Reliance Life Smart Cash Plus

Reliance Life Smart Cash Plus Plan Review

Reliance Life Smart Cash Plus is a guaranteed-return money back plan. The policy pays benefit amount every 3 years and the policyholder can take the policy for a term from 10 to 22 years. At maturity, the policyholder gets Maturity Benefit equal to the Sum Assured + High Sum Assured Addition, if any + Vested bonuses, if any.

 

How does the plan works

Criteria
Age – 30 years, Male
Policy Term – 19 years
Premium – Rs.30, 000
Sum Assured – Rs.2, 85,361

Money back Benefit– Benefit paid every 3 years, starting from the 4th policy year as below-

Policy Year	Money back (in %)	Benefit (in Rs.)
4	10%	28,536
7	15%	42,804
10	20%	57,072
13	25%	71,340
16	30%	85,608

Maturity Benefit – Benefit paid is higher sum assured and vested bonus as below-

Benefits (in Rs)	@ 8%	@4%
Sum Assured	2,85,361	2,85,361
High Sum Assured Addition	28,536	28,536
Vested Bonuses	2,16,874	81,328

Death Benefit – Nominee receives lump sum amount as death benefit.

 

Key Features of Reliance Smart Cash Plus Plan

• Guaranteed-return money back plan
• Money Back Benefit amount is paid every 3 years
• Life cover of at least 10 times x Annualised Premium 
• Tax Benefits u/s Section 80C and 10(10D) of Income Tax Act

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Benefits you get from Reliance Smart Cash Plus Plan

Money Back Benefits – The Life Insured would receive % of the base Sum Assured every 4 years as below:

Policy Term/Policy Duration (in years)	Benefits paid as a % of Sum Assured
	4	7	10	13	16	19
10	10%	15%	-	-	-	-
13	10%	15%	20%	-	-	-
16	10%	15%	20%	25%	-	-
19	10%	15%	20%	25%	30%	-
22	10%	15%	20%	25%	30%	35%

Maturity Benefit - The Life Insured would get below benefits on the maturity-

• Sum assured – an amount equal to base sum assured is paid 
• High Sum Assured Addition – get benefit for opting high sum assured. Pay-out formula is High Sum Assured Addition = High Sum Assured Addition Percentage x sum assured. 

Sum Assured/ Policy Term (in years)	High Sum Assured addition percentage (%)
	10	13	16	19	22
Less than 2.5 lac	Nil	Nil	Nil	Nil	Nil
2.5 lacs & above, but less than 5 lacs	4	6	8	10	12
5 lacs and above	8	12	16	20	24

Death Benefit – The nominee receives lump sum amount as below-

Option I	Option II
Higher of - Maximum of 10 times annual premium, sum assured, high sum assured, vested bonus - 105% of all premiums paid	Higher of - Maximum of 7 times annual premium, sum assured, high sum assured, vested bonus - 105% of all premiums paid

Where, 

• The death benefit is paid irrespective of any survival benefit paid during the tenure.
• Option I is available for all entry ages
• Option II is available for all higher than or equal to 45 years

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

 

Eligibility conditions and other restrictions in Reliance Life Smart Cash Plus Plan

Parameters	Minimum	Maximum
Entry Age (in years)	14	55
Maturity Age	24	70
Sum Assured	1,00,000	No Limit
Policy Term (in years)	10,13,16,19 and 22
Premium Paying Term (in years)	Equal to policy term
Premium Payment modes	Yearly, Half-yearly, Quarterly and Monthly

 

Additional Features and Benefits of Reliance Life Smart Cash Plus Plan

Riders - There are no additional riders in this plan

Free look – If the policyholder is not convinced with policy Terms and Conditions, then the policy can be cancelled within 15 days from the date of receipt of policy document. 

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 within a period of 2 years from the due date of the first unpaid premium.

You want to surrender the policy –There is a Guaranteed Surrender Value after 3 policy years provided the first annualised premium has been paid in full. Guaranteed Surrender Value (GSV) = GSV Factor multiplied by total premiums paid less survival benefit. This plan also offers Special Surrender Value.

You want a loan against your policy – Loan facility is available under this policy up to 80% of Surrender Value.

 

Exclusions 

The policy will be cancelled if the Life Assured (whether sane or insane) commits suicide within 12 months from the date of commencement of risk or date of revival. In such a case, only 80% of the premiums paid excluding any taxes, extra premium and rider premium(s) other than Term Assurance Rider, if any, will be paid