Reliance Pay Five Plan

Introduction/Overview
Reliance Pay Five Plan is a unit linked non-participating Endowment Assurance Plan where the premium is to be paid for only 5 years and benefits can be enjoyed for the full policy term

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Guaranteed Tax Savings
Under sec 80C & 10(10D)
₹ 1 Crore
Invest 10k Per Month*
Zero LTCG Tax
Unlike 10% in Mutual Funds

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

*Please note that the quotes shown will be from our partners

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Key Features

Premiums are required to be paid for 5 years only

The premium paid can be invested in a choice of 5 funds as per the policyholder’s risk appetite namely:

Life Equity Fund 3
Life Corporate Bond Fund 1
Life Money Market Fund 1
Life Pure Equity Fund 2
Life Balanced Fund 1

The policyholder can average out his risks through Systematic Transfer Plan option under which the units are systematically transferred from low risk to high risk funds at different intervals

Benefits

The maturity Value will be the Fund Value including top-up fund value if any
On death, basic fund value and Top-up Fund Value + Basic Sum Assured and Top-up Sum Assured is paid to the nominee
Income tax benefit on the premium paid as per Section 80C and on claims received as per Section 10(10D) of the Income Tax Act.

Product Specification:

	Minimum	Maximum
Entry Age (Last Birthday)	7 years	65 years
Maturity Age (Last Birthday)	17 years	75 years
Policy Term (PT) in years	10 or 15
Premium Paying Term (PPT) in years	5
Premium Paying Frequency	Yearly
Yearly Premium	45,000	No limit
Sum Assured	Higher of 10 times annual premium or 0.5policy termannual premium (if age<45 yrs.) Or Higher of 7 times annual premium or 0.25policy termannual premium (if age >45 yrs.)	7-11 yrs. – 5 lakhs 12-45 yrs.-30 times annual premium 46-50 yrs. - 20 times annual premium 51-55 yrs.-10 times annual premium 56 yrs. and above – 7 times annual premium

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Details About Premium

Benefit Illustration for a male aged 30 years with a 15 year policy term

Annual Premium	SA	Fund at the end of 6 years		Fund at the end of 10 years		Fund at maturity
Annual Premium	SA	@ 4%	@ 8%	@ 4%	@ 8%	@ 4%	@ 8%
100,000	500,000	497,882	581,194	538,926	734,925	590,709	984,200

Policy Details

Grace Period: 30 days grace period is provided for payment of premium otherwise the policy lapses

Policy Termination or Surrender Benefit: the policyholder can surrender the policy after 5 completed policy years. The fund value on the date of surrender will be paid. If surrendered before completion of 5 policy years, the fund value net of charges will be credited to the Discontinued Policy Fund where it will earn a guaranteed interest of 4% p.a. compounded annually. After 5 years is completed, the resultant Fund Value will be paid to the policyholder.

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.

Inclusions

52 free switches are allowed per policy year
The policyholder can redirect future premiums towards another funds through Premium Redirection option
After 5 completed years, the policy benefits can be transferred to another plan

Additional Features or Riders

Top-ups are allowed under the plan and the SA is increased after the top-up @ 125% or 110% of the top-up premium paid if age is less than or greater than 45 years respectively
Partial Withdrawals are allowed after 5 completed policy years and also from top-up funds 5 years after the top-up payment
The policyholder can choose to receive the maturity benefit in 5 equal instalments over 5 years post maturity through the Settlement Option

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Exclusions

In case of suicide committed within 12 months of policy inception, only the Fund Value as on that date is payable

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.