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

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