Reliance Pay Five Plan

Reliance Pay Five insurance plan is a great financial product that helps you build a substantial corpus by paying just 5 premiums per year. This plan offers flexibility to choose between five investment funds and to actively manage your investment.

Reliance Pay Five is a highly convenient insurance plan since only five yearly premiums are required to be paid and tax benefits on these can be availed.

Significant features of Reliance Pay Five Plan

Reliance Life Pay Five is a unique product offering from Reliance and has features that offer returns as well as .

• 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 Rs.5 lakhs If age is between 12 to 45 years then 30 times the annualized premium If age is between 46 to 50 years then 20 times the annualized premium If age is between 51 to 55 years then 10 times the annualized premium If age is above 56 years then 7 times the annualized premium

• Premiums

  Minimum annualized premium is Rs.45,000, there is no limit to the maximum annualized premium amount however it is subject to sum assured limit

• Premium-paying Term

  Premium paying term is 5 years

• Basis

  Reliance Pay Five plan is a non-participating unit-linked endowment plan

• Policy validity

  Reliance Pay Five insurance plan has a minimum policy term of 10 years and a maximum term of 15 years

• Floater/individual policy

  Reliance Pay Five insurance plan is an individual insurance policy

• Partial Withdrawals

  Partial withdrawals can be availed in case of emergency, only after completion of 5 years of policy.

Key advantages of Reliance Pay Five Plan

Reliance Pay Five Plan is loaded with superb benefits for customers.

• Death benefits

  In the unfortunate event of death of the insured person, the death benefit paid out to the beneficiary is sum assured under base plan and top-up plus fund value under base plan plus top-up

• Maturity benefits

  On survival of the insured person after the policy has matured, a maturity benefit equal to the fund value including claw-back additions is paid. This is subject to the condition that all policy premiums are duly paid.

• Choose and Invest

  Enjoy great returns on your investment made through Reliance Pay Five insurance scheme. Avail any of the five unit linked funds offered by and enjoy the flexibility to switch between funds as per your choice and convenience.

• Switch between funds

  Reliance Pay Five insurance scheme offers you the freedom to switch between various funds as per your convenience. The plan offers a total of 52 switches that can be availed on this insurance scheme.

• Tax benefits on premiums paid

  Tax benefits on Reliance Pay Five insurance 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.

• Easy Liquidity

  Partial withdrawals are allowed on the premiums made but only after completion of 5 years of policy or after attaining 18 years of age, whichever is later.

Eligibility Criteria

Minimum Entry Age – 7 years

Maximum Entry Age – 65 years

Maximum Maturity Age – Minimum age at maturity is 17 years and maximum is 75 years

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