Reliance Life Insurance
  • 5 Reasons to buy
  • Benefits
  • How this plan works
  • Faqs
Every parent wants to be able to fulfil their child's dreams. Investing in Reliance Child Plan gives you the power to secure your child's future. This plan offers you risk protection as well as accumulated bonuses at the end of the policy term, thereby allowing you to provide your child with adequate financial security for the future.
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Risk protection for you during the term of the policy
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Accumulated bonuses payable at the end of the policy term
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25% of the Sum Assured payable every year as a lump sum benefit during the last four Policy Anniversaries
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All future premiums are waived in the unfortunate event of demise
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Guaranteed fixed benefits continue even after demise so that your child's future is protected

Additional Benefits

1) More value for your money by way of High Sum Assured rebate
2) Choose to enhance protection through three Riders – Reliance Critical Illness Rider, Reliance Accidental Death and Total and Permanent Disablement Rider and Reliance Life Insurance Family Income Benefit Rider

Life Cover Benefit: In the unfortunate event of loss of life, your Beneficiary will receive the Sum Assured Immediately and all future premiums will be waived.

Guaranteed Fixed Benefit: Get 25% of Sum Assured every year on the last four Policy Anniversaries irrespective of the survival of the Life Assured. For example if you have taken a Policy for Rs 1 lakh for 20 years, then Fixed Benefits payable will be Rs 25,000 each at the end of 17th, 18th, 19th and 20th year.

Maturity Benefit: On maturity you get accumulated bonuses irrespective of the survival of the Life Assured.

Rider Benefit: You also have the option to add two additional Benefits to customize the policy as per your needs.
A.  Accidental Death Benefit and Total and Permanent Disablement Rider
B.  Critical Conditions Rider


Sample Premiums

The tables below illustrate the indicative premiums for an individual Life Assured across different Sum Assured for a Policy Term of 15,18 and 20 years.

Sum Assured Rs 1 lakh Age/Term (yrs) 15 18 20
30 7665 6230 5520
35 7830 6415 5720
40 8115 6720 6045
45 8655 7290 6630

Sum Assured Rs 3 lakh Age/Term (yrs) 15 18 20
30 22695 18390 16260
35 23190 18945 16860
40 24045 19860 17835
45 25665 21570 19590

Sum Assured Rs 5 lakh Age/Term (yrs) 15 18 20
30 37325 30150 26600
35 38150 31075 27600
40 39575 32600 29225
45 42275 35450 32150
Disclaimer
For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. UIN for Critical Conditions Rider: 1 21 B003V01 , Accidental Death & Total and Permanent Disablement Rider: 121C002V01 , Reliance Child Plan: 121N003V01,Reliance Life Insurance Family Income Benefit Rider -121C015V01

You pay premium every year for the entire term and get guaranteed Fixed Benefits every year during the last four years of the Policy Term. On death, your Beneficiary will get the Sum Assured, guaranteed Fixed Benefits on specified dates and all future premiums will be waived. All attached bonuses are payable at the end of the Policy Term and will remain attached to your Policy even after payment of Life Cover Benefit.

Disclaimer
For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. UIN for Critical Conditions Rider: 1 21 B003V01 , Accidental Death & Total and Permanent Disablement Rider: 121C002V01 , Reliance Child Plan: 121N003V01,Reliance Life Insurance Family Income Benefit Rider -121C015V01
What is the Policy Term?
Minimum Policy Term   5 years
Maximum Policy Term 20 years
Who can buy this product?
What is the Sum Assured?
Minimum age at entry   20 years
Maximum age at entry 60 years
Minimum age at maturity 25 years
Maximum age at maturity 70 years
Minimum Sum Assured Rs 25,000
Maximum Sum Assured No Limit
Do I get any rebate for a High Sum Assured?

Reliance Child Plan offers an attractive premium discount for Sum Assured over and above Rs 99,999 as mentioned below. For example, as per the tabular premium rates, the Annual Premium for a 30 year old male for a 20 year Policy for Rs 5 lakh Sum Assured comes to Rs 28,100 before the High Sum Assured Rebate. After the High Sum Assured Rebate, the premium is Rs 26,600.

Sum Assured Range  High Sum Assured Rebate
Rs 100,000 - Rs 249,000 Rs 1 per 1,000 Sum Assured
Rs 250,000-Rs 499,000 Rs 2 per 1,000 Sum Assured
Rs 500,000-Rs 9,99,000 Rs 3 per 1,000 Sum Assured
Rs 10,00,000 and above Rs 4 per 1,000 Sum Assured
Can I take a loan against my Policy?

Yes, you can take loan against your Policy. The Policy Loan can be up to a maximum of 90% of the Surrender Value of the Policy at the time of taking the loan based on the terms and conditions at that time. This facility is available after premium payment of three full years and after three years have elapsed from date of commencement of the Policy. The interest will be charged on any outstanding loan at a rate of interest set by us, from time to time.

What happens if I discontinue paying premium?

During the first three years, if premiums are not paid within the grace period the Policy will lapse. After the first three years if premiums are not paid within the grace period the Policy will be made 'Paid up' and the Sum Assured will be reduced, firstly, in the proportion of completed duration to original Policy term and secondly, by the amount of periodic lump sum payments already made.

Any accumulated bonuses attached to this Policy will remain attached in full. Once this Policy becomes 'Paid-up', no further bonuses are payable. You will receive the 'Paid-up' Sum Assured in the event of loss of life. Once the Policy becomes paid-up any outstanding Fixed Benefits will be reduced to the paid up Sum Assured divided by the number of outstanding Fixed Benefits. On maturity, the accumulated bonuses up to the date of 'Paid-up' are paid.

Grace Period

One month or 30 days from the due date for the payment of premiums.

Waiver of Premium Benefit

In the event of unfortunate loss of life, your child is completely protected. The Company waives the entire future premium apart from paying the Sum Assured to the Beneficiary. In additions all the Fixed Benefits are paid as and when due. Bonuses will remain attached to your Policy and are payable at maturity.

What if I want to discontinue the Policy?

We provide you the option to surrender your Policy and receive the Surrender Value. If your Policy has accumulated any bonuses, then you will also receive the cash value of that total amount upon surrendering your Policy.

Your plan acquires a Surrender Value after three years premium has been paid and after three years have elapsed from date of commencement of Policy. We guarantee a minimum Surrender Value of 30% of the total premiums paid (excluding any extra premiums and premiums for additional benefits) subsequent to the first year premium, less the total of any periodic lump sum Fixed Benefits already paid under this Policy. On surrender, the insurance protection provided under the Policy will also cease.

Can I revive a Policy which is lapsed?

A lapsed Policy can be reinstated for full Benefits anytime before the date of maturity at terms and conditions required by the Company.

Disclaimer
For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. UIN for Critical Conditions Rider: 1 21 B003V01 , Accidental Death & Total and Permanent Disablement Rider: 121C002V01 , Reliance Child Plan: 121N003V01,Reliance Life Insurance Family Income Benefit Rider -121C015V01
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