Reliance Endowment Plan

 

Reliance Endowment Plan is a simple Endowment Plan from which is a non unit-linked insurance traditional plan with Bonus facility.

 

In this policy, the premium is paid till the end of the Policy Tenure. If the Life Insured survives till the end of the Policy Term, then he would receive the Sum Assured along with accrued Bonus. However, if the Life Insured dies within the policy tenure, then the nominee would receive the full Sum Assured along with accrued Bonus.

 

§  This is a simple Endowment Plan with both Death and Maturity Benefit.

§  Sum Assured along with accrued bonuses is paid on Maturity or on earlier Death.

§  This plan has 4 additional riders and 1 in-built rider.

§  There is Large Sum Assured Rebate in this policy.

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Death Benefit – In case of death of the Life Insured, the nominee receives the Sum Assured + accrued Bonus

 

Maturity Benefit – At the maturity of the policy, the insured will get the Sum Assured + accrued Bonus

 

Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C and the amount for Critical Illness rider is deducted under Section 80D. The maturity proceeds are exempted from tax under Section 10 (10D)

 

 

	Minimum	Maximum
Sum Assured (in Rs.)	25,000	Entry age below 18 years - Rs 5,00,000 and Entry age 18 years and above - No Limit
Policy Term (in years)	5	35
Premium Payment Term (in years)	Equal to Policy Term
Entry Age of Life Insured (in years)	5	65
Age at Maturity (in years)	18	75
Premium (in Rs.)	Yearly = Rs 2000, Half Yearly = Rs 1500, Quarterly = Rs 750 and Monthly = Rs 250	No Limit
Payment modes	Yearly, Half-yearly, Quarterly and Monthly

 

 

The below illustration is for a healthy Male (non-tobacco user) opting for

Age = 30 years, 35 years and 40 years

Sum Assured = Rs 1,00,000  and Rs 5 lakhs. Policy Term = 25 years.

 

Riders- There are 4 additional riders in this plan

·         Reliance Term Life Insurance Benefit Rider

·         Reliance Accidental Death and Total and Permanent Disablement Rider

·         Reliance Critical Conditions Rider

·         Reliance Life Insurance Family Income Benefit Rider

 

And 1 in-built rider

·         Premium Waiver Benefit rider- If the Life Assured becomes totally and permanently disabled, then the insurer will waive all future premiums up to a limit of Rs 40,000 p.a.

 

You stop paying the premium – If you stop paying the premiums after 3 policy years, the policy acquires a Paid Up Value for a Reduced Sum Assured but the policy would be eligible for any future regular additions. However, the policy can be revived.

 

You want to surrender the policy – There is a Guaranteed Surrender Value after 3 policy years
Guaranteed Surrender Value = 30% of all premiums paid – 1st year’s premium

 

You want a loan against your policy – Loan facility is available under this policy after completion of 3 policy years.