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Reliance Life Super Endowment Plan
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Reliance Life Super Endowment Plan
Reliance Life Insurance Super Endowment Plan is a non-Participating Endowment Plan where the Premium Paying Term is half the Policy Term. This is a Traditional Plan without Bonus.
How it works –In this policy, premium needs to be paid for half the policy tenure while the policy continues till the end of the Policy Tenure. For Policy Tenure of 20 years, premium needs to be paid for 10 years and for Policy Tenure of 14 years, premium needs to be paid for 7 years.
On survival till the end of the Policy Tenure, 100% of the Sum Assured is paid at the end as Maturity Benefit and the policy terminates. However, if the Life Insured dies within the policy tenure, then the nominee would receive 100% of the Sum Assured as Death Benefit and the policy terminates. This plan also has loads of additional riders.
Key Features of Reliance Life Super Endowment Insurance Plan
This is an Endowment Plan with both Death and Maturity Benefits
In this plan, Sum Assured is paid on maturity or earlier death
In this plan, premium needs to be paid only for half the policy tenure while the policy continues for the entire policy tenure
There is high sum assured Rebate and premium frequency Discount in this plan
There are 5 additional riders in this plan
There is loan facility in this plan as well
COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS
Benefits you get from Reliance Life Super Endowment Insurance Policy
Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee receives 100% of the Sum Assured as Death Benefit and the policy terminates.
Maturity Benefit – On survival till the end of the Policy Tenure, the life insured will get the 100% of the Sum Assured as Maturity Benefit provided the policy is inforce and then the policy terminates.
Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C and the amount for Critical Illness rider is deducted under Section 80D. The maturity proceeds are exempted from tax under Section 10 (10D)
Eligibility conditions & other restrictions in Reliance Life Super Endowment Policy
Minimum
Maximum
Sum Assured (in Rs.)
1,00,000
No Limit
Policy Term (in years)
14
20
Premium Payment Term (in years)
7
10
Entry Age of Life Insured (in years)
8
60
Age at Maturity (in years)
22
75
Payment modes
Yearly, Half-yearly, Quarterly and Monthly
Sample illustration of premium of Reliance Life Insurance Super Endowment Plan
The below illustration is for a healthy Male (non-tobacco user) opting for a
Age = 25 years, 35 years and 45 years
Sum Assured = Rs 1,00,000 Policy Term = 14 and 20 years.
Additional Features and Benefits of Reliance Life Super Endowment Plan
Riders- There are 5 additional riders in this plan
Reliance Term Life Insurance Benefit Rider
Reliance New Major Surgical Benefit Rider
Reliance New Critical Conditions (25) Benefit Rider
Reliance Life Insurance Family Income Benefit Rider
Reliance Accidental Death and Total and Permanent Disablement Rider
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What happens if?
You stop paying the premium – If you stop paying the premiums after 3 policy years for Policy Tenure of 20 years and 2 years for Policy Tenure of 14 years, the policy acquires a Paid Up Value for a Reduced Sum Assured.
Paid up Sum Assured= Base sum assured * (Number of premiums paid / total number of premiums payable). However, it can be revived within 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 for Policy Tenure of 20 years and 2 years for Policy Tenure of 14 years Guaranteed Surrender Value = 30% of all premiums paid – 1st year’s premium
This plan also offers Special Surrender Value
You want a loan against your policy – Loan facility is available upto 80% of the Surrender Value under this policy
