Reliance Life Insurance
  • 5 Reasons to buy
  • Benefits
  • How this plan works
  • Faqs
Reliance Term Plans is a pure life insurance plan that offers you an affordable and comprehensive coverage for a limited period of time to suit your needs. Now you can provide financial security to your family, in the most cost effective manner.
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Higher insurance protection at economical rates
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Optional 'Accidental and Disablement Rider' to enhance your protection
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Protect your family against financial liabilities such as loss of income and outstanding loans.
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Discounted premium rates for women
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Suitable for business owners to cover the life of their key employees

Life Cover Benefit:

In the unfortunate event of loss of your life, your Beneficiary will receive the Sum Assured.

Maturity Benefit:

There is no Maturity Benefit payable under this Policy.

Rider Benefit:

You also have the option to add Accidental Death Benefit and Total and Permanent Disablement Rider.

Accidental Death Benefit & Total & Permanent Disablement Rider:

Accidents are unfortunate and sometimes fatal. You can customize your basic Policy with an Accidental Death Benefit and Total and Permanent Disablement Rider.

The Accidental Death Benefit is payable if death occurs directly as a result of an accident and is intimated within 90 days of it occurrence. The Benefit payable is equal to the Rider Sum Assured. The minimum Sum Assured is Rs. 25,000 and the maximum under all Policies taken together is Rs. 50,00,000.

The Total and Permanent Disablement Rider is payable if the Life Assured becomes totally and permanently disabled directly as a result of an accident.

The Disablement Benefit is equal to the basic Sum Assured paid in ten equal annual instalments.

Total and Permanent Disablement is defined as the total and irrecoverable loss of 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 for a period of at least six months.

Inbuilt Waiver of Premium

In the Life Assured becomes totally and permanently disabled, then Reliance Life Insurance will waive all future premiums under the basic Policy and Riders up to a limit of Rs. 40,000 p.a.

Accidental Death Benefit & Total & Permanent Disablement Rider
Age at entry 18 yrs 59yrs
Age at expiry 25yrs 64yrs
Sum Assured Rs. 25,000 Rs. 50,00,000 (Basic Policy Sum Assured subject to a maximum of Rs. 50,00,000 per life)

Sample Premiums

The tables below illustrate the indicative premiums for a male Life Assured across different Sum Assured and ages for Policy Terms of 20, 25 and 30 years

Sum Assured Rs. 10 lakh Age/Term (yrs) 20 25 30
30 2600 3070 3640
35 3630 4380 5260
40 5400 6540 NA
45 8220 NA NA

Sum Assured Rs. 15 lakh Age/Term (yrs) 20 25 30
30 3650 4355 5210
35 5195 6320 7640
40 7850 9560 NA
45 12080 NA NA

Sum Assured Rs. 20 lakh Age/Term (yrs) 20 25 30
30 4700 5640 6780
35 6760 8260 10020
40 10300 12580 NA
45 15940 NA NA


Disclaimer
For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. UIN for Reliance Term Plan - 121N005V02
You pay premium every year for the entire Policy Term. On death your Beneficiary will get the Sum Assured. There is no Maturity Benefit under this plan.
Disclaimer
For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. UIN for Reliance Term Plan - 121N005V02
What is the Policy Term?
Minimum Policy Term: 5 years
Maximum Policy Term: 30 years
Who can buy this product?
Minimum age at entry: 21 years
Maximum age at entry: 60 years
Maximum age at maturity: 65 years
What is the Sum Assured?
Minimum Sum Assured: Rs. 2,50,000
Maximum Sum Assured: No Limit
Minimum Premium: Rs. 2,000 per instalment
What happens if I discontinue paying premium?
The Policy will lapse if the premiums are not paid within the grace period The grace period is one month but not less than 30 days However, you have the option to revive the Policy within three years from the date of lapse subject to revival conditions The Policy is not eligible for any Paid-up or Surrender Value.
Flexible Premium Payment Modes?
  • Yearly
  • Half-yearly
  • Quarterly

The Company will charge a Policy Fee, depending on the Premium Payment Mode selected by you.

What are the Advantages for Women Policyholders?
Women Policy holders have an advantage as the receive discount on premium paid. For the basic Policy, basic premium payable will be equivalent to the premium for a three-year younger male Policy holder
What are the Tax Benefits available?
Premiums paid are eligible for tax deduction under Section 80C of the Income Tax Act 1961, Death Benefit is tax free under Section 10(10)D of the Income Tax Act, 1961. Under Section 80C, premiums paid up to Rs. 1,00,000 are allowed as deduction from your taxable income.
General Exclusion
The Company will not pay any claim on death if the Life Assured, whether sane or insane, commits suicide within 12 months from the date of issue of this Policy or the date of any reinstatement of this Policy.
Disclaimer
For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. UIN for Reliance Term Plan - 121N005V02
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This Feedback is related to your experience with this website only. If you have any queries related to your Reliance Life Policy, please feel free to contact us at 3033 8181 / 1800 3000 8181 (Toll Free).