Reliance Life Insurance Money Multiplier Plan
Reliance Life Insurance Money Multiplier is traditional endowment plan. Death benefit is double the Sum Assured and there are guaranteed loyalty additions which increase with every policy year. As a result the overall life cover too increases every year.
Key Features of Reliance Life Insurance Money Multiplier Plan
- In case of death of the policy holder, the nominee is paid 2 times the Sum Assured
- On maturity the policy holder gets Sum Assured + Guaranteed Loyalty Additions + Guaranteed Maturity Additions
Benefits you get from Money Multiplier Plan
Death Benefit – The nominee would be paid twice the Sum Assured.
Maturity Benefit – The policy holder is paid the sum of the following: Sum Assured + Guaranteed Loyalty Additions + Guaranteed Maturity Additions
Income Tax Benefit - 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 maturity amount you receive from this plan are exempt from tax under section 10(10D)
Eligibility conditions and other restrictions in Money Multiplier Plan
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Minimum
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Maximum
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Sum Assured (in Rs.)
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Rs.50,000
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No Limit
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Policy Term (in years)
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10 / 15 / 20
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Premium Payment Term (in years)
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Same as policy term
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Entry Age of Policyholder
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18
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65
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Age at Maturity
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28
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75
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Single premium
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NA
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NA
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Payment modes
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Yearly, Half-Yearly, Quarterly (ECS) & Monthly (ECS)
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Sample Premium Rates in Money Multiplier Plan
Sum Assured = Rs.1,00,000
Policy Term = 20 years
Premium Payment Term = 20 years
Premium Values for different ages at which this life insurance policy is purchased.
Additional Features and Benefits of Money Multiplier Plan
Riders – There are no riders available under this policy
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Type of Rider
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Available with Policy
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Accidental Death Benefit
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Yes
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Permanent Disability Benefit
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Yes
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Waiver of Premium Benefit
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No
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Critical Illness Rider
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Yes
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Critical illness (or dread diseases) benefit
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Yes
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Term Benefit Rider
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Yes
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Hospital Cash Benefit
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No
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Guaranteed Loyalty Additions – Upto 210% of the Basic Sum Assured is paid as the guaranteed loyalty addition. This is paid out on death of the policy holder, on surrender or maturity of the policy. The following formula is used: 1% x Policy Year x Basic Sum Assured
Guaranteed Maturity Addition – The following amount would get added to the payable on maturity 1% x Policy Term x Basic Sum Assured
You stop paying the premium before 3 years – The policy would lapse and there would be no payout made to the policy holder.
You stop paying the premium after 3 years – The policy would be converted into a paid-up policy. Paid-up plans would have reduced cover and would depend on the amount of money you have paid as premiums so far.
You want to surrender the policy – The policy can be surrendered after premiums for 3 years have been paid in full. You would get back only a part of the payments paid by you as per the policy’s surrender conditions.
You want a loan against your policy – Loan facility is available under this policy. You can get upto 80% of the surrender value of the policy as a loan.
Alternate endowment plans from different insurance companies
Bajaj Allianz Super Saver
ICICI Prudential Save'n'Protect
LIC Jeevan Anand
Other endowment plans from Reliance Life Insurance
Reliance Endowment Plan
Reliance Super Five Plus
Reliance Connect 2 Life Plan
