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  • Reliance Life Education Plan

    Reliance Life Insurance

    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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