Robinhood Insurance Broker Private Limited

Product Info

UIN

121L090V01

Status

Withdrawn

Launch Date

11/02/2013

Withdrawn Date

16/12/2013

Product Overview

It is a non-participating unit-linked pension plan that allows you to save systematically and build up the much needed corpus to make your autumn years very special.

Product Description

  • A non-participating unit-linked pension product with Rs/vesting age between 45 & 75 years
  • Guaranteed Loyalty Additions of up to 9% of the Annualized/Single premium at the end of every third policy year
  • Flexibility of premium payment in Regular /Limited/ Single Payment mode
  • Option to pay Top-up Premum(s).

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Unique Features

  • The plan provides Guaranteed Loyalty Additions of up to 9% of the Annualized/Single Premium at the end of every 3rd policy year from the end of 6th policy year if the policy is in force.
  • A host of optional riders to choose from.

Eligibility Criteria

Eligibility Criteria
Minimum Age at entry 18 Years (last birthday)
Maximum Age at entry   65 years (last birthday)
Maximum Rs Age 45 years
Premium Paying Term 10 years 30 years
Minimum Term      10 years for single premium & 15 years for regular limited premium paying term
Maximum Term    30 years
  Premium paying term
  10 to 14 years 15 to 19 years 20 years & above
Annually 48,000 48,000 24,000
Half Yearly 24,000 24,000 12,000
Quarterly 12,000 12,000 6,000
Monthly 4,000 4,000 3,000
Maximum No Limit
Single Pay 50,000  50,000 50,000
Maximum No Limit
Top Up
Top Up  Rs 5000 Rs  5,000 Rs 5,000
25% of all the base premiums paid till that time.
Premium Frequency Annual, Half-Yearly, Quarterly, Monthly and Single

OneInsure App Benefits

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Product Benefit

  • Maturity Benefit:
    Basic Sum Assured, along with vested simple reversionary bonuses and Final Additional bonus, if any, shall be payable in lump sum on Survival to the end of the policy term provided all due premiums have been paid.
  • Death Benefit:
  1. On the date of death, the higher of the total of balances in the unit account as on the date of intimation of death or 105% of the total premiums paid 
  2. The policy terminates on payment of the death benefit.
  3. Withdraw the entire proceeds of the policy

Other Policy Features

Feature Description
Annuity options  A life annuity
A life annuity with return of purchase price on death
 An annuity guaranteed for 5, 10 or 15 years and payable for life thereafter.
Loyalty Addition Benefits
Policy Year (End) Guaranteed Loyalty Additions as a percentage of Annualized Premium/ Single Premium
6 1%
9 2%
12 3%
15 4%
18 5%
21 6%
24 7%
27 8%
30 9%
A loyalty addition will be given at the end of every third policy year. Loyalty additions will be added in the fund.
The loyalty addition will be as per the table given below.
 
Investment options
Fund Name & Objective Asset Allocation Asset
Allocation
Range (%)
Risk Profile
Pension
Smart
Fund 1
Cash/ Money Market Instruments/
Deposits/ Liquid Mutual Funds
0-90 15 High
Govt. Securities/
Fixed Income Instruments
10-100 70
Equity 0-90 15
 
Discontinued Policy Fund
Fund Name & Objective Asset Allocation Asset
Allocation
Range (%)
Risk Profile
Discontinued Policy Fund Debt securities, Bank Deposits,
Mutual Funds & Money Market Securities
100 100
 
Discontinue/surrender the Policy  The policyholder has to exercise any one of the options within 30days from the date of receipt of the revival notice.
The policy will participate in the performance of fund. Mortality Charge and Policy Administration Charges and applicable taxes will be deducted from the fund value by cancellation of units
 
Surrender Value under the single premium policy Surrender value is acquired immediately on payment of the single premium. 
There is no discontinuance charge under single premium policy. 
Once a policy is surrendered in full, it cannot be reinstated.
 
Revival If premium not paid within grace period revival notice will be paid to the policyholder. 
The policyholder may revive a policy by the payment of the due premium(s) at any time within a period of 30 days.

Add-ons

  • AD & Total and Permanent Disablement Rider:
    Acccidental Death (AD) & Total and Permanent Disablement Rider, offers cover for the financial impact of an accident or disability. Waiver of Premium benefit under the rider continues in the plan in case of disability.
  • Term Life Insurance Benefit Rider:
    Provide additional death benefit depending on the sum assured selected under the rider
  • Reliance New Major Surgical Benefit Rider:
    The 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) Benefit Rider:
    Provides lump sum amount to take care of 25 critical conditions including Cancer, Heart Attack, Paralysis, Major Organ transplant and many more.
  • Family Income Benefit Rider:
    The beneficiary gets a monthly benefit of 1% of sum assured (shown in the schedule) every month (i.e.12% per annum), from the date of death or Total and Permanent Disablement till the end of the rider policy term OR 10 years

Charges

Charges
Premium Allocation Charges
Policy Year Premium Allocation Charge
1st 8.00%
2nd to 5th to 9th year 5.50%
6th onwards to 9th year 5.00%
10th year onwards 3.00%
Note:- The allocation charge on the single premiums will be 2% of the Single Premium and allocation charge
under the top up will be 2% of the Top-up amount.
 
Premium Administration Charges
Policy Year Premium Allocation Charge
1st 0.00%
2nd to 5th 1.50%
6th year onwards 0.75%
 
Fund Management Charges
Fund Name Annual Rate
Pension Smart Fund 1  1.35%
Discontinued Policy Fund  0.50%
 
Discontinuance Charges
Surrender Charge
Policy discontinuance year annual premium <= Rs.25,000 annual premium  > Rs.25,000 p.a
1 Lower of 20% of (AP or FV )
subject to max Rs 3,000
Lower of 6% of (AP or FV)
subject to max Rs.6,000
2 Lower of 15% of (AP or FV)
subject to max Rs.2,000
Lower of 4% of (AP or FV)
subject to max Rs.5,000
3 Lower of 10% of (AP or FV)
subject to max Rs.1,500
Lower of 3% of (AP or FV)
subject to max Rs.4,000
4 Lower of 5% of (AP or FV)
subject to max Rs.1,000
Lower of 2% of (AP or FV)
subject to max Rs.2,000
5th  onwards Nil
Notes : *AP means Annual Premium ,  FV means Fund Value
 
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
 
Rider Premium charges The premium for rider benefits if selected will be collected over and above the premium under base plan. 
The frequency of rider premium will be same as frequency of premium under base plan.

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 Smart Pension 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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