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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
  1. Reliance Term Life Insurance Benefit Rider 
  2. Reliance Major Surgical Benefit Rider
  3. Reliance Critical Conditions (25) Rider
  4. Reliance Family Income Benefit Rider
  5. Reliance Accidental Death and Total and Permanent Disablement Rider (Regular premium)
  6. 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.

 
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