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: 24 March 2021
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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