Reliance Guaranteed Money Back Plan

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Reliance Guaranteed Money Back Plan

 

Reliance Guaranteed Money Back Plan is a non unit-linked insurance traditional money back plan where the money is paid in the last 5 policy years along with Bonus.

 

In this policy, if the Life Insured survives then he would receive 15% of the Sum Assured at the end of every year in the last 4 policy years before maturity and then the remaining 40% along with accrued Bonuses would be paid as Maturity Benefit when the policy matures. However, if the Life Insured dies within the policy tenure, then the nominee would receive the full Sum Assured irrespective of how much has already been paid out before and Bonus being calculated on the full Sum Assured and the policy terminates. Guaranteed Loyalty Additions of upto 40% of base Sum Assured and Guaranteed Maturity Addition of upto 20% of base Sum Assured is paid in this plan

 

 

Key Features of Reliance Guaranteed Money Back Plan

  •  This is a money back plan with both Death and Survival Benefits.
  • Death benefit is full Sum Assured irrespective of the amount paid as Survival Benefit along with accrued bonuses.
  • Survival Benefit is paid at the end of the year in the last 5 policy years.
  • Optional higher cover through Riders.
  • Guaranteed Loyalty Additions of upto 40% of base Sum Assured.
  • Guaranteed Maturity Addition of upto 20% of base Sum Assured.
  • An additional Sum Assured up to Rs 50 Lacs is payable on accidental deaths by the inbuilt Accidental Death Benefit rider.
  • This plan offers High Sum Assured Rebate.

 

 

Benefits you get from Reliance Guaranteed Money Back Plan

 

Death Benefit – In case of death of the Life Insured, the nominee receives the full Sum Assured irrespective of what payment has already been provided + accrued Bonus. In event of an accidental death, an additional amount of base Sum Assured is paid by the inbuilt Accidental Death Benefit rider.

 

Survival Benefit – The Life Insured would receive the following benefits

For PT=15 years

For PT= 20 years

% of Sum Assured

11

16

15%

12

17

15%

13

18

15%

14

19

15%

15

20

40%

 

Maturity Benefit – At the maturity of the policy, the insured will get the final Lumpsum Amount + Accrued Guaranteed Loyalty Additions + Guaranteed Maturity Additions

 

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 & other restrictions in Reliance Guaranteed Money Back Plan

 

 

Minimum

Maximum

Sum Assured (in Rs.)

50,000

No Limit

Policy Term (in years)

15

20

Premium Payment Term (in years)

5, 7, 10, 15

20

Entry Age of Life Insured (in years)

18

60 for PT= 20 years

55 for PT= 15 years

Age at Maturity (in years)

33

75

Premium (in Rs.)

Nothing Specified

Payment modes

Yearly, Half-yearly, Quarterly and Monthly

 

 

Sample illustration of premium of Reliance Guaranteed Money Back Plan

 

The below illustration is for a healthy Male (non-tobacco user) opting for a

Age = 25 years, 35 years and 45 years

Sum Assured = Rs 1,00,000  Policy Term = 15 and 20 years. 

Reliance Guaranteed Money Back Life Insurance Plan Sample Premiums

 

 

Additional Features and Benefits of Reliance Guaranteed Money Back Plan

 

Riders- There are 4 additional riders in this plan

·         New Major Surgical Benefit Rider

·         New Critical Conditions (25) Rider

·         Term Life Insurance Benefit Rider

·         Family Income Benefit Rider

 

And 1 in-built rider

·         Accidental Death Benefit rider

 

 

What happens if?

 

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, it 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

This plan also offers Special Surrender Value

 

You want a loan against your policy – Loan facility is not available under this policy

 

 

Some Money Back Insurance Plans from Other insurance companies

 

·         Bajaj Allianz Cash Gain Plan

·         LIC Money Back Policy- 25 years

·         Future Generali Secure Income Plan

 

 

Other Money Back Insurance Plans from Reliance Life Insurance Company

 

·         Reliance Cash Flow Plan

~ By Deepak Yohannan
Note: This is a statement of facts based on the information collected from the Reliance Guaranteed Money Back Plan brochure and insurance company's website. It should not be construed as a Critical or Favourable Reliance Guaranteed Money Back Plan Review, Analysis or Recommendation.
Insurance is a subject matter of the solicitation.


Leave a Comment

Thanks for the reply!
What will be the return after completion of my term 6~ 8 %

By Soudipta Adhikari on Mar 13, 2014 Reply

You would have received a policy kit from the insurance company. In the kit, you will find a document titled SAMPLE ILLUSTRATION.

The illustration gives you a detailed chart of the expected returns on maturity. Please refer to the same.

Replied By Manoj Aswani (MIC Staff) on Mar 13, 2014 Reply

I have paid 3 premium of 40000/ every year for 3 years.
now should I continue or make it paid off or surrender

By Soudipta Adhikari on Mar 11, 2014 Reply

This is a guaranteed money back plan. It is a good way to save money and maintain liquidity. If you can continue to pay the premiums then you should continue this policy as is.
 

