Reliance Future Income Plan
The Reliance Future Income Plan is a non-linked, participating life insurance plan that provides annual income. It offers benefits like death benefit, maturity benefit, and income benefit. The plan is designed to help you secure your family's financial future by providing a regular income stream.
Eligibility Requirements for Reliance Future Income
The following information is generic since the company has not mentioned these criterias in their brochure:
Minimum entry age | 8 years. |
Maximum entry age | 55 years. |
Minimum age at maturity | 22 years. |
Maximum age at maturity | 75 years. |
Key Features of Reliance Future Income
The following are the main features of the Reliance Future Income:
Plan type | Non-linked, participating traditional life insurance plan with annual income. | ||||||||||||||||||||||||||||
Plan basis | Individual | ||||||||||||||||||||||||||||
Premium paying terms | Half of policy term. Policy terms have been mentioned below. | ||||||||||||||||||||||||||||
Policy term | 14, 16, 18, 20, 22 and 24 years | ||||||||||||||||||||||||||||
Death Benefits |
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Maturity benefits | You will receive the Terminal Bonus, along with the last installment of your Income Benefit | ||||||||||||||||||||||||||||
Premium payment frequency | Monthly, quarterly, half-yearly and annually | ||||||||||||||||||||||||||||
Guaranteed Additions | Income Benefit:
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Advantages/ Benefits of Reliance Future Income
- Death Benefits: Details on the same are mentioned in the key features section.
- Maturity Benefits: Details on the same are mentioned in the key features section.
- Income Benefits: The annual income benefits have also been mentioned in detail in the above section. This is an added feature against ordinary .
- Tax Benefits: The premiums paid against this policy are tax exempted under the Section 80C, Income Tax Act.
- Loans Against Policy: You can use this insurance policy as a collateral for applying for a loan. The loan amount has to be the amount paid as premiums up to the date of the loan application.
How Reliance Future Income Plan Works
If you are a policyholder of the Reliance Future Income plan, let's say for a policy term of 20 years, you need to pay premiums for 10 years and your sum assured will keep on adding by a percentage after the end of every policy year. When the policy matures you get a the maturity benefit. But you also receive an annual lump sum every year. You are also eligible for tax benefits hence the money that you invest is tax exempted. You can also take a loan against the policy after 5 years of premium payments. The life cover is also is there which pays out a lump sum like any other insurance policy to the claimant as death benefits.
Premiums Payable For Reliance Future Income Plan
Minimal annual premiums payable will be Rs. 15, 680, per annum considering that the minimum sum assured is Rs. 2 lacs. However there are no limits on the maximum annual premium payable since there is no restriction on the maximum sum assured. However, the annual premiums can be paid annually, monthly, quarterly or half-yearly. Rates are expected vary for premiums based on the term of policy chosen and the sum assured.
Riders Available for Reliance Future Income Plan
There are various riders available for added benefits along with the default policy benefits. The riders can be applied for only during the policy payment term period. This too has to be done when the policy just commences or at the annual premium payment due date. The riders can be availed by paying an amount over the regular premium amounts payable.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
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