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  • Reliance Life Bluechip Savings Insurance Plan

    Reliance Life Insurance

    Reliance Bluechip Savings Insurance is a non-linked, limited pay endowment life insurance plan that is aimed towards wealth increase and ensure one doesn’t need to compromise with their life goals. Regular additions and bonuses add to the growth of investment and along with the sum assured, accrued additions ensure the return on investments is sizable. The plan is a limited premium paying policy that offers the option to include additional riders and substantially increase the risk cover.

    Key features of Reliance Bluechip Savings Insurance:

    This plan from Reliance has the following features:

    • Sum assured - The Base Sum Assured is an amount that the policyholder achieves once the policy completes the policy term. It is an amount that is chosen by the policyholder at the initiation of the policy. The Guaranteed Sum Assured on Maturity is a sum of the Base Sum Assured and all the Guaranteed Additions applicable at maturity. The minimum base sum assured is Rs. 77,905
    • Premium paying term - Premiums under this policy are payable for a duration of 5 years or 7 years for a policy term of 10 years to 15 years and 10 years for policy term of 12 years to 15 years which accounts for the limited premium paying period
    • Premiums - Under this limited premium paying plan, the policyholder needs to pay a minimum of Rs. 15,000 annually in order to continue availing the benefits of the policy. There is no maximum cap for the annual premium than can be paid
    • Premium paying modes - The premiums can be paid only in yearly, half-yearly, quarterly and monthly modes
    • Premium paying method - Premiums for the policy can be paid through internet banking, ECS, cheques, demand drafts, credit cards and other applicable transaction medium
    • Basis - This is an endowment insurance which allows the policyholder to garner benefits of investment through accrued guaranteed additions, vested reversionary bonuses, terminal bonuses offered through the plan, along with providing a life cover
    • Policy validity - The policy is valid for the chosen policy term and is liable to lapse if premium payment is not done within the provided grace period and its benefits will cease

    Benefits of Reliance Bluechip Savings Insurance Plan:

    This policy from Reliance Life is aimed at providing many benefits to the policyholder and his/her family and focuses on ensuring a prosperous financial scenario on retirement or in the case of unfortunate demise of the life insured. The following are a detailed list of the benefits offered under this policy –

    • Death benefit - The death benefit under this plan is payable on the death of the life insured, provided the policy is in force. Options of 7x and 10x benefits are available under Death Benefit and these options provide numerical multipliers to the death benefit applicable times 7 and 10 respectively. The policy terminates with the death of the life insured and the death benefit is a total of the following -
      • Higher of
        • Sum Assured on Death (higher of Annualised Premium x Death Benefit Multiple or Guaranteed Sum Assured on Maturity or Base Sum Assured) plus Vested Reversionary Bonuses and Terminal Bonus (if any)
        • 105% of all the premiums paid till the date of death
    • Maturity benefit - The maturity benefit under this plan is payable on survival of the life insured on the date of maturity, provided the policy is in force and it will include Guaranteed Sum Assured on Maturity (Base Sum Assured plus Guaranteed Additions), Vested Reversionary Bonuses and Terminal Bonus, if any
    • Surrender Benefit - The policy acquires a surrender value post full payment of premiums on two years for payment terms less than 10 years, and 3 years’ payment in case of payment term more than or equal to 10 years. Provided the policy is in force, it can be surrendered to obtain a Guaranteed Surrender Value or Special Surrender Value. The amount thus payable as surrender benefit is at the discretion of the bank
    • Tax benefits - One might be eligible for availing tax benefits for premiums under Section 80C and for maturity/death benefits under Section 10(10D) as per the prevailing tax laws

    Eligibility Criteria for Reliance Bluechip Savings Insurance:

    Entry ages, premium amounts, maturity periods and choice of death benefit multipliers are interdependent in this plan and the criteria of eligibility for this plan can be illustrated in the table below -

    Parameters

    Minimum

    Maximum

    Policy Term (in years)

    10

    15

    Age at Entry (in years)

    8

    60

    Age at Maturity (in years)

    18

    75

    Premium Amount

    Premium Payment Term

    Policy Term

    Age

     

    8 to 45

    46 to 54

    55 to 60

     

    5

    10-12

    35000

    40000

    NA

    No limit

    13-15

    20000

    30000

    50000

    7

    10-12

    25000

    30000

    50000

    13-15

    20000

    30000

    35000

    10

    12

    25000

    30000

    NA

    13-15

    15000

    20000

    25000

    How Reliance Bluechip Savings Insurance Works?

    Mr. A, a 35 year old salaried professional, opts for Reliance Bluechip Savings Insurance.

    He selects a premium payment term of 7 years, policy term of 15 years and pays a yearly premium of Rs. 50,000 with a 10x death benefit option. The premium rate comes to 229.24 per Rs. 1000 of Base Sum Assured and the Base Sum Assured thus becomes Rs. 2,18,111. In addition to that, Accrued Guaranteed Additions, Vested Reversionary Bonuses and Terminal Bonuses if any will also be received by Mr. A at the end of the policy term.

    The scenarios for Mr. A could be as follows -

    Scenario 1 - He survives till the maturity period. The total benefits that he receives is to the tune of Rs. 6,30,886 or Rs. 4,50,290 at 8% or 4% respectively.

    Scenario 2 - Mr. A passes away in an unfortunate accident at the end of the 3rd policy year and has paid Rs. 1,50,000 towards premiums in total. His nominee receives a lump sum amount to the tune of Rs. 5,35,988 or Rs. 5.14,722 at 8% or 4% respectively, as death benefit.

    Riders for Reliance Bluechip Savings Insurance:

    This plan can have five optional riders under its wing in order to provide a more comprehensive risk cover. The riders are as follows -

    • Reliance Term Life Insurance Benefit Rider - Provides an additional death benefit depending on the sum assured under the base policy
    • Reliance Major Surgical Benefit Rider - Provides a lump sum amount to cover surgical expenses from a list of 33 surgeries
    • Reliance Critical Conditions (25) Rider - Provides a lump sum amount to take care of 25 critical conditions
    • Reliance Accidental Death and Total and Permanent Disablement Rider (Regular Pay) - Provides additional death/disability benefit if death/disability occurs due to an accident. Can also waive off future premiums in case of disability
    • Reliance Accidental Death and Total and Permanent Disablement Rider (Limited Pay) - Provides additional death/disability benefit if death/disability occurs due to an accident. Can also waive off future premiums in case of disability
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