Reliance Classic Plan II is an investment cum insurance plan that ensures growth of your funds as well as protection for your family against any unforeseen circumstances. The plan offers you investment flexibility to choose from the various funds available and also switch between funds as per your convenience.
The plan offers top-up options too to enhance your cover. Reliance Classic Plan II offers easy liquidity and adequate protection so that customers are able to enjoy comprehensive coverage as well as growth of their funds.
Significant features of Reliance Classic Plan II
Reliance Classic Plan II has features that makes this insurance offering a popular product among customers.
- Sum Assured
Premium Payment Option Minimum Sum Assured Maximum Sum Assured Regular Pay
If age is less than 45 years at the time of entry, Higher of 10 times annualized premium or 0.5 X policy term X annualized premium
If age is more than 45 years at the time of entry, Higher of 7 times annualized premium or 0.25 X policy term X annualized premium
If age is between 07 to 11 years then 30 times the annualized premium
If age is between 12 to 50 years then 30 times the annualized premium
If age is between 51 to 55 years then 25 times the annualized premium
If age is between 56 to 60 years then 20 times the annualized premium
125% of single premium, if age at entry is less than 45 years
110% of single premium if age at entry is more than 45 years
Maximum sum assured ranges between 6 times to 2 times the single premium amount depending upon the entry age and the policy term
Minimum annualized premium for single pay is Rs.75,000 and for regular pay the minimum annualized premium is Rs.15,000
- Premium-paying Term
Premium paying frequency is single/yearly/half-yearly/quarterly/monthly
Reliance Classic Plan II is a non-participating unit-linked endowment plan
- Policy validity
For both single and regular pay options, the Reliance Classic Plan II has a minimum policy term of 15 years and a maximum term of 30 years
- Floater/individual policy
Reliance Classic Plan II is an individual insurance policy
- Partial Withdrawals
Partial withdrawals can be availed only after completion of 5 years of policy or after the insured person has attained 18 years of age.
Key advantages of Reliance Classic Plan II
Reliance Classic Plan II is loaded with superb benefits for customers.
- Death benefits
In the unfortunate event of death of the insured person, the higher of the applicable sum assured or fund value is paid. Also top-up sum assured or top-up fund value whichever is higher is paid out to the beneficiary. At all points, minimum death benefit shall be 105% of the total premiums paid.
- Maturity benefits
Reliance Classic Plan II comes with maturity benefit equal to the fund value. This holds only if the settlement option has not been availed and all premiums are duly paid.
- Flexibility to choose funds
Enjoy great returns on your investment made through Reliance Classic Plan II insurance scheme. Avail any of the five unit linked funds offered by Reliance and enjoy the flexibility to switch between funds as per your choice and convenience.
- Tax benefits on premiums paid
Tax benefits on Reliance Classic II plan are applicable under section 80C, 80D and 10(10D) of the Income Tax Act. These are subject to change as per prevalent tax laws at the time of premium deduction and claim settlement.
Minimum Entry Age – 7 years
Maximum Entry Age – 60 years
Maximum Maturity Age – Minimum age at maturity is 22 years and maximum is 75 years
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017