Robinhood Insurance Broker Private Limited

Product Info

UIN

111L077V01

Status

Withdrawn

Launch Date

24/02/2011

Withdrawn Date

01/10/2013

Product Overview

Smart Wealth Assure is a non-participating, unit-linked, life insurance plan that helps you enjoy market related returns along with insurance cover, with just a single premium. The plan consists of many power packed features to take care of your financial needs.

Product Description

  • Option to choose a mix of fund providing guarantee return & market linked returns
  • Pay only once and get the benefit throughout policy term
  • Liquidity through partial withdrawals
  • Guaranteed Return provided through Return Guarantee fund(RGF) which guarantees a minimum Pre-specified NAV.

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Unique Features

  • Option to invest in Return Guarantee Fund for a period of 10 years, where the minimum amount is guaranteed.
  • Maturity benefit is guaranteed at higher of minimum guaranteed NAV or the prevailing NAV in case of investment in Return Guaranteed Fund.Option to get additional benefit by Accidental Death Benefit rider.

Eligibility Criteria

Eligibility Criteria
  For Base Plan For Accidental Death Benefit Option
Age at Entry (Min) 8  Years 18  Years
Age at Entry (Max) 65 Years 65  Years
Max age of Maturity For Base Plan 75 Years
For Accidental Death Benefit Option 70 Years
Premium Amounts(x100) Plan Type  Minimum Maximum
Single premium 50,000 No Limit
Sum Assured
For Base Plan
Premium Mode Minimum Maximum (in Rs.)
Age below 45 years Age 45 years or above Age below 45 years Age 45 years or above
Single Premium 1.25 x SP 1.10 x SP 5.00 x SP 3 x SP
For Accidental Death benefit Option
Minimum Rs.25,000
Maximum Equal to Base Sum Assured subject to a maximum of Rs. 50 Lacs. 
Notes:   * Where SP is Single Premium   *All the references to age are age as on last birthday
Policy Term 10 to 30 Years
Premium Paying Term Single premium

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Product Benefit

Death Benefits:- 

  • Fund Value / Sum Assured is Payable
  • 105% of Single Premium Paid

Maturity/Survival/ Vesting:- Fund Value shall be paid in a Lump Sum

Other Policy Features

Feature Description
Surrender  You can surrender the policy any time during the policy term.
The NAV guaranteed will not get applied on surrender of the policy.
If Surrender is requested during 5 policy  years:-
Then a lock-in condition applies
Fund Value will be transferred to the Discontinued Policy Fund
The Fund value will be payable on the 1st working day of the 6th policy year.
If surrender is requested on the 5th year completion or after that, then the Fund Value will be paid immediately.
Switching Option No switch on is allowed in the case of Guarantee Fund Option
In the above case, the interest of the policyholder will be protected.
Fund Options Return Guaranteed Fund
The objective is to provide guaranteed return over a fixed period.
Asset  Minimum Maximum
Debt Instruments 60% 100%
Cash and Money Market instruments 0% 40%
Bond Fund
Save investment option is mainly through debt instruments and accumulation of income through investment.
Asset  Minimum Maximum Risk
Profile
Debt Instruments 60% 100% Low to Medium
Cash and Money Market instruments 0% 40%
Equity Fund 
The objective of the fund is to provide high equity exposure targeting higher return in the long term.
Asset  Minimum Maximum Risk
Profile
Debt Instruments 80% 100% Low to Medium
Cash and Money Market instruments 0% 20%
P/E Managed Fund
The objective of this fund is to provide long term capital appreciation through dynamic asset allocation
with reference through the forward price earning
PE Range Allocation in Equity and Equity related securities Allocation in debt and money market instruments Risk Profile
<12 90% to 100% 0% to 10% High
12>= and< 15 80% to 100% 0% to 20%
15>= and<18 60% to 90% 10% to 40%
18>= and<21 40% to 80% 50% to 60%
>= 21 0% to 50% 50% to 100%
Settlement Option
Term of Settlement Option (in Year) Proportion of Fund Value available at the time of each payment 
( Beginning of each payment year)
  Year 1 Year 2 Year 3 Year 4 Year 5
2 1/2 1 - - -
3 1/3 1/2 1 - -
4 1/4 1/3 1/2 1 -
5 1/5 1/4 1/3 1/2 1

Add-ons

  • Accidental Death Benefit :
    Payable in the case of Life Assured's death due to an accident.
    "An event caused solely and directly by violent, unexpected and causing injury to the body, causing injury there is evidence as
    a visible or wound on the external body part." Only, in such cases the benefit is payable.

Charges

Charges
Fund Management Charges
Fund Name % of Fund Value 
Equity Fund 1.35%
P/E Managed Fund 1.35%
Bond Fund 1.00%
Return Guarantee Fund 0.50%
Premium Allocation Charge: Allocation charge is 3.00% of SP
Allocation to units is made after the deduction of the charge from the premium received
Policy Administration Charge 
Policy year Policy Administration  charge 
1 to 5 Rs. 45 per month
No Discontinuance charges are applicable
Mortality Charges Are deducted on the First business day of each policy month from Fund Value by way of cancellation of unit
Will be based on age and Sum at Risk at the time of charge deduction
Miscellaneous Charge For issuance of an additional/duplicate copy of yearly fund statement Rs. 100 per statement will be chargeable.
Switching  Rs.100 is applicable for every Switch
In excess of 2 free switches in the same policy year
Partial Withdrawal  Rs.100 is applicable for every Partial Withdrawal
In excess of 1 free Partial Withdrawal in the same Policy Year
Guarantee Charges  Guarantee charge of 0.35% of the Fund Value per annum levied on RGF
The charge would be recovered through cancellation of unit from RGF only at the beginning of each Policy Month 
Accidental Death Benefit Charge  Monthly Charges = Accidental Death Benefit x (Annual rate /12 )
Notes: * Annual rate is Rs. 0.50 per Rs. 1000 Accident Benefit amount

 

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 Section 80C & Section 10(10D) of the Income Tax Act, 1961

Claim Process

Know Claim Process of SBI Life - Smart Wealth Assure

Claim Process

Company Overview

SBI Life Insurance Company is a joint venture between State Bank of India and BNP Paribas Assurance, a French Multinational Bank. With its huge banking channel and customer base, SBI Life has soon become one of the top insurers in India. The company offers a wide range of life insurance and pension products at economical prices.

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