Skip to main content

Reliance Special Term Plan

Invest In Tax Saving Mutual Funds Online

Call 0 94 8300 8300 (India)

 

Reliance Special Term Plan

Objective

The policy aims at providing financial support to a family in case of death of the policyholder. The policy returns premiums on survival at maturity.

What does it do?

This term insurance plan pays sum assured to the nominee in the event of death of life insured. It also refunds entire basic premiums paid on policyholder's survival at maturity.
The policy does not lapse but continues as paid-up one if premiums are not paid after first 3 years.
Policy can be surrendered after completing 3 policy years.

Pros

This plan refunds entire basic premium paid on maturity and also allows to surrender the policy.
Women can avail discount on premium and pay premium equal to 3 years younger male policyholder.
It offers riders to enhance coverage.
It has a higher policy reinstatement period of 3 years, in case of a lapse.
Premiums paid toward the policy qualify for tax benefit under Section 80C of Income Tax Act.

Cons

Single premium policy can be taken for a maximum of 15 years only which may not be an adequate term for everyone.

Suited for

This policy is suitable for those who cannot pay premiums for a simple term plan without any survival benefit. It refunds basic premiums if insured survives the policy term.

Our View

A pure term plan is a definite buy for everyone. Even though there is an option to surrender the policy, you should not do it and continue till end of the term. This saves you from paying higher premiums if you buy a new plan at later ages.
Single premium plan may prove to be expensive as compared to regular premium payment option as you lock in a large amount for a fixed cover. The reason we say this is because in case something goes wrong in early years of the policy, you have already paid a huge chunk of amount as premium to the insurance company.

Eligibility

Entry Age (years)

Minimum

21

Maximum

60

Maximum Maturity Age (years)

64

Policy Term (years)

Minimum

5

Maximum

15 for Single Premium 30 for Regular Premium

Sum Assured (Rs)

Minimum

250000

Maximum

No limit

Minimum Premium (Rs)

Yearly

1000

Half-Yearly

500

Quarterly

250

Monthly

83

Single

3000

Premium Payment Frequency

Single, Yearly, Half-yearly, Quarterly, Monthly (via ECS only)

Premium Payment Term

Single, Equal to policy tenure

Policy Cover

Cover remains fixed for the tenure of the policy

Other Features

Free Look Cancellation

In case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered.

Grace Period

You are allowed to pay premiums within 30 days for annual, semi-annual and quarterly premium and 15 days for monthly mode from the due date. If a due premium is not received within the grace period, your policy will lapse and the life insurance cover will be terminated.

Lapsed Policy Reinstatement

You can reinstate your lapsed policy any time (within 3 years from the due date of the first unpaid premium) at terms and conditions required by the company.

Tax Benefits

Section 80C and Sec 10(10D) of the Income Tax Act, 1961 would apply.Premiums paid for Reliance Critical Illness Rider may qualify for deduction under Section 80D of the Income Tax Act, 1961.

Exclusions

In case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable. Further, if the Life Assured under the policy, whether medically sane or insane, commits suicide, within one year of exercising the option to increase the Sum Assured, then the amount of increased Sum Assured will not be considered in the calculation of the Death Benefit

Surrender Value

Allowed only if 3 years premiums were paid in full and 3 years have elapsed.Surrender value is 30% of all basic premiums paid in case of Regular premium and 30% of Single premium for single premium policy.

Customer Service

Address

Reliance Life Insurance Company Limited Registered office: H Block, 1st floor, Dhirubhai Ambani Knowledge City, Navi Mumbai, Maharashtra 400710, India

Mail To

rlife.customerservice@relianceada.com

Call On

1800 300 08181 & 3033 8181

SMS

INSURE' to 55454

Additions to the Plan

Available Rider(s)

Reliance Accidental Death & Total and Permanent Disablement Rider: covers Death due to an accident, Accidental dismemberment (loss of limbs and/or eye(s) and Permanent total disability due to an accident.
Inbuilt Waiver of Premium: In case of Total and Permanent Disability, this inbuilt rider waives off all future premiums under the basic policy and riders upto a limit of Rs 40000 p.a.
Reliance Critical illness Rider: covers 10 critical illnesses namely: Cancer, Coronary Artery Bypass Surgery, Heart Attack, Stroke, Kidney Failure, Aorta Surgery, Coma, Heart Valve Replacement, Major Organ Transplant and Paralysis. There is a waiting period of 6 months and survival period of 30 days to claim benefit under this rider.

Rider Conditions

Entry Age (years)

Minimum

18

Maximum

59

Maximum Maturity Age (years)

64

Rider Term (years)

Minimum

5 years for Critical Illness Benefit

Sum Assured (Rs)

Maximum

50 lakh

Happy Investing!!

We can help. Call 0 94 8300 8300 (India)

Leave your comment with mail ID and we will answer them

OR

You can write back to us at PrajnaCapital [at] Gmail [dot] Com

---------------------------------------------

Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

Invest Tax Saving Mutual Funds Online

Tax Saving Mutual Funds Online

These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)

Download Tax Saving Mutual Fund Application Forms from all AMCs

Download Tax Saving Mutual Fund Applications

These Application Forms can be used for buying regular mutual funds also

Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )

  1. ICICI Prudential Tax Plan Invest Online
  2. HDFC TaxSaver Invest Online
  3. DSP BlackRock Tax Saver Fund Invest Online
  4. Reliance Tax Saver (ELSS) Fund Invest Online
  5. Birla Sun Life Tax Relief '96 Invest Online
  6. IDFC Tax Advantage (ELSS) Fund Invest Online
  7. SBI Magnum Tax Gain Scheme 1993 Invest Online
  8. Sundaram Tax Saver Invest Online
  9. Edelweiss ELSS Invest Online

