Reliance Life 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.

 

• 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  

 

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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)

 

 

	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)

 

 

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.

 

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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

 

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.