Reliance Bluechip Savings Insurance Plan
Reliance Bluechip Savings Insurance Plan Review
Reliance Bluechip Savings Insurance Plan is a non-linked endowment plan. Under this plan, the policyholder gets Guaranteed Benefits and flexibility to choose the life cover.
Benefits
If the life assured survives till the end of the policy term, he will receive the below:
- Guaranteed Sum Assured(GSA) on Maturity
- Vested Reversionary Bonuses and Terminal Bonus, if any
Where, GSA is equal to Base Sum Assured plus all Guaranteed Additions (GAs) applicable at maturity. GA equal to 7% per annum of Basic Sum Assured will accumulate at the end of each policy year till the premium payment term
Simple Reversionary Bonuses will be declared during the policy term, starting from first policy year, which will accumulate at the end of each year. Terminal bonus, if any, will be payable on death or maturity from the 10 policy year onwards.
If the life assured dies during the policy tenure, the nominee will get
- Sum Assured on death
- 105% of the premiums paid
- Vested Reversionary Bonuses and Terminal Bonus, if any
Where, Sum assured of death is higher of:
- Annualised Premium x Death Benefit Multiple
- Base Sum Assured
- Guaranteed Sum Assured on Maturity
Premiums paid under life insurance policy are exempted from tax under Section 80C. The maturity proceeds are exempted from tax under Section 10(10D)
There 6 riders available under this plan
- Reliance Term Life Insurance Benefit Rider
- Reliance Major Surgical Benefit Rider
- Reliance Critical Conditions (25) Rider
- Reliance Family Income Benefit Rider
- Reliance Accidental Death and Total and Permanent Disablement Rider (Regular premium)
- Reliance Accidental Death and Total and Permanent Disablement Rider (Limited premium)
The policy can be cancelled within 15 days of receipt of policy document, if the customer is not satisfied with the Terms and Conditions.
How it works
Criteria
Male, Age 35
Premium – Rs. 50,000
Premium Payment Term – 7 years
Policy Term – 15 years
Premium rate is 229.24 per 1000 of Base Sum Assured
Base Sum Assured (1000 x 50,000) / 229.24 = Rs. 2, 18,111
Maturity Benefit: Base Sum Assured + Accrued Guaranteed Additions + Vested Reversionary Bonuses and Terminal Bonus
Death Benefit: Sum Assured on Death
Benefits computed as below:
| Maturity Benefit | Amount (in Rs.) @ 8% | Amount (in Rs.) @ 7% |
| Base Sum Assured | 2,18,111 | 2,18,111 |
| Accrued Guaranteed Additions | 1,06,874 | 1,06,874 |
| Vested Reversionary Bonus | 1,79,942 | 73,612 |
| Terminal Bonus | 1,25,959 | 51,692 |
| Total benefit | 6,30,886 | 4,50,290 |
| Death Benefit | Amount (in Rs.) @ 8% | Amount (in Rs.) @ 7% |
| Sum Assured on Death | 5,00,000 | 5,00,000 |
| Vested Reversionary Bonus | 35,988 | 14,722 |
| Terminal Bonus | 0 | 0 |
| Total benefit | 5,35,988 | 5,14,722 |
Eligibility
| Parameters | Minimum | Maximum |
| Entry Age (in years) | 8 | 60 |
| Maturity Age (in years) | 18 | 75 |
| Sum Assured (in Rs.) | 77,905 | No limit |
| Policy Term (in years) | 10 | 15 |
| Premium amount (in Rs.) | Please refer below | No limit |
| Death Benefit options | 7x , 10x | |
| Premium Payment Term(in years) | 5,7,10 | |
| Premium Payment modes | Yearly, Half-yearly, Quarterly and Monthly | |
| Premium Payment Term (in years) | Policy Term (in years) | Age (years) | ||
| 5 | 10 to 12 | 8 to 45 | 46 to 54 | 55 to 60 |
| 13 to 15 | 35,000 | 40,000 | NA | |
| 7 | 10 to 12 | 25,000 | 30,000 | 50,000 |
| 13 to 15 | 20,000 | 30,000 | 35,000 | |
| 10 | 12 | 25,000 | 30,000 | NA |
| 13 to 15 | 15,000 | 20,000 | 25,000 | |
Exclusions
The policy will be cancelled if the Life Assured (whether sane or insane) commits suicide within 12 months from the date of commencement of risk or date of revival. In such a case, only 80% of the premiums paid excluding any taxes, extra premium and rider premium(s) other than Term Assurance Rider, if any, will be paid.
FAQs
You stop paying the premiumIf you discontinue the payment of premiums, your Policy will either lapse or become Paid-up. Policy turns paid up, if it has acquired some surrender value.
You want to surrender the policyIf your policy has acquired surrender value, you will get higher of the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV)
You want a loan against your policyLoan facility is available under this policy
