Reliance Term Plan

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Reliance Term Plan


	Objective		This is a pure term plan that aims to provide financial support to family members on unfortunate demise of the breadwinner.

What does it do?		This is a simple pure term plan which pays sum assured to the nominee in case of unfortunate demise of the life assured. The insurance company will charge a policy fee depending on the selected premium payment mode. This plan does not pay any maturity or surrender benefit. It offers two optional riders for additional coverage. Waiver of premium is a useful rider. Riders can be added either at the time of buying the policy or at any policy anniversary during the policy term.

Pros		Women can avail discount on premium and pay premium equal to 3 years younger male policyholder. The policy offers riders to enhance coverage. Premiums qualify for taxation benefits.

Suited for		A pure term plan suits everyone with dependents.

Our View		Plain term insurance are most cost-effective plans with adequate cover. Optional riders add to offered protection. Waiver of premium rider can keep the policy active, in case the insured suffers a disability, without paying further premiums. Take a policy long enough to cover you till retirement years or till someone else replaces you as breadwinner.

Eligibility

Entry Age (years)

Minimum		21

Maximum		60

Maximum Maturity Age (years)		65

Policy Term (years)

Minimum		5

Maximum		30

Sum Assured (Rs)

Minimum		250000

Maximum		No limit

Minimum Premium (Rs)		2000 per installment

Premium Payment Frequency		Yearly, Half-Yearly, Quarterly

Premium Payment Term		Equal to policy term

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 of premium 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 may reinstate your lapsed policy within 3 years from date of first unpaid premium by paying due premiums and undergoing underwriting requirements, if any.

Tax Benefits		Section 80C, 10(10D) of the Income Tax Act, 1961 would apply.

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)		Accidental Death Benefit &Total & Permanent Disablement Rider: covers Death due to accident, Total and Permanent disablement caused directly as a result of an accident. Disablement benefit equal to Sum Assured is paid in 10 equal instalments. In built Waiver of Premium: Waiver of all future basic premiums and riders upto a limit of Rs 40000 p.a

Rider Conditions

Entry Age (years)

Minimum		18

Maximum		59

Maximum Maturity Age (years)		64

Rider Term (years)

Minimum		5

Maximum		Equal to base term

Sum Assured (Rs)

Minimum		25000

Maximum		Lower of Base plan insurance or 50 lakh

Rider Premium (Rs)		Accidental Death Benefit and Total & Permanent Disablement rider costs Re 1 per Rs 1000 Sum Assured per annum. Sample this, rider premium for 5 lakh cover will be Rs 500 per annum.

Happy Investing!!

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

Leave your comment with mail ID and we will answer them

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

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