Reliance Special Term Plan
Reliance Life Special Term Plan
Reliance Special Term Plan is the only term plan of Reliance Life Insurance which offers return of premium on maturity. This is a variant of pure term plan and is liked by most. This plan also has 2 additional rider benefits that can be attached at an extra cost and there is an in-built rider of waiver of premium where all premiums till Rs 40,000 p.a. would be paid on behalf of the policyholder in case of total and permanent disability.
Key Features
Benefits
In case of death of the policy holder, the nominee gets the entire sum assured.
The premiums are returned on maturity if the life insured survives the entire term.
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C.
Accidental Death Benefit rider and Total and Permanent Disability Benefit rider is available with additional premium.
There is an inbuilt rider of Premium Waiver in case of total disability.
Eligibility
| Minimum | Maximum | |
| Sum Assured (in Rs.) | 2,50,000 | No Limit |
| Policy Term (in years) | 5 | 30 for Regular Premium
15 for Single Premium |
| Premium Payment Term (in years) | Single | Equal to Policy Term |
| Entry Age of Policyholder (in years) | 21 | 60 |
| Age at Maturity (in years) | 26 | 64 |
| Single premium (in Rs.) | 3,000 | NA |
| Payment modes | Yearly. Half-yearly, Quarterly, Monthly and Single | |
FAQs
What happens if You stop paying the premium?If the policy holder stops paying the premium before completion of 3 years, then the policy lapses and the life coverage ceases to exist after the grace period ends. However, if the policyholder stops paying premium after at least 3 policy years, the policy is converted to a Paid Up policy as per the norms specified. It can also be revived within 3 years from the date of first unpaid premiums.
What happens if You want to surrender the policy ?There is a guaranteed Surrender Value of 30% of all premiums paid after 3 years of policy completion.
What happens if You want a loan against your policy?There is no loan facility in this policy.
