Reliance Bluechip Savings Insurance Plan

Reliance Bluechip Savings Insurance Plan is a traditional participating Endowment Plan which also promises guaranteed additions to increase the corpus. It also provides life insurance coverage along with the savings feature

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  • 4.8++ Rated
  • 10.5 Crore Registered Consumer
  • 51 Partners Insurance Partners
  • 5.3 Crore Policies Sold

Investment Plans

  • Plan starting from ₹1,000/month
  • Save upto ₹46,800 in Tax under section 80C^
  • Zero LTCG Tax
  • In built life cover
Top performing plans˜ with High Returns**
Invest ₹10K/Month & Get ₹1 Crore# Tax-Free*
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10.5 Crore
Registered Consumer
51
Insurance Partners
5.3 Crore
Policies Sold
Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

Key Features

  • It is a traditional participating Endowment plan with limited and regular premium payment option
  • Guaranteed Additions are fixed at 7% of the Sum Assured and accrue every year of the Premium paying term
  • The death benefit multiple used to calculate the death benefit payable is available under 2 options and the choice depends on the entry age, PPT and policy term

Benefits

  • On Maturity the Guaranteed Sum Assured on Maturity is payable which is equal to basic SA including accrued Guaranteed Additions @ 7% and vested Simple Reversionary Bonuses
  • On death, the nominee gets higher of the SA on death and vested Simple Reversionary Bonuses if any subject to a minimum of 105% of all premiums paid till death
  • Sum Assured on death is the higher of :
    • Annual Premium * Death Benefit Multiple (7 or 10 depending on age, term and PPT)
    • Basic SA
    • Guaranteed SA on Maturity
    • Income tax benefit on the premium paid as per Section 80C and on the claim received as per Section 10(10D) of the Income Tax Act.

Product Specification:

 

Minimum

Maximum

Entry Age (Last Birthday)

8 years

60 years

Maturity Age (Last Birthday)

18 years

75 years

Policy Term (PT) in years

10

15

Premium Paying Term (PPT) in years

5 / 7 / 10

Premium Paying Frequency

Annual, half-yearly, quarterly, monthly

Yearly Premium

15,000 (depends on age, term and PPT)

No limit

Sum Assured

77,905

No limit

 

Details About Premium

Annual premium in Rupees for PPT 7 years and SA 1 Lakh

Age / Policy Term

10

11

12

13

14

15

30

24,081

23,786

23,691

23,197

22,901

22,605

40

24,632

24,408

24,141

23,958

23,745

23,537

50

NA

NA

26,145

26,116

26,110

26,104

Policy Details

Grace Period: 15 days grace period is allowed for payment of premium in monthly mode and 30 days for other modes. If policyholder fails to make payment within the grace period, the policy lapses

Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the plan. The Surrender Value will be higher of the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV).

Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Inclusions

  • The policy provides loan @ 80% of Surrender Value

Additional Features or Riders

  • The plan provides 6 riders to aid customization. They are:
    • Reliance Term Life Insurance Benefit Rider
    • Reliance Major Surgical Benefit Rider
    • Reliance Critical Conditions (25) Rider
    • Reliance Family Income Benefit Rider
    • Reliance Accidental Death & Total and Permanent Disablement Rider (Regular Premium)
    • Reliance Accidental Death & Total and Permanent Disablement Rider (Limited Premium)

Exclusions

      • If suicide is committed within 12 months of policy commencement, 80% of premiums paid are refundable and if committed within 12 months of policy reinstatement, higher of 80% of premiums paid or acquired Surrender Value is payable

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and required KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.

˜Top plans are based on annualized premium, for bookings made through https://www.policybazaar.com in FY 25. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^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.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Average Rating
(Based on 1286 Reviews)

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