Reliance Term Plan

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Introduction/Overview

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

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

  • There are 5 riders available under the plan namely:
  1. Reliance Major Surgical Benefit Rider
  2. Reliance Critical Conditions (25) Rider
  3. Reliance Family Income Benefit Rider
  4. Reliance Accidental Death and Total and Permanent Disablement Rider (Regular Premium)
  5. 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.

Written By: PolicyBazaar - Updated: 14 March 2016
Reliance Term Plan Reviews & Ratings
4.6 / 5 (Based on 7 Reviews)
(Showing Newest 7 reviews)
Kunal
Gangtok, January 24, 2019
Excellent
I have bought Reliance Nippon Life Term Plan from Reliance Life Insurance. Their customer service is very friendly. The executive on the call explained each and every plan in detail including the features & benefits of the plans and helped me choose the one I was looking for. Their phone officers are ever ready to help and their claim procedure is also really easy to follow. One of my close relatives was able to claim the amount for his father’s term insurance plan within 2-3 days, which is an added advantage.
Jiten
Gwalior, August 26, 2016
Best Plan
My term insurance policy is the best one among all which i bought from reliance life insurance. Policy premium is low and payback returns are pretty much high. Claims are good and procedure to sanctioning it is simple. Online renewal is possible through online portal.
Yashu
Patna, May 16, 2016
Damn Good
Reliance life term insurance plan I have which is very good policy. The policy coverage is high ~89% and the policy premium is low. Good claims and easy procedure to sanctioning it. Fantastic future investment which save tax. Good service facilitate by the executives and staff members. I like my policy.
Aditya
Mumbai, March 07, 2016
Good.
I buy reliance life insurance term policy plan. The policy has low premium but the recovery amount is large. Policy coverage and claims are high with approx. rs.23 L. I have to say that your executives and staff behaviour is really nice. keep up your work guys.
Plan Name: Online Income Protect
Agent Code: BBE05865
HARSHAD
Mumbai, March 01, 2016
Ok Term Plan.
I have reliance life insurance term policy plan. The policy coverage and claims are high as compare to others and even the premiums are low. Service is ultimate with full attention. Around 27L is payback money.
Plan Name: Online Term
Agent Code: BBE05752
Suresh
Hyderabad, February 27, 2016
Perfect
I purchase reliance life insurance term policy plan which is the best from all. Service is quick and claiming process get easy. Policy coverage is high and premium is low. Good work, keep it up.
Plan Name: Online Term
Agent Code: BBE06765
Vidit
Pune, December 20, 2015
Best term plan from reliance life insurance
I just bought a reliance term plan from Policybazaar for 15 years of cover. Taking into account of my work type, I have decided to cover my family atleast for 15 years. The term plan is a perfect solution for me, as it might not give me any amount but can cover my entire family if something happens in between. Thanks to Policybazaar for giving me clear idea and assistance. All the best!