Reliance Life Online Term Plan
Reliance Online Term Plan is a pure protection plan which is available for online purchase. 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
No riders are available in this policy
Benefits
In the unfortunate event of demise of the Life Assured during the policy term, the nominee will receive the maximum of
- Sum Assured; or
- 10 times Annualised Premium; or
- 105% of the premiums paid as on date of death, excluding underwriting extra premiums, if any
The policy will be terminated once the Death Benefit is paid.
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.
Eligibility
| Minimum | Maximum | |
| Sum Assured (in Rs.) | 25,00,000 | |
| Policy Term (in years) | 10 | 35 |
| Premium Payment Term (in years) | Equal to policy term | |
| Entry Age of Policyholder | 18 | 55 |
| Age at Maturity | 28 | 75 |
| Annual Premium (in Rs.) | 3500 | NA |
| Payment modes | Yearly | |
FAQs
You stop paying the premiumIf 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.
You want to surrender the policyThere are no surrender benefits under this term plan. No paid Up Value is acquired under this plan.
You want a loan against your policyLoan facility is also not available under this policy.
