Reliance Life Traditional Plans

What are Traditional / Investment Plans

Traditional plans, also called Conventional Insurance Plans are plans where money is invested as per the guidelines laid down in the Insurance Act. The whereabouts of the invested premium is not known to the policyholder. The policyholder is simply promised certain benefits payable on death, maturity or as money back. Traditional Investment Plans have some of the basic features which are mentioned below:

• These plans are issued for a longer term perspective and money cannot be withdrawn from the plans.

• In case of stopping the premium payment, the plan becomes paid-up if at least there full years’ premiums have been paid. A paid-up plan has a reduced Sum Assured and the policyholder has a choice to either run the plan at the reduced coverage or surrender the plan.

• The plans may be offered as participating or non-participating plans. Participating plans are entitled to participate in the company’s profits and earn bonuses which are not true for non-participating plans.

• The plans may be issued either as Endowment Plans or Money Back Plans

Reliance Life Traditional/Investment Plans:

Reliance Life Insurance Company offers various types of Traditional / Investment Plans to its customers with attractive features and benefits. Here is the detailed list of plans along with their respective features and benefits.

Reliance Super Money Back Plan:

It is a non-linked, non – participating, non- variable, money back insurance Plan and has the following features:

• Money back benefits – Guaranteed money back benefits as a percentage of Sum Assured or Paid up will be paid at the end of every 5 policy years till maturity.

• Regular Monthly Payouts - Regular Monthly Payouts are 1% of Sum Assured for the 1^st year and then it will increase by 0.25% at a simple rate. The payouts will be paid monthly after the end of premium payment term. The policy benefit will be provided till the end of policy term.

• Guaranteed Maturity Addition – On survival on the life Assured to the end of the policy term the Guaranteed Maturity addition = 1% of Sum Assured or Paid up Sum assured X Policy term.

Eligibility Details

Reliance’s Guaranteed Money Back Plan:

This plan is  a non-linked, non – participating, non- variable, money back insurance Plan and has the following features:

• Money back benefits – Guaranteed money back benefits as a percentage of Sum Assured or Paid up will be paid at the end of every 5 policy years till maturity.

• Continuation of Guaranteed Benefits – if there is death of the Life Insured and the policy is in force and all the premiums are paid as on date then the nominee receives the Money Back Benefits and Maturity Benefits.

• Guaranteed Maturity Addition – Will be paid on maturity provided the policy is not paid up. It is usually a percentage of the Sum Assured.

• Loan Facility and Tax deduction benefit is available in this plan.

 Eligibility Details

Reliance Fixed Savings:

This plan is  a non-linked, non – participating, non- variable, endowment insurance Plan and has the following features:

• Fixed Regular Additions:  If the life Assured has survived till the last day of the policy then the Accrued Fixed Regular Additions are payable on the 1^st day of the last policy year.

• Maturity Benefit – on Survival of the Life Assured maturity amount is payable as Annualized Premium X PPT or Fixed Maturity Addition = Maturity Factor X Annualized Premium.

• Riders – To safeguard against unfortunate events riders are available.

• Loan Facility and Tax deduction benefit is available in this plan.

Eligibility Details

Reliance Blue chip Savings Insurance Plan

This plan is  a non-linked, non – participating, non- variable, endowment insurance Plan with an element of guaranteed return and has the following features:

• Maturity Benefit – on Survival of the Life Assured maturity amount is payable as Guaranteed Sum Assured on Maturity or Vested Reversionary Bonus and Terminal Bonus.

• Flexible Premium Mode – Options are available to select the premium payment mode from monthly half-Yearly, Quarterly, or Yearly.

• Riders – To safeguard against unfortunate events riders are available.

• Loan Facility is available for Paid up policies and if at any time during the policy term the sum of loan outstanding and unpaid interest on loan outstanding exceeds the surrender value the policy will terminated o recover the loan and Tax deduction benefit is available in this plan.

Eligibility Details

Reliance Income Increasing Insurance Plan

This plan is  a non-linked, non – participating insurance Plan and has the following features:

• Allows you to choose from 2 different options since inception itself – Income with maturity Benefit where you receive regular monthly income that increases every year and gives a lump sum at maturity. The other option being Only Income where higher regular monthly income and it increases every year.

• Maturity Benefit –Maturity Benefit is available on in Income with maturity Benefit where on Survival of the Life Assured maturity amount is payable as equal to Sum Assured.

• Loan Facility is available for Paid up policies and if at any time during the policy term the sum of loan outstanding and unpaid interest on loan outstanding exceeds the surrender value the policy will terminated o recover the loan and Tax deduction benefit is available in this plan.

