Reliance Term Insurance

is a pure life insurance that offers affordable and comprehensive coverage for a limited period, according to the policyholder’s requirements. Reliance Term Plan offers different policies namely Reliance Online Term, Reliance Online Income Protect, and Reliance e-Term Plan.

Types of Reliance Term Plans:

Here are the different policies under the Reliance Term Insurance plan:

  1. Reliance Online Term
  2. Reliance E-Term Plan
  3. Reliance Online Income Protect
  4. Reliance Term Plan

Reliance Term Plan

Reliance Term Plan offers a large life insurance cover, at an affordable premium, offering family protection against unforeseen events that may drastically change the family’s lifestyle, in the policyholder’s absence.

Parameters

Minimum

Maximum

Age at entry (years)

21

60

Age at maturity (years)

26

65

Policy term (years)

5

30

Premium payment term

Equal to policy term

Premium

Rs.2000

No limit

Sum assured

Rs.500,000

No limit

Premium payment mode

Yearly, half-yearly or quarterly mode

Reliance Online Term

Reliance Online Term is an ideal plan for today’s generation. It provides a large cover at an affordable rate along with complete financial protection at lower premiums.

Parameters

Minimum

Maximum

Age at entry (years)

18

55

Age at maturity (years)

28

75

Policy term (years)

10

35

Premium payment term

Equal to policy term

Premium

Rs.3,500

No limit

Sum assured

Rs.25,00,000

No limit

Premium payment mode

Annual payment

Reliance Online Income Protect

Reliance Online Income Protect is a comprehensive protection plan that not only provides a lump sum in case of any eventuality to meet immediate liabilities, but also provides the policyholder’s family with a regular monthly income to ensure that they maintain the same standard of living. It provides complete financial protection at an affordable rate

Parameters

Minimum

Maximum

Age at entry (years)

18

55

Age at maturity (years)

28

75

Policy term (years)

10

35

Premium payment term

Equal to policy term

Premium

Rs.3,500

No limit

Sum assured

Rs.35,00,000

No limit

Premium payment mode

Annual payment

Reliance E-Term Plan

Reliance e-Term Plan is an that offers you a large life insurance cover at affordable premiums in just a few clicks. It is easy to buy and even your medical tests can happen at the comfort of your own home.

Parameters

Minimum

Maximum

Age at entry (years)

18

60

Age at maturity (years)

28

70

Policy term (years)

10

30

Premium payment term

Equal to policy term

Sum assured

Rs.35,00,000

Option 1: No limit

Option 2: Rs.1,00,00,000

Premium payment mode

Annual payment

Key Features and Benefits of Reliance Term Insurance Plan:

  • Higher insurance protection at economical rates

  • Offers life cover benefit

  • Optional accidental and disablement rider

  • Suitable for business owners who want to cover lives of their employees

  • Discount on premium rates for women

Example of Reliance Term Plan:

Ram, aged 30 pays a premium every year for the entire Policy Term. On his death, his Beneficiary will get the Sum Assured.

Reliance Term Plan FAQs:

1.Q. What are the advantages for women policyholders?

A.Women Policyholders have an advantage as they receive discount on the premiums paid. For the basic Policy, basic premium payable will be equivalent to the premium for a three-year younger male Policyholder.

2.Q. Is there tax benefit for this insurance policy?

A.Premiums paid are eligible for tax deduction under Section 80C of the Income Tax Act, 1961. Death Benefit is tax free under Section 10 (10D) of the Income Tax Act, 1961. Under Section 80C, premiums paid upto ` 1,00,000 are allowed as deduction from your taxable income.

3.Q. What happens if I discontinue paying premium?

A.The Policy will lapse if the premiums are not paid within the grace period. The grace period is one month but not less than 30 days. However, you have the option to revive the Policy within three years from the date of lapse subject to revival conditions. The Policy is not eligible for any Paid-up or Surrender Value.

4.Q. Who can buy this product?

A.Anyone, male or female, who is 21 years to 60 years at the age old at entry can buy this product. The maximum age of maturity for Reliance is 65 years.

5.Q. Are there any flexible payment modes?

A.The premium can be paid on a quarterly, half-yearly, or annual basis, depending on the convenience of the policyholder.

6.Q. Are there any exclusions in the policy?

A.The Company will not pay any claim on death if the Life Assured, whether sane or insane, commits suicide within 12 months from the date of issue of this Policy or the date of any reinstatement of this Policy.

Other Products from Reliance Group

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

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