Reliance Bluechip Savings Insurance Plan

0 / 5 based on 0 User Reviews

*Please note that the quotes shown will be from our partners

Introduction/Overview

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

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.

How helpful was this page?

Average Rating 4 / 5 (3 reviews)

Calculators

*The information provided on this website/page is only for information sake. Policybazaar does not in any form or manner endorse the information so provided on the website and strives to provide factual and unbiased information to customers to assist in making informed insurance choices.

Our Investors :

CIN: U74900HR2014PTC053454 Policybazaar Insurance Web Aggregator Private Limited, Registered Office no. - Plot No.119, Sector - 44, Gurgaon, Haryana - 122001
IRDAI Web aggregator Registration No. 06 Registration Code No. IRDAI/WBA21/15 Valid till 13/07/2021 Insurance is the subject matter of solicitation. Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the Insurer © Copyright 2008-2019 policybazaar.com. All Rights Reserved.