Reliance Life Insurance
  • 5 Reasons to buy
  • Benefits
  • How this plan works
  • Faqs
In the event that something were to happen to you, wouldn't you want to know that your family is well cared for and protected financially? Reliance Whole Life Plan protects your loved ones with a lifetime of timely financial support even when you are not around. So go ahead and live your today to the fullest, without a worry about tomorrow.
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Insurance protection till the age of 85 with convenient premium payment terms to choose from
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Choice of extending your insurance coverage till the age of 99
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Wealth creation through bonus additions. Get Sum Assured plus Bonuses in case of your unfortunate death
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Option to add three Riders – Reliance Critical Illness Rider, Reliance Accidental Death and Total and Permanent Disablement Rider, and Reliance Life Insurance Family Income Benefit Rider
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More value for your money by way of High Sum Assured Rebate. Policy Loan available after three full years premium payment

Maturity Benefit:

On attaining age 85 you get Sum Assured plus accumulated bonuses.

Life Cover Benefit:

In the unfortunate event of loss of life, your beneficiary will receive the Sum Assured plus accumulated bonuses till that date.

Rider Benefit:

You also have the option to add two additional Benefits to customise the Policy as per your needs.

A. Accidental Death Benefit and Total and Permanent Disablement Rider
B. Critical Illness Rider

Sample Premiums

The tables below illustrate the indicative premiums for an individual Life Assured across different Sum Assured for a Premium Paying Term of 20, 30 and 40 years.

Sum Assured: Rs 1 Lakh Age / Terms (yrs) 20 30 40
30 3300 2720 2490
35 3735 3105 NA
40 4250 3580 NA
45 4920 NA NA

Sum Assured: Rs 3 Lakh Age / Terms (yrs) 20 30 40
30 9600 7860 7170
35 10905 9015 NA
40 12450 10440 NA
45 14460 NA NA

Sum Assured: Rs 5 Lakh Age / Terms (yrs) 20 30 40
30 15500 12600 11450
35 17675 14525 NA
40 20250 16900 NA
45 23600 NA NA

Indicative Maturity Benefit

The tablebelow illustrate the Indicative Maturity Benefits for different Sum Assured levels for individual life at age 85 for ages 30,35 and 40 years.

Maturity Benefits @ 6% Sum Assured/Ages 30 35 40
100000 320000 300000 280000
300000 960000 900000 840000
500000 1600000 1500000 1400000

Maturity Benefits @ 10% Sum Assured/Ages 30 35 40
100000 375000 350000 325000
300000 1125000 1050000 975000
500000 1875000 1750000 1625000

* The above Maturity Benefits are calculated for an illustrative gross investment return of 6% & 10% per annum as specified by IRDA.

Tax Benefits

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. UIN for Critical Conditions Rider: 121B003V01, Accidental Death & Total and Permanent Disablement Rider: 121C002V01, Reliance Whole Life Plan: 121N004V01,Reliance Life Insurance Family Income Benefit Rider -121C015V01

You pay premium every year for the desired Premium Paying Term.

You get Sum Assured plus bonuses on reaching age 85.

You choose to continue with the insurance cover till the age of 99 and the Policy will continue to participate in profits till then. On death, your Beneficiary will get the Sum Assured plus accumulated bonuses.

Disclaimer
For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. UIN for Critical Conditions Rider: 121B003V01, Accidental Death & Total and Permanent Disablement Rider: 121C002V01, Reliance Whole Life Plan: 121N004V01,Reliance Life Insurance Family Income Benefit Rider -121C015V01
What is the Policy Term?
  Minimum Maximum
Premium Paying Term 5 years 40 years
Who can buy this product?
  Minimum Maximum
Age at Entry 20 years 60 years
Age at Maturity 85 years 99 years
What is the Sum Assured?
  Minimum Maximum
Sum Assured Rs 25,000 No Limit

Savings and accumulation through bonuses

The Company will declare simple reversionary bonus and is payable on maturity or death, whichever is earlier.

More Value for money - High Sum Assured Rebate

Reliance Whole Life Plan offers an attractive premium discount for Sum Assured over and above 99,999 as mentioned below. For example, as per the tabular premium rates, the annual premium for a 30 year old male for a 30 -year premium paying term for Rs 5 lakh Sum Assured comes to Rs 14,100 before the High Sum Assured Rebate. After the High Sum Assured Rebate, the premium is Rs 12,600.

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 three full years premium payment 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 the Company 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.

If you discontinue paying premium after paying the premium for three full years, then your Policy will be converted in to a 'Paid-up' for a reduced Sum Assured determined in the same proportion as the amount of premiums actually paid bears to the total amount of premiums payable. The life insurance protection will continue to the extent of the 'Paid-up' value until the end of the Policy Term.

Any accumulated bonuses attached to this Policy will remain attached in full. Once this Policy becomes 'Paid-up' no further bonuses will be attached to the Policy. You will receive the 'Paid-up' Sum Assured plus bonuses on the maturity date of the Policy or in the event of loss of life

Grace Period

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

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.

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.

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 Critical Conditions Rider: 121B003V01, Accidental Death & Total and Permanent Disablement Rider: 121C002V01, Reliance Whole Life Plan: 121N004V01,Reliance Life Insurance Family Income Benefit Rider -121C015V01
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