Reliance Super Five Plus Plan

Reliance Super Five Plus Plan is a simple Endowment Plan from Reliance Life Insurance Company. This is a non unit-linked insurance traditional plan with Bonus facility.

In Super Five Plus policy, the premium is for a period of 5 years less than the Policy Term, but the life cover continues for the entire Policy Term, even beyond the Premium Paying Term ends. If the Life Insured survives till the end of the Premium Paying Term, then he would receive the Sum Assured. And the Life Cover continues till the end of the Policy Term. When the Policy Term gets over, i.e. at the end of the tenure chosen, the Life Insured would receive the accrued Compounded Bonus for the entire period.

However, if the Life Insured dies within the policy tenure, then the nominee would receive the full Sum Assured along with accrued Bonus.

§  This is an Endowment Plan with both Death and Maturity Benefit.

§  Premium is paid for a limited period of only 5 years.

§  Sum Assured is paid on survival at the end of the Premium Paying Term

§  Life Cover continues for another 5 years beyond the Premium Paying Term

§  Bonus is paid at the end of the 10 years tenure for the entire tenure

§  This plan has 3 additional riders available and 1 in-built rider

§  There is Large Sum Assured Rebate in this policy.

Death Benefit – In case of death of the Life Insured at anytime during the entire Policy Term even beyond the Premium Paying Term, the nominee receives the Sum Assured + accrued Bonus and the policy terminates.

Survival Benefit— On survival till the end of the Premium Paying Term, i.e. 5 years before maturity, the Life Insured would receive the Sum Assured and the Life Cover continues for another 5 years till the end of the Policy Term.

Maturity Benefit – At the maturity of the policy, the insured will get the accrued Compounded Bonus.

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)

The below illustration is for a healthy Male (non-tobacco user) opting for a

Age = 30 years, 35 years and 40 years

Sum Assured = Rs 1,00,000  and Rs 5 lakhs

Policy Term = 25 years.

Riders- There is 3 additional rider in this plan

§  Accidental Death and Total and Permanent Disablement Rider

§  Critical Conditions Rider

§  Family Income Benefit Rider

And 1 in-built rider

§  Premium Waiver Benefit rider- If the Life Assured becomes totally and permanently disabled, then the insurer will waive all future premiums up to a limit of Rs 40,000 p.a.

You stop paying the premium – If you stop paying the premiums after 3 policy years, the policy Would lapse and all benefits would cease. The policy would then acquire a Paid Up Value for a Reduced Sum Assured. However, the policy 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

You want a loan against your policy – Loan facility is available under this policy after completion of 3 policy years up to a maximum of 90% of the Surrender Value.

Bajaj Allianz Invest Gain Policy

HDFC SL Endowment Gain Plan

LIC Endowment Assurance Plan

Reliance Life Money Multiplier Plan

Reliance Endowment Plan

Reliance Connect 2 Life Plan