Reliance Term Plan ensures that your family will be safe even if you are not around to look after them. You will know that they will be financially secured. This plan offers a large life insurance cover at an affordable premium. With this plan, you can rest assured that your family will live comfortable no matter what happens to you. You can also enhance your protection through the riders available with this plan.
Features of Reliance Term Plan
- The policy term offered ranges from 5 years to 30 years.
- The premium payment term is equal to the policy term.
- The minimum premium that you are offered/ is Rs.2,000. There is no maximum limit.
- The minimum sum assured is Rs.5 lakh and there is no limit to the maximum limit of sum assured.
- The premiums can be paid through yearly, half-yearly and quarterly modes.
- Riders available with this plan are:
- Reliance Major Surgical Benefit Rider
- Reliance Critical Conditions (25) Rider
- Reliance Family Income Benefit Rider
- Reliance Accidental Death and Total and Permanent Disablement Rider – Regular Premium
- Reliance Accidental Death and Total and Permanent Disablement Rider – Limited Premium
- 15 days free look period is offered and 30 days for policy solicited through distance marketing channels to return the policy if you are not happy with it.
- You get 30 days grace period to make the premium payment. The policy will continue during the grace period.
Benefits of Reliance Term Plan
- In the event of your death during the policy term, the death benefit equal to the sum assured will be paid to the nominee in a lump sum.
- You can choose the protection that you require based on your needs.
- You can buy the insurance cover at an affordable rate.
- You can avail tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
Eligibility Criteria of Reliance Term Plan
The eligibility criteria for this term plan are as follows:
- The minimum age at entry is 21 years and the maximum age at entry is 60 years.
- The minimum age at maturity is 26 years and the maximum age at maturity is 65 years.
Example of Term Plan from Reliance Life
Mr.Ram is a 35 year old software professional. He wishes to take a life insurance so that his family won’t have to be financially burdened if in the event he dies. He takes the policy for 25 years with sum assured Rs.20 lakhs. The premium he will have to pay towards it is Rs.8,260. If he dies during the policy term, his dependent will get the sum assured.
- What is the policy term offered for Reliance Term Plan?
The policy term offered for this plan is 5 to 30 years.
- What is the sum assured offered?
The minimum sum assured offered is Rs.5 lakh and there is no maximum limit set.
- What are the death benefits offered by Reliance Term Plan?
In the event of your death when the policy is in coverage, your nominee will receive the sum assured that you have chosen.
- What is the minimum premium that I can pay for Reliance Term Plan?
For a regular plan the minimum premium you can pay is Rs.2,000.
- Can I surrender my Reliance Term Plan?
No, you can’t surrender Reliance Term Plan policy.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017