Reliance Endowment Plan

Key Features of Reliance Endowment Plan

• Participating Endowment plan with regular premium payment option
• Sum Assured is increased through bonus declarations
• The policy term can be chosen in multiples of 5 years 

Benefits of Reliance Endowment Plan

Maturity Benefits: On Maturity, the Sum Assured and the vested bonus or 100.1% of total premiums paid is paid to the policyholder

Death Benefits: On death, the nominees get the higher of, the basic sum assured or 10 times the annual premiums and vested bonuses subject to a minimum of 105% of all premiums are paid out.

Tax Benefits: Income tax benefits on premiums under Section 80C and also on the claims under Section 10(10D).

Product Specification:

Policy Details of Reliance Endowment Plan

Grace Period: For monthly mode, the grace period of 15 days is allowed and for other modes, the grace period is of 30 days is allowed. If the policyholder fails to pay his premiums even within this period, the policy will lapse immediately.

Policy Termination or Surrender Benefit: The Policyholder can surrender the plan after 3 policy years provided the first year’s premiums are paid. The Surrender Value will be higher of the Guaranteed Surrender Value or Special Surrender Value.

GSV = (Total Premiums Paid x GSV Factor for Premiums) + (GSV Factor for bonuses* vested bonus)

SSV = (SSV Factor * Basic Maturity Value * total premiums paid/total premiums payable) + SSV of vested bonus

Free Look Period: If you are not pleased with the coverage and the 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 have been no claims.

Inclusions

 This policy can be used to obtain a loan which is equal to 80% of the policy’s Surrender Value, subject to a minimum of Rs.1000/-.

Exclusions

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

Documents Required for Reliance Endowment Plan

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

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