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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 of Reliance Special Term Plan
§ This is a term plan with return of premium option on maturity.
§ 2 additional rider benefits available
§ In-built rider of premium waiver
§ Special discount for women policyholders
§ Surrender Value provided after completion and payment of 3 policy years
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Benefits you get from Reliance Special Term Plan
Death Benefit – In case of death of the policy holder, the nominee gets the entire sum assured.
Maturity Benefit – The premiums are returned on maturity if the life insured survives the entire term.
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.
Eligibility conditions and other restrictions in Reliance Special Term Plan
|
|
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 |
|
Sample illustration of premium amount in Reliance Special Term Plan
The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs. 10 lakhs and Policy Term = 15 years
Additional Features and Benefits of Reliance Special Term Plan
Riders – 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.
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.
You want to surrender the policy – There is a guaranteed Surrender Value of 30% of all premiums paid after 3 years of policy completion.
You want a loan against your policy – There is no loan facility in this policy.
