Reliance Life Classic Plan
Reliance Life Classic Plan
Reliance Life ClassicPlan is a unit linked insurance plan (ULIP). This is a Non-Traditional Plan without Bonus Facility.
In this plan, premium is paid till the end of the policy term. There are 8 funds in which the Policyholder may choose to invest his money such that he gets returns according to his risk appetite. In this plan, the Life Insured will receive the entire Fund Value on the Policy maturity. However, if the Life Insured dies within the policy tenure, the nominee would receive Double Death Benefit, i.e. the Sum Assured + the Fund Value as Death Benefit. This is paid to combat the immediate expenses on the premature death of the Life Insured and then the policy terminates.
Compare this plan with other Investment Plans
Reliance Life Classic Plan - Key Features
This is a simple Unit Linked Insurance Plan
Fund Value is paid at the end of the Plan as Maturity Benefit.
In this plan, there is double Death Benefit of Sum Assured + Fund Value on death of Life Insured
There is an inbuilt Accidental Death Benefit rider along with 3 additional riders that are available
There is a facility of Systematic Transfer Plan where you can systematically invest into any of the chosen funds.
There is a wide option for investment in 8 Funds
This plan has an option of Exchange Option where you may choose to move to any plan launched in the future.
Reliance Life Classic Plan - Benefits
In case of death of the policy holder, the nominee gets Sum Assured + Fund Value. However, if the death of the policy holder is caused due t
On maturity, the Fund Value is paid to the policyholder.
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C
There are 4 additional riders available in this policy
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You can invest additional premiums as top-up premiums anytime except in the last five policy years. Sum assured will increase by the top-up premium
You have the flexibility to switch investments from one fund to the other any time during the policy term. There are 52 free switches in one
You are allowed to make partial withdrawals in this policy after 5 complete policy years. The minimum amount of partial withdrawal should be Rs.5,0
Eligibility conditions and other restrictions in Reliance Life Classic Plan
| Minimum | Maximum | |
| Sum Assured (in Rs.) for Regular Premium | 10 X AP or ½ X PT X AP for age< 45 yrs
7 X AP or ¼ X PT X AP for age>=45 yrs |
According to the Sum Assured multiple |
| Sum Assured (in Rs.) for Single Premium | 125% of the SP for age <45 years
110% of the SP for age>= 45 years |
According to the Sum Assured multiple |
| Policy Term (in years) | 15 for age upto 60 years
10 for age> 60 years |
30 |
| Premium Payment Term (in years) | 15 for age upto 60 years
10 for age> 60 years |
30 |
| Entry Age of Policyholder (in years) | 7 | 65 |
| Age at Maturity (in years) | 22 | 75 |
| Premium (in Rs.) | 50,000 for Single Mode
20,000 for Regular Modes |
No Limit |
| Payment modes | Single, Yearly, Half Yearly, Quarterly and Monthly | |
Reliance Life Classic Plan - FAQs
If the policy holder stops paying the premium, the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.
If the policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be paid to the policy holder and the policy will terminate immediately.
The policy can be surrendered from the 6th (sixth) policy year. The surrender value will be equal to the fund value of all the premiums paid.
The maximum loan amount that can be availed will be the lower of either upto 40% of the surrender value but only after completion of 2 years.
