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Reliance Bluechip Savings Insurance Plan
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Reliance Bluechip Savings Insurance Plan Review
Reliance Bluechip Savings Insurance Plan is a non-linked endowment plan. Under this plan, the policyholder gets Guaranteed Benefits and flexibility to choose the life cover.
Sample Case Study
Criteria
Male, Age 35
Premium – Rs. 50,000
Premium Payment Term – 7 years
Policy Term – 15 years
Premium rate is 229.24 per 1000 of Base Sum Assured
Base Sum Assured (1000 x 50,000) / 229.24 = Rs. 2, 18,111 Maturity Benefit: Base Sum Assured + Accrued Guaranteed Additions + Vested Reversionary Bonuses and Terminal Bonus Death Benefit: Sum Assured on Death
Benefits computed as below:
Maturity Benefit
Amount (in Rs.) @ 8%
Amount (in Rs.) @ 7%
Base Sum Assured
2,18,111
2,18,111
Accrued Guaranteed Additions
1,06,874
1,06,874
Vested Reversionary Bonus
1,79,942
73,612
Terminal Bonus
1,25,959
51,692
Total benefit
6,30,886
4,50,290
Death Benefit
Amount (in Rs.) @ 8%
Amount (in Rs.) @ 7%
Sum Assured on Death
5,00,000
5,00,000
Vested Reversionary Bonus
35,988
14,722
Terminal Bonus
0
0
Total benefit
5,35,988
5,14,722
Key Features of Reliance Bluechip Savings Insurance Plan
Guaranteed Sum Assured on Maturity
Guaranteed Additions
Reversionary and Terminal Bonus
Tax Benefits u/s Section 80C and 10(10D) of Income Tax Act
COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS
Benefits you get from Reliance Bluechip Savings Insurance Plan
Maturity Benefit
If the life assured survives till the end of the policy term, he will receive the below:
Guaranteed Sum Assured(GSA) on Maturity
Vested Reversionary Bonuses and Terminal Bonus, if any
Where, GSA is equal to Base Sum Assured plus all Guaranteed Additions (GAs) applicable at maturity. GA equal to 7% per annum of Basic Sum Assured will accumulate at the end of each policy year till the premium payment term
Simple Reversionary Bonuses will be declared during the policy term, starting from first policy year, which will accumulate at the end of each year. Terminal bonus, if any, will be payable on death or maturity from the 10 policy year onwards.
Death Benefit
If the life assured dies during the policy tenure, the nominee will get
Sum Assured on death
105% of the premiums paid
Vested Reversionary Bonuses and Terminal Bonus, if any
Where, Sum assured of death is higher of:
Annualised Premium x Death Benefit Multiple
Base Sum Assured
Guaranteed Sum Assured on Maturity
Income Tax Benefit
Premiums paid under life insurance policy are exempted from tax under Section 80C. The maturity proceeds are exempted from tax under Section 10(10D)
Eligibility conditions and other restrictions in Reliance Bluechip Savings Insurance Plan
Parameters
Minimum
Maximum
Entry Age (in years)
8
60
Maturity Age (in years)
18
75
Sum Assured (in Rs.)
77,905
No limit
Policy Term (in years)
10
15
Premium amount (in Rs.)
Please refer below
No limit
Death Benefit options
7x , 10x
Premium Payment Term(in years)
5,7,10
Premium Payment modes
Yearly, Half-yearly, Quarterly and Monthly
Premium Payment Term (in years)
Policy Term (in years)
Age (years)
5
10 to 12
8 to 45
46 to 54
55 to 60
13 to 15
35,000
40,000
NA
7
10 to 12
25,000
30,000
50,000
13 to 15
20,000
30,000
35,000
10
12
25,000
30,000
NA
13 to 15
15,000
20,000
25,000
Additional Benefits of Reliance Bluechip Savings Insurance Plan
Riders - There 6 riders available under this plan
Reliance Term Life Insurance Benefit Rider
Reliance Major Surgical Benefit Rider
Reliance Critical Conditions (25) Rider
Reliance Family Income Benefit Rider
Reliance Accidental Death and Total and Permanent Disablement Rider (Regular premium)
Reliance Accidental Death and Total and Permanent Disablement Rider (Limited premium)
Free look Period – The policy can be cancelled within 15 days of receipt of policy document, if the customer is not satisfied with the Terms and Conditions.
What happens if?
You stop paying the premium – If you discontinue the payment of premiums, your Policy will either lapse or become Paid-up. Policy turns paid up, if it has acquired some surrender value. You want to surrender the policy – If your policy has acquired surrender value, you will get higher of the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV) You want a loan against your policy – Loan facility is available under this policy
Exclusions
The policy will be cancelled if the Life Assured (whether sane or insane) commits suicide within 12 months from the date of commencement of risk or date of revival. In such a case, only 80% of the premiums paid excluding any taxes, extra premium and rider premium(s) other than Term Assurance Rider, if any, will be paid.
