Reliance Child Plan

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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




Entry Age (Last Birthday)

20 years

60 years

Maturity Age (Last Birthday)

30 years

70 years

Policy Term (PT) in years



Premium Paying Term (PPT) in years

Equal to policy term

Premium Paying Frequency

Annual, half-yearly, quarterly, monthly

Yearly Premium

Depends on Sum Assured

Sum Assured


No limit


Details About Premium

Benefit Illustration for a 35 year male:



Guaranteed Benefit before maturity

Guaranteed benefit after maturity

Vested bonus

@ 4%

@ 8%








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. 


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 


Suicide: In case of suicide within first 1 year of policy inception, 80% of total premiums paid will be paid. And, in case of suicide within 1 years of revival, a higher of, 80% of total premiums paid and acquired surrender value shall be paid. 

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. 

You may also like to read: Reliance Life Child Insurance Plans

Frequently Asked Questions: 

What are the rider benefits provided under this plan?

There are 3 riders under this plan:

  • Reliance Critical Illness Rider
  • Reliance Accidental Death Rider
  • Reliance Accidental Total / Permanent Disablement Rider
  • Reliance Life Insurance
  • Reliance Family Income Benefit Rider 

What are the Guaranteed Fixed Benefits under the plan?

The insured gets a guaranteed 25% of the sum assured each year in policy anniversaries during the last 4 years, irrespective of insured’s survival. 

What are the provisions for waiver of premiums?

If the policy holder becomes totally of permanently disabled, then the company shall waive all his future premiums under the base plan and rider covers. 

What are the diseases recognized under the critical illness riders?

If the policyholder gets diagnosed with any of the following diseases, then he shall be provided critical illness rider benefits, given he is covered under the cover:

  • Cancer
  • Coronary Artery Bypass Surgery
  • Heart Attack
  • Stroke
  • Kidney Failure
  • Coma
  • Aorta Surgery
  • Heart Valve Replacement
  • Paralysis
  • Major Organ Transplant 

What if I discontinue paying premiums?

The insured can surrender his plan and avail a surrender value. If the policy accumulates any bonus, then the insured shall receive the cash value of the total amount while surrendering the policy. 

How are the taxes levied under this plan?

All the tax benefits and deductions are applicable as per current tax law amendments made by the current ruling body or the regulatory authority. 

What are the special exclusions under this plan?

The insured does not get any Accidental Death Benefit or Total / Permanent Disablement benefits, which is a direct or indirect result of any of the following incidences:

  • Attempt of self-injury
  • Any criminal or illegal act
  • Any alcohol or drug overdose
  • 2 wheeler accident by racing or act of racing.
  • War, invasion, attack by foreign enemies, insurrection etc or any act of terrorism 

What are the provisions to discontinue the plan?

The insured gets the option to surrender his plan and receive a surrender value. If the plan has accumulated any bonus, then he shall receive the cash value of the total amount on surrender of the plan.

The plan acquires a surrender value after 3 years of premiums being paid and after 3 years have lapsed from the date of commencement of the plan. 

What if I discontinue my plan?

The policyholder gets the benefit to surrender his plan and receive a surrender value. If the policy has accumulated any bonus, then he shall also a cash value of total amount on policy surrender. 

Written By: PolicyBazaar - Updated: 10 November 2016