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Reliance Life Education Plan

When it comes down to your children you only want the best for them, giving your child an education to reach their goals in life is the most important thing for any parent. Reliance Education Plan is one such plan that provides you with a suitable financial plan that doesn’t let you compromise on your child’s future. Reliance Education Plan give you the ability save with certainty, allowing you to choose the payouts that need to be made depending on your child’s future needs. By opting to secure your child’s future with the Reliance Education Plan you can protect your child’s future by a 100% in your absence, and allow them to choose their own destiny without compromising on their development. Choose a specialist plan for your child’s future need, wants and desires.

The key features of the Reliance Education Plan are:

  1. 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 rates (10.50% per annum) these rates can change from time to time based of the economic environment.
  2. Grace period - If you are unable to make the premium payments for various reasons, then the plan offers you a 30 day grace period (15 days if premium is paid monthly), and will continue to be given till the end of the policy term.
  3. Free-look - You are also offered a free-look period of 15 days to would like to check the terms and conditions, if you disagree with the terms and conditions, the company will refund all premiums paid less any charges due to them.
  4. Flexible payment modes - The Reliance Education Plan offers you flexible premium payment modes of annually, half yearly, quarterly and monthly. Both the quarterly and monthly payment modes can be made only via electronic modes. Monthly payment mode also requires the first 2 premium payments to make in advance.
  5. Revival of policy - You can revive your lapsed or fully paid-up policy 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, by paying all outstanding premiums together with the interest, as declared by us from time to time.

The key benefits of the Reliance Education Plan are:

Particulars

Benefits

Tax Benefits

Get tax benefits under this scheme as per the income tax laws

Payout options of your choice

Self starter

a lump sum payment option for your child’s ambition

Post Graduation Degree

get 2 payouts annually for your child’s graduation

Professional Degree

get 4 payouts annually for your child’s professional degree

Career Starter

get 5 annual payouts for your child’s education and career launching pad

Flexible premium payments

Choose the time frame of how long you would want to pay a premium – 5, 7, 10 years or regular premium

Liquidity

Avail a loan facility with this plan of up to 80%, with rate of interest of 10.50%

Death Benefit

In your absence secure your child’s future, with all benefits. And waiving of all future premiums.

Option 1

100% lump sum paid at the time of death

Option 2

50% as a lump sum on death and remaining as an income for 10 years

Child’s security guaranteed

Get guaranteed benefits at maturity of the policy even in your absence

Eligibility conditions for the Reliance Education Plan are:

Particulars

Details

Age entry

Parent:

Minimum - 20 years Maximum - 50 years

Child:

Minimum - 0 years Maximum - 18 years

Maturity age

Parent:

Minimum - 29 years Maximum - 65 years

Child:

Minimum - 9 years Maximum - 30 years

Sum assured

Minimum - Rs. 50, 000

Maximum - no limit subject to underwriting rules

Premium payment terms in years

Limited pay - 5, 7, 10

Regular pay - equal to policy

Premium in Rs.

Premium payment terms

Minimum - 5 and 7 years - Rs. 35, 000

Minimum - 9 and 10 years - Rs. 30, 000

Minimum - over 11 years - Rs. 20, 000

Maximum - No limit

Payment modes

Annually, half yearly, quarterly and monthly

How the Reliance Education Plan works?

For example - Rajan, aged 30 years, decides to opt for the Reliance Education Plan to start planning for his baby boy, Ram aged only 8 months. Rajan understands that with how expensive education is today when his son is ready for school and college and more it will cost much more. He also understands that his son, Ram will need an education plan to take care of all education related expenses from initial admission, tuition fees in subsequent academic years to money to cover expenses after completion of education.

Policy term

18 years

Premium payment terms in years

7 years

Sum assured base

Rs. 2, 49, 270

Death Benefit option

Chosen option 2

Payout option

Career Starter

Rajan pays an annual premium of Rs. 35,000 (exclusive of taxes), gets base sum assured (BSA), accrued guaranteed additions (GA) and accrued guaranteed maturity additions after end of the policy term as per the payout option selected. Assuming that he is in good health.

Rajan lives a happy healthy life and reaches the maturity of this policy, and Ram is now 18 years. Rajan wants to fulfill his son’s dreams of studying in the best college in the country for a 5 year course. Because the payout option was chosen as the Career Starter, Ram will receive the payout benefit as below:

At maturity

20% of BSA + GA

Rs. 1, 39, 591

2nd year

20% of BSA

Rs. 49, 854

3rd year

20% of BSA

Rs. 49, 854

4th year

20% of BSA

Rs. 49, 854

5th year

20% of BSA + GA

Rs. 1, 99, 462

Making the total amount Rs. 4, 88, 615.

Riders added to the Reliance Education Plan

Take the first step to safeguard your family and your life, against unfortunate events, The following riders with this plan at a nominal cost, this provide you with an additional Death Benefit depending on the Sum Assured selected under the rider The benefit is payable from the date of death till the end of the rider Policy Term or 10 years whichever is later. In the event of death/total and permanent disablement due to accident or sickness, before the maturity of the policy. This rider provides the policyholder an additional death/disability benefit if death/disability occurs directly as a result of an accident.

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

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