Reliance Life Eterm Plan
Reliance Life eTerm Plan Insurance
Reliance eTerm Plan is an online Term Plan. This is a pure protection plan which is available for online purchase without any agent intervention. Thus it is a Traditional Plan without Bonus Facility.
How it works – In this plan, premium needs to be paid for the entire policy term as selected. This being a pure protection plan has only Death Benefit and no Maturity Benefit. There is a choice of the Death Benefit in this plan. An additional Accidental Death Benefit Coverage can be opted for.
If the Life Insured dies within the policy tenure, the Sum Assured is paid to the nominee as Death Benefit and the policy is terminated. In case Accidental Death Benefit Option has been selected and the death is accidental, then as additional Accidental Death Benefit is paid to the nominee.
Key Features
- It is a pure Term Insurance Policy with Death Benefit only and no Maturity Benefit
- There are 2 variants of this plan
- Option 1: Base Sum Assured as Death Benefit
- Option 2: Base Sum Assured as Death Benefit + Accidental Death Benefit
- An additional Accidental Death Benefit Coverage can be opted for
- Exclusively available on the internet for an online purchase
- There is a rebate for non smokers in this plan
- There is a discount for female policyholders
Benefits
In case of death of the life insured, the nominee gets the sum assured
There are no maturity benefits under this plan as it is a pure protection plan.
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C. The Death Benefit is also Tax Free.
No riders are available in this policy
Eligibility
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Minimum
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Maximum
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Sum Assured (in Rs.)
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25,00,000
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No Limit
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Policy Term (in years)
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10
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30
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Premium Payment Term (in years)
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Equal to policy term
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Entry Age of Policyholder
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18
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60
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Age at Maturity
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-
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70
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Annual Premium (in Rs.)
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3,500
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NA
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Payment modes
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Yearly, Half-Yearly
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FAQs
What happens if You stop paying the premium?If the policy holder stops paying the premium, then all benefits of the policy will cease after the expiry of the grace period. It can however be re-instated the policy within 2 years of lapsation by paying up all due premiums with interest.
What happens if You want to surrender the policy?There are no surrender benefits under this term plan. No paid Up Value is acquired under this plan.
What happens if You want a loan against your policy?Loan facility is also not available under this policy.
