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.