Reliance Super Five Plus Plan
Reliance Super Five Plus Plan
Reliance Super Five Plus Plan is a simple Endowment Plan from Reliance Life Insurance Company. This is a non unit-linked insurance traditional plan with Bonus facility.
In Super Five Plus policy, the premium is for a period of 5 years less than the Policy Term, but the life cover continues for the entire Policy Term, even beyond the Premium Paying Term ends. If the Life Insured survives till the end of the Premium Paying Term, then he would receive the Sum Assured. And the Life Cover continues till the end of the Policy Term. When the Policy Term gets over, i.e. at the end of the tenure chosen, the Life Insured would receive the accrued Compounded Bonus for the entire period.
However, if the Life Insured dies within the policy tenure, then the nominee would receive the full Sum Assured along with accrued Bonus.
Key Features
Benefits
In case of death of the Life Insured at anytime during the entire Policy Term even beyond the Premium Paying Term, the nominee receives the Sum Assured + accrued Bonus and the policy terminates.
On survival till the end of the Premium Paying Term, i.e. 5 years before maturity, the Life Insured would receive the Sum Assured and the Life Cover continues for another 5 years till the end of the Policy Term.
At the maturity of the policy, the insured will get the accrued Compounded Bonus.
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)
There is 3 additional rider in this plan
- Accidental Death and Total and Permanent Disablement Rider
- Critical Conditions Rider
- Family Income Benefit Rider
And 1 in-built rider
- Premium Waiver Benefit rider- If the Life Assured becomes totally and permanently disabled, then the insurer will waive all future premiums up to a limit of Rs 40,000 p.a.
Eligibility
Minimum | Maximum | |
Sum Assured (in Rs.) | 25,000 | No Limit |
Policy Term (in years) | 10 | 40 |
Premium Payment Term (in years) | Policy Term minus 5 years | |
Entry Age of Life Insured (in years) | 12 | 65 |
Age at Maturity (in years) | 22 | 75 |
Premium (in Rs.) | Nothing Specified | |
Payment modes | Yearly, Half-yearly, Quarterly and Monthly |
FAQs
If you stop paying the premiums after 3 policy years, the policy Would lapse and all benefits would cease. The policy would then acquire a Paid Up Value for a Reduced Sum Assured. However, the policy can be revived.
There is a Guaranteed Surrender Value after 3 policy years
Guaranteed Surrender Value = 30% of all premiums paid – 1st year’s premium
Loan facility is available under this policy after completion of 3 policy years up to a maximum of 90% of the Surrender Value.