Reliance Life Insurance
  • 5 Reasons to buy
  • Benefits
  • How this plan works
  • Riders
  • Faqs
Investing for the long term to fulfil your family's goals is important, ensuring your family continues to fulfil their dreams after you is even more important. Reliance Life Insurance Guaranteed Money Back Plan provides an in-built Accidental Death Benefit as well as Waiver Of Premium Benefit in the unfortunate event of yourdemise. This plan is tailor-made to ensure that your family's goals are not compromised due to life's uncertainties. This non-linked, non- participating money back plan allows you to save for the future with assured payouts at various milestones in life.
one
Guaranteed loyalty and maturity additions
one
Double Sum Assured payable in case of accidental death
one
An additional Sum Assured up to Rs. 50 Lacs is payable on accidental deaths
one
Future premiums waived off
one
Optional rider benefits to enhance protection cover

Flexible Premium Payment Modes:

You have the option to pay regular premium under yearly, half-yearly, quarterly and monthly mode. Quarterly and Monthly modes are allowed only if premiums are paid electronically. The mode of premium payment can be changed on the policy anniversary.

Benefits under the Plan:

What kind of basic Benefits can I avail in this policy?

Life Cover Benefit:

In case of unfortunate death of the life assured during the policy term provided the policy is in force as on the date of death, the benefit will be paid in one lump sum.

a. In the event of death of the life assured (non – accidental case)

The Sum Assured under the base plan will be paid irrespective of how many periodic lump sum benefits have already been paid.

b. In the event of death on account of an accident on or before age 65,

An additional amount equal to base sum assured will be paid. The additional sum assured on accidental death (including sum assured under Reliance Accidental Death and Total and Permanent Disablement Rider across all policies with Reliance Life) will not exceed Rs. 50 lacs.

On death of the life assured during the policy term provided the policy is in force and all due premiums are paid as on the date of death, and the nominee will also get the Money Back benefits and the Maturity benefits as mentioned under the contract at specified times.

Money Back benefit:

Periodic Money Back benefits as a percentage of base sum assured / paid up sum assured will be paid as per the table below on the specified policy anniversaries called 'Money Back period' irrespective of the survival of the life assured.

Policy Anniversary Periodic lump sum benefit as a percentage of base sum assured / Paid up sum assured
For policy term of 15 years For policy term of 20 years
11 16 15%
12 17 15%
13 18 15%
14 19 15%
15 20 40%

Maturity Benefit:

At the end of the policy term irrespective of survival of the life assured provided the policy is not paid up, the total of following two benefits will be paid

  • Accrued Guaranteed Loyalty Additions and
  • Guaranteed Maturity Additions.

The policy terminates on payment of maturity benefit

Rider Benefits:

The following optional riders are available during the premium paying term only, on payment of additional premium over and above the base premium provided conditions on riders (entry age, policy term, sum assured) are satisfied. These rider benefits can be selected on commencement of the policy or on any policy anniversary during a policy term.

  • Reliance New Major Surgical Benefit Rider: Provides lump sum amount to cover surgical expenses from a list of 33 surgeries including Open Heart surgery, Kidney Transplant, Cornea transplantation, Transplant of Lungs and many more.
  • Reliance New Critical Conditions (25) Rider: Provides lump sum amount to take care of 25 critical conditions including Cancer, Heart Attack, Paralysis, Major Organ transplant and many more.
  • Reliance Term Life Insurance Benefit Rider: Provides additional death benefit depending on the sum assured selected under the rider.
  • Reliance Life Insurance Family Income Benefit Rider: In the event of death or total and permanent disablement of the life assured, this rider provides a monthly benefit of 1% of sum assured every month (i.e.12% per annum), to the beneficiary. The benefit is payable from the date of death till end of the rider policy term or 10 years whichever is later, before the maturity of the policy.

    The Sum assured under the rider cannot be higher than the sum assured under the basic plan. The sum of rider premiums should not exceed 30% of the premiums paid under Basic Plan.


    When the basic plan is lapsed, surrendered or forfeited,, the Reliance Family Income Benefit rider attaching to the basic plan will also terminate immediately.

Note: Please refer to the rider brochure on rider benefits for more details.

The Sum assured under the rider cannot be higher than the sum assured under the basic plan.

The sum of rider premiums should not exceed 30% of the premiums paid under Basic Plan.

