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Reliance Term Plan

Objective

This is a pure term plan that aims to provide financial support to family members on unfortunate demise of the breadwinner.


What does it do?

This is a simple pure term plan which pays sum assured to the nominee in case of unfortunate demise of the life assured. The insurance company will charge a policy fee depending on the selected premium payment mode. This plan does not pay any maturity or surrender benefit. It offers two optional riders for additional coverage. Waiver of premium is a useful rider. Riders can be added either at the time of buying the policy or at any policy anniversary during the policy term.


Pros

Women can avail discount on premium and pay premium equal to 3 years younger male policyholder.
The policy offers riders to enhance coverage.
Premiums qualify for taxation benefits.


Suited for

A pure term plan suits everyone with dependents.


Our View

Plain term insurance are most cost-effective plans with adequate cover.
Optional riders add to offered protection. Waiver of premium rider can keep the policy active, in case the insured suffers a disability, without paying further premiums.
Take a policy long enough to cover you till retirement years or till someone else replaces you as breadwinner.

Eligibility
Entry Age (years) 
Minimum21
Maximum60
Maximum Maturity Age (years)65
Policy Term (years) 
Minimum5
Maximum30
Sum Assured (Rs) 
Minimum250000
MaximumNo limit
Minimum Premium (Rs)2000 per installment
Premium Payment FrequencyYearly, Half-Yearly, Quarterly
Premium Payment TermEqual to policy term
Policy CoverCover remains fixed for the tenure of the policy
Other Features 
Free Look CancellationIn case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered.
Grace PeriodYou are allowed to pay premiums within 30 days of premium due date. If a due premium is not received within the grace period, your policy will lapse and the life insurance cover will be terminated.
Lapsed Policy ReinstatementYou may reinstate your lapsed policy within 3 years from date of first unpaid premium by paying due premiums and undergoing underwriting requirements, if any.
Tax BenefitsSection 80C, 10(10D) of the Income Tax Act, 1961 would apply.
Customer Service 
AddressReliance Life Insurance Company Limited Registered office: H Block, 1st floor, Dhirubhai Ambani Knowledge City, Navi Mumbai, Maharashtra 400710, India
Mail To[email protected]
Call On1800 300 08181 & 3033 8181
SMSINSURE' to 55454
Available Rider(s)Accidental Death Benefit &Total & Permanent Disablement Rider: covers Death due to accident, Total and Permanent disablement caused directly as a result of an accident. Disablement benefit equal to Sum Assured is paid in 10 equal instalments.
In built Waiver of Premium: Waiver of all future basic premiums and riders upto a limit of Rs 40000 p.a
Rider Conditions 
Entry Age (years) 
Minimum18
Maximum59
Maximum Maturity Age (years)64
Rider Term (years) 
Minimum5
MaximumEqual to base term
Sum Assured (Rs) 
Minimum25000
MaximumLower of Base plan insurance or 50 lakh
Rider Premium (Rs)Accidental Death Benefit and Total & Permanent Disablement rider costs Re 1 per Rs 1000 Sum Assured per annum. Sample this, rider premium for 5 lakh cover will be Rs 500 per annum.
Annual Premium Option for Female
Policy Term (in years)Age (in years)
2530354045505560
532603380364046806540100801612024460
10326033803640494075401220019200NA
153260338040205980946015040NANA
20326035404860748011740NANANA
253260416060209240NANANANA
30370050407360NANANANANA
Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures exclusive of policy fee

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