Reliance Smart Pension Plan

Reliance Smart Pension Plan is a non-participating Unit-linked pension plan which enables the policyholder to build a retirement corpus for a tension free retirement. The corpus is also subject to market participation through investment in units so as to maximize wealth.

Key Features

  • It is a unit linked pension plan which also promises Guaranteed Additions.
  • Even if the unit account is less, the capital guarantee feature ensures minimum repayment of the premiums paid
  • Premiums can be paid regularly, in a single time or for limited term
  • Premiums paid are invested in the Pension Smart Fund 1
  • There are 3 options of receiving annuity namely:
    • Life annuity
    • Life annuity with Return of Purchase Price
    • Life annuity guaranteed for 5, 10 or 15 years and thereafter payable for life

Benefits

  • On maturity, higher of the Fund Value or 110% of all premiums paid is payable
  • The maturity amount can be used in the following ways:
    • Commute 1/3rd of the corpus and receive immediate annuity form the remaining corpus
    • Purchase a single premium deferred annuity plan form the insurer
    • Extend the deferment period in the same policy if age is lower than 55 years
    • On death, higher of the fund value or 105% of total premiums paid is returned to the nominee
    • The death benefit can be withdrawn or used to buy an annuity form the company
    • Income tax benefit on the commuted part of the corpus under Section 10(10A) and on the premiums paid under Section 80C of the Income Tax Act.

Product Specification:

 

Minimum

Maximum

Entry Age (Last Birthday)

18 years

65 years

Maturity Age (Last Birthday)

45

75

Policy Term (PT) in years

Single pay – 10

Limited or Regular Pay - 15

30

Premium Paying Term (PPT) in years

10

30

Premium Paying Frequency

Annual, half-yearly, quarterly, monthly

Yearly Premium

 

PPT 10-14 yrs.

PPT 15-19 yrs.

PPT 20 yrs. & above

No limit

Regular Pay

Annually

NA

36,000

20,000

Half-yearly

18,000

10,000

Quarterly

9,000

5,000

Monthly

3,000

2,000

Limited Pay

Annually

48,000

48,000

24,000

Half-yearly

24,000

24,000

12,000

Quarterly

12,000

12,000

6,000

Monthly

4,000

4,000

3,000

Single Pay

50,000

No limit

Details About Premium

Benefit illustration for an annual premium of Rs.50,000 for a 35 year male

 

Policy Term 15 years

Policy term 20 years

Annuity p.a.

81,880

139,891

Fund Value @ 8%

123,466

19,31,443

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 after 5 years. The surrender value can be either used to buy a deferred annuity plan form the company or 1/3rd of the value can be commuted and the rest has to be used to buy annuity.
  • 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

  • Top-ups are allowed to increase investment with a minimum of Rs.5000

Additional Features or Riders

  • Loyalty Additions @ 1% start from the end of the 6th policy year and increase every 3 years by another 1%

Exclusions

  • If suicide is committed within 12 months of policy inception or revival o nly the fund value as on that date 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.

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Average Rating
(Based on 0 Reviews)
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Reliance Smart Pension Plan Reviews & Ratings

0 / 5 (Based on 7 Reviews)
(Showing Newest 7 reviews)
Parul
Punjab, August 02, 2021
Inexpensive term plan
My friend is 30 year old and I am 25 years old and noticed a difference in our term plan price. I visited Policybazaar and read some blogs there. I found out that term plans are cheaper if you buy at young age. I am glad to buy this plan at the right time.
Amrita
Chail, August 02, 2021
Tax savings
I recently bought a term insurance policy from the website of Policybazaar. My plan has amazing features and some additional benefits due to an addon. The best part is I can also enjoy a tax rebate. I am so glad to buy this plan.
Pratap
Niwari, August 02, 2021
Purchased Online
My friend asked me to buy a term insurance plan online as it is cheaper and more convenient. I visited the website of Policybazaar and bought a term policy which offers great benefits at cheap rates. My online experience has been great. Thank you team.
Anurag
Modinagar, August 02, 2021
Protection against COVID
The pandemic had me worrying about the future of my family in my absence. I have been searching for a pure insurance policy to safeguard my family against any eventuality. With the help of Policybazaar now I my family is secure as a bought a specialized term plan made to help family of the policyholder.
Kashish
Meerut, August 02, 2021
Best customer service
I did not understand much about insurance but I knew one thing that I needed to secure the future of my family. I took help from the team of Policybazaar and they suggested me what would be best for me. I am happy with my plan. Thank you so much team.
Komal
Palwal, August 02, 2021
Huge coverage
I recently bought a term plan from the website of Policybazaar and I am happy with the product. I got a higher coverage term plan with additional benefits and at cost effective price. Now I am worry free for the future security of my family in my absence. Thanks.
Harisha
Gurgaon, August 02, 2021
Quick to buy
My friend suggested me to buy a term insurance plan online. I visited the website of Policybazaar and it took me about half an hour or maybe less to buy the plan online. The experience was smooth and I am happy with my plan. Kudos team.
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