When the basic plan terminates, all the rider benefits attaching to the basic plan will also terminate.

Guaranteed Maturity Addition:

Guaranteed Maturity Additions as a percentage of the Basic sum assured (shown below) will be payable on maturity provided the policy is not paid up.

Guaranteed Maturity Addition depends on the policy term as given below.

Policy Term Guaranteed Maturity Addition ( as a percentage of Base Sum Assured)
15 15%
20 20%

Guaranteed Loyalty Additions:

Guaranteed Loyalty Additions of 2% of the base sum assured/paid up sum assured will be accrued at the end of every policy year provided the policy is not surrendered or lapsed.

Completed Policy Year

Guaranteed Loyalty Additions (as a percentage of Base Sum Assured/Paid up Sum Assured)

Accumulated Guaranteed  Loyalty Additions (as a percentage of Base Sum Assured/Paid up Sum Assured) at the end of the policy year

1

2%

2%

2

2%

4%

3

2%

6%

4

2%

8%

5

2%

10%

6

2%

12%

7

2%

14%

8

2%

16%

9

2%

18%

10

2%

20%

11

2%

22%

12

2%

24%

13

2%

26%

14

2%

28%

15

2%

30%

16

2%

32%

17

2%

34%

18

2%

36%

19

2%

38%

20

2%

40%

Sample Premium rates

Refer Sample premium table below:

For a Sum Assured of Rs. 1,00,000, yearly mode, premium and premium paying term equal to base policy term.

Age/Policy Term 15 20
18 8,317 6,099
25 8,354 6,154
35 8,559 6,425
45 9,260 7,240

Premium for basic plan:

For a given Base Sum Assured, Policy term and Premium paying term chosen by the policyholder regular premium will be charged during the premium paying term. The base premium can be paid in annual, half-yearly, quarterly and monthly modes, during the premium paying term chosen by you. Quarterly and Monthly modes are allowed only if premiums are paid electronically.

Premium for rider benefits:

Premium for rider benefits if selected will be collected over and above the premium under Base Plan. The frequency of rider premium will be same as frequency of premium under base plan.

High Sum Assured Rebate:

Reliance Life Insurance Guaranteed Money Back Plan offers attractive Rebates per Rs. 1,000 sum assured for high sums assured:

Sum assured Rebate per Rs. 1,000 sum assured
Less than Rs. 1,00,000 Nil
Rs. 1,00,000 and above but less than Rs. 2,50,000 Rs. 1
Rs. 2,50,000 and above but less than Rs. 5,00,000 Rs. 2
Rs. 5,00,000 and above but less than Rs. 10,00,000 Rs. 3
Rs. 10,00,000 and above Rs. 4

Grace Period for payment of premiums

There is a grace period of 30 days from the due date for payment of regular premiums. In case of monthly mode, the grace period is of 15 days.

Tax Benefit

On policies issued on or after 1st April, 2012, income tax benefit under section 80C shall apply only to the extent of ten percent of minimum sum assured during the entire term of the policy. Additional conditions apply.

On policies issued on or after 1st April, 2012, income tax benefit under section 10(10D) shall be available if premium payable for any of the years during the term of the policy do not exceeds ten per cent of minimum sum assured during the entire term of the policy. Additional conditions apply.

However, in the event of death, sum received under any Life Insurance Policy continue to be exempt. Additional conditions apply.

Kindly consult a tax expert to understand income tax applicable on various financial aspects.

Disclaimer

For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. Reliance Life Insurance Guaranteed Money Back Plan –121N084V01, Reliance New Major Surgical Benefit Rider - 121C014V01, Reliance New Critical Conditions(25) Rider - 121C012V01, Reliance Term Life Insurance Benefit Rider - 121C009V01, Reliance Life Insurance Family Income Benefit Rider – 121C015V01

You pay premium every year during the premium paying term, which is dependent on the Age of the policyholder, Sum Assured, Policy term and Premium paying term chosen by the policyholder. Money Back benefits will be paid at the end of every year during the last five years of the policy term, irrespective of the survival of the life assured.

On death of the life assured, Sum Assured is paid immediately irrespective of how many periodic lump sum benefits have already been paid and the nominee will also receive the money back benefits and the maturity benefits as mentioned under the contract at specified times. In the event of death due to accident, an additional amount equal to the base sum assured will be paid

On maturity, an amount equal to Accrued Guaranteed Loyalty Additions plus Guaranteed Maturity Additions is payable in addition to the Money Back Benefit.