Eligibility Details

Reliance Fixed Money Back Plan

This plan is  a non-linked, participating, non-variable limited pay money back (anticipated endowment)Insurance Plan and has the following features:

• Fixed Money Back Benefits – These are as a percentage of Base Sum Assured will be paid during the last 5 years.

• Maturity Benefit –Maturity Benefit is available on total Accrued Fixed Loyalty Additions. These are 3% of Base Sum Assured and will accrue at the end of policy years.

• Loan Facility is available for Paid up policies and if at any time during the policy term the sum of loan outstanding and unpaid interest on loan outstanding exceeds the surrender value the policy will terminated o recover the loan and Tax deduction benefit is available in this plan.

Eligibility Details

Reliance Life Long Savings

This plan is  a non-linked,  participating, endowment plus whole life Insurance Plan and has the following features:

• Allows you to choose from 2 different options since inception itself – Standard where lump sum is     given on Policy Maturity and life cover during Policy Term. Extended Cover – Get lump Sum amount on policy maturity and a life cover during Policy Term and extended life cover for whole life after the policy term.

• Maturity Benefit –Maturity Benefit is available to the life assured as Guaranteed Maturity Benefit + Vested Reversionary Bonuses and Terminal Bonus(if any).

• Loan Facility is available for policies once it has reached the Surrender Value and maximum loan that can be taken is 80% of the Surrender Value and Tax deduction benefit is available in this plan.

Eligibility Details

Reliance Future Income

This plan is  a non-linked,  participating, endowment plus whole life Insurance Plan and has the following features:

• Income benefit – This benefit is provided on the survival of Life Insured and the policy is still in force and all premiums have been paid.

• Maturity Benefit –Maturity Benefit is available to the life assured as Terminal Bonus (if any) + Last Installment of Income Benefit.

• Loan Facility is available for policies once it has reached the Surrender Value and maximum loan that can be taken is 80% of the Surrender Value and Tax deduction benefit is available in this plan.

Eligibility Details

Reliance Smart Cash Plus Plan

This plan is  a non-linked,  participating, non-variable money back Insurance Plan and has the following features:

• Money back benefits – This benefit is provided on the survival of Life Insured and the policy is still in force then the money back is provided at the end of 4^th policy year and then at the end of every 3 years.

• Maturity Benefit –Maturity Benefit is available under these benefits – Sum Assured, High Sum Assured Addition,Bonuses.

• Loan Facility is available for policies once it has reached the Surrender Value and maximum loan that can be taken is 80% of the Surrender Value and Tax deduction benefit is available in this plan.

Eligibility Details

Reliance’s Money Multiplier Plan

This plan is  a non-linked,  non-participating, non-variable endowment Plan and has the following features:

• Maturity Benefit –Maturity Benefit is available under these benefits – Sum Assured, Guaranteed Loyalty Additions, and Guaranteed Maturity Addition.

• Death Benefit – The nominee receives Maximum of double the Sum Assured or 10 times of annualized Premium or 105% of Premiums paid and Accrued Guaranteed Loyalty Additions (if any).

• Loan Facility is available for policies once it has reached the Surrender Value and maximum loan that can be taken is 80% of the Surrender Value and Tax deduction benefit is available in this plan.

Eligibility Details

Reliance Endowment Plan

This plan is  a non-linked, participating, non-variable endowment Plan and has the following features:

• Maturity Benefit –Maturity Benefit is available in the plan if it’s in force then maximum of Base Sum Assured + vested Bonus or 100.1% of total premiums paid

• Death Benefit – The nominee receives Sum Assured or 10 times of annualized Premium + Vested Bonus, if any 105% of Premiums paid.

• Loan Facility is available for policies once it has reached the Surrender Value and maximum loan that can be taken is 80% of the Surrender Value and Tax deduction benefit is available in this plan.

Eligibility Details

Reliance’s Super Endowment Plan

This plan is  a non-linked, non-participating, non-variable endowment Plan and has the following features:

• Maturity Benefit –Maturity Benefit is available in the plan if it’s in force then Guaranteed Sum Assured is paid.

• Death Benefit – The nominee receives Sum Assured or 10 times of annualized Premium  or 105% of Premiums paid.

• Loan Facility is available for policies once it has reached the Surrender Value and maximum loan that can be taken is 80% of the Surrender Value and Tax deduction benefit is available in this plan.

Eligibility Details

Child Plans:

• Reliance Education Plan – This is a non-linked,non-participating child insurance plan and aims to cover the child’s future in your absence and allow them to choose their own destiny.  This plan also allows you to choose your benefit payout option.

• Reliance Child Plan – This plan gives you the flexibility to choose your policy term the features are such that it shall support your child at every walk of life.  One shall receive Guaranteed Periodic Benefit and Maturity Benefit in this plan.

Applying for a Traditional / Investment Plan from the company:

• Online

• The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued

• Intermediaries

Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process