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Reliance Life Super Money Back Plan
Reliance Life Super Money Back Plan is a limited period money back plan. In this policy, premium needs to be paid for the half the Policy Tenure. Money Back is paid as a % of the Sum Assured every 5 years. On survival till the end of the Premium Paying Tenure,
Regular Monthly Payouts of 1% of the Sum Assured is paid for the first Payout Year which increases by 0.25% every year
Guaranteed Loyalty Addition is paid on survival till the end of the Premium Paying Term
Guaranteed Loyalty Addition = 1% of Sum Assured x Premium Paying Term
Guaranteed Maturity Addition is paid on survival till the end of the Policy Tenure
Guaranteed Maturity Addition = 1% of Sum Assured x Policy Term
Money Back Benefits = % of Sum Assured every 5 years
Key Features of Reliance Life Super Money Back Plan
Death benefit is full Sum Assured irrespective of the amount paid as Survival Benefit
Survival Benefit is paid every 5 years
Offers Guaranteed Loyalty Additions
Offers Guaranteed Maturity Addition
COMPARE THIS PLAN WITH OTHER MONEY BACK PLANS
Benefits you get from Reliance Life Super Money Back Plan
Death Benefit –In case of death of the Life Insured, the nominee receive:
Option 1: (Available to all ages) Death Benefit is the higher of the
Sum Assured or
10 times the Annualized Premium
105% of total premiums paid
Option 2: (Available to age at entry 45 and above) Death Benefit is the higher of the
Sum Assured or
7 times the Annualized Premium
105% of total premiums paid
Money Back Benefit – The Life Insured would receive % of the base Sum Assured every 5 years. The following benefits
|
Policy Year |
10 years |
20 years |
30 years |
40 years |
50 years |
|
5th |
50% |
25% |
16.67% |
12.5% |
10% |
|
10th |
50% |
25% |
16.67% |
12.5% |
10% |
|
15th |
- |
25% |
16.67% |
12.5% |
10% |
|
20th |
- |
25% |
16.67% |
12.5% |
10% |
|
25th |
- |
- |
16.67% |
12.5% |
10% |
|
30th |
- |
- |
16.67% |
12.5% |
10% |
|
35th |
- |
- |
- |
12.5% |
10% |
|
40th |
- |
- |
- |
12.5% |
10% |
|
45th |
- |
- |
- |
- |
10% |
|
50th |
- |
- |
- |
- |
10% |
Regular Monthly Payouts – The policy pays 1% of the Sum Assured every year as a monthly payout which increases by 0.25% every year.
Guaranteed Loyalty Addition – This Policy offers Guaranteed Loyalty Addition on survival at the end of the Premium Paying Term
Guaranteed Loyalty Addition = 1% of Sum Assured X Premium Paying Term
Guaranteed Maturity Addition – This Policy offers Guaranteed Maturity Addition on survival at the end of the Policy Tenure
Guaranteed Maturity Addition = 1% of Sum Assured or Paid Up Sum Assured X Policy Tenure
Maturity Benefit–At the maturity of the policy, the insured will get the final Lumpsum Amount of Money Back Benefit + Guaranteed Maturity Addition + the last payout of the Regular Monthly Payout and the policy will terminate.
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 Life Super Money Back Plan
|
|
Minimum |
Maximum |
|
Sum Assured (in Rs.) |
1,00,000 |
No Limit |
|
Policy Term (in years) |
10/20/30/40 |
50 |
|
Premium Payment Term (in years) |
Half of the Policy Tenure |
|
|
Entry Age of Life Insured (in years) |
18 |
55 |
|
Age at Maturity(in years) |
28 |
80 |
|
Payment modes |
Yearly, Half-yearly, Quarterly and Monthly |
|
Sample illustration of premium of Reliance Life Super Money Back Plan
The below illustration is for a healthy Male (non-tobacco user) opting for 30 years of age opting for a Plan with a Policy Tenure of 20 years, Premium is Rs 30000 p.a. and Sum Assured of Rs 1,20,000
Scenario 2: If he dies, then his nominee would receive the Death Benefit and the policy would terminate.
Additional Features and Benefits of Reliance Life Super Money Back Plan
Riders- There are no additional riders in this plan
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What happens if?
You stop paying the premium –If you stop paying the premiums after 3 policy years, the policy acquires a Paid Up Value for a Reduced Sum Assured but the policy would be eligible for any future regular additions. However, it can be revived within a period of 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 provided the first annualised premium has been paid in full
Guaranteed Surrender Value = GSV Factor multiplied by total premiums paid less survival benefit
This plan also offers Special Surrender Value
You want a loan against your policy – Loan facility is not available under this policyupto 80% of Surrender Value.