Disclaimer
For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. Reliance Life Insurance Guaranteed Money Back Plan –121N084V01, Reliance New Major Surgical Benefit Rider - 121C014V01, Reliance New Critical Conditions(25) Rider - 121C012V01, Reliance Term Life Insurance Benefit Rider - 121C009V01, Reliance Life Insurance Family Income Benefit Rider – 121C015V01
What if I want to discontinue the policy?
The policy will acquire a surrender value provided the premiums have been paid in full for at least first three consecutive years. The surrender value will be available after completion of three policy years. The policy will be terminated once it is surrendered. The surrender value will depend on the year of surrender, the policy term and premium paying term chosen.

The Surrender value payable is the higher of Guaranteed Surrender Value and Special Surrender Value as given below

Guaranteed Surrender Value:

The Guaranteed Surrender Value is equal to 30 percent of the total amount of premiums paid, excluding the premiums for the first year, premiums paid for the rider premiums and extra premium paid, if any less Money Back benefits paid, if any.

Special Surrender Value:

The Special Surrender Value will be the discounted value of the benefits payable for a paid up policy (i.e Money Back benefits and Accrued Guaranteed Loyalty Additions). The company reserves the rights to change the Special Surrender Value from time to time depending on the economic environment, experience and other factors.
What happens if I discontinue paying premium?
If you discontinue payment of premiums, your policy will;

Lapse - If the premiums for first three years are not paid in full, the policy lapses at the end of the grace period and the Insurance cover, inbuilt accidental death benefit, inbuilt waiver of premium benefit and rider benefits, if any, cease immediately. No benefits will be paid when the policy is in Lapsed status . Accrued Guaranteed Loyalty Additions, if any, will not be payable for a policy in lapsed status. No further Guaranteed Loyalty Additions will be payable.

A lapsed policy can be revived within the revival period. If a lapsed policy is not revived at the end of period of revival, the policy will be terminated.

Paid up – The policy will acquire a paid up status provided the first three premiums have been paid in full and three policy years have been completed.

The sum assured under the base plan will be reduced as given below

Paid up Sum Assured = Base sum assured * (Number of premiums paid / total number of premiums payable)

The inbuilt accidental death benefit, inbuilt waiver of premium benefit and any rider benefits will cease immediately once the policy acquires Paid-up status.

There will not be any changes in the Guaranteed Loyalty Additions accrued up to the date of paid-up.

Once the policy becomes paid up, further Guaranteed Loyalty Additions will be accrued as a percentage of Paid up Sum Assured. Any Accrued Guaranteed Loyalty Additions will be paid either on surrender or on maturity, whichever is earlier.

No Guaranteed Maturity Additions will be payable for a paid up policy

During the Money Back Period, periodic lump sum benefits as a percentage of paid up sum assured will be paid

On death of the life assured, the paid up sum assured will be paid irrespective of how many periodic lump sum benefits have already been paid.

A paid up policy can be revived during the revival period.

On revival of the policy, the policy will be eligible for Guaranteed Maturity Additions and Guaranteed Loyalty Additions paid during the period the policy was paid up, will be recalculated on the full base sum assured.
What if I want to revive a paid – up or lapsed policy?
A policy in lapsed or paid up condition can be revived during the revival period by paying the arrears of premiums along with interest at prevailing rate of interest. If the base plan is revived, rider benefits can be revived by paying the arrears of premiums under the riders with interest at prevailing rate of interest.

The revival of the policy and riders, if any, will be subject to satisfactory medical and financial underwriting.

The current rate of interest is 9% p.a.

The revival period is a period of 2 years from the due date of first unpaid regular premium or date of maturity of the base policy whichever is earlier.

On revival of the policy, the policy will be eligible for future Guaranteed Loyalty Additions and Guaranteed Maturity Additions. All due Guaranteed Loyalty Additions payable will also be added to the policy.

If a lapsed policy is not revived at the end of period of revival, the policy will be terminated.
DisclaimerFor more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. Reliance Life Insurance Guaranteed Money Back Plan –121N084V01, Reliance New Major Surgical Benefit Rider - 121C014V01, Reliance New Critical Conditions(25) Rider - 121C012V01, Reliance Term Life Insurance Benefit Rider - 121C009V01, Reliance Life Insurance Family Income Benefit Rider – 121C015V01
 
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