Reliance Child Plan 

Reliance Child is a traditional participating child plan which guarantees child’s future even if the parent is not around.

Reliance Child Plan - Key Features

• This is a participating child plan which secures the child’s future
• In the event of death of the policyholder, the future premiums are waived off through the inbuilt Waiver of Premium rider but the policy continues to run till the end of policy term
• Non-Negative Capital Guarantee and High SA Additions are features that increase the corpus besides bonus 

Reliance Child Plan - Benefits

• 25% of the assured sum amount is paid as Guaranteed Periodic Benefits in the last 3 policy years before maturity even if the policyholder does not survive the policy term
• Under the Non-Negative Capital Guarantee feature, the benefit paid on Maturity is never less than the total premiums paid and if it is less, the company funds the deficit
• On maturity, 25% of the SA+ Non-Negative Capital Guarantee Additions+ High SA Addition Benefit + Bonus is paid to the policyholder
• On death, the SA payable on death + bonuses is paid subject to the minimum of 105% of total premiums paid
• The SA payable on death is higher of 10 or 7 times annual premium (based on age) or Base SA + High SA Additions if any or SA payable on Maturity
• Tax Benefits: The premiums paid and claims received are eligible for tax deductions Under Section 80C  and 10(10D) of the Income Tax Act. 

Reliance Child Plan - Product Specification

Details About Premium

Benefit Illustration for a 35 year male:

Reliance Child Plan - Policy Details

• Grace Period: The insured is allowed a grace period of 15 days for payment of his premiums in monthly mode and 30 days grace period for the other premium payment modes. If the policyholder fails to make his payment within the allowed grace period, then the policy is subject to lapse.
• Policy Termination or Surrender Benefit: The Policyholder is allowed to surrender the policy after 3 completed policy years. The Surrender Value shall be a higher of the Guaranteed Surrender Value or the Special Surrender Value. GSV is expressed as a % of total premiums paid.
• Free Look Period: If the policyholder feels he is not happy with the coverage and the terms and conditions of his policy, then he has the option to cancel his plan within 15 days of receiving the policy documents, given that no claims has been done yet.

Inclusions 

• Loan Benefits: Loan is available under the plan @ 80% of the Surrender Value in first 3 years and 90% thereafter
• Additional Features: There is a High SA Addition Percentage for SA higher than 2.5 lakhs

Documents Required

The Policyholder has to submit a duly filled Application form / Proposal form with correct medical history and his address proof along with necessary KYC documents.  In some cases, medical examination might also be required, based on the policyholder’s age and the sum assured required by him.