Reliance Guaranteed Money Back Plan
Reliance Guaranteed Money Back Plan
Reliance Guaranteed Money Back Plan is a non unit-linked insurance traditional money back plan where the money is paid in the last 5 policy years along with Bonus.
In this policy, if the Life Insured survives then he would receive 15% of the Sum Assured at the end of every year in the last 4 policy years before maturity and then the remaining 40% along with accrued Bonuses would be paid as Maturity Benefit when the policy matures. However, if the Life Insured dies within the policy tenure, then the nominee would receive the full Sum Assured irrespective of how much has already been paid out before and Bonus being calculated on the full Sum Assured and the policy terminates. Guaranteed Loyalty Additions of upto 40% of base Sum Assured and Guaranteed Maturity Addition of upto 20% of base Sum Assured is paid in this plan
Key Features
Benefits
In case of death of the Life Insured, the nominee receives the full Sum Assured irrespective of what payment has already been provided + accrued Bonus. In event of an accidental death, an additional amount of base Sum Assured is paid by the inbuilt Accidental Death Benefit rider.
The Life Insured would receive the following benefits
| For PT=15 years | For PT= 20 years | % of Sum Assured |
| 11 | 16 | 15% |
| 12 | 17 | 15% |
| 13 | 18 | 15% |
| 14 | 19 | 15% |
| 15 | 20 | 40% |
At the maturity of the policy, the insured will get the final Lumpsum Amount + Accrued Guaranteed Loyalty Additions + Guaranteed Maturity Additions
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)
There are 4 additional riders in this plan
- New Major Surgical Benefit Rider
- New Critical Conditions (25) Rider
- Term Life Insurance Benefit Rider
- Family Income Benefit Rider
And 1 in-built rider
- Accidental Death Benefit rider
Eligibility
| Minimum | Maximum | |
| Sum Assured (in Rs.) | 50,000 | No Limit |
| Policy Term (in years) | 15 | 20 |
| Premium Payment Term (in years) | 5, 7, 10, 15 | 20 |
| Entry Age of Life Insured (in years) | 18 | 60 for PT= 20 years
55 for PT= 15 years |
| Age at Maturity (in years) | 33 | 75 |
| Premium (in Rs.) | Nothing Specified | |
| Payment modes | Yearly, Half-yearly, Quarterly and Monthly | |
FAQs
What happens if 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, it can be revived.
What happens if 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
This plan also offers Special Surrender Value
What happens if You want a loan against your policy?Loan facility is not available under this policy
