Reliance Secure Child Plan
he wants to be you. you want him to reach higher.
Benefits in Details
Capital Guarantee under Regular Premium basic policy:
Capital guarantee under Regular premium basics policy comprises payment of 95% of
total Premiums paid under the basic plan less extra or additional premiums if any
provided no partial withdrawals were made any fund except redemption of points from
e-Account for availing of services of web based community and that the Equity, Mid-Cap,
Infrastructure, Energy and Pure Equity fund was never selected up to the date of
death. Capital Guarantee will not be available under Single Premium, Limited Premium
policy and on Top up premiums paid under Single premium, Limited premium and Regular
premium policy.
Guarantee under the Regular premium basic plan on death of the child provided death
occurs after commencement of risk cover
95% of total Premiums paid under the Regular premium basic policy (excluding extra
or additional premiums) are guaranteed on death of the child provided no partial
withdrawal was made from the basic plan except redemption of points from e-Account
for availing of services of web based community and that Equity, Mid-Cap, Infrastructure,
Energy and Pure Equity fund was not selected at any time and that the policy was
in full force on the date of death.
Guarantee under the Regular premium basic Policy on maturity of the policy
95% of total Premiums paid under the Regular premium basic policy (excluding extra
or additional premiums) are guaranteed on maturity of the policy provided no partial
withdrawal was made from the basic plan except redemption of points from e-Account
for availing of services of web based community and that Equity, Mid-Cap, Infrastructure,
Energy and Pure Equity fund was not selected at any time and that the policy was
in full force on the date of maturity.
Commencement of risk cover : Commencement of risk cover on the life of child
will depend on the age of the child on commencement of the policy.
- If age of the child on commencement of the policy is less than 6 years last birthday,
the risk cover on the life of the child will commence either one year from the date
of commencement of the policy or from the policy anniversary falling on or immediately
after the sixth birthday of the child whichever is later.
- If age of the child on commencement of the policy is equal to or more than 6 years
last birthday but less than 12 years last birthday then the risk cover on the life
of child will commence one year after from the date of commencement of the policy.
- If age of the child on commencement of the policy is equal to or greater than 12
years last birthday, the risk cover on the life of child will commence immediately.
Life Cover Benefit:
The amount of death benefit depends on whether the death of the child occurs before
or after commencement of risk cover.
A. Death of Child
Case 1: If death of the child occurs after commencement of risk cover, the death
benefit will be
a) If mode of premium payment is Regular,
Maximum of
- Sum assured.
- Fund value ( including fund value under Return Shield Fund and e - Account) as on
the date of intimation of death relating to the basic policy
- 95% of total Regular Premiums paid under the Regular premium basic Policy less extra
or additional premiums if any provided no partial withdrawals were made any fund
except redemption of points from e-Account for availing of services of web based
community and that the Equity, Mid-Cap, Infrastructure, Energy and Pure Equity fund
was not selected at any time during the policy term.
Plus
Fund Value ( including fund value under Return Shield and e - Account) under top-ups
(if any), as on the
date of intimation of death.
b) If the mode of premium payment is Limited or Single
Maximum of
- Sum assured
- Total Fund value ( including fund value under Return Shield Fund and e- Account)
under Basic Plan as on the date of intimation of death
Plus
Fund Value (including fund value under Return Shield Fund and e- Account) under
top-ups (if any), as
on the date of intimation of death
Case 2: If death of the child occurs before commencement of risk cover, the death
benefit will be
Fund value (including fund value under Return Shield and e - Account) as on the
date of intimation
of death relating to the basic policy
Plus
Fund Value (including fund value under Return Shield and e-Account) under top-up
contributions (if any),
as on the date of intimation of death.
Both under Case 1 and Case 2, the claim amount is payable to the parent or, to the
child's estate, in
case the parent had pre-deceased the child.
The policy terminates on payment of the death benefit for the child
B. Death of the Parent
In the event of the death of the parent provided the policy is in full force all
future premiums are waived thereafter for the remaining policy term. The policy
continues and the Company will continue to pay the original Premiums as chosen by
the policyholder on due dates.
