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Reliance Term Plan

Reliance Life Insurance Term Plan 

Reliance Term Plan is a basic term insurance policy which offers high coverage at low and affordable premiums. There are additional benefits in the form of riders of Accidental Death Benefit and Total and Permanent Disability rider. In term plans, if the policy holder dies during the policy tenure then the nominee gets the sum assured. However, if the policy holder survives the entire policy term then he/she does not get any money on maturity.

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Pure Term Insurance Policy
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Inbuilt Waiver of Premium rider
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Discount is provided to woman
Compare this plan with other Term Plans
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Key Features

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It is a pure Term Insurance Policy with Death Benefit only
It has inbuilt Waiver of Premium rider for Total Disability and Accidental Benefit and Total and Permanent Disability riders.
The rider can be added at inception or any other policy anniversary.
Discount is provided to woman policyholders

Benefits

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Death Benefit

 Nominee gets the Sum Assured if the Life Insured dies within the policy term.

Maturity Benefit

If the Life Insured survives the entire term, there is no Maturity benefit available.

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.

Riders

Accidental Death Benefit rider and Total and Permanent Disability Benefit rider is available with additional premium.

There is an inbuilt rider of Premium Waiver in case of total disability.

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 ends. However, the policy can be re-instated within 3 years of expiry provided it is within the policy tenure.

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

Being a pure Term Plan, this policy does not provide any surrender benefits.

 

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

Being a pure Term Plan, loan facility is also not available under this policy.