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Reliance Life Money Multiplier Plan

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Reliance Life Insurance Money Multiplier Plan

 

Reliance Life Insurance Money Multiplier is traditional endowment plan. Death benefit is double the Sum Assured and there are guaranteed loyalty additions which increase with every policy year. As a result the overall life cover too increases every year.

 

Key Features of Reliance Life Insurance Money Multiplier Plan

  • In case of death of the policy holder, the nominee is paid 2 times the Sum Assured
  • On maturity the policy holder gets Sum Assured + Guaranteed Loyalty Additions + Guaranteed Maturity Additions  

 

COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS

 

Benefits you get from Money Multiplier Plan

 

Death Benefit – The nominee would be paid twice the Sum Assured.

 

Maturity Benefit – The policy holder is paid the sum of the following: Sum Assured + Guaranteed Loyalty Additions + Guaranteed Maturity Additions

 

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 maturity amount you receive from this plan are exempt from tax under section 10(10D)

 

Eligibility conditions and other restrictions in Money Multiplier Plan

 

 

Minimum

Maximum

Sum Assured (in Rs.)

Rs.50,000

No Limit

Policy Term (in years)

10 / 15 / 20

Premium Payment Term (in years)

Same as policy term

Entry Age of Policyholder

18

65

Age at Maturity

28

75

Single premium

NA

NA

Payment modes

Yearly, Half-Yearly, Quarterly (ECS) & Monthly (ECS)

 

Sample Premium Rates in Money Multiplier Plan

 

Sum Assured = Rs.1,00,000

Policy Term          = 20 years

Premium Payment Term = 20 years

 

Premium Values for different ages at which this life insurance policy is purchased.

Premium Rates for Reliance Life Insurance Money Multiplier

 

 

Additional Features and Benefits of Money Multiplier Plan

 

Riders – There are no riders available under this policy

 

Type of Rider

Available with Policy

Accidental Death Benefit

Yes

Permanent Disability Benefit

Yes

Waiver of Premium Benefit

No

Critical Illness Rider

Yes

Critical illness (or dread diseases) benefit

Yes

Term Benefit Rider

Yes

Hospital Cash Benefit

No

 

Guaranteed Loyalty Additions – Upto 210% of the Basic Sum Assured is paid as the guaranteed loyalty addition. This is paid out on death of the policy holder, on surrender or maturity of the policy. The following formula is used: 1% x Policy Year x Basic Sum Assured

 

Guaranteed Maturity Addition – The following amount would get added to the payable on maturity 1% x Policy Term x Basic Sum Assured

What happens if?

 

You stop paying the premium before 3 years – The policy would lapse and there would be no payout made to the policy holder.

 

You stop paying the premium after 3 years – The policy would be converted into a paid-up policy. Paid-up plans would have reduced cover and would depend on the amount of money you have paid as premiums so far.

 

You want to surrender the policy – The policy can be surrendered after premiums for 3 years have been paid in full.  You would get back only a part of the payments paid by you as per the policy’s surrender conditions.

 

You want a loan against your policy – Loan facility is available under this policy. You can get upto 80% of the surrender value of the policy as a loan.

 

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