C. Total & Permanent disability of the child
If the child who gets totally & permanently disabled as a result of an accident
during the policy term, fixed income at a rate of 10% of the sum assured under the
policy, per annum will be paid to the child throughout his/her life. The policy
contract will continue but no rider benefits will be available on the life of the child.
"Total and permanent disablement" means that the life assured has solely
and directly as a result of an accident caused by outward, violent and visible means
suffered for at least six months from any of the disability as follows:
- Total and irrecoverable loss of the sight of both eyes, or
- Loss by severance of two limbs at or above wrist or ankle, or
- Total and irrecoverable loss of the sight of one eye and loss by severance of one
limb at or above wrist or ankle, and totally and permanently disabled has a corresponding
meaning.
D. Maturity Benefit: Payable on survival of the child up to the end of the policy
term, provided the policy is in full force
I) If the mode of premium payment is Regular,
Maximum of
- Fund Value (including fund value under Return Shield Fund and e-point Account) as on the
date of maturity relating to the basic policy
- 95% of total Regular Premiums paid under the Regular Premium basic Policy less extra
or additional premiums if any provided no partial withdrawals were from any fund
except redemption of points from e-Account for availing of services of web based
community and that Equity, Mid-Cap, Infrastructure, Energy and Pure Equity fund
was not selected at any time during the policy term.
Plus
- Fund Value( including fund value under Return Shield Fund and e - point Account)
under top-up contributions (if any), as on the date of maturity.
II) If the mode of premium payment is Limited or Single,
Fund value ( including fund value under Return Shield Fund and e- Account) as on
the date of
maturity relating to the basic policy
Plus
Fund Value ( including fund value under Return Shield Fund and e- Account) under
top-ups (if any), as
on the date of maturity
Sum Assured:
The sum assured under the policy is fixed under regular & limited Premium payment
policies. The fixed sum assured is annualized Premium multiplied by half the policy
term. For single Premium payment option, the minimum sum assured is 125% of the
single Premium amount and the maximum sum assured is 5 times the single premium
paid.
Rider Benefits:
The riders are available under regular Premium policies. You can add Reliance Accidental
Death & Total & Permanent Disablement Rider, Reliance Critical Conditions
Rider and Reliance Term Life Insurance Benefit Rider at any time during the policy term on
the life of child after attainment of age 18.
E-Account:
The e-Account is a mandatory feature of the policy during the policy term. The e-
Account will not operate during the settlement option.
During every year, 1% of Premiums paid by the policyholder (excluding extra or additional
premiums) under basic plan and under top ups will be transferred to an account called
e-Account. As a Loyalty Addition, the Company will also contribute 1% of Premiums
paid by the policyholder (excluding extra or additional premiums) during the year
under basic plan and under top ups towards the e-Account. The amounts in the e Account
will be invested in the unit funds according to your choice and will earn investment
return.
Anytime during the tenure of the policy, the amounts in e-Account can be utilized
for availing of the benefits offered by the web based community mentioned below.
On availing of the benefits of the web based community, the balance in the e-Account
will be reduced. This will not affect the capital guarantee under the Regular Premium
basic policy.
On maturity or surrender of the policy or on death of the child during the policy
term, the balance in the e Account will be paid in cash.
Funding of e-Account:
The units corresponding to the 1% of premium (excluding extra or additional premiums)
paid by the policyholder and the Shareholder's contribution of similar sum i.e.
1% of premium (excluding extra or additional premiums) is transferred to the e-Account
at the time of payment of the first Premium and at the time of crediting the renewal
Premiums / top up Premiums. e-Account is a part of policyholder's account only and
is earmarked separately in the system. There will not be separate unit values for
e-Account. Rather, part of the funds G, H and Equity, Mid-Cap, Infrastructure, Energy
and Pure Equity fund will be earmarked towards e-Account within each fund.
Determination of e-points:
The e-points are derived from the e-Account value. e-Account value is the value
of the units transferred to e-Account i.e. no of units in the e-Account multiplied
by prevailing unit price
The e-Account value is multiplied by 2 to arrive at e points.
