Reliance Child Plan

About Reliance Life Child Plan

The Reliance Child Plan is a life insurance plan made for parents who want to protect their child’s future. It offers life cover, guaranteed payouts, and bonuses. If the parent passes away, this investment plan waives off all future premiums, and continues to provide benefits for the child.

Key Features of Reliance Child Plans

The following features make it the preferred child plan in India:

• Waiver of Premium Benefit: If the policyholder passes away, all future premiums are waived. The plan continues, and the child receives all guaranteed and maturity benefits as planned.
• Guaranteed Payouts: Get 25% of the Sum Assured on each of the last three policy anniversaries before maturity.
• Bonuses: The plan earns simple reversionary bonuses every year, based on company profits. Once added, these bonuses become guaranteed benefits and increase your total payout.
• Maturity Benefit: Receive 25% of the Sum Assured plus bonuses and other additions at maturity.
• Life Cover: Full protection throughout the policy term, even if the policyholder is no longer around.
• Non-Negative Capital Guarantee: You are assured of getting at least 100.1% of total premiums paid. If your total benefits fall short, the company will pay the difference.
• Flexible Premiums: Pay yearly, half-yearly, quarterly, or monthly for 5, 7, 10 years, or for the full term.
• Tax Benefits: Save tax on premiums and returns as per income tax rules.

Reliance Child Plan Details

Investment

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Secure your child’s future with or without you

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₹10,000/Month

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₹1 Crore^*

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*Standard T & C Apply

Policy Details

• Death Benefit: In case of death, the nominee receives the higher of the following:
  • Minimum Sum Assured on death plus bonuses
  • 105% of total premiums paid
  • Base Sum Assured plus additions
  • Guaranteed Sum Assured on Maturity

For policyholders below 45 years, the death benefit is 10 times the annual premium; for 45 years and above, it's 7 times.

• Frequency Loading: You can pay your regular premium yearly, half-yearly, quarterly, or monthly through ECS. A loading of 2% is applicable for half-yearly payments and 4% for quarterly payments. There is no loading for monthly payments made through ECS. Monthly and quarterly modes are only allowed through ECS.
• Grace Period for Premium Payment: A grace period of 30 days is allowed from the due date for yearly, half-yearly, and quarterly premium payments. For monthly payments, the grace period is 15 days from the due date.
• Premium Discontinuance: If you stop paying your premiums, your policy may either lapse or become paid-up, depending on the number of premiums paid.
• Lapse: If you have not paid at least three full annual premiums, the policy will lapse after the grace period. Once the policy lapses, the insurance cover and rider benefits stop immediately, and no benefits are paid. A lapsed policy can be revived within two years from the date of the first unpaid premium by paying all pending premiums with interest, as per the company’s rules. If the policy is not revived within this period, it will be terminated.
• Paid-Up: If you have paid at least three full annual premiums and then stop further payments, your policy will acquire a paid-up status. In this case, the policy continues with reduced benefits, which are based on the proportion of premiums paid.
• Paid-Up Benefits: 
• Death Benefit: Minimum Sum Assured on death multiplied by (number of premiums paid ÷ total number of premiums payable), plus any vested bonuses.
• Periodic Guaranteed Benefit: Payable on each of the last three policy anniversaries before maturity. It is 25% of the Base Sum Assured plus any High Sum Assured addition, multiplied by (number of premiums paid ÷ total number of premiums payable).
• Maturity Benefit: On the maturity date, the Guaranteed Sum Assured at Maturity multiplied by (number of premiums paid ÷ total number of premiums payable), plus any vested bonuses, will be paid.
• Revival: A policy that has lapsed or become paid-up can be revived within two years from the date of the first unpaid premium but before the maturity date. To revive, you must pay all unpaid premiums with interest. Revival is subject to satisfactory medical and financial underwriting. If the policy is not revived within the revival period, it will be terminated.
• Surrender: The surrender value depends on the policy term and the year of surrender. The amount paid will be the higher of the Guaranteed Surrender Value (GSV) or the Special Surrender Value (SSV).

How the Plan Works?

• Choose Plan Details: Select the Sum Assured and policy term based on your child’s future goals.
• Pay Premiums: Pay regularly through yearly, half-yearly, quarterly, or monthly modes.
• Life Cover: In case of the parent’s death, the nominee gets a lump sum, and future premiums are waived.
• Guaranteed Payouts: Receive 25% of the Sum Assured on each of the last three anniversaries before maturity.
• Maturity Benefit: Get the remaining 25% plus bonuses and any additional guaranteed benefits at maturity.
• Tax Benefits: Enjoy tax savings on premiums and returns under current income tax laws.

Documents Required to Buy Reliance Child Plan

• ID Proof (PAN, Aadhaar, Passport)
• Address Proof (Utility Bill, Rent Agreement)
• Passport-size Photos
• Age Proof (Birth or School Certificate)
• Medical Reports (if required)
• KYC Documents

Conclusion

The Reliance Life Child Plan is a smart way to secure your child's future. It offers life cover, guaranteed money, flexible payments, and tax benefits. The plan to ensure your child's dreams come true, even if life takes an unexpected turn.