Replied By Manoj Aswani (MIC Staff) on Mar 12, 2014 Reply

hello sir, i wanna ask if any policy can be converted to other plan. as i hv read about the convertible plans. i hv a cash flow plan from reliance bt now the plan is closed n a new plan is been introduces in place of it names-cash plus plan.

By Shikha K Pandey on Feb 04, 2014 Reply

Even if an insurance company launches a new plan, the old plans continue for customers who have purchased them. You will get the benefits from your policy even though it is not available in the market now.

Do not try to convert or surrender plans unless there is a strong reason. Customers have to suffer a loss if they exit or convert their plan before the planned maturity.

Stay invested in your plan if you do not have any problems.

Replied By Manoj Aswani (MIC Staff) on Feb 05, 2014 Reply

sir
I Paid 1 premiums Rs.21200/- I want to cancel this Policy and I need to 21200/- return from you, please clarify what can I do?
Mohammad ilyas

By Ikhan Khan on Feb 04, 2014 Reply

Hi Mohammad
If you exit the policy after paying only 1 premium then you will not get any amount back. There is a Guaranteed Surrender Value after 3 policy years.
Guaranteed Surrender Value = 30% of all premiums paid – 1st year’s premium

Why do you want to cancel the policy?

(You can reply by clicking the 'Reply' button at the end of my answer)
 

Replied By Manoj Aswani (MIC Staff) on Feb 05, 2014 Reply

Sir,My brother Mr.Vinod Kumar Verma has paid only one premium of Rs.11999.67 on 11/04/2013 and he passes away on 12/November/ 2013 .His client ID no.is 79892612 and his Frequency of Premium payment is yearly .Now please tell me what will be of his police ? and how much Rupees we will get against his police by the company.

By Vimal Verma on Dec 25, 2013 Reply

Dear Vimal, the nominee will get the Sum Assured along with any accrued bonus. You should check the Sum Asssured which is mentioned in the policy document.

Replied By Admin (MIC Staff) on Dec 28, 2013 Reply

sir,i will paid only the 1st premium,next 4 premium i do not paid ,so our deposited value forfited
please reply this.

By Partha Senapati on Nov 28, 2013 Reply

Yes Partha, that's what is unfortunately the case here. You should approach the company and look at the best way forward. I don't think there is any other solution to this.

Replied By Deepak Yohannan (MIC Staff) on Nov 29, 2013 Reply

our 5 policy(guaranted money back policy) value near about rs-260000.00 paid one time .but our financial condition is very bad .I will convert to above policy one time and need to policy value return back.Please reply this.

By Partha Senapati on Nov 28, 2013 Reply

Hi Partha, such policy have a 3 year lock-in period. You cannot withdraw any money before 3 years. Even after 3 years what you get is less than 1/3 or what you have paid. I assume you have paid only the first premium.

You should go to the nearest Reliance Life branch and explain your situation to them. Maybe they can work something out. Otherwise you will lose the entire amount you have invested so far.

Replied By Deepak Yohannan (MIC Staff) on Nov 28, 2013 Reply

I Paid 2 premiums something 13000/- I want to cancel this Policy and I need to 13000/- return from you, please clarify what can I do?


Vaishali Kakade

By Vaishali Kakade on Oct 09, 2013 Reply

Dear Vaishali, you can surrender this plan only after 3 years. If you surrender before that you will get nothing. Even if you surrender after 3 years, you will only get 30% of all premiums paid minus first year's premium as guaranteed surrender value.

So it is a big loss if you wish to surrender now.

Replied By Deepak Yohannan (MIC Staff) on Oct 14, 2013 Reply

I have taken 4 polices of guaranteed mony back plan in may'13 still I have not received my password to access my reliance guaranteed money back plan. So provide me my password today itself.

By Hiral Bhatt on Sep 30, 2013 Reply

Hi Hiral, we would not have access to this information. You will have to write to Reliance Life directly.

However, do try registerting your policies here. You might be able to access the policy details if you register them here.

https://lifeline.reliancelife.com/Registration/registration.jsp

Replied By Admin (MIC Staff) on Sep 30, 2013 Reply

Policy no 56716402

By Ptaloy Ranjan Bhowmick on Feb 25, 2013 Reply

Dear Bandi Venkata Reddy, for details regarding the current amount you will have to contact the insurance company directly.

By Myinsuranceclub.Com on Nov 24, 2012 Reply

reliance guaranteed ke ki jankari and secure life se aap ka kaya link hai

By Rampravesh on Jul 19, 2012 Reply

plse give me full details how way i claim the medical facility

By Nikhil Kumar on Apr 20, 2012 Reply

we have purchase your reliance classic 1 time premium plan, but some mistek relince company. company was sending me regulare mony back gurented plan. so we are change the paln and please transfar the my plan. classic 1 time pay preium plan. please help how change the my plan and transfar the my plan......

from jitsinh

mo-9737854398

By Jitendrasinh on Jan 29, 2012 Reply

send me my policy details

By Bali Ram Singh on Jan 22, 2012 Reply

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