Reliance Life Guaranteed Maturity Insurance Plan
Reliance Life Guaranteed Maturity Insurance Plan
Reliance Life Guaranteed Maturity Insurance Plan is a Single Premium Unit Linked Insurance Plan. Thus, it is a Non-Traditional Insurance Plan without Bonus facility.
How it works – In this plan, premium needs to be paid in a lumpsum under Single Premium Payment Option. There is no Premium Allocation Charge in this plan. Hence 100% of the Single Premium Paid would be invested in the Reliance Assured Maturity Debt Fund and units would be allocated according to the NAV. The other charges like Mortality and Policy Administration is charged by deduction of units.
There is a Guaranteed Maturity Value provided in this plan of 2 times the Single Premium paid. On survival till the end of the policy tenure, the higher of the Guaranteed Maturity Value or the Fund Value would be provided to the policyholder as Maturity Benefit and the policy would terminate.
However, if the Life Insured dies within the policy tenure, the higher of the prevailing Sum Assured or the Fund Value would be paid to the nominee as Death Benefit and the policy would terminate. The prevailing Sum Assured in this plan would be 5 times the Single Premium in year 1 and 1.25 times or 1.10 times the Single Premium from year 2 onwards, depending upon the age at entry of the Life Insured.
Key Features
- It is a Single Premium Unit Linked Insurance Plan
- There is zero premium allocation charge in this plan
- There is a Guaranteed Maturity Value provided in this plan of 2 times the Single Premium paid
- On survival till the end of the policy tenure, the higher of the Guaranteed Maturity Value or the Fund Value would be provided to the policyholder as Maturity Benefit
- If the Life Insured dies within the policy tenure, the higher of the prevailing Sum Assured or the Fund Value would be paid to the nominee as Death Benefit
Benefits
Policy Year
|
Age at Entry of Life Insured
|
Sum Assured
|
1st
|
All Ages
|
5 X Single Premium
|
2nd Year onwards
|
Age at Entry < 45 years
|
1.25 X Single Premium
|
2nd Year onwards
|
Age at Entry >= 45 years
|
1.10 X Single Premium
|
There are No Additional Riders in this plan
In this plan, there is only 1 fund available for investment - Reliance Assured Maturity Debt Fund
of Premium is not allowed in this plan.
No facility available since there is only 1 fund available in this plan.
Variants
Policy Year
|
Policy Administration Charge
|
Year 1 to Year 5
|
1.85% p.a. of the Single Premium subject to a maximum of Rs 6000 p.a.
|
Year 6 onwards
|
1.70% p.a. of the Single Premium subject to a maximum of Rs 6000 p.a.
|
Fund Name
|
Fund Management Charge
|
Reliance Assured Maturity Debt Fund
|
1.00%
|
Life Balanced Fund 1-Discontinued Fund
|
1.25%
|
Eligibility
|
Minimum
|
Maximum
|
Sum Assured (in Rs.)
|
Year 1: 5 X Single Premium
Year 2 onwards:
For Age at Entry < 45 years, SA=1.25 X Single Premium
For Age at Entry >= 45 years, SA=1.10 X Single Premium
|
|
Policy Term (in years)
|
10
|
|
Premium Payment Term (in years)
|
Single
|
|
Entry Age of Life Insured (in years)
|
8
|
50
|
Age at Maturity (in years)
|
18
|
60
|
Single Premium (in Rs.)
|
5000
|
For age 8-12 years, 5,00,000
For age >=12, No Limit
|
Payment modes
|
Only Single
|
FAQs
Being a single premium paying plan, there is no requirement of further payment of premium.
Surrender Benefit is payable after completion of 5 policy years. The Fund Value would be paid as Surrender Value after 5 years as there is no discontinuation charge in this plan.
Loan facility is not available in this plan.