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Reliance Life Smart Penion Plan

Reliance life insurance one of the country's leading insurance and retirement planning service providers.Reliance has always adopted a customer centric approach in the services they provide and the Reliance Smart Pension plan is one such policy. The plan enables you to invest your money so that you can continue living your lifestyle even after retirement. The Reliance smart pension plan provides financial security when you need it the most and allows you to tackle the rising cost of living by helping you prepare for retirement early on.

Key Features of Reliance Smart Pension Plan:

Below are the key features of the Reliance Smart Pension Plan:

  • The plan gives you financial control. It enables you to decide your retirement age.
  • The Reliance Smart Pension plan provides financial freedom. It helps you lead an independent life free from the stresses of financial burden post retirement.
  • The Reliance Smart Pension plan has a long term policy ranging from 10 to 30 years.
  • The plan allows you to build a corpus ensuring regular income for life post retirement helping you to continue enjoying your lifestyle.
  • There are no Riders available in this policy.
  • This policy offers many benefits such as surrender, death and loyalty addition benefits.
  • The policy offers a range of premium payment with options such as Regular premium, Limited premium and Single premium payment.
  • The policy does not offer an exchange option.
  • The policyholder will not be able to withdraw partially or fully, the monies invested in the policy till end of the fifth year.
  • It enables you to enjoy the applicable tax benefits.

Benefits of Reliance Smart Pension Plan:

The benefits of Reliance Smart Pension Plan are below:

  • It gives you the freedom to decide your retirement age with a policy vesting period ranging from 45 years to 75 years. The retirement age can be extended based on your ease and the regular income received can be adjusted based on the annuity chosen by you
  • It helps you build a retirement corpus with the policy term ranging from 10 to 30 years and the flexibility to increase your retirement fund through top ups and loyalty additions.
  • In the unfortunate event of death, leave behind a minimum guaranteed amount based on the total premiums paid.
  • Avail applicable income tax benefits on the investments made through premiums and on the returns.
  • Avail surrender benefits. If policyholder surrenders the policy after the fifth year then he/she will receive the fund value under the base policy minus any discontinuation charges.
  • Acquire loyalty addition benefits applicable on the base premium of the plan. Loyalty addition begins from the end of the 6th policy year and will be given at the end of every third year thereafter.

Eligibility:

Below are the criteria for eligibility for Reliance Immediate Annuity Plan:

Criteria

Minimum

Maximum

Age at Entry

Minimum age of entry is 18 years as at last birthday

Maximum age of entry is 65 years as at last birthday

Policy Term

Single Premium payment has a policy term of 10 years, Regular premium payment has a policy term of 15 years

There maximum policy term is 30 years

Vesting age or Maturity

The Minimum maturity age is 45 years

The maximum maturity age is 75 years

Payment term of premium

The minimum premium paying term is 10 years

The maximum premium paying term is 30 years

Single Premium pay

The minimum amount to make a single premium payment is RS 50,000

There is no maximum limit

Top Up

The minimum amount to make a top up payment is RS 5000

There is no maximum limit

The minimum policy term is 27 years if the age of the policyholder is 18 as at last birthday while purchasing the policy.

How the Reliance Smart Pension Plan works?

Let us assume Mr Gopal aged 35 years opts for a Reliance Smart Pension plan for a policy term of 20 years. If Mr Gopal selects a premium payment term of 10 years with RS 50,000 per annum as his annual premium, then Mr Gopal will enjoy an equity participation of up to 20% with a minimum guaranteed amount of RS 5,05,000 upon vesting. Along with this he will continue to accrue loyalty additions into his policy account. Upon vesting Mr Gopal has 2 options. In the first option he can commute a third of his fund value on vesting and utilize the remaining balance in his fund to buy annuity guaranteed for lifetime in which case the guaranteed annuity for lifetime will be RS 45,399 per year. In the second option he can utilize the entire fund value to purchase annuity guaranteed for lifetime in which case the guaranteed annuity for lifetime will be RS 68,099 .

Regardless of the options chosen, in the unfortunate event of Mr Gopal's demise, the beneficiary nominated by him at the time of purchasing the policy will receive the death benefit.

Premium Payment:

The Premium Payment for Reliance Smart Pension Plan are as follows:

Premium Amount

Minimum Premium Payment term 10 to 14 years

Minimum Premium Payment Term 15 to 19 years

Minimum Premium Payment Term 20 years and above

Maximum Premium Payment term

Regular Pay

Monthly

NA

3000

2000

NoMaximum Limit

Quarterly

9000

5000

Half Yearly

18000

10000

Yearly

36000

20000

Limited Pay

Monthly

4000

4000

3000

No Maximum Limit

Quarterly

12000

12000

6000

Half Yearly

24000

24000

12000

Yearly

48000

48000

24000

Single Pay

50000

No Maximum Limit

Top Up

5000

No Maximum Limit

Premium Frequency

One Time, Monthly, Half-yearly, Annually

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

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