Reliance Money Multiplier Plan

Reliance Money Multiplier Plan is a non-participating Endowment Policy that provides Guaranteed Benefits at maturity to build up a strong corpus for future financial needs.

Key Features of Reliance Money Multiplier Plan

  • Traditional Endowment plan
  • Regular premium payment option
  • Guaranteed Loyalty Additions: Every year correspond to the policy year like 1% in 1st year, 2% in 2nd year, 3% in 3rd year and so on Guaranteed Loyalty Additions shall be applicable.
  • Guaranteed maturity additions are paid out on Maturity
  • Increasing Guaranteed Additions with the policy term
  • Double the sum assured is paid in case of death. 

Benefits of Reliance Money Multiplier Plan

  • On Maturity, the policyholder gets:
    • Sum Assured
    • Guaranteed Loyalty Additions
    • Guaranteed Maturity Additions which is a equal of 1% x policy term x  sum assured
    • On death, the nominee gets:
    • Higher of twice the sum assured or 10 times the annualised premiums or 105% of all the premiums paid till death + Accrued Guaranteed Loyalty Additions, if any.
    • 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 of Reliance Money Multiplier Plan

 

Minimum

Maximum

Entry Age (Last Birthday)

18 years

55 years

Maturity Age (Last Birthday)

28 years

75 years

Policy Term (PT) in years

10 / 15 / 20

Premium Paying Term (PPT) in years

Equal to policy term

Premium Paying Frequency

Annual, half-yearly, quarterly, monthly

Yearly Premium

Depends on SA, age and term

Sum Assured

60,000

No limit

Details About Premium

Annual premium in Rupees for SA of 1 lakh and policy term 20 years

Age

25

35

45

55

Premium (in Rs.)

10,520

10,775

11,565

13,620

Policy Details of Reliance Money Multiplier Plan

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

Policy Termination or Surrender Benefit: The policyholder is allowed to surrender the plan after 3 full policy years, provided the first year’s premium is paid. The Surrender Value will be higher of the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV).

GSV = (GSV factor for premiums x total premiums paid)

SSV = (Surrender Value Factor x Paid-up Sum Assured

Free Look Period: If the insurance holder is 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 receiving the policy documents, provided there has been no claim.

Inclusions

The policy provides a loan benefits @ 80% of the Surrender Value

Additional Features or riders

There is a high Sum Assured discount for coverage above Rs. 1 lakh.

Exclusions

If suicide is committed within 12 months of policy commencement, 80% of premiums paid are refundable and if the suicide is committed within first 12 months of policy reinstatement, higher of 80% of premiums paid till date or the acquired surrender value is payable

Documents Required for Reliance Money Multiplier Plan

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

You may also like to read: Reliance Life Investment Plan

Written By: PolicyBazaar - Updated: 19 March 2021
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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