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Reliance Life Smart Cash Plus

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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
COMPARE THIS PLAN WITH OTHER MONEY BACK PLANS

 

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
 
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