Reliance Endowment Plan is a simple Endowment Plan from which is a non unit-linked insurance traditional plan with Bonus facility.
In this policy, the premium is paid till the end of the Policy Tenure. If the Life Insured survives till the end of the Policy Term, then he would receive the Sum Assured along with accrued Bonus. However, if the Life Insured dies within the policy tenure, then the nominee would receive the full Sum Assured along with accrued Bonus.
Key Features of Reliance Endowment Plan
§ This is a simple Endowment Plan with both Death and Maturity Benefit.
§ Sum Assured along with accrued bonuses is paid on Maturity or on earlier Death.
§ This plan has 4 additional riders and 1 in-built rider.
§ There is Large Sum Assured Rebate in this policy.
Benefits you get from Reliance Endowment Plan
Death Benefit – In case of death of the Life Insured, the nominee receives the Sum Assured + accrued Bonus
Maturity Benefit – At the maturity of the policy, the insured will get the Sum Assured + accrued Bonus
Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C and the amount for Critical Illness rider is deducted under Section 80D. The maturity proceeds are exempted from tax under Section 10 (10D)
Eligibility conditions and other restrictions in Reliance Endowment Plan
|
|
Minimum
|
Maximum
|
|
Sum Assured (in Rs.)
|
25,000
|
Entry age below 18 years - Rs 5,00,000 and Entry age 18 years and above - No Limit
|
|
Policy Term (in years)
|
5
|
35
|
|
Premium Payment Term (in years)
|
Equal to Policy Term
|
|
Entry Age of Life Insured (in years)
|
5
|
65
|
|
Age at Maturity (in years)
|
18
|
75
|
|
Premium (in Rs.)
|
Yearly = Rs 2000, Half Yearly = Rs 1500, Quarterly = Rs 750 and Monthly = Rs 250
|
No Limit
|
|
Payment modes
|
Yearly, Half-yearly, Quarterly and Monthly
|
Sample illustration of premium of Reliance Endowment Plan
The below illustration is for a healthy Male (non-tobacco user) opting for
Age = 30 years, 35 years and 40 years
Sum Assured = Rs 1,00,000 and Rs 5 lakhs. Policy Term = 25 years.
Additional Features and Benefits of Reliance Endowment Plan
Riders- There are 4 additional riders in this plan
· Reliance Term Life Insurance Benefit Rider
· Reliance Accidental Death and Total and Permanent Disablement Rider
· Reliance Critical Conditions Rider
· Reliance Life Insurance Family Income Benefit Rider
And 1 in-built rider
· Premium Waiver Benefit rider- If the Life Assured becomes totally and permanently disabled, then the insurer will waive all future premiums up to a limit of Rs 40,000 p.a.
You stop paying the premium – If you stop paying the premiums after 3 policy years, the policy acquires a Paid Up Value for a Reduced Sum Assured but the policy would be eligible for any future regular additions. However, the policy can be revived.
You want to surrender the policy – There is a Guaranteed Surrender Value after 3 policy years
Guaranteed Surrender Value = 30% of all premiums paid – 1st year’s premium
You want a loan against your policy – Loan facility is available under this policy after completion of 3 policy years.
Some Endowment Plans from different insurance companies
· Bajaj Allianz Invest Gain Plan
· HDFC SL Endowment Gain Plan
· LIC Endowment Assurance Plan
Other Endowment Plans from Reliance Life Insurance Company
· Reliance Life Money Multiplier Plan
· Reliance Super Five Plus
· Reliance Connect 2 Life Plan
