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  • Reliance Life Group Sarv Samriddhi Plan

    Reliance Life Insurance

    Reliance Life insurance has been a pioneer in the insurance services and financial planning sector by providing innovative products that provide financial security and boost savings for the policyholder. The Reliance Group Garv Samriddhi plan is a non participating non linked group savings variable insurance plan that provides a low cost systematic savings plan with regular regular interest credits and also provides life insurance cover. This plan allows you to build up a corpus that offers a financially safe and secure future for you and your loved ones.

    Key Features of Reliance Group Sarv Samriddhi Plan:

    Below are the key features of the Reliance Group Sarv Samriddhi Plan:

    • The Reliance Group Sarv Samriddhi plan offers the group members life cover for the entire duration of the policy.
    • The plan provides flexible modes of premium payment with modes ranging from monthly, quarterly, half yearly and yearly.
    • The plan is targeted for non employer employee homogenous groups such as government agencies, cooperative societies, parents of students as members and any other group approved by the Insurance Regulatory and Developmental Authority.
    • The plan provides death benefits and death benefits due to accidents.
    • The plan has a grace period policy which allows you to make any payment missed on a date within 30 days if the premium payment is quarterly, half yearly or yearly monthly and 15 days if the premium payment is monthly.
    • The policy can be acquired hassle free with minimum requirement of documents and allows policyholder option of choosing premium payments.
    • The policy does not levy a fund management charge for the first five member contract years allowing policyholder to boost their returns.

    Benefits of Reliance Group Sarv Samriddhi Plan:

    The benefits of Reliance Money Multiplier Plan are mentioned below:

    • The policy offers maturity benefits that are as follows:
    • The policyholder will receive all invested premiums. The policyholder also receives a minimum floor rate (MFR) which is guaranteed at 2.5% per annum of the policy term. Over the MFR, the policyholder also receives additional interest rate (AIR) of 1.25% per annum for the duration of the policy. Starting from the fifth policy year, the non-zero positive residual additions (NRA) if any is credited at the end of every policy year.
    • The policy offers death benefits. If the member dies during the member contract term and provided all premiums are paid, the nominee will receive 105% of all the paid up premiums or the basic sum assured.
    • The policy also covers death by accident in which if the member dies before the age of 65 or due to an accident the nominee will receive an additional benefit of 105% of all the premiums paid till time of death.

    Eligibility:

    Below are the criteria for eligibility for Reliance Money Multiplier Plan:

    Criteria

    Minimum

    Maximum

    Term of the policy

    The minimum term of the policy is 10 years

    The maximum term of the policy is 10 years

    Size of the Group

    20 members minimum

    5000 members maximum

    Age for entry

    The minimum age of entry is 14 years as at last birthday

    The maximum age of entry is 60 years as at last birthday

    Age of maturity

    24 years of age as at last birthday

    70 years of age as at last birthday

    Premium

    Minimum premium is RS 1000 p.a

    There is no limit on maximum premium to be paid

    Premium Payment Term in years

    The minimum premium payment term of the policy is 10 years

    The maximum premium payment term of the policy is 10 years

    The other criteria are as follows:

    • The sum assured ranges from 10 to 25 times the annual premium. The sum assured is subject to minimum of RS 10,000 per member.
    • The premium payment is equal to the policy term and the modes of premium payment are monthly, quarterly half yearly and yearly.

    How the Reliance Group Sarv Samriddhi Plan works?

    Regardless of the size of the group, a policy account is maintained for every member in the group at the time the policy takes effect. The members in the group can decide the mode of premium payments be it monthly, quarterly, half yearly or yearly. Premium Allocation charges will be deducted from the premiums paid by the member and the remaining amount will be invested. At the end of every financial quarter or on the date of termination of the policy, whichever comes first, the member's policy account is credited with MFR and AIR. The policy account will also be credited with NRA starting from the end of the 5th policy year and thereafter at the end of every policy year.

    MFR is minimum floor rate and is guaranteed at 2.5% per annum throughout the term of the policy. AIR is non zero positive additional interest rate and is 1.25% per annum for the entire policy term and NRA is non zero positive residual additions.

    Charges:

    Below are the charges involved in the Reliance Group Sarv samriddhi Plan:

    1. Service Tax: Service tax is applicable on the premium allocation charges, fund management charges, policy administration charges, mortality charges, and accidental death benefit charges. The service tax is at the rate of 12.36% and is deducted along with the relevant charges.
    2. Premium Allocation Charges: These charges are deducted from the premiums paid at the time of premium payment and the remainder is credited to the policy account of the member. The premium allocation charges are 12% of the premium paid for the first year, 7.5% for the premiums paid from the 2nd year to the 5th year and 5.5% for any premiums paid after the 6th year.
    3. Fund Management Charges: The fund management charges will be deducted from the policy account value at the rate of 1.35% per annum. However these charges are waived off for the first 5 years. After the completion of 5 policy years these charges will be applicable.
    4. Discontinuance charge is explained in the table below:

      Year at which policy is discontinued

      Discontinuance Charge

      Annual Premium up to RS 25,000

      Annual premium greater than RS 25,000

      1

      Lower of 20% of annual premium or policy account value subject to a maximum of RS 3000.

      Lower of 6% of annual premium or policy account value subject to a maximum of RS 6000.

      2

      Lower of 15% of annual premium or policy account value subject to a maximum of RS 2000.

      Lower of 4% of annual premium or policy account value subject to a maximum of RS 5000.

      3

      Lower of 10% of annual premium or policy account value subject to a maximum of RS 1500.

      Lower of 3% of annual premium or policy account value subject to a maximum of RS 4000.

      4

      Lower of 5% of annual premium or policy account value subject to a maximum of RS 1000

      Lower of 2% of annual premium or policy account value subject to a maximum of RS 2000.

      5 and above

      Nil

      Nil

    5. Policy Administration charge: This charge is deducted at the rate of 2.5% per annum of the annualised premium subject to a RS 6000 limit per member contract year. This charge is deducted in advance monthly from the value of the policy account for the entire member contract term.
    6. Accidental Death Benefit Charges: Accidental death benefit charges and mortality charges is guaranteed during the member contract period. The charges for accidental death benefit is RS 1 for every RS 1000. This charge is annual but is deducted monthly at the rate of 1/12th of the charge at the beginning of each policy month.
    7. Mortality charges: The mortality charges are based on the mortality rate and the risk characteristics of the individual member. It will be deducted monthly and is based on the difference between the death benefit the value of the policy account at the time of deducting the charges.
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