Reliance Term Insurance

Reliance Term Insurance plan 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

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 Term Plan 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

• Reliance Health Insurance

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