Reliance Life Simple Term Plan
As the name suggests, this is the SIMPLEST Term Plan in the industry. This plan does not provide any flexibility or anything, but provides for a basic cover of Rs 10000 for 3 years to the family of the life insured by paying almost nothing.
Key Features of Reliance Simple Term Plan
§ Pure Term Insurance plan with lowest premium of Rs 100 per annum only.
§ No Maturity Benefits and is only valid for 3 consecutive years.
§ Sum Assured is fixed at Rs 10,000 only.
Benefits you get from Reliance Simple Term Plan
Death Benefit – Nominee gets the Sum Assured of Rs 10,000 if the Life Insured dies within 3 years of the policy.
Maturity Benefit – If the Life Insured survives the entire term, there is no Maturity benefit available.
Income Tax Benefit – There is no tax benefit under this plan.
Eligibility conditions and other restrictions in Reliance Simple Term Plan
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Minimum
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Maximum
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Sum Assured (in Rs.)
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10,000/-
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Policy Term (in years)
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3
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Premium Payment Term (in years)
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Equal to Policy Term
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Entry Age of Policyholder
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18
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44
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Age at Maturity
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-
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47
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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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Only Yearly
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Sample illustration of premium amount in Reliance Simple Term Plan
The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs. 10,000 and Policy Term = 3 years
Additional Features and Benefits of Reliance Simple Term Plan
Riders – There are no additional benefits or riders available in this plan.
You stop paying the premium - If the policy holder stops paying the premium, then the policy lapses and the life coverage ceases to exist after the grace period of 30 days end.
You want to surrender the policy – There is no Surrender Benefit in this plan
You want a loan against your policy – There is no Loan Facility under this plan
Alternate term plans from different insurance companies
1. LIC 2 year Temporary Term Plan
2. Bajaj Allianz New Risk Care II
3. iTerm from AEGON Religare
Other term insurance plans from Reliance Life Insurance
1. Reliance Term Plan
2. Reliance Special Term Plan
