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

ICICI Prudential Dynamic Plan Invest Online

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   ICICI Prudential Dynamic Plan             Invest Online This fund does remarkably well during falling markets, but fails to show the same prowess during a rising market. The fund sticks to its mandate to adapt to the dynamic nature of the market by shuttling between debt and equity. It takes aggressive asset calls in equity when the market surges by investing in quality mid-cap stocks. At the same time, it adopts a defensive strategy by investing in debt and cash when markets get overvalued, making it a good long-term choice.     For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call     Leave a missed Call on 94 8300 8300   Leave your comment with mail ID and we will ...
Read more

What are the factors affect the changes in Interest Rate of Fixed Deposits?

  What are the factors affect the changes in rate of Fixed Deposits? Fixed Deposits are now considered to be a very old fashioned method of saving, but still attract many investors since they have guaranteed returns at the end of the tenure of the investment at a decent interest rate. There are various factors that affect the rates of interest for a Fixed Deposit. Policies of the Reserve Bank of India   - The several norms and restrictions posed by the Reserve Bank of India , in order to gain optimum control over credit and inflow and outflow of fund throughout the country. The repo rate changes, cash reserve ration tends to change and these changes affect the banking products like Fixed Deposits, loans etc. Recession   - When unemployment in a country crosses the benchmark set Recession hits, and slowly the country faces an economic slow movement, affecting the purchasing power of the people in the country, forcing the Reserve Bank of India to release more funds in the financial marke...
Read more

Understanding Your Cibil Credit Information Report

   WE ARE all familiar with the anxiety and uncertainty that we feel when applying for a loan. After all, it's the lender who decides whether we can own our dream home, our first car, or whether our children can pursue higher education. In a nutshell, a better life depends on the lender's decisions.    While other factors do play a part in the lender's decision, the Cibil Credit Information Report ( CIR ) plays a crucial role in a lender's decision to approve a loan application.    Previously, lenders would treat all loan seekers equally. Each applicant, if approved by the lender's internal credit policy, would be charged at the same interest rate for a particular loan size and purpose. The lenders would charge a higher interest rate to all the borrowers, in order to compensate for the possible default of a small portion of the loan disbursed. In other words, it's like a professor (the lender) punishing an entire class (borrowers) for the mischief played b...
Read more

Capital Protection Oriented Funds

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   Capital Protection Oriented Funds   Erosion of capital is one of the key concerns for investors wanting to invest in equity mutual funds. To address this concern, asset management companies have launched Capital Protection Oriented Funds (CPOFs). What are CPOFs? CPOFs are generally three to five-year, closed-ended funds where 70-80% of the portfolio is invested in fixed income securities, which mature on or before the scheme's tenure. The investment in fixed income securities grows to 100% at the end of the tenure, providing the investor with capital protection. The remaining portion (20-30%) is used to take exposure to equity, which provides the upside. Exposure to equities is either by directly buying equity stocks (plain vanilla CPOFs) or by b...
Read more

Mutual Fund Review: ING Dividend Yield

  ING Dividend Yield's small assets enable the fund manager to churn in impressive returns… Strategy The aim of the fund is to invest in stocks which offer a high dividend yield. This fund deploys a value based strategy which aims to gain from investing in fundamentally strong and free cash flow generating businesses. The scheme focuses not only on growth but also on the cash generated by the business, which mostly leads to stable returns even in volatile markets. This fund has a low volatility because of its investment in high yielding stocks. The scheme tries to include stocks that yield dividend above the dividend yield of the Nifty and stocks with liquidity, which throws up a universe of 150 stocks.   Our View Launched in October 2005, this fund invests at least 65 per cent of its assets in high dividend yield stocks. The fund has consistently maintained a mix of stocks across varying market capitalisation, with a higher tilt to mid caps compared to small caps. Howev...
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