Reliance Life Smart Cash Plus Plan

Benefits:

Below are the benefits of Reliance Smart Cash Plus Plan:

• Avail applicable income tax benefits on the investments made via premium payments and on the returns.
• Provide financial security for your family by receiving a life insurance policy 10 times the annualised premium for the policy term.
• If policyholder is living at end of the policy term, get guaranteed lump sums at the end of the 4^th policy year and at the end of every three years thereafter.
• Maturity benefit: at the end of the policy term get a maturity benefit equal to that of the base sum assured. High sum assured additions will be paid where applicable. If the base sum assured is less than 2.5 lakh no high sum assured addition is added. If the sum is between 2.5 lakhs and above, high sum addition is provided.
• Death Benefit: Upon the policyholder's death, provided the policy is still in effect, the nominee will receive the death benefit and the policy will be terminated.
• Surrender benefit: The policy allows for a surrender benefit. The policy acquires a surrender value provided the first annualised premium has been paid and the policy is surrendered before the completion of 3 policy years. If the policy is surrendered within the 3 policy years, the surrender value will be paid out after the completion of 3 policy years.

Eligibility:

Below are the eligibility criteria for Reliance Smart Cash Plus:

The other criteria are as follows:

1. The policy term for Reliance Smart Cash Plus is 10 years, 13 years, 16 years, 19 years and 22 years.
2. The premium payment term annually is equal to the policy term.
3. The premium modes of payment are monthly, quarterly half yearly and annually.

How this plan works?

Let us assume Mr Sandeep opts for Reliance Smart Cash plan at the age of 30 years. He chooses the policy term for 19 years and the sum assured amount is RS 2,85,361. He makes an annual premium payment of RS 30,000 every year for 19 years (policy term). Mr Sandeep will enjoy guaranteed money back returns starting at the end of the 4^th policy year and every 3 years thereafter. Mr Sandeep recieves 10% of the money of the sum assured at the end of the 4^th policy year which amounts to RS 28, 536. at the end of the 7^th policy year he receives 15% of the sum assured amounting to RS 42, 804, 20% or RS 57, 072 at the end of the 10^th policy term, 25% or RS 71, 340 at the end of the 13^th policy year and 30% or RS 85,608 at the end of the 16^th policy year. On the end of the 19^th policy year the policy matures and he gets his guaranteed benefits of the assured sum of RS 2,85,361 and a high sum assured addition of RS 28,536.

In the unfortunate event that Mr Sandeep dies during the policy term then the nominee will get a lump sum as death benefit. In case the benefits received through lump sums, high sum assured additions and any vested bonuses is lower than the amount of premiums paid the deficit will be payed through guaranteed addition.

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