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Reliance Life Eterm Plan
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Reliance Life eTerm Plan Insurance
Reliance eTerm Plan is an online Term Plan. This is a pure protection plan which is available for online purchase without any agent intervention. Thus it is a Traditional Plan without Bonus Facility.
How it works – In this plan, premium needs to be paid for the entire policy term as selected. This being a pure protection plan has only Death Benefit and no Maturity Benefit. There is a choice of the Death Benefit in this plan. An additional Accidental Death Benefit Coverage can be opted for.
If the Life Insured dies within the policy tenure, the Sum Assured is paid to the nominee as Death Benefit and the policy is terminated. In case Accidental Death Benefit Option has been selected and the death is accidental, then as additional Accidental Death Benefit is paid to the nominee.
Key Features of eTerm Insurance Plan
It is a pure Term Insurance Policy with Death Benefit only and no Maturity Benefit
There are 2 variants of this plan
Option 1: Base Sum Assured as Death Benefit
Option 2: Base Sum Assured as Death Benefit + Accidental Death Benefit
An additional Accidental Death Benefit Coverage can be opted for
Exclusively available on the internet for an online purchase
There is a rebate for non smokers in this plan
There is a discount for female policyholders
COMPARE THIS PLAN WITH OTHER TERM PLANS
Benefits you get from eTerm Insurance Policy
Death Benefit – In case of death of the life insured, the nominee gets the sum assured
Maturity Benefit – There are no maturity benefits under this plan as it is a pure protection plan.
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. The Death Benefit is also Tax Free.
Eligibility conditions and other restrictions in eTerm Policy
Minimum
Maximum
Sum Assured (in Rs.)
25,00,000
No Limit
Policy Term (in years)
10
30
Premium Payment Term (in years)
Equal to policy term
Entry Age of Policyholder
18
60
Age at Maturity
-
70
Annual Premium (in Rs.)
3,500
NA
Payment modes
Yearly, Half-Yearly
Sample illustration of premium amount in eTerm Plan
The below illustration is for a healthy Male and Female (non-tobacco user) opting for a Sum Assured = Rs. 50 lakhs and Policy Term = 25 years
Additional Features and Benefits of eTerm Plan
Riders – No riders are available in this policy
What happens if?
You stop paying the premium - If the policy holder stops paying the premium, then all benefits of the policy will cease after the expiry of the grace period. It can however be re-instated the policy within 2 years of lapsation by paying up all due premiums with interest.
You want to surrender the policy – There are no surrender benefits under this term plan. No paid Up Value is acquired under this plan.
You want a loan against your policy – Loan facility is also not available under this policy.
