Reliance Online Term Plan

One of the simplest term life insurances in India, the Reliance Term insurance is a plan that can be bought online by an interested customer. With premium rates as low as Rs. 15 per day, the medicals required for this can be done from the comfort of one’s home. Easy booking, minimal documentation and a long coverage period are the USPs of this plan.

Eligibility Criteria for Reliance Online Term

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

  1. Age at entry - Minimum 18 years and maximum 55 years
  2. Age at maturity - Minimum 28 years and maximum 75 years

Features and Benefits of Reliance Online Term plan




Entry Age (Years)



Age at Maturity (Years)



Policy Term (Years)



Sum Assured (Rs)


No upper limit

Premium amount (Rs)


No upper limit

Premium payment mode


Premium payment term (years)

Equal to policy term


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


Maturity Cover – No maturity benefit available under this plan.
Death Cover – The nominee will receive the maximum of either the Sum Assured, 10 times the Annualised Premium or 105% of the premiums paid till date of death.


No Riders available under this plan

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.

The following can be mentioned as the salient features of Reliance Online Term Plan

  1. Policy Term - The period for which the cover is opted for, in multiples of 5 years
    1. Minimum - 10 years
    2. Maximum - 35 years
  2. Premium payment term - The premium payment term for the policy is the same as the policy term
  3. Sum Assured - There is no maximum limit on the sum assured and the minimum sum assured is Rs. 25,00,000
  4. Premium Payment Frequency - The premiums for this policy can be paid in an annual mode

The benefits of Reliance Online Term policy can be mentioned as follows

  1. Death Benefit - Upon the untimely demise of the insured, the higher amount of the sum assured, 10 times the annualised premium or 105% of all the premiums paid till the date of death
  2. Tax Benefit - As per the Income Tax Act of 1961, the premiums paid for this policy are eligible for tax benefits under the current tax norms

Example Scenario Of Reliance Online Term Plan – How The Plan Works?

Deekshita, aged 30, and her husband Parikshit, aged 34, have made a decision to move into a house of their own post the birth of their daughter, Upeksha. While Deekshita is a chartered accountant, Parikshit works as a comic book artist and an illustrator for magazines.

Prior to moving to the new residence, Deekshita applied for Online Term plan offered by . As she is a teetotaler, Deekshita received a default sum assured of Rs. 1.75 crore based on her salary details and age. An annual premium of Rs. 12,000 is to be paid by her for the policy. Based on the nature of her husband’s work and the responsibility of the child, she thought it was a wise decision.

2 years down the line, Parikshit and Deekshita meet with an unfortunate car accident. Parikshit is seriously injured but Deekshita doesn’t survive her injuries. Pariskshit can’t continue his work for a long time and the savings are on a low. The financial situation looks as bad as the emotional one.

As per , Parikshit settles the claims in an easy manner and receives a cheque for Rs. 1.75 crore. The loss of Deekshita is a void, but Parikshit is now relieved that nothing will be lacking in the care of Upeksha.

Reliance Online Term Plan - Frequently Asked Questions

  1. What are the exclusions to the Reliance Online Term Plan?
  2. If the insured commits suicide within 12 months of the commencement or revival of the policy, the nominee shall receive a sum equal to 80% of all the premiums paid and no insured benefit will be provided.

  3. What happens if I do not pay the premiums on time or discontinue payment completely?
  4. A grace period of 30 days will be allowed to continue the payment of premiums, but if in case payments are not done within that time, the policy will lapse and all benefits will cease to exist.

  5. Can the Reliance Online Term Plan be revived?
  6. The policy can be revived within 2 years from the date of the last paid premium after it has lapsed. All outstanding premiums along with the interest as applicable need to be paid for a successful policy revival.

  7. What if I decide not to go ahead with the plan?
  8. A free look period of 15-30 days is allowed after the policy is availed, and the policy can be returned within the same time frame.

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