Benefits to policyholders: Access to educational
and recreational products and services through web based community or through regular
distribution of pamphlets
The Company will form a web based community for the parents and children covered
under this plan. For those policyholders who do not have access to internet, the
information available on web portal will be supplied through pamphlets regularly
Various educational and recreational products of children's interest could be procured
through this website. For those policyholders who do not have access to internet,
the procurement could be done through our Customer Care Centres. The goods and services
can be availed of by redemption of e-points in the e-Account during the tenure of
the policy.
The benefits and items of interest and value as offered above are subject to changes,
from time to time at the sole discretion of the company.
Parent and child both can access the web based community and/or the pamphlets giving
the information. However, until the child attains the age of 18, procurement of
products and services though redemption of e-points can only be done by the parent
nominated as proposer in the policy. After the child attains age 18, the procurement
of products and services through redemption of e points can only be done by the
child.
Anytime from the date of the issue of the policy, the e- points in the e-Account
can be utilized for availing benefits offered by the web based community mentioned
below. On availing of the benefits of the web based community and paying for the
same using e-points, the balance of e-points in the e-Account will be displayed
on the site. For those policyholders who do not have access to the internet, the
information will be supplied on unit statement.
The balance in the e-Account cannot be withdrawn during the policy tenure except
for availing the benefits under the web based community. If there is any balance
in the e-Account, it will be paid along with the death claim on the child, on maturity
of the policy or on full surrender of the policy.
Redemption of e-points:
A catalogue of services / products will be made available on the web based community
portal with details of the number of e-points required to be redeemed for each.
For those policyholders who do not have access to the internet, the information
will be supplied through pamphlets regularly. Alternatively, the information will
also be available thorough our Customer Service Centres.
On policyholder logging in with his / her ID and PIN, he / she will be able to view
his points statement as well as the catalogue. For those policyholders who do not
have access to internet, the information will be available through our Customer
Service Centres.
On the last day of every month, the policyholder can choose to buy an item. The
purchase will go through successfully if and only if the number of e-points to his
credit in his e-Account is more than the number of e-points required / needed on
that day. At any point of time, a customer can redeem only up to a maximum of 80%
of his total accumulated e-Points.
If the customer is not able to redeem the rewards online, then he can fill up a
redemption form and mail or fax it to any of the Company's branch offices or to
the customer service center. The redemption form will be available on the Company's
website and can be downloaded. Alternatively, the customer can also call the customer
service center to mail him the same.
Redemption from e-Account is not allowed on discontinuance of premium.
Status of e-Account:
The policyholder sees the e-points to his credit on his website log in. The information
will also be available through our Customer Service Centres. The number of e-points
to his credit and the actual fund outflow from the e-Account to pay for redemptions
if any, on account of the products / services requested will change on a daily basis.
Everyday a statement of e-Account for points gets updated on the system for customers
to view. Alternatively, the customer can call the customer service center. A Unit
Account Statement will be sent on a monthly basis provided there have been e-Account
redemptions during the month. In addition, the customer will also receive the mandatory
annual Unit Account Statement including the e-Account redemption.
Discontinuance of Premium: (excluding death
of the parent when waiver of Premium is in operation)
On discontinuance of premium (Excluding death of the Parent when the waiver of premium
is in operation and the Company is paying the premium in to the policy), there can
not be any transfers from the premium income to the e-Account. The Loyalty Addition
contribution from the shareholder will immediately terminate. However, the existing
balance in the e-Account will remain intact and will be increased or decreased on
account of movements in the unit values. The policyholder will not be able to purchase
goods and services while the policy is in premium discontinuance mode (except when
waiver of premium is in operation). The existing balance in e-Account will be available
to the policyholder along with the final claim (i.e death of the child, maturity
of the policy or surrender of the policy).
Should the policyholder restart payment of premiums, the Loyalty Additions and the
transfer from premium income to e-account will restart.
e-Account transfers will continue even after death of the parent and when the policy
is in waiver of premium mode and is receiving premium from the Company.
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Disclaimer |
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For more details on risk factors, terms and conditions please
read sales brochure carefully before concluding
a sale |
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UIN for Reliance Term Life Insurance Benefit Rider: 121C009V01,Reliance Accidental
Death & Total and Permanent Disablement Rider: 121C002V01,Reliance Critical Conditions Rider
121B003V01, Reliance Secure Child Plan: 121L026V01 |
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