Reliance Money
Guarantee Plan
Unbeatable protection For
your investments Disclaimer
15 day free look period
In Case the Policy Holder disagrees with any of the terms
and conditions of the policy, he may return the policy to
the Company within 15 days of its receipt for cancellation,
stating his/her objections in which case the company will
refund an amount equal to the non allocated premium plus
the charges levied by cancellation of units plus fund value
as on the date of receipt of the request in writing for
cancellation, less the proportionate premium for the period
the company has been on risk and the expanses incurred by
the company on medical examination and stamp duty charges.
If the risk acceptance date falls within cooling off period,
then on cancellation Reliance Life Insurance shall pay Fund
value less of charges.
Prohibition of Rebate: Section
41 of the Insurance Act, 1938 states:
1.No person shall allow or offer to allow, either directly
or indirectly, as an inducement to any person to take out
or renew or continue an insurance in respect of any kind
of risk relating to lives or property in India, any rebate
of the whole or part of the commission payable or any rebate
of the premium shown on the Policy, nor shall any person
taking out or renewing or continuing a Policy accept any
rebate, except such rebate as may be allowed in accordance
with the published prospectuses or tables of the insurer.
Provided that acceptance by an insurance agent of commission
in connection with a policy of life insurance taken out
by himself on his own life shall not be deemed to be acceptance
of a rebate of premium within the meaning of this sub-section
if at the time of such acceptance the insurance agent satisfies
the prescribed conditions establishing that he is a bona
fide insurance agent employed by the insurer
2. Any Person making default in complying with the provisions
of this section shall be punishable with a fine which may
extend to five hundred rupees.
Section 45: Policy not to be called in question on ground
of mis-statement after two years
1. No policy of life insurance effected before the commencement
of this Act shall after the
expiry of two years from the date of commencement of this
Act and no policy of life insurance effected after the coming
into force of this Act shall, after the expiry of two years
from the date on which it was effected be called in question
by an insurer on the ground that statement made in the proposal
or in any report of a medical officer, or referee, or friend
of the insured, or in any other document leading to the
issue of the policy, was inaccurate or false, unless the
insurer shows that such statement was on a material matter
or suppressed facts which it was material to disclose and
that it was fraudulently made by the policy–holder
and that the policy-holder knew at the time of making it
that the statement was false or that it suppressed facts
which it was material to disclose:
2. Provided that nothing in this section shall prevent
the insurer from calling for proof of
age at any time if he is entitled to do so, and no policy
shall be deemed to be called in question merely because
the terms of the policy are adjusted on subsequent proof
that the age of the life insured was incorrectly stated
in the proposal.
- The premium paid in Unit Linked Life Insurance policies
are subject to investment risks associated with capital
markets and the NAVs of the units may go up or down based
on the performance of fund and factors influencing the
capital market, and the insured is responsible for his/her
decisions.
- Reliance Life Insurance Company Limited is only the
name of the Insurance Company and Reliance Money Guarantee
Plan is only the name of the unit linked life insurance
contract and does not in any way indicate the quality
of the contract, its future prospects or returns.
- Tax laws are subject to changes with retrospective effect
and consulting a tax expert for an opinion is recommended
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Disclaimer |
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For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale
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UIN for Term Insurance Benefit Rider: 121C009V01, Accidental Death & Total and Permanent
Disability Rider: 121C002V01, Reliance Money Guarantee Plan: 121L025V01 |
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