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Reliance Super Five Plus Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

 

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 of Reliance Super Five Plus Plan

 

§  This is an Endowment Plan with both Death and Maturity Benefit.

§  Premium is paid for a limited period of only 5 years.

§  Sum Assured is paid on survival at the end of the Premium Paying Term

§  Life Cover continues for another 5 years beyond the Premium Paying Term

§  Bonus is paid at the end of the 10 years tenure for the entire tenure

§  This plan has 3 additional riders available and 1 in-built rider

§  There is Large Sum Assured Rebate in this policy.

 

COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS

 

Benefits you get from Reliance Super Five Plus Plan

 

Death Benefit – 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.

 

Survival Benefit— 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.

 

Maturity Benefit – At the maturity of the policy, the insured will get the accrued Compounded Bonus.

 

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 and other restrictions in Reliance Super Five Plus Plan

 

 

 

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

 

 

Sample illustration of premium of Reliance Super Five Plus Plan

 

The below illustration is for a healthy Male (non-tobacco user) opting for a

Age = 30 years, 35 years and 40 years

Sum Assured = Rs 1,00,000  and Rs 5 lakhs

Policy Term = 25 years.
Reliance Super 5 Plus Plan-Sample Premium Rates

 


Additional Features and Benefits of Reliance Super Five Plus Plan

 

Riders- 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.

 

 

What happens if?

 

You stop paying the premium – 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.

 

You want to surrender the policy – There is a Guaranteed Surrender Value after 3 policy years
Guaranteed Surrender Value = 30% of all premiums paid – 1st year’s premium

 

You want a loan against your policy – Loan facility is available under this policy after completion of 3 policy years up to a maximum of 90% of the Surrender Value.

 

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