Reliance e-Term

Reliance eTerm Plan is a life insurance policy that offers the ease of getting the medicals done from the comfort of one’s home. This plan from can provide a much needed financial cocoon to the family in the event of the untimely demise of the policyholder. The plan comes in two variants pertaining to the cover it offers

Eligibility Criteria for Reliance eTerm Plan

Age - The age mentioned is the one at the last birthday

  1. Age at entry - Minimum 18 years and maximum 60 years
  2. Age at maturity - Minimum 28 years and maximum 70 years

Features and Benefits of Reliance eTerm Plan




Entry Age (Years)



Age at Maturity (Years)



Policy Term (Years)



Sum Assured (Rs)


  1. No upper limit

  2. 10,000,000

Premium payment mode


Premium payment term (years)

Equal to policy term


Lapsed policies can be renewed within 2 years from the date of lapse by paying all arrears along with the interest.


Maturity Cover – No maturity benefit available and all benefits under the policy are terminated upon survival of Life Assured till the end of the policy term. Death Cover – Two options available as per plan chosen.

  1. Death Benefit equivalent to Sum Assured is paid.
  2. In case of accidental death the Sum Assured plus an amount equal to Sum Assured will be paid.


No Riders available

Surrender Period/Value

Doesn’t acquire a surrender value

Free look Period

The policy can be cancelled if the applicant disagrees with any terms and conditions within 15 days of it being in force.

Reliance eTerm plan entails the following features of the policy:

  1. Cover Variant -
    1. Option 1 - Death Benefit up to Sum Assured
    2. Option 2
  • In the case of the death of the insured - Death Benefit equal to Sum Assured
  • In the case of death of the insured due to an accident - Death Benefit equal to Sum Assured + Additional amount equal to the Sum Assured
  1. Policy term -
    1. Minimum - 10 years
    2. Maximum - 30 years
  2. Premium Payment term - Equal to the policy term
  3. Sum Assured -
    1. Minimum - Rs. 25,00,000
    2. Maximum -
  • Option 1 - No limit
  • Option 2 - Rs. 1,00,00,000
  1. Premium Payment option - Yearly

As per benefits, Reliance eTerm Plan offers the following

  1. Death Benefit - Provided the policy is in-force on the date of the death of the insured, depending upon the plan options chosen at the time of enrollment into the policy, the following benefits will be available as a lump sum -
    1. Option 1 - Death Benefit as a lump sum equal to the Sum Assured
    2. Option 2
      1. In case of a natural death - Death Benefit as a lump sum equal to the Sum Assured
      2. In case of an accidental death - Death Benefit as a lump sum equal to the Sum Assured + Additional lump sum (>= Rs. 1,00,00,000) equal to the Sum Assured
  2. Tax Benefit - As per the Income Tax Act of 1961, premiums paid under this policy are eligible for tax deductions

Example Scenario for Reliance eTerm Plan – How The Plan Works

Dilip and Ankita have recently had a baby, and intending to be future ready, Dilip decides to move into a home of their own. The loan amount is considerable and keeping in mind the extra expenditure for the baby, the financial responsibility for the couple is sizable enough. Dilip decides to go for Option 2 under Reliance eTerm plan. Following the online form, he fills in the necessary details about himself and gets a premium quote and gets a medical checkup done in the comfort of his home.

Dilip doesn’t consume tobacco and earns about Rs. 6,00,000 per year. The amount of annual premium he’d have to pay is Rs. 10,493 for a period of 30 years to avail a sum assured of Rs. 1,50,00,000.

At the age of 40, 5 years after the policy initiation, Dilip passes away in an accident. The home loan still needs to be repaid and the baby, Ankush, has just begun pre-school. To aid Ankita, Reliance eTerm will provide an easy claims settlement and a lump sum amount of Rs. 2,50,00,000 (Sum Assured + Additional Amount equal to the Sum Assured limited to Rs. 1 crore). A much needed financial relief at a trying time is what Dilip planned and Reliance eTerm provided.

Reliance eTerm Plan - Frequently Asked Questions

  1. How can the premium payment be done?
  2. Premiums can be paid online through internet banking or through debit/credit cards.

  3. What is the grace period for premium payment?
  4. A period of 30 days is allowed as grace period for payment of regular premiums.

  5. What would happen if I do not pay the premiums on time or discontinue payment altogether?
  6. Failing to pay the premiums within the grace period will result in lapse of the policy.

  7. Is there any period within which a lapsed policy can be revived?
  8. The policy can be revived up to 2 years from the date of the lapse.

  9. What are the exclusions for this policy?
  10. In case of suicide committed by the life insured within 12 months of the policy commencement, the nominee will receive only 80% of the premiums paid and no insured benefit.

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