Reliance Life Child Plan

The happiest you feel is when you see your child, and as time passes and you see her/him take their first steps or go off to first day of nursery. Watch them learn to ride a bike and worry about them falling. Reliance Child Plan is customized for parents like you, who want to see their child succeed without signs of struggle, and achieve all that you have ever dreamt for them. With all of life’s uncertainties that come your way, you can ensure your child is taken care of even in your absence to accomplish all of life’s milestones.

The key features of the Reliance Child Plan:

1. Grace period - If you are not able to make the premium payments in time for various reasons, then this plan offers you a 30 day grace period (15 days if premium is paid monthly), and will continue till the end of the policy term.
2. Flexible payment modes - The Reliance Child Plan offers you premium payment modes that are extremely flexible. You can payments of the premium in annual, half yearly, quarterly and monthly. Both the quarterly and monthly payment modes can be made only ECS.
3. Tax benefit - Premiums paid under Reliance Child Plan are eligible for tax deduction, under the laws of the Income Tax Act.
4. Loan facility - You can avail for a loan under this plan up to 80% of the surrender value under the base plan. The rate of interest will be charged as per the current rate is 10.50% per annum these rates are subject to change as per
5. Policy revival - If your policy has lapsed due to non-payment of 3 premiums or has been fully paid-up and the riders (if any) for its full coverage within two years from the due date of the first unpaid premium but before policy maturity. You can revive the policy by paying all outstanding premiums together with the interest, as declared by the company from time to time.

The key benefits of the Reliance Child Plan:

Eligibility conditions for the Reliance Child Plan:

How the Reliance Child Plan works

Mr. Travis, aged 35 years, decides to opt for Reliance Child Plan, and chooses a policy term of 16 years with the base sum assured amount of Rs. 4,05,405. He pays his premium annually which is an amount of Rs. 30,000 per annum, this is exclusive of taxes. For this scenario we will assume that Mr. Travis is in good health, gets the guaranteed periodic benefit 25% of base sum assured plus high sum assured addition, if any on each of the last 3 policy anniversaries before maturity. Irrespective of his survival, he will also receive the guaranteed sum assured on maturity of the policy. This again will be 25% of the base sum assured plus high sum assured addition, if any, plus any additional vested bonuses at maturity.

In the event of the unfortunate demise of Mr. Travis, his nominee receives a lump sum amount as death benefit, all future premiums are waived off and all the guaranteed benefits continue.

If Mr. Travis survives the term of the policy, he will receive:

GST of 18% is applicable on life insurance effective from the 1st of July, 2017