Reliance Life Insurance is one India’s largest life insurance companies with a whopping 5% of market share. With over 7 million policyholders, the firm offers life insurance products targeted at 4 distinct segments, namely, children, protection, retirement and investment plans. Reliance Life Insurance boasts of a distribution network of 1,24,000 agents comprised in nearly 1,230 branches.
Ensuring a child’s future is one of the main concerns every parent has and with the added uncertainty of life, it is a pressing issue. Every parent would like to see their children pursuing their dreams without having to worry about paying off old bills.
About Reliance Child Life Plan
This is a plan directed towards the security of children developed by Reliance Life Insurance Company. This plan is intended to give children guaranteed benefits at key milestones of their lives. The plan keeps financial stress out of children’s lives by providing them a safe financial future.
Benefits of Reliance Child Life Plan
Reliance Child Life Plan provides guaranteed periodic benefits which allow the insured to receive benefits irrespective of survival of the life assured. The plan pays 25% of the sum assured at the time of maturity which means the last three anniversaries of the policy before the conclusion of the policy are paid off. Sum assured refers to the base sum assured plus high sum assured addition benefit if applicable.
The Reliance Child Life Plan offers vested bonuses that accrue every year. The plan offers protection of the insured’s family while allowing the insured with the freedom of choosing a policy term, between 10-20 years, that meets his requirements.
Furthermore, Reliance Child Life Plan offers life cover for the entire policy term and waives off all future premiums in the event of the unfortunate death of the insured. Guaranteed sum assured at maturity as well as guaranteed periodic benefit are issued to nominees.
This plan offers the insured with options for premium payments, such as yearly, half-yearly, quarterly and monthly.
Moreover, as per the current income tax laws, the insured stands to receive a tax benefit on investment and on returns.
Take, for example, Vikram who is 28 years old opts for Reliance Child Life plan with a policy term of 18 years. The base sum assured is Rs.4 Lakhs with an annual premium of Rs.20,000 excluding tax. Vikram will receive a guaranteed periodic benefit of 25% of Rs. 4 Lakhs i.e. Rs.1 lakh, which would be the last three policy anniversaries before the maturity of his plan. He will also receive vested bonuses and non-negative capital guarantee.
In the unfortunate event of Vikram’s untimely death, his nominees, which are his children will receive a lump sum amount as a death benefit. All of Vikram’s future premiums will then be waived off and the guaranteed benefit will continue for his children.
Why Reliance Child Life Plan?
Reliance Child Life Plan can benefit the insured in numerous ways, for example, to fund for children’s higher education, for a child’s wedding, to support children in buying their first home, to support children in setting up their own business. Reliance Child Life Plan allows the insured to ensure that their child’s life moves ahead without any financial hurdles. It gives the insured’s child to enjoy life in the present instead of worrying about the future.
Tip: Loans issued against life insurance policies are generally income tax-free.
Reliance Child Life Plan is the solution for a secure tomorrow for children and helps their parents enjoy their childhood without stressful thoughts regarding the future. With flexible policy terms ranging from 10 years to 20 years, Reliance Child Life Plans gives the insured the independence to secure his child’s life even in his absence.
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