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Reliance Life Guaranteed Maturity Insurance Plan
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This plan has been withdrawn by the insurance company and is no longer available for sale.
Reliance Life Guaranteed Maturity Insurance Plan
Reliance Life Guaranteed Maturity Insurance Plan is a Single Premium Unit Linked Insurance Plan. Thus, it is a Non-Traditional Insurance Plan without Bonus facility.
How it works – In this plan, premium needs to be paid in a lumpsum under Single Premium Payment Option. There is no Premium Allocation Charge in this plan. Hence 100% of the Single Premium Paid would be invested in the Reliance Assured Maturity Debt Fund and units would be allocated according to the NAV. The other charges like Mortality and Policy Administration is charged by deduction of units.
There is a Guaranteed Maturity Value provided in this plan of 2 times the Single Premium paid. On survival till the end of the policy tenure, the higher of the Guaranteed Maturity Value or the Fund Value would be provided to the policyholder as Maturity Benefit and the policy would terminate.
However, if the Life Insured dies within the policy tenure, the higher of the prevailing Sum Assured or the Fund Value would be paid to the nominee as Death Benefit and the policy would terminate. The prevailing Sum Assured in this plan would be 5 times the Single Premium in year 1 and 1.25 times or 1.10 times the Single Premium from year 2 onwards, depending upon the age at entry of the Life Insured.
Key Features of Reliance Life Guaranteed Maturity Insurance Policy
It is a Single Premium Unit Linked Insurance Plan
There is zero premium allocation charge in this plan
There is a Guaranteed Maturity Value provided in this plan of 2 times the Single Premium paid
On survival till the end of the policy tenure, the higher of the Guaranteed Maturity Value or the Fund Value would be provided to the policyholder as Maturity Benefit
If the Life Insured dies within the policy tenure, the higher of the prevailing Sum Assured or the Fund Value would be paid to the nominee as Death Benefit
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Benefits you get from Reliance Life Guaranteed Maturity Policy
Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee gets the higher of the prevailing Sum Assured or the Fund Value would be paid to the nominee as Death Benefit and the policy terminates.
Policy Year
Age at Entry of Life Insured
Sum Assured
1st
All Ages
5 X Single Premium
2nd Year onwards
Age at Entry < 45 years
1.25 X Single Premium
2nd Year onwards
Age at Entry >= 45 years
1.10 X Single Premium
Maturity Benefit – On survival till the end of the policy tenure, the higher of the Guaranteed Maturity Value or the Fund Value would be provided to the policyholder as Maturity Benefit and the policy would terminate.
Guaranteed Maturity Value = 2 X Single Premium
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 and the Maturity proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions
Eligibility conditions & other restrictions in Reliance Life Guaranteed Maturity Plan
Minimum
Maximum
Sum Assured (in Rs.)
Year 1: 5 X Single Premium
Year 2 onwards:
For Age at Entry < 45 years, SA=1.25 X Single Premium
For Age at Entry >= 45 years, SA=1.10 X Single Premium
Policy Term (in years)
10
Premium Payment Term (in years)
Single
Entry Age of Life Insured (in years)
8
50
Age at Maturity (in years)
18
60
Single Premium (in Rs.)
5000
For age 8-12 years, 5,00,000
For age >=12, No Limit
Payment modes
Only Single
Additional Features and Benefits of Reliance Life Insurance Guaranteed Maturity Insurance Plan
Riders – There are No Additional Riders in this plan
Investment Fund Options
In this plan, there is only 1 fund available for investment - Reliance Assured Maturity Debt Fund
Top-up – of Premium is not allowed in this plan.
Switching – No facility available since there is only 1 fund available in this plan.
Partial Withdrawal - In this policy, there is a facility for Partial Withdrawal of funds but after completion of 5 policy years or the Life Insured is 18 years old, whichever is later. The minimum amount of Partial Withdrawal allowed is Rs 5000 subject to a maximum withdrawal of 20% of the Fund Value such that at least 50% of the Single Premium paid remains in the Fund Value post withdrawal.
There is no charge for Partial Withdrawal in this plan.
Charges in Reliance Life Insurance Guaranteed Maturity Insurance Plan
Premium Allocation Charge – There is no premium allocation charge in this plan.
Policy Administration Charge— This is the charge for the administrative working of the policy and is deducted by cancellation of units on a monthly basis. The policy administration charge is revised after Partial Withdrawal facility is availed.
Policy Year
Policy Administration Charge
Year 1 to Year 5
1.85% p.a. of the Single Premium subject to a maximum of Rs 6000 p.a.
Year 6 onwards
1.70% p.a. of the Single Premium subject to a maximum of Rs 6000 p.a.
Fund Management Charge– This charge is deducted by adjusting the NAV of the units on a daily basis.
Fund Name
Fund Management Charge
Reliance Assured Maturity Debt Fund
1.00%
Life Balanced Fund 1-Discontinued Fund
1.25%
Discontinuation Charge— There is no charge for discontinuation in this plan.
Mortality Charge — This charge is paid for the Life Coverage provided according to the Sum At Risk. This is based on the mortality rates which are specified for all ages and amount of cover being provided.
Service Tax would be applicable on the charges depending on the applicable rates.
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What happens if?
You stop paying the premium – Being a single premium paying plan, there is no requirement of further payment of premium.
You want to surrender the policy – Surrender Benefit is payable after completion of 5 policy years. The Fund Value would be paid as Surrender Value after 5 years as there is no discontinuation charge in this plan.
You want a loan against your policy – Loan facility is not available in this plan.
