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.
Key Features of Reliance Term Plan
- 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 you get from Reliance Term Plan
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.
Eligibility conditions and other restrictions in Reliance Term Plan
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Minimum
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Maximum
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Sum Assured (in Rs.)
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2,50,000
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No Limit
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Policy Term (in years)
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5
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30
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Premium Payment Term (in years)
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Equal to Policy Term
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Equal to Policy Term
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Entry Age of Policyholder (in years)
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21
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60
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Age at Maturity (in years)
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-
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65
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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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Yearly. Half-yearly, Quarterly
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Sample illustration of premium amount in Reliance Term Plan
The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs. 20 lakhs and Policy Term = 25 years
Additional Features and Benefits of Reliance Term Plan
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.
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.
You want to surrender the policy – Being a pure Term Plan, this policy does not provide any surrender benefits.
You want a loan against your policy – Being a pure Term Plan, loan facility is also not available under this policy.
Alternate term plans from different insurance companies
LIC Amulya Jeevan
Bajaj Allianz Term Care
Max New York Life Platinum Protect
Icici Prudential iProtect
Other term insurance plans from Reliance Life Insurance
Reliance Simple Term Plan
Reliance Special Term Plan
