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Reliance Special Term Plan


The policy aims at providing financial support to a family in case of death of the policyholder. The policy returns premiums on survival at maturity.

What does it do?

This term insurance plan pays sum assured to the nominee in the event of death of life insured. It also refunds entire basic premiums paid on policyholder’s survival at maturity.
The policy does not lapse but continues as paid-up one if premiums are not paid after first 3 years.
Policy can be surrendered after completing 3 policy years.


This plan refunds entire basic premium paid on maturity and also allows to surrender the policy.
Women can avail discount on premium and pay premium equal to 3 years younger male policyholder.
It offers riders to enhance coverage.
It has a higher policy reinstatement period of 3 years, in case of a lapse.
Premiums paid toward the policy qualify for tax benefit under Section 80C of Income Tax Act.


Single premium policy can be taken for a maximum of 15 years only which may not be an adequate term for everyone.

Suited for

This policy is suitable for those who cannot pay premiums for a simple term plan without any survival benefit. It refunds basic premiums if insured survives the policy term.

Our View

A pure term plan is a definite buy for everyone. Even though there is an option to surrender the policy, you should not do it and continue till end of the term. This saves you from paying higher premiums if you buy a new plan at later ages.
Single premium plan may prove to be expensive as compared to regular premium payment option as you lock in a large amount for a fixed cover. The reason we say this is because in case something goes wrong in early years of the policy, you have already paid a huge chunk of amount as premium to the insurance company.

Entry Age (years) 
Maximum Maturity Age (years)64
Policy Term (years) 
Maximum15 for Single Premium 30 for Regular Premium
Sum Assured (Rs) 
MaximumNo limit
Minimum Premium (Rs) 
Premium Payment FrequencySingle, Yearly, Half-yearly, Quarterly, Monthly (via ECS only)
Premium Payment TermSingle, Equal to policy tenure
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 for annual, semi-annual and quarterly premium and 15 days for monthly mode from the 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 can reinstate your lapsed policy any time (within 3 years from the due date of the first unpaid premium) at terms and conditions required by the company.
Tax BenefitsSection 80C and Sec 10(10D) of the Income Tax Act, 1961 would apply.Premiums paid for Reliance Critical Illness Rider may qualify for deduction under Section 80D of the Income Tax Act, 1961.
ExclusionsIn case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable. Further, if the Life Assured under the policy, whether medically sane or insane, commits suicide, within one year of exercising the option to increase the Sum Assured, then the amount of increased Sum Assured will not be considered in the calculation of the Death Benefit
Surrender ValueAllowed only if 3 years premiums were paid in full and 3 years have elapsed.Surrender value is 30% of all basic premiums paid in case of Regular premium and 30% of Single premium for single premium policy.
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)Reliance Accidental Death & Total and Permanent Disablement Rider: covers Death due to an accident, Accidental dismemberment (loss of limbs and/or eye(s) and Permanent total disability due to an accident.
Inbuilt Waiver of Premium: In case of Total and Permanent Disability, this inbuilt rider waives off all future premiums under the basic policy and riders upto a limit of Rs 40000 p.a.
Reliance Critical illness Rider: covers 10 critical illnesses namely: Cancer, Coronary Artery Bypass Surgery, Heart Attack, Stroke, Kidney Failure, Aorta Surgery, Coma, Heart Valve Replacement, Major Organ Transplant and Paralysis. There is a waiting period of 6 months and survival period of 30 days to claim benefit under this rider.
Rider Conditions 
Entry Age (years) 
Maximum Maturity Age (years)64
Rider Term (years) 
Minimum5 years for Critical Illness Benefit
Sum Assured (Rs) 
Maximum50 lakh
First Year Premium for Male
Policy Term (in years)Age (in years)
Figures indicate premiums (after dicount) on a Rs 20 lakh policy for an age over different policy tenures exclusive of service tax
First Year Premium for Female
Policy Term (in years)Age (in years)
Figures indicate premiums (after dicount) on a Rs 20 lakh policy for an age over different policy tenures exclusive of service tax
Single Premium Option for Male
Policy Term (in years)Age (in years)
Figures indicate premiums (after dicount) on a Rs 20 lakh policy for an age over different policy tenures exclusive of service tax
Single Premium Option for Female
Policy Term (in years)Age (in years)
Figures indicate premiums (after dicount) on a Rs 20 lakh policy for an age over different policy tenures exclusive of service tax