Reliance Life Child Plans

Reliance Life Child Plans are investment products offered by Reliance Life Insurance Company specifically aimed at securing a child's financial future. These plans provide a combination of insurance and investment benefits to help parents save and invest for their child's education, marriage, and other important milestones in life.

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Investing in your child's future:A wise decision & a loving choice
  • Insurer pays premium in case of loss of life of parent

  • Create wealth for child’s aspirations

  • Tax Free maturity amount+

  • 12+ plans available

Nothing Is More Important Than Securing Your Child's Future

Invest ₹10k/month your child will get ₹1 Cr Tax Free*

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What are Child Plans?

Child plans are specialised investment products designed to secure a child's future financial needs. These plans offer a combination of insurance and investment components to provide financial protection and growth opportunities for the child. Child plans include features such as premium waivers in case of the parent's demise, ensuring that the child's financial goals are not compromised. They are structured to provide benefits like education funding, marriage expenses, or any other future financial requirements essential for the child's well-being.

Reliance Child Plan

Reliance offers several child plans to meet the different needs of individuals. Below are the plans offered:

  1. Reliance Nippon Life Milestone Plan

    The Reliance Nippon Life Milestone Plan is a non-linked, participating, individual savings life insurance plan. This means it combines saving and life insurance benefits, offering a lump sum payout at maturity alongside life cover for your loved ones.

    Here are the key features and benefits of the plan:

    Financial Goals:

    • Lump Sum Payout at Maturity: Achieve your long-term financial goals, like a comfortable retirement or a child's education, with a guaranteed lump sum amount at the end of the policy term.

    Child's Education:

    • Secure your child's future: Use the maturity payout to fund your child's education expenses, ensuring they have the resources they need to succeed.

    Life Cover:

    • Peace of mind for your family: In case of an unfortunate event, your loved ones receive a death benefit, providing them with financial stability during a difficult time.

    Tax Benefits:

    • Tax-free returns: The maturity benefit and death benefit are potentially tax-free*, helping you maximise your returns.

    Retirement Planning:

    • Settlement Option for regular income: Choose the settlement option at maturity to convert your lump sum into a regular income stream, providing financial security during your retirement years.

    People also read: Sukanya Samriddhi Yojana

  2. Reliance Nippon Life Guaranteed Money Back Plan

    Reliance Nippon Life Guaranteed Money Back Plan is a non-linked, non-participating, individual savings life insurance plan designed to offer both savings and protection for you and your family. 

    Here are the key features and benefits of the plan:

    Savings and Liquidity:

    • Guaranteed Money Back: Receive regular payouts as a percentage of the sum assured during the last 5 years of the policy, regardless of your survival.

    • Guaranteed Loyalty Additions: Earn guaranteed bonuses of up to 40% of the base sum assured over the policy term.

    • Guaranteed Maturity Addition: Get an additional bonus of up to 20% of the base sum assured upon policy maturity.

    Protection for your family:

    • Life Cover: The plan offers a minimum life cover of 10 times the annualized premium throughout the policy term.

    • Accidental Death Benefit: In case of accidental death, your family receives an additional sum assured equal to the base sum assured.

    • Premium Waiver: If you pass away, all future premiums are waived, and your family continues to receive guaranteed benefits.

    Tax Benefits:

    Enjoy tax benefits on your investment and returns as per applicable income tax laws.

    Flexibility:

    • Choose your policy term: 15 or 20 years.

    • Opt for either regular or limited premium payment options.

    Plan at Glance

    Criteria Minimum  Maximum 
    Entry Age  18 years  58 years 
    Maturity Age  33 years  75 years
    Policy Term  15 years 20 years
    Base Sum Assured ₹1,00,000 No Limit
    Premium Payment Options Limited Pay/Regular Pay
    Premium Payment Frequency  Yearly, Half Yearly, Quarterly and Monthly 
Invest More Get More
Invest ₹10K/Month YOU GET ₹1 Crores* For Your Child View Plans
Invest ₹8K/Month YOU GET ₹80 Lakhs* For Your Child View Plans
Invest ₹5K/Month YOU GET ₹50 Lakhs* For Your Child View Plans
Standard T&C Apply *

People also read: Sukanya Samriddhi Yojana Calculator

How to Buy Child Plans Through Policybazaar?

To buy a child plan from PolicyBazaar, follow these steps:

  • Visit the PolicyBazaar homepage and navigate to the "Personal" tab.

  • Click on "Child Plans" from the dropdown menu.

  • Fill out the lead form by providing your name and mobile number.

  • After filling out the lead form, click on the "View Plans" button.

  • Provide details such as your city, income, your age, and your child's age on the next page then click "Continue."

  • You will be directed to the quotes page, where you will find quotes from more than 10 insurers.

  • Next, choose the plan type based on the payment schedule – whether it's a one-time payout or a Monthly Payout Plan.

  • Select the plan that best suits your needs and click on "Get details".

Following these steps will guide you through the process of purchasing a child plan from Policybazaar.

Reliance Life Child Plans - FAQ

  • What are the benefits of these plans?

    Both plans offer:
    • Sum assured: Paid upon maturity or death of the life assured (parent/guardian).

    • Tax benefits: Premiums qualify for tax deductions, and maturity proceeds may be tax-free.

    • Riders: Optional add-ons for additional coverage (e.g., premium waiver).

  • What are the key differences between the plans?

    • Investment type: The Reliance Child Plan is guaranteed, while the Milestone Plan is market-linked.

    • Flexibility: Milestone Plan offers investment choices and milestone payouts.

    • Returns: The Milestone Plan has the potential for higher returns but carries market risk.

