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Reliance Term Plan

Reliance Term Plan is a pure term plan non-linked and non-participating in nature. The plan provides high coverage at affordable rates thus enabling the customer to avail a high protection cover for securing his family

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The Policybazaar Advantage
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Dedicated claim support for family FREE
Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
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100% calls recorded to ensure no mis-selling
We will make sure you get what is promised by the advisors. We conduct regular monitoring of our calls to make sure you get the best experience.
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Exclusive lifetime discount upto 5% for buying online
The discounts will be valid for the entire policy payment term and is not available if you choose to buy the insurance through offline agents.
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Advisors available in your city
Our advisors are available in more than 55 cities across India and can help you at your doorstep in understanding the plans and in documentation.
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Refund at the click of a button
In case you aren’t happy with your purchase, you can cancel your policy hassle-free at the click of a button. We will help you with the cancellation and refund of your policy.

Key Features

  • It is a pure term plan with minimal rates of premium
  • Option of availing 5 riders to customize the cover

Benefits

  • There is no Maturity Value under the plan
  • On Death, the Sum Assured is paid to the nominee.
  • Income tax benefit on the premium paid as per Section 80C and on the claim received as per Section 10(10D) of the Income Tax Act.

Product Specification:

 

Minimum

Maximum

Entry Age (Last Birthday)

21 years

60 years

Maturity Age (Last Birthday)

26 years

65 years

Policy Term (PT) in years

5 years

30 years

Premium Paying Term (PPT) in years

Equal to policy term

Premium Paying Frequency

Annual, half-yearly, quarterly

Yearly Premium

2000

No limit

Sum Assured

500,000

No limit

Policy Details

  • Grace Period: 30 days grace period is allowed for payment of premium. If policyholder fails to make payment within the grace period, the policy lapses
  • 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

  • Reliance Major Surgical Benefit Rider
  • Reliance Critical Conditions (25) Rider
  • Reliance Family Income Benefit Rider
  • Reliance Accidental Death and Total and Permanent Disablement Rider (Regular Premium)
  • Reliance Accidental Death and Total and Permanent Disablement Rider (Limited Premium)

Exclusions

  • If the insured commits suicide within 12 months of policy inception, the company only pays 80% of the premium paid to the nominee

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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