Reliance Life Insurance Classic Plan II
Reliance Life Insurance Classic Plan II
Reliance Life Insurance Classic Plan – II is a Unit Linked Insurance Plan (ULIP). Thus, it is a Non-Traditional Insurance Plan without Bonus facility.
How it works – In this plan, premium needs to be paid either till the end of the Policy Tenure, as in Regular Payment Option or in a lumpsum under Single Payment Option.
There are 8 funds for Investment Opportunity and 4 additional riders in this plan. The Fund Value would be paid to the policyholder on survival till the end of the Policy Tenure.
However, if the Life Insured dies within the Policy Tenure, higher of Sum Assured under the base plan or the Fund Value is paid to the nominee as Death Benefit subject to a minimum of 105% of the total premiums (including top-ups) paid.
This plan has the option of converting the benefits of this plan after completion of 5 policy years to another plan wherein exchange option is available.
Key Features
- It is a plan Unit Linked Endowment Plan without Bonus
- The Fund Value would be paid to the policyholder on survival till the end of the Policy Tenure
- If the Life Insured dies within the Policy Tenure, higher of Sum Assured under the base plan or the Fund Value is paid to the nominee as Death Benefit
- There are 8 funds for Investment Opportunity
- There are 4 additional riders in this plan
- There is an inbuilt rider of Accidental Death Benefit in this plan
- This plan also allows Systematic Transfer Plan
- There is an option for Exchange this Plan to any new plan in the future
Benefits
In case of death of the Life Insured within the Policy Tenure, the nominee gets the higher of the Sum Assured or the Fund Value as Death Benefit subject to a minimum of 105% of the total premiums (including top-ups) paid.
When the policy matures, the Fund Value is paid to the policyholder as Maturity Benefit.
- For age <=65 years, the Accidental Sum Assured is equal to the Base Plan Sum Assured
- For age <18 years, the Accidental Sum Assured is equal to a maximum of Rs 5 lakhs
- New Major Surgical Benefit Rider
- New Critical Conditions (25) Rider
- Term Life Insurance Benefit Rider
- Family Income Benefit Rider
- Life Corporate Bond Fund 1
- Life Money Market Fund 1
- Life Gilt Fund 1
- Life Equity Fund 3
- Life Infrastructure Fund 2
- Life Midcap Fund 2
- Life Pure Equity Fund 2
- Life Balanced Fund 1
Each Top Up is associated with a rise in Sum Assured of 125% of the Top Up Premium paid, in case the age of the life assured <45 years and 110% of the Top Up Premium paid, in case the age of the life assured >= 45 years. The Minimum Top Up Premium is Rs 5,000.
There are 52 switches free in this plan. Beyond which there is a charge of Rs 100 per switch.
Variants
Policy Year
|
Premium Allocation Charge
|
1st
|
8% of Annual Premium
|
2nd to 5th
|
5.5% of Annual Premium
|
6th to 9th
|
5% of Annual Premium
|
10th onwards
|
3% of Annual Premium
|
Single Premium
|
2% of Single Premium
|
Top Up Premium
|
2% of Top Up Premium
|
Type of Premium Payment
|
Premium Allocation Charge
|
Regular Premium Payment
|
Rs 40 per month from 6th policy year till the end of the policy term
|
Single Premium Payment
|
Rs 40 per month charged for the entire policy term
|
Type
|
Charge
|
Life Corporate Bond Fund 1
|
1.25% of Life Corporate Bond Fund 1 Value
|
Life Money Market Fund 1
|
1.25% of Life Money Market Fund 1 Value
|
Life Gilt Fund 1
|
1.25% of Life Gilt Fund 1 Value
|
Life Equity Fund 3
|
1.35% of Life Equity Fund 3 Value
|
Life Infrastructure Fund 2
|
1.35% of Life Infrastructure Fund 2 Value
|
Life Midcap Fund 2
|
1.35% of Life Midcap Fund 2 Value
|
Life Pure Equity Fund 2
|
1.35% of Life Pure Equity Fund 2 Value
|
Life Balanced Fund 1
|
1.25% of Life Balanced Fund 1 Value
|
Discontinued Fund
|
0.5% of Discontinued Fund Value
|
Year of Discontinuation
|
Annual Premium <= Rs 25,000 p.a.
|
Annual Premium > Rs 25,000 p.a.
|
1st
|
Lower of 20% of (Annual Premium or Fund Value) subject to a maximum of Rs 3,000
|
Lower of 6% of (Annual Premium or Fund Value) subject to a maximum of Rs 6,000
|
2nd
|
Lower of 15% of (Annual Premium or Fund Value) subject to a maximum of Rs 2,000
|
Lower of 4% of (Annual Premium or Fund Value) subject to a maximum of Rs 5,000
|
3rd
|
Lower of 10% of (Annual Premium or Fund Value) subject to a maximum of Rs 1,500
|
Lower of 3% of (Annual Premium or Fund Value) subject to a maximum of Rs 4,000
|
4th
|
Lower of 5% of (Annual Premium or Fund Value) subject to a maximum of Rs 1,000
|
Lower of 2% of (Annual Premium or Fund Value) subject to a maximum of Rs 2,000
|
5th onwards
|
NIL
|
FAQs
Surrender value is acquired immediately on payment of the Single Premium. However, the surrender value will be payable after the completion of five policy anniversaries. There is no discontinuance charge under single premium policy.
There is no loan facility in this plan.