Robinhood Insurance Broker Private Limited

Product Info

UIN

121N098V01

Status

Active

Launch Date

23/10/2013

Withdrawn Date

Product Overview

Reliance Super Money Back Plan helps you provide a regular income and security for your family despite the ups and downs of life. The guaranteed monthly income increases every year while the guaranteed periodic lump sums enable you to invest in your business or fulfill your family's goals. Moreover, the life insurance cover in this plan ensures your family continues to fulfill their goals in case of any unforeseen eventuality, even in your absence.

Product Description

  • Money Back Benefits at the end of every five policy years till maturity
  • Increasing regular monthly income payouts
  • Loyalty Addition, payable at the end of the premium payment term
  • Maturity Addition, payable at the end of the policy term

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Unique Features

  • Guaranteed payouts: Money back is paid as a % of the Sum Assured every 5 years. On survival till maturity.
  • Guaranteed payouts: Monthly Payouts of 1% of the Sum Assured is paid for the first Payout Year which increases by 0.25% every year.
  • Guaranteed payouts: Guaranteed Loyalty Addition = 1% of Sum Assured x Premium Paying Term.
  • Guaranteed payouts: Guaranteed Maturity Addition = 1% of Sum Assured x Policy Term.

Eligibility Criteria

Eligibility Criteria
Parameters Minimum Maximum
Policy Terms 10 / 20 / 30 / 40 / 50
Age at Entry 18 (last birthday) 55 (last birthday)
Age at Maturity 28 (last birthday) 80 (last birthday)
Sum assured 1,00,000 No Limit
Premium Payment terms Half of the selected policy term
Premium Payment modes Yearly, half-yearly, Quarterly, Monthly

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Product Benefit

Benefit Description
Maturity Benefit Guaranteed Maturity Additions :
On survival of the Life Assured to the end of the policy term, the Guaranteed Maturity Addition will be payable, provided that the policy is in force.
Guaranteed Maturity Addition = 1% of the Sum Assured or Paid up Sum Assured *Policy Term
Death benefit In case of an unfortunate death of the Life Assured during the policy term, provided the policy is in force as on the date of death, the nominee shall receive the following details -
Option I Option II

Highest of the following amount is payable:

1) 10 Times of the Annualised Premium.
2) 105% of all the premium paid( excluding extra premium) as on the date of death OR
3) Sum Assured.

Highest of the following amount is payable:

1) 7 Times of the Annualised Premium.
2) 105% of all the premium paid( excluding extra premium) as on the date of death OR
3) Sum Assured.

Available for all Entry Ages Available for Entry Ages higher than or equal to 45

Other Policy Features

Feature Description
Money Back Benefits Guaranteed Money Back Benefit as a percentage of Sum Assured or Paid up Sum Assured will be paid at the end of every five years till maturity as per the table given below, on survival of Life Assured provided the policy is into force.
End of Policy Tem/ Policy year 10 years 20 years 30 years 40 years  50 years 
5 50% 25% 16.67% 12.50% 10%
10 50% 25% 16.67% 12.50% 10%
15 NA 25% 16.67% 12.50% 10%
20 NA 25% 16.67% 12.50% 10%
25 NA NA 16.67% 12.50% 10%
30 NA NA 16.67% 12.50% 10%
35 NA NA NA 12.50% 10%
40 NA NA NA 12.50% 10%
45 NA NA NA NA 10%
50 NA NA NA NA 10%
 
Regular Mortality Payouts Regular Mortality Payouts is 1% of Sum Assured or Paid up Sum Assured for the 1st payout year and will increase by 0.25% in subsequent years at a simple rate. Regular Mortality Payout will be paid monthly after the end of the premium paying term. The policyholder will continue to receive these benefits till the end of the policy term or in the unfortunate event of the death, whichever is earlier.
 
Guaranteed Loyalty Additions On survival of the Life Assured to the end of premium paying term, the Guaranteed Loyalty Addition will be payable, provided that all due premiums are paid and the policy is inforce.
Guaranteed Loyalty Additions = 1% of Sum Assured*Premium paying term
 
Flexible Premium Paying Modes Modes Loading on Premium
Yearly Nil
Half Yearly 2%
Quarterly 4%
Monthly Nil
 
Higher Sum Assured Rebate High Sum Assured Rebate is offered under the plan as mentioned below:-
Policy Term (Years) Sum Assured in Rs. Less than 2.5 lac 2.5 lac & above
10 Nil 2%
20 Nil 3%
30% Nil 4%
40% Nil 5%
50% Nil 6%
 
Premium Discontinuance If you discontinue the payment of premiums, your policy will either lapse or become Paid up as explained below:
 
Lapse If the 1st annualised premium is not paid in full then policy lapses at the end of the grace period and the insurance cover will cease accordingly.
If atleast the 1st annualised premium is paid in full and the 1st two years, or the 1st three years annualised premium are not paid in full before the end of the grace period then the insurance cover will cease at the end of the grace period.
 
Paid up If the policy has acquired special surrender value and future premium paid the policy will acquire a paid up status and your Sum Assured will be reduced to paid-up Sum Assured. Paid-up Sum Assured = Sum Assured * (No of premiums paid/total no of premium paid).
 
Surrender We provide you the option to surrender your policy and resolve the Surrender Value.
The Surrender value payable is higher of the Guaranteed Surrender Value of the Special Surrender value of the policy. 
The company will acquire a surrender value provided the 1st annualised premium is paid in full.
If the annualised premium is paid in full and the policy is surrendered before the completion of three policy years, the applicable surrender value will be payable only after the completion of three policy years.
 
Guaranteed Surrender Value  GSV shall be equal to GSV factor multiplied by total premium paid less survival benefit paid.
 
Special Surrender Value  Special Surrender Value is an amount equal to the Surrender Value factor multiplied by the paid-up Sum Assured

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 prevailing tax laws. Tax laws are subject to change.

Claim Process

Know claim process of Reliance Super 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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