The Online Income Protect policy from Reliance is a combination of income replacement and protection. The plan provides a monthly income to the family of the policyholder to ensure that his / her dependants can continue leading the same lifestyle even in case of the unfortunate demise of the policyholder.
Eligibility Criteria of Reliance Online Income Protect
- The minimum age of the individual at the time of entry should be under 18 years and the maximum must not exceed 55 years.
- The minimum age of the individual at the time of maturity should be 28 years and the maximum should not exceed 75 years.
- The minimum sum assured for this policy is Rs.35 lacs, and there is no limit on the maximum sum assured.
- The minimum annual premium is Rs.3,500 and there is no limit on the maximum amount.
- Premiums must be paid on an annual basis.
- The policy term can be 10 / 15 / 20 / 25 / 30 / 35 years.
Features of Reliance Online Income Protect
- The plan is availed for online purchase through the internet.
- Guaranteed regular monthly income.
- Rewards in the form of lower premiums for individuals who lead a healthy lifestyle.
- Tax benefits under Section 80C of the Income Tax Act.
- There is no loan facility under this plan.
- The plan does not acquire any surrender value as it is a term plan.
- A free look period of 15 days is granted to customers so that they can return or terminate the policy within this period if they are not satisfied with the terms and conditions.
Benefits of Reliance Online Income Protect
- Death Benefit: In case of the unfortunate death of the Life Assured when the policy term is still in progress, the legal heir or nominee will receive benefits as follow:
- Sum Assured: Higher of Base Sum Assured or 10x Yearly Premium
- Monthly Income Benefit: Customers will receive 0.50% of the Base Sum Assured on a monthly basis starting from the following policy month from the date on which the policyholder expired. The benefit will paid for either 10 years or the remainder of the policy term, whichever is higher. Customers cannot convert this monthly income into a lump sum benefit.
- Income Tax Benefit: Under Section 80C of the Income Tax Act, individuals who have paid life insurance premiums up to Rs.1.5 lacs can claim deductions. Tax free death benefits are also provided in this Reliance Term plan.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017