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Reliance Life Introduces a New Child Plan ‘Reliance Education Plan’
Reliance Life Insurance has unveiled a new plan ‘Reliance Education Plan’. This plan aims to provide financial support for education milestones, and allows parents to secure their child’s future. Reliance Education Plan is a non-linked, non-participating insurance plan that ensures regular payouts in fulfilling the child’s educational goals, while providing an income security to the parents in future.
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- Reliance Life Introduces a New Child Plan ‘Reliance Education Plan’
Mr. Manoranjan Sahoo, Chief Agency Officer, Reliance Life Insurance said, “Parents spend a fortune on their child’s education and career planning. We felt the need to help parents in their task. Reliance Education Plan is aimed at systematic savings, securing a child’s career plans, and providing income according to the chosen milestones in the future.”
The plan provides four maturity payout options as per the child’s educational milestone.
Parents can opt for a lump sum payout on maturity, which can be used as seed capital for their child’s business. Alternatively, the maturity benefit can be availed in two installments when opting for post-graduation. If a child wants to obtain a professional degree, the benefits can be paid in four installments. And, if you have planned for an integrated course (graduation and post-graduation) for your child, you can take the benefits into five installments.
The plan is available for 9 to 20-year policy terms, and with premium payment options for 5, 7, and 10 years, or for the entire term. The entry age of the child is 0-18 years and parents between 20-50 years.
Reliance Education plan offers flexibility when it comes to death benefit payouts. The nominees can opt for full lump sum amount payable on death of the policyholder, or 50% upfront, followed by annual income for next 10 years.
Meanwhile, in case of an eventuality, the plan guarantees to pay maturity benefits, without paying further premium installments. You can select these options at the time of signing up for the policy.
Sahoo further said, “We have designed a flexible plan keeping in viewing the different career paths available today. We believe that the plan will serve its true purpose- protecting the child’s future and financially assisting at critical milestones to achieve their dreams.”
With the availability of increasing number of career options, parents are often worried if the career path chosen by the kid would help in getting a secured income or not. However, Reliance Education Plan, with its death and maturity benefits, enables parents to feel confident of securing their child’s future post obtaining an education.
Source: This news was published on June 9, 2015 in indiablooms.com under the title: “Reliance Life Insurance launches new Child plan - Reliance Education plan”
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˜The insurers/plans mentioned are arranged in order of highest to lowest first year premium (sum of individual single premium and individual non-single premium) offered by Policybazaar’s insurer partners offering life insurance investment plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance
plan.
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
#The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CARG 8%; ₹50,45,591 @ CAGR 4%
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¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
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^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.