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  • Reliance Life Fixed Money Back Plan

    Reliance Life Insurance

    This is a non-linked and non-participating life insurance life insurance plan offered by Reliance Life Insurance Company. The plan is particularly designed to meet your retirement needs. The Reliance Fixed Money Back plan is a money back plan that offers fixed lump sum amounts at the end of every 5 policy years. The plan can also be used as a savings plan to save for your future. The payouts received from the policy can be used for funding your children’s education, paying off your debts, arranging vacation and purchasing gifts or your near and dear ones.

    Key Features of Reliance Fixed Money Back Plan:

    The Reliance Fixed Money Back Plan comes with the following key features:

    • Policy terms of the plan include – 15 and 20 years.
    • The premium paying option of the plan is limited.
    • Premium paying modes are – half –yearly, quarterly, monthly, and yearly.
    • There is no limit on the maximum sum assured.
    • The minimum sum assured needs to be Rs. 1, 00,000.
    • You can get loan up to 80% against your Reliance Fixed Money Back Plan
    • The policy offers additional benefits in the form of riders.
    • The Reliance Fixed Money Back plan can be revived within 2 years from the due date of the 1st premium unpaid.
    • The policy can be surrendered at any moment.
    • You can enjoy flexibility while paying your premiums. Premiums can be paid on yearly, half-yearly, monthly and quarterly basis as per your convenience.
    • Nomination is accepted under the Reliance Fixed Money Back policy.
    • A grace period of 30 days is offered by the policy to clear your pending premiums. The same is 15 days for a monthly mode Reliance Fixed Money Back policy.
    • The policy offers a free-look period of 15 days for policies bought through various channels within which you can return the policy, if you not satisfied with the terms of the policy. The free-look period for a policy purchased online is 30 days.

    Benefits of Reliance Fixed Money Back Plan:

    The Reliance Fixed Money Back plan offers the following benefits:

    • As the name of the plan suggests, it offers fixed money back benefits. The policy offers up to 40% of the base sum assured as fixed money back benefits.
    • At the end of your policy term, you will receive guaranteed maturity benefits. However, the policy needs to be active and all premiums should be paid to avail these benefits. A fixed loyalty addition of 3% gets added to the policy, if the policy is not lapsed or surrender which will be paid at maturity.
    • The policy provides death benefits, if it is continued till the end and all premiums are paid in full. It has two death benefit options – 10X and 7X. In order to avail the death benefits under these options, you minimum age needs to be 18 years and maximum age 45 years.
    • Also, you can enjoy a lot of flexibilities with this plan. You can choose your policy term, premium paying terms and premium paying modes.
    • The plan enables you to receive tax benefits as per the Indian Income Tax Act, 1961. You can get tax benefits on the premiums paid and the benefits received from the policy.
    • The policy offers life cover for the whole policy tenure and provides enhanced protection to you and family by providing various ridders.
    • There are 2 policy options available under this plan:
      • Option A: The policyholder will receive fixed money back benefits and guaranteed maturity benefit following the survival of the life assured.
      • Option B: The nominee will receive fixed money back benefits and guaranteed maturity benefits regardless of the survival or the death of the life assured

    Eligibility Conditions for Reliance Fixed Money Back Plan:

    Entry age

    Minimum: 18 years

    Maximum: 55 years

    Maturity Age

    Minimum: 33 years

    Maximum: 75 years

    How the Reliance Fixed Money Back Plan Works?

    For example, you decide to purchase a Reliance Fixed Money Back plan and your current age is 30 years. You have taken the policy for 20 years and choose Survival Benefit Option B and Death Benefit Option 10X. Your premium payment term is 10 years and the basic sum assured is Rs.4, 00,000. And you pay an amount of Rs.38, 556 as annual premium. Now, the policy will offer you fixed money back benefits along with accrued fixed loyalty additions and fixed maturity addition at maturity.

    If you survive till the end of policy tenure, you will receive the following benefits at maturity:

    Benefits at maturity

    Amount

    Fixed money back benefits

    Rs. 1,60,000.

    Fixed loyalty additions ( 40% of the sum assured)

    Rs, 1,60,000.

    Fixed maturity addition ( 20% of the sum assured)

    Rs. 80,000.

    Total maturity benefit received

    Rs. 4,00,000.

    Apart from the above-mentioned benefits, you will receive a total benefit of 160% of the sum assured in the policy tenure and fixed money back of Rs. 60,000 every year which is 15% of the total sum assured.

    In case, you don’t survive till the end of your policy, the designated nominee you receive the following maturity benefits:

    Benefits at maturity

    Amount

    Fixed money back benefits

    Rs. 1,60,000.

    Fixed loyalty additions ( 40% of the sum assured)

    Rs, 1,60,000.

    Fixed maturity addition ( 20% of the sum assured)

    Rs. 80,000.

    Total maturity benefit received

    Rs. 4,00,000.

    The nominee will also receive a lump sum amount of Rs. 4,00,000 and fixed money back benefit of Rs. 60,000 plus all his/her future premiums will be waived.

    Premium Payment:

    Premium paying terms

    5, 7, 10.

    Premium paying option

    Limited Pay

    Premium paying modes

    Half-yearly, quarterly, monthly and yearly.

    Riders offered with Reliance Fixed Money Back Plan:

    The following riders are available under the Reliance Fixed Money Back plan:

    Riders

    Benefits

    Reliance Major Surgical benefit Rider (UIN: 121B014V02) :

    It helps you cover surgical expenses by providing you a lump sum amount. You can choose from a list of 33 surgeries.



    Reliance Critical Conditions (25) Rider (UIN: 121B012V02) :

    You can take care of 25 critical conditions such as heart attack, cancer etc. with this rider.

    Reliance Family Income Benefit Rider (UIN: 121B015V02):

    A monthly benefit of 1% of the total sum assured is offered under this rider.

    Reliance Accidental Death and Total and Permanent Disablement Rider (Regular Premium) (UIN: 121B001V02):

    It offers additional death benefits, provided death is caused by an accident. It also comes with premium waiver benefits.

    Reliance Accidental Death and Total and Permanent Disablement Rider (Limited Premium) (UIN: 121B002V02):

    It provides additional death benefits, in case death is caused by an ancient. You can avail premium waiver benefits with this rider.

    Reliance Term Life Insurance Benefit Rider (UIN: 121B009V02):

    You can receive additional death benefits with this rider.

    The Reliance Fixed Money Back Plan is a must, if you want to safeguard you and your families against unforeseen circumstances.

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