Founded by Dhirubhai Ambani, one of the most renowned industrialists of this time, Reliance Group of Industries has an unmatched name and reputation in the market. Reliance Life Insurance Company, which is a part of Reliance Capital, has seen an immense boom in the past few decades. With over 10 million Reliance policyholders, trust and reliability can never come into question.
#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply
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Amongst many successful plans and policies being launched by Reliance Life Insurance Company, the Reliance Online Term plan is considered to be one of the simplest insurance plans in India.
If you are also planning to purchase Reliance Online Term Plan, here you will get to know all the detailed information about it!
Reliance Online Term plan is one is the simplest, non-participating pure term plan which can be bought online through the company’s website. The plan promises high coverage at very cheap rates for your family’s protection. With premium rates starting at Rs.15 per day, you can expect nothing, but the best while purchasing this plan.
Here are the top reasons why an individual should opt for Reliance online term plan:
In case of the unfortunate demise of the policyholder during the policy tenure, keeping in mind that the policy is still in force, the nominee of the policy will receive
The Reliance online term plan is terminated as soon as the death benefit is paid to the nominee.
As it is a pure term plan, no maturity benefits as such are offered.
The premiums paid and the claims received are both exempted from taxation under Sections 80C and 10(10D) of the Income Tax Act, 1961.
Criteria |
Minimum |
Maximum |
Entry Age (Last Birthday) |
18 years |
55 years |
Maturity Age (Last Birthday) |
28 years |
75 years |
Policy Term (PT) in years |
10 years, 15 years, 20 years. 25 years, 30 years, 35 years |
|
Premium Paying Term (PPT) in years |
Equal to the policy term |
|
Premium Paying Frequency |
Annual |
|
Yearly Premium |
3500 |
No limit |
Sum Assured |
25,00,000 |
No limit |
For instance, if Mr. Z is a 35-year-old man with a coverage of 1 crore basic sum assured, then the annual premiums under the Reliance Online Term Plan will be as follows:
Policy Term |
15 years |
20 years |
25 years |
30 years |
35 years |
Premium (Rs.) |
Rs. 7,680 |
Rs. 8,415 |
Rs. 8,961 |
Rs. 9,278 |
Rs. 9,540 |
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C applies.
A non-smoker is eligible for lower rates if they opt for a minimum sum assured of Rs. 50 lakhs. Present physical condition while purchasing the policy also plays a major role. Further rebates are offered if the policyholder is found in the best of their physical condition during the necessary medical tests.
If the policyholder is unable to pay the premium on time due to any reason, a 30 days’ grace period is allowed for payment of the premium.
If the premiums are unpaid even after the end of the grace period, then the plan will immediately be lapse and no benefits will be offered under the insurance policy.
The Reliance Online Term Plan can be revived with full coverage within 2 years of 1st unpaid premium date. Full coverage includes outstanding premium payments to date along with interest as per the company’s rules and regulations. The current rate of interest of Reliance is 9% per annum but it can change from time to time.
Also, the life assured might have to undergo some medical tests and fulfill other documentation as per the requirement of the company.
There is no Surrender Benefit under the Reliance Online Term Plan
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.
If suicide is committed within 12 months of policy commencement, only 80% of the premium paid is returned to the nominee
After purchasing the Reliance Online Term Plan, premiums must be paid by electronic mode only. The following modes can be used to make payment under this online plan:
The following basic documents are required at the time of purchase of the Reliance Online Term Plan:
A medical examination may be required in some cases, based on the sum assured and the age of the person