In this uncertain world, are you prepared for any unforeseen emergencies? Terms plans are there to help you deal against unforeseen events that can change your family’s life style in your absence. No one can replace the loss of the member of a family. But, the important thing is that the family should be secure in one’s absence. Reliance Nippon Life Term Plan is a good value for money to give a security and financial assistance to your family even after your demise. These Term plans provide coverage to the policyholder for a limited period of time as it depends on regular fixed payments. . This plan fulfills the support required to the family of a policyholder when he/she is not around with the family due to any unfortunate incident. The plan comes with additional benefits or riders to provide extra benefit to the policyholder. It also provides total and permanent disability benefit, accidental benefits and other benefits under Riders, that ensures a comprehensive coverage.
Eligibility
| Parameters | Min | Max |
| Entry Age | 21 . | 60 years. |
| Maturity Age | 26 years. | 65 years. |
| Policy Term | 5 years | 30 years. |
| Sum Assured | 5 lacs | There is no limit set for the maximum sum assured. |
| Premium Amount | INR.2000. | NA |
| Premium Payment Term | It is equal to term of the plan | |
| Premium Payment Frequency | Yearly, Half-yearly or quarterly mode | |
The Features of the Reliance Term Plan
- The sum assured under the plan is paid-off to the nominee of the policyholder after he/she dies.
- After the plan attains maturity, there will be no maturity benefit as it is purely a Term Plan. It also offers five additional riders ensuring additional benefit for oneself.
The plan comes with 5 riders. They are:
- Reliance Major Surgical Benefit Rider–The plan covers 33 surgeries. The company pays a lump sum amount to the policyholder, if the customer goes under any of the surgeries mentioned in the plan at the time of policy initiation.
- Reliance Critical Conditions (25) Rider–The plan also covers 25 critical illnesses. If a policyholder is diagnosed with any of the mentioned illnesses in the rider, the company pays a lump sum amount to the policyholder.
- Reliance Family Income Benefit Rider–If any unfortunate accident happens in policyholder’s life and he suffers total and permanent disability or the policyholder dies in the accident, the company is liable to pay to the nominee a monthly income of 1% of the sum assured in the policy. This monthly income will be paid to the nominee till 10 years or until the rider term ends, whichever ends later.
- Reliance Accidental Death and Total and Permanent Disablement Rider (Regular Premium) – Under this rider, an additional lump sum amount is paid to the nominee if the person insured dies or faces a total and permanent disability. One more additional benefit under this rider is that the future premiums of the policy are waved off. The term plan continues as earlier.
Reliance Accidental Death and Total and Permanent Disablement Rider (Limited Premium) – If an accident resulted in death or total and permanent disability of the policyholder, the plan continues as earlier and the company pays a lump sum amount to the nominee of the policyholder.
Additional Features or Riders of Reliance Term Plan
Other features of the Reliance Term Plan:
| Free Look Cancellation | · If a customer is not satisfied with the policy, he/she can cancel the policy within a period of 15 days. These 15 days are counted from the day the customer receives the policy documents.
· The customer is paid back the premium. The cost of stamp duty along with proportionate premium is deducted from the pay-off amount. The cost of medical reports, if any, is also deducted. |
| Grace Period | · A grace period of 30 days is provided to the customer to pay the premiums. The policy shall lapse if the customer is unable to pay the outstanding premium amount within the grace period. |
| Lapsed Policy Reinstatement | · Any lapse policy can be reinstated within a period of 3 years. This 3 years’ period is counted from the first unpaid premium. The company reinstates a policy If the customer clears the outstanding amount along with underwriting requirements asked for, if any. |
| Tax Benefits | · The tax benefits are provided according to the Section 80C, 10(10D) of the Income Tax Act, 1961. |
| Relaxation for Females | · The plan offers discount on premium to women customers. They can pay premium equals to the premium amount paid by 3 years younger male policyholder. |
| Policy Terms (in years) | Age (In Years) | |||||||
| 25 | 30 | 35 | 40 | 45 | 50 | 55 | 60 | |
| 5 | 3260 | 3380 | 3640 | 4680 | 6540 | 10080 | 16120 | 24460 |
| 10 | 3260 | 3380 | 3640 | 4940 | 7540 | 12200 | 19200 | NA |
| 15 | 3260 | 3380 | 4020 | 5980 | 9460 | 15040 | NA | NA |
| 20 | 3260 | 3540 | 4860 | 7480 | 11740 | NA | NA | NA |
| 25 | 3260 | 4160 | 6020 | 9240 | NA | NA | NA | NA |
| 30 | 3700 | 5040 | 7360 | NA | NA | NA | NA | NA |
| The above table provides premium amounts on a sum assured of Rs. 20 Lakhs. The table also shows premium amount for a given age over various policy tenures. The policy fee is not included. | ||||||||
Exclusions:
If a person insured commits suicide within a period of 12 months from the time of policy inception, the company is liable to pay only 80% of the premium amount to the nominee.
Frequently Asked Questions:
Does the Reliance Term Plan provide any additional benefits?
Yes, the plan offers 5 riders to provide additional benefits to the customer. The riders enhance benefits by giving cover to critical illnesses, accidental death, total and permanent disability, and surgical benefits.
Who is called a nominee?
A person whom the policyholder appoints to receive the sum assured in case of his/her unfortunate demise is called a nominee. The company confers this right to the policyholder to appoint a nominee.
What is a free look period?
If the policyholder wishes to reconsider his decision about the policy, he/she has provided the option to return the policy back to the insurance company within a time-frame. This time-frame is of 15 days from the inception of the policy.
Is there any discount for women?
Yes, the plan provides discount in premium amount for women customers.
Is there any option to surrender a policy before maturity period?
Yes, policyholder can surrender a policy before the completion of maturity period of the policy. One should refer to the terms and conditions for details.
Can a policy be renewed or extended?
Yes, the policy can be renewed or extended at a later period from the inception of the policy. For this, the company has provided the plan with riders that have options to enhance live cover and have extra benefits.
Is there any option to get monthly returns in the Reliance Term Plan?
Yes. Reliance family income benefit rider under the plan provides such benefit. In case of any accident resulted in the total and permanent disability or death of the policyholder, the company pays monthly income of 1% of the sum assured to the nominee. This pay-off will continue till 10 years or until the rider term ends.