Reliance Online Term Plan

Reliance Online Term plan is a 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.

Reliance Online Term plan - Key Features

It is an online term plan with low premiums.
The policy can be bought online through a simple application process.
Medical check-ups if required can be done at the home of the proposed.

Reliance Online Term plan - Benefits

There is no Maturity benefit payable under the plan.
On death of the policyholder, higher of the Sum Assured or 10 times the annual premium or 105% of all premiums paid till death is paid to the nominee.
The premiums paid and the claims received are both exempted from taxation under Sections 80C and 10(10D) of the Income Tax Act.

Reliance Online Term plan - Product Specification:

	Minimum	Maximum
Entry Age (Last Birthday)	18 years	55 years
Maturity Age (Last Birthday)	289 years	75 years
Policy Term (PT) in years	10	35
Premium Paying Term (PPT) in years	Equal to policy term
Premium Paying Frequency	Annual
Yearly Premium	3500	No limit
Sum Assured	25,00,000	No limit

Details About Premium

Annual premium in Rupees for a 35 year male with a coverage of 1 crore

Policy Term	15	20	25	30	35
Premium (Rs.)	7680	8415	8961	9278	9540

Reliance Online Term plan - Policy Details

Grace Period: 30 days grace period is allowed for payment of premium.
Policy Termination or Surrender Benefit: there is no Surrender Benefit under the plan
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.

Additional Features or Riders

Premium rates are lower for non-smokers and people with healthy lifestyles if the chosen SA is 50 Lakhs or more

Exclusions

If suicide is committed within 12 months of policy commencement, only 80% of the premium paid is returned to the nominee

Documents Required

The policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and the required KYC documents. A medical examination 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 Term Insurance Plans

Written By: PolicyBazaar - Updated: 12 January 2021