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Reliance Simple Term Plan

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.

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lowest premium of Rs 100 per annum
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valid for 3 consecutive years.
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Sum Assured is fixed
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Key Features

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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

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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.

Riders

There are no additional benefits or riders available in this plan.

Eligibility

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  Minimum Maximum
Sum Assured (in Rs.) 10,000/-
Policy Term (in years) 3
Premium Payment Term (in years) Equal to Policy Term
Entry Age of Policyholder 18 44
Age at Maturity - 47
Single premium NA NA
Payment modes Only Yearly

 

FAQs

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angle down iconWhat happens if 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.

angle down iconWhat happens if You want to surrender the policy?

There is no Surrender Benefit in this plan

angle down iconWhat happens if You want a loan against your policy?

There is no Loan Facility under this plan