximum Maturity Age 22 years last
Minimum Term      15 years 
Maximum Term    30 years 

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Product Benefit

  • Maturity Benefit: On the survival of the life assured to maturity, fund value related to the plan less the loan outstanding and the interest on loan outstanding will be paid in lump sum. The Values are:
  1. Fund Value under basic plan corresponding to premiums paid till date
  2. Fund Value under Top-Up premiums (if any)
  • Death benefit:
  1. Sum Assured under the base plan and top-up Plus the fund value under the base plan and the top-up as on the date of intimation of death will be paid.
  2. At any point of time, the minimum death benefit shall be 105% of the total premiums (including top-ups) paid.

Other Policy Features

Feature Description
Discontinuance charge
The policy year during which the policy is discontinued Discontinuance charge if the annualised premium is less than or equal to Rs 25,000 Discontinuance charge if the annualised premium is greater than Rs 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 Rs 6,000
2 Lower of 15% of (Annualised premium or Fund value), subject to a maximum of Rs 2,000 Lower of 4% of (Annualised premium or Fund value), subject to a maximum of Rs 5,000
3 Lower of 10% of (Annualised premium or Fund value), subject to a maximum of Rs 1,500 Lower of 3% of (Annualised premium or Fund value), subject to a maximum of Rs 4,000
4 Lower of 5% of (Annualised premium or Fund value), subject to a maximum of Rs 1,000 Lower of 2% of (Annualised premium or Fund value), subject to a maximum of Rs 2,000
5 and above Nil Nil

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.
  • AD & Total and Permanent Disablement Rider:
    Provides 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 in case of disability
  • Family Income Benefit Rider:
    Benefit of 1% of the rider sum assured every month (i.e.12% per annum) is provided, the benefit is payable from the date of the death or total and permanent disablement of the life assured.

Charges

Charges
Partial withdrawal charge Partial withdrawal charge of Rs 100 will be collected from the
fund withdrawn, on every partial withdrawal.
Fund management charge
Fund Name Annual Rate
Life Corporate Bond Fund 1 1.25%
Life Money Market Fund 1 1.25%
Life Money Market Fund 1 1.25%
Life Gilt Fund 1 1.35%
Life Infrastructure Fund 2 1.35%
Life Midcap Fund 2 1.35%
Life Pure Equity Fund 2 1.35%
Life Balanced Fund 1 1.25%
Discontinued Policy Fund  0.50%
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
 Transfer Plan Option is selected. 
Recovery of Charges Mortality Charges
Accidental Death Benefit charges
Allocation charges
Policy administration charge
Fund Management charges
Partial Withdrawal charge
Premium for rider benefit
Service Tax Charge
Switching charge
Miscellaneous Charge
Allocation charges
Policy Year Allocation Charge as a percentage of annual premium
1 year 8.00%
2nd year to 5th year 5.50%
6th year to 9th year 5.00%
10th year onwards 3.00%
Mortality charges The amount of life insurance cover
The attained age of life assured
The occupation of the life assured
The health of the life assured
Death benefit charges Annual charge for Accidental Death Benefit is Rs 1 per 1000
Sum Assured and will be deducted on monthly basis at the
beginning of each policy month using 1/12th of the charge.
   

Exclusions

If suicide is committed within one year from the policy commencement date, this policy shall be treated as null and void, and the Company will limit the death benefit to the Fund Value and will not pay any insured benefit

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 Pay Five 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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