Terms & Conditions
  • *T&C Applied. Returns guaranteed by the Insurer as per the Insurance Plans.
  • **Returns guaranteed by the insurer
  • *** Tax adjusted Returns - assuming 30% tax bracket

Reliance Guaranteed Money Back Plan

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Reliance Guaranteed Money Back Plan is a traditional money back plan where lump sum benefits are paid during the last 5 policy years. Loyalty Additions and Maturity Additions increase the corpus and life cover provides security to the family.

Reliance Guaranteed Money Back Plan - Key Features

  • Non-participating money-back plan which promises Loyalty Additions and Maturity Additions besides the survival benefits already paid
  • The plan comes with both limited pay and regular pay options
  • Premiums are waived off on insured’s demise but the policy continues

Reliance Guaranteed Money Back Plan - Benefits

  • Survival benefits are paid in the last 5 policy years as a percentage of the SA depending on the policy term
  • Guaranteed Loyalty Additions are paid @ 2% of SA * policy term at maturity
  • Maturity Benefits:  On survival till the date of maturity, Guaranteed Maturity Additions are paid @ 1% of SA * policy term
  • Death Benefits: On death, the nominees get higher of the basic sum assured or 10 x annualized premium or 105% of the total premiums paid
  • The death benefit along with additional sum assured is paid in case of accidental death
  • Tax Benefits: Benefits of tax on the claims received and premiums paid are available under section 10(10D) and under section 80C are eligible under the plan. 

Reliance Guaranteed Money Back Plan - Product Specification:




Entry Age (Last Birthday)

18 years

58/55 years for policy term 15 & 20 yrs. respectively

Maturity Age (Last Birthday)

33 years

75 years

Policy Term (PT) in years



Premium Paying Term (PPT) in years

Policy term

Entry Age


15 years


Equal to policy term







20 years


Equal to policy term






Premium Paying Frequency

Annual, half-yearly, quarterly, monthly

Yearly Premium

Depends on term, age and SA chosen

Sum Assured


No limit


Details About Premium

Annual premium in Rupees for a coverage of I Lakh


25 years

35 years

45 years

PPT = 15 years




PPT = 20 years





Reliance Guaranteed Money Back Plan - Policy Details

Grace Period: If the insured fails to pay his monthly premiums by the premium due date, then shall be allowed for a grace period of 15 days to pay his premiums; and if he fails to pay his premiums of any mode other than monthly then he is allowed a grace period of 30 days to pay his premiums. However, if the policyholder fails to make payment even within the grace period, then his policy is subject to lapse.

Policy Termination or Surrender Benefit: The policyholder is allowed to surrender the policy after completing 3 policy years if first years premium is fully paid. The value will be the higher of Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV).

GSV = (Guaranteed Surrender Value Factor x Total Premiums paid) Survival benefits already paid

SSV = SSV Factor * Paid-up SA

Free Look Period: If the insured is not happy with his plan, then he has the option cancel it within 15 days of policy inception, given there have been no claims.


Loan Advantages: Loan is not available under the plan

Additional Features or Riders

There is an inbuilt Accidental Death Benefit rider in the plan

High Sum Assured rebates are offered for higher coverage of 1 lakh and above


Suicide: In case of suicide committed within 12 months of policy commencement, 80% of premiums paid is refundable and if the suicide is committed within 12 months of policy revival, higher of 80% of premiums paid or the acquired surrender value is payable

 In case of accidental death, the additional SA will not be paid if accidental death occurs due to:

  • Any act of self-injury
  • Participation in any criminal act
  • Abuse of alcohol
  • Racing
  • Any act of war
  • Participation in riot or any civil commotion 

Documents Required

The policyholder has to submit an Application form/ proposal form with the address proof along with other KYC documents. Based on the sum assured and the age of the insured, medical examination may be required, the expenses of the medical examination shall be borne out by the company.

You may also like to read: Reliance Life Investment Plans

Frequently Asked Questions:

Q. What are the Rider Benefits available under the plan?

The rider benefits can be chosen on the policy inception or on the policy anniversary during the plan term:

Major Surgical Benefit Rider: This rider option provides a lump sum amount to cover all the surgical expenses from the list of 33 surgeries including Open Heart surgery, Kidney Transplant, Cornea transplantation, Transplantation of Lungs and many more.

New Critical Conditions Rider: This rider cover provides a lump sum amount to take care of 25 critical conditions including Heart Attack, Cancer, Paralysis, Major Organ transplant and many more.

Term Life Insurance Benefit Rider: This rider option provides additional death benefit depending on the sum assured selected under the rider.

Family Income Benefit Rider:  On death or permanent disability of the insured, this rider cover provides a monthly benefit of 1% of the sum assured monthly which is 12 % per annum to the nominees. This benefit is payable from the date of death till the rider term end or 10 years whichever is later, before the plan maturity.

Q. What are the Guaranteed Maturity Additions?

The plan provides Guaranteed Maturity Additions as % of the Sum Assured on the Basic Plan which shall be payable on the maturity, given the policy is not paid up. The Guaranteed Maturity Additions depends on the policy term as mentioned below:

For a policy term of 15 years, the Guaranteed Maturity Benefits shall be 15% of the Sum Assured under the Basic Plan.

For a policy term of 20 years, the Guaranteed Maturity Benefits shall be 20% of the Sum Assured under the Basic Plan.

Q. What are the Loyalty Additions under the plan?

The Guaranteed Loyalty Additions under the plan shall accrue @ 2% of the Sum Assured under the Basic Plan or Paid-Up Sum Assured at the end of every plan year, given that the plan is not yet surrendered or lapsed.

fixed deposit with life cover
Written By: PolicyBazaar - Updated: 15 November 2016