Reliance Smart Cash Plus Plan

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Introduction/Overview

Reliance Smart Cash Plus Plan is a participating traditional Money Back plan with increasing survival benefits and wealth augmentation through bonuses and maturity additions while at the same time providing life insurance benefits

Key Features

It is a regular pay Money Back Plan which promises full Sum Assured on Maturity irrespective of the Survival Benefits already received
High Sum Assured Additions for SA higher than 2.5 lakhs and bonuses increase the corpus
The survival benefits start at the end of the 4^th year and thereafter paid after every 3 years
The survival benefits start at 10% of the SA and thereafter increase with every subsequent payment by 5%

Benefits

On Maturity, the policyholder gets the basic SA, fixed High SA Additions and bonuses if any
On death, the nominee gets higher of the basic SA or 10 times the annual premium + vested bonuses or 105% of total premiums paid if age is lower than 45 years and higher of basic SA or 7 times annual premium or 105% of all premiums paid if age is 45 years or above
Income tax benefit on the premium paid as per Section 80C and on claims received as per Section 10(10D) of the Income Tax Act.

Product Specification:

	Minimum	Maximum
Entry Age (Last Birthday)	14 years	55 years
Maturity Age (Last Birthday)	24 years	70 years
Policy Term (PT) in years	10	22
Premium Paying Term (PPT) in years	Equal to policy term
Premium Paying Frequency	Annual, half-yearly, quarterly, monthly
Yearly Premium	Depends on term, age and SA chosen
Sum Assured	100,000	No limit

Details about Premium

Benefit Illustration for a 30 year male with Policy term 19 years for a premium of Rs.30,000

SA	Money back at 4^th yr. @ 10%	Money back at 7^th yr. @ 15%	Money back at 10^th yr. @ 20%	Money back at 13^th yr. @ 25%	Money back at 16^th yr. @ 30%	High SA Addition	Vested Bonus
							@ 4%	@ 8%
285,361	28,536	42,804	57,072	71,340	85,608	28,536	81,328	216,874

Policy Details

Grace Period: 15 days grace period is allowed for payment of premium in monthly mode and 30 days in 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 policy if first years’ premium is fully paid and after 3 completed policy years. The value will be the higher of Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV). SSV will be applicable if 3 full years’ premium has been paid

GSV = (GSV Factor * total premiums paid) – Survival benefits already paid + GSV Bonus Factor* vested bonuses

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

Loan is available under the plan @ 80% of the Surrender Value

Additional Features or Riders

If the aggregate benefits are lower than the total premiums paid, the deficit is paid by the insurer
The Maturity value should be a minimum of 100.1% of total premiums paid

Exclusions

In case of suicide committed within 12 months of policy commencement, 80% of premiums paid is refundable and if committed within 12 months of policy revival, higher of 80% of premiums paid or the 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 other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.

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