  • How do I choose the right plan for my child?

    Consider your child's age, future needs, budget, risk tolerance, and desired benefits. Consulting a financial advisor is recommended.
  • How to pay premium? What are the modes of payment available?

    RELIANCE LIFE Insurance offers basic 4 modes of premium payment. They are as follows:
    • Online- Requires you to login through your client Id and password, select the online medium to pay the premium.
    • IVR method- Call on the toll free number 1800 3000 8181 and follow the instructions. Keep handy details of policy number and date of birth.
    • Pay at Suvidha Center- This helps to locate the nearest branch office wherein payment can be done via cheque,
    • Bill Junction or Bill Desk option- This requires registering oneself in the site and clicking on the Pay Reliance Life Insurance option to authorize the payment.

    For online payment mode, the policyholder can pay via;

    • Credit Card
    • Debit Card
    • Netbanking facility

    One can also avail Electronic Clearance System (ECS) for paying premium of renewed policies.

  • How can I check policy status for Reliance Life Child Plans?

    For checking the policy you must register first on e-portal. After generating the password, login to your account. Then click on the ‘Policy Details’ tab to get the status of the desired policy number.
  • What is the policy renewal process for Reliance Life Child Plans?

    Renewal of policy can be done by two modes:
    • Online
    • Electronic Clearance System(ECS)

    For Online renewal process, login to your account and click on the required renewal tab after selecting the payment mode. Payment can be done via cheque or through net banking.

    For renewing the policies using Credit Card Mode, fill in the required mandatory form along with photocopy of Credit card. Within a period of 10 days, the credit card information will be registered for renewal process.

    ECS facility can be availed by filling in the desired form and submitting the required documents. The bank will process the information within 30 days of receipt of the same. In case the premium renewal date falls on a holiday, the amount will be debited on the next working day.

  • What is the company’s process to settle claim for Reliance Life Child Plans?

    The company guarantees 12-day claims settlement policy. You must attach the correct documents with the claims form and send it to the nearest branch office in your city. To find the relevant documents for the particular claim, please visit the Claims Overview Section.

    After receiving the particular documents and completion of the verification process, the cheque will be dispatched to the nearest branch within 3 working days. From there one can collect the cheque after verifying the identity proof.

  • What is the policy cancellation process for Reliance Life Child Plans?

    The policy cancellation process requires the customer to submit a duly filled surrender form along with relevant documents in any branch. Upon receiving and verification of the documents, the policy is deemed cancelled as per bank accounts record.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
*Tax benefit is subject to changes in tax laws
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.

Child Plan

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*Standard T & C Apply
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Child Plan 2
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Reliance Life Child Plans Reviews & Ratings

4.1 / 5 (Based on 23 Reviews)
(Showing Newest 10 reviews)
Karan
Dhampur, July 26, 2016
Reliance child plan
The child insurance policy which i have buy for my son is very good with many benefits. Reliance life insurance provides the best services which is fast and on time. Perfect claiming process and coverage is high approx. 90%.
Taranpreet
Bhramgiri, July 12, 2016
Child Policy
Child insurance policy is very important and useful insurance for child secured future. Policy coverage is good and maximum expenditure is given by the insurer. Claiming is easy because of fast service provided by the company.
Navneet
Ahmedabad, June 29, 2016
Good Plan
My child's insurance policy is very good with some good benefits. The premium is less. Service facilitate by the company members. Internet service is also good and easy to access and anybody can use it. Good future security for my son and the policy fulfill my son's dream.
Deepshikha
Bengaluru, April 21, 2016
Average
I own reliance life child insurance policy plan which is an average one. The service is fast and the policy coverage is approx. 76%. The claims are okay but the claiming process is bit lengthy. Executives and staff members are doing great work with good response. Okay policy and good for tax saving. Good for middle class person.
Kunal
Delhi, April 21, 2016
Awesome Policy
The best child policy plan i bought from reliance life insurance and the policy plan is awesome. The policy coverage is 93% and the claims are 44 L after policy get mature. The investment is low and the returns are high. Good future plan with tax protection. Service you provided is very quick and on time till now.
Pariniti
Palwal, April 21, 2016
Great Deal
I had reliance life child policy plan for my child. The policy is nice, Good policy coverage ~93% and claiming amount is Rs.44 L after policy get mature. But the service is bit slow, please improve it. And the behaviour of the executives and staff members are nice. Good future investment with saving tax too.
Shashank
Panipat, April 21, 2016
Satisfactory Plan
I found awesome child policy plan from reliance life insurance. The claim is high and the policy coverage is 88%. Service you provided is fast and very quick. Daily updates are mail and texted to me. The policy is good for future investment and it saves taxes also.
Faisal
Thrissur, April 21, 2016
Nice Child Plan
I purchase child policy plan by reliance life insurance. Policy coverage is 92% and the claims are high. Premium is low and the services are fast and with great response from executives and staff members of the company. Good future investment and it saves taxes too. I'm happy with my policy plan.
Dev
Nawada, April 21, 2016
I Like The Policy
I buy a child policy plan for my child from reliance life insurance. Policy coverage is high 93% but the premium is low. Claims are easy to get because of the fast service provided by the executives and staff members. Daily updates are also mailed to me time to time. Fine policy good work. Good future investment and it save tax also. Like the policy.
Apoorva
Purwa, April 21, 2016
Superb Policy
The best child policy plan i bought from reliance life insurance and the policy plan is awesome. The policy coverage is 93% and the claims are 39 L after policy get mature. The investment is low and the returns are high. Good future plan with tax protection. Service you provided is very quick and on time till now.
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