Reliance Premier Life
your contribution towards a secure future
What If I Discontinue Paying Premium?
i) Within three years of the inception of the policy: If the due premiums have not been paid for at least three consecutive years from inception, the insurance cover will cease immediately. However, you will continue to participate in the performance of unit funds chosen by you. The monthly policy administration charges will be deducted from your account by cancellation of units and the fund management charge will be priced in the unit value. In case of death of Life Assured before the policy is revived, the Fund value will be paid to the nominee.
You may revive the policy by paying all due premiums in full within a period of 2 years from the due date of first unpaid premium or before the maturity date of the policy whichever is earlier
In case the contract is not revived during revival period, the contract shall be terminated and the surrender value, if any, shall be paid the end of the period allowed for revival.
ii) After paying of at least 3 full years’ premiums: If due premiums have been paid for at least three consecutive years and subsequent premiums are unpaid, the policy will remains in force with sum assured intact. The mortality and administration charges will be deducted from your account by cancellation of units. The fund management charge will be priced in the unit value. You will continue to participate in the performance of the unit funds chosen by you.
You may revive the policy by paying all due premiums in full at any time within a period of two years from the date of first unpaid premium or before the maturity date of the policy whichever is earlier, At the end of the allowed period for revival, if the policy is not revived, the policy shall be terminated by paying the surrender value.
However, you may opt to continue the policy even beyond the revival period (but not beyond the maturity date of the policy). The mortality and administration charges will be deducted from your account by canceling the units. You will continue to participate in the performance of the unit funds chosen by you.
This option will be available until the fund value does not fall below an amount equivalent to one full year’s premium plus the surrender charge, if any.
Is There a Grace Period for Payment of Premium?
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. A policy lapses if premiums are not paid within the days of grace.
Can a Policy be Revive?
You may revive a lapsed policy by paying the arrears of premiums and recommencing the payment of premiums at any time within a period of 2 years from the due date of first unpaid premium but before the maturity date of the policy subject to satisfactory medical and financial underwriting.
What if I discontinue the Policy?
You may surrender your Policy at any time after three policy anniversaries. The surrender value will be available after this period. The surrender value will be fund value less surrender charge as mentioned below under the section on Charges under the policy.
The surrender value or partial withdrawal value will be acquired immediately on payment of top up. However, it will be payable on completion of three years from the date of payment of Top Up (this condition will not apply if the top-up premiums are paid during the last three years of the contract). There is no surrender charge or partial withdrawal charge on the top ups. The surrender value is therefore equal to the fund value under the top ups. In case of surrender of the basic policy after 3 years, the surrender value of top-ups is paid immediately
Whenever the Basic Plan is surrendered in full, the surrender value of any attaching top up will also be paid even if a period of three years has not elapsed from the date of payment of top up.
Loans will not be available under this plan.
Is Nomination Allow?
Nominations will be allowed under this plan as per Section 39 of the Insurance Act, 1938.
Assignment will be allowed under this plan as per section 38 of the Insurance Act, 1938.
For more details on risk factors, terms and conditions please
read sales brochure carefully before concluding a
UIN for Reliance Premier Life : 121L043V01