Reliance Whole Life Plan

Reliance Whole Life Plan is a non unit-linked insurance traditional plan with Bonus facility.

In this policy, the premium paid till the end of the Premium Paying Term as selected.

On reaching the age of 85 years, the entire Sum Assured + accrued Bonus is paid but the insurance cover continues till the end of 99 years and bonus is also paid till then.

Now, whenever the Life Insured dies, then the nominee would receive the full Sum Assured along with accrued Bonus and the policy would be terminated. 

• This is a Whole Life Plan.
• On survival till 85 years, Sum Assured + accrued Bonus is paid but the life cover continues till 99 years.
• On death of the Life Insured, Sum Assured + accrued Bonus is paid to the nominee and the policy is terminated.
• This plan is a with profit plan.
• There is Large Sum Assured Rebate in this policy.

Death Benefit – In case of death of the Life Insured, the nominee would receive the Sum Assured + accrued Bonus and the policy would terminate.

Survival Benefit – On survival till the end of 85 years, Sum Assured + accrued Bonus is paid but the life cover continues and the policy is continued to participate in the bonuses.

Maturity Benefit – Being a Whole Life Plan, there is no Maturity Benefit.

Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C. The maturity proceeds are exempted from tax under Section 10 (10D)

The below illustration is for a healthy Male (non-tobacco user)

Age = 30 years, 35 years and 40 years

Sum Assured = Rs 1 lac  and Rs 5 lacs.

Riders- There is 3 additional riders in this plan

·         Reliance Critical Illness Rider

·         Reliance Accidental Death & Total & Permanent Disablement Rider

·         Reliance Life Insurance Family Income Benefit Rider

And 1 in-built rider

·         Premium Waiver Benefit rider- If the Life Assured becomes totally and permanently disabled, then the insurer will waive all future premiums up to a limit of Rs 40,000 p.a.

You stop paying the premium – If you stop paying the premiums after 3 policy years, the policy would lapse and all benefits would cease. Then the policyholder would have an option to convert the plan into a Paid Up Policy and continue the life coverage for a Reduced Sum Assured.

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

You want a loan against your policy – Loan facility is available under this policy after completion of 3 policy years up to a maximum of 90% of the Surrender Value.