------------------

Best Performing Mutual Funds

    1. Largecap Funds Invest Online
      1. DSP BlackRock Top 100 Fund
      2. ICICI Prudential Focused Blue Chip Fund
      3. Birla Sun Life Front Line Equity Fund
    2. Large and Midcap Funds Invest Online
      1. ICICI Prudential Dynamic Plan
      2. HDFC Top 200 Fund
      3. UTI Dividend Yield Fund
    1. Mid and SmallCap Funds Invest Online
      1. Reliance Equity Opportunities Fund
      2. DSP BlackRock Small & Midcap Fund
      3. Sundaram Select Midcap
      4. IDFC Premier Equity Fund
    1. Small and MicroCap Funds Invest Online
      1. DSP BlackRock MicroCap Fund
    1. Sector Funds Invest Online
      1. Reliance Banking Fund
      2. Reliance Banking Fund
    1. Tax Saver MutualFunds Invest Online
      1. ICICI Prudential Tax Plan
      2. HDFC Taxsaver
      3. DSP BlackRock Tax Saver Fund
      4. Reliance Tax Saver (ELSS) Fund
    2. Gold Mutual Funds Invest Online
      1. Relaince Gold Savings Fund
      2. ICICI Prudential Regular Gold Savings Fund
      3. HDFC Gold Fund

Popular posts from this blog

Debt Mutual Fund Dividends are Taxable

DDT is deducted when a non-equity fund declares dividends. Equity and balanced fund dividends are tax-free The AMC is correct to deduct the dividend distribution tax (DDT) as it is mandated by tax laws. DDT in mutual funds is deducted every time a non-equity fund declares dividends. Equity fund and balanced fund dividends are tax-free . It is possible that you have invested in a non-equity fund for the first time or have received the dividend under a non-equity fund for the first time. That is why this is the first occasion when you have come across DDT.   The rate at which non-equity schemes deduct DDT has also gone up after the July 2014 budget. This is due to a change in calculation methodology. Earlier, if the fund has to declare a dividend of R 100, it used to make a provision for R 128.3, paying R 28.3 to the taxman and distributing the balance to the investor. This allowed the investor to bear less tax since the effective tax rate was 22.07 per ce...
Read more

Franklin India High Growth Companies Fund

Franklin India High Growth Companies Fund Online One of the key developments that the Street is keenly waiting for is a cut in interest rates by Reserve Bank of India . With demand rising gradually, a rate cut is expected to boost earnings growth for companies. In such a situation, schemes which invest in high growth companies are best suited, especially when seen from a long-term perspective. One such scheme is Franklin India High Growth Companies Fund. Fund managers Anand Radhakrishnan, Roshi Jain and Srikesh Nair strictly follow valuation parameters when it comes to choosing stocks.Valuation parameters, such as enterprise value, price-to-earnings growth ratio, forward price-to-sales ratio and discounted earnings per share, play a critical role in selecting companies for investments. Taking into account these parameters, the fund managers invest in companies which are poised for high growth in their respective sectors. This approach has been in favour of the scheme and it has perform...
Read more

Mutual Fund Exit Load Changes

Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Buy Gold Mutual Funds Leave a missed Call on 94 8300 8300 Mutual Fund Exit Load Changes AMCs don't communicate about any change in exit load directly with investors, but do update on their website   The exit load applicable to your investments is the load which existed at the time when you invested in the particular fund. Any subsequent changes in the exit load will not be applicable to your investments.   However, Asset Management Companies ( AMCs ) periodically publish addendums in the newspapers, which state any change in exit loads of specific schemes managed by them. Such changes are also posted on their websites. However, a direct communication to an investor is not made, considering the costs involved in doing so. In their own interests, investors should not only track the performance of the funds they i...
Read more

Atal Pension Yojana contribution Tax Benefit for spouse

Contributions to Atal Pension Yojana (APY) are eligible for the same tax benefits as the NPS. This means that the contributions can be claimed under Section 80CCD (1B). The current limit for Section 80CCD (1B) is   Rs   50,000, over and above the   Rs   1.5 lakh limit under Section 80C. Section 80 CCD (1) is a different one, meant to cover employers' contribution towards NPS . You cannot get tax benefit by investing in the name of your spouse under Section 80 CCD . ------------------------------ ----------------- Invest Rs 1,50,000 and Save Tax under Section 80C. Get Great Returns by Investing in Best Performing ELSS Mutual Funds Top 10 Tax Saver Mutual Funds to invest in India for 2016 Best 10 ELSS Mutual Funds in India for 2016 1. BNP Paribas Long Term Equity Fund 2. Axis Tax Saver Fund 3. Religare Tax Plan 4. DSP BlackRock Tax Saver Fund 5. Franklin India TaxShield 6. ICICI Prudential Long Term Equity Fund 7. IDFC Tax Advantage (ELSS) Fund 8. Birla Sun Life Tax Relief 96 9. ...
Read more

Avoid NFOs

  Don't get taken in by the flurry of new fund offers. You will be better off sticking to the tried and tested schemes.   For the past one year, to cash in on the bull run in equities, mutual fund houses have gone on a new fund offer (NFO) overdrive. But experts are unanimous in their advice: avoid NFOs . While past performance is not an indicator of how a fund will fare in the future, it does tell the investor how skilful the fund manager is. This crucial information is missing in an NFO. Not only is there no track record to judge an NFO by, many NFOs are similar to funds that already exist. If the new fund is similar to existing funds, you are better off investing in the latter. Around 67% of the new launches in 2014 were closed-end products. Investing in the NFO of a closed-end fund is doubly risky. In case the fund's performance is lacklustre, a closed-end fund does not allow you to exit. Even though closed-end funds are listed on the stock...
Read more
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now