Reliance 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
There are no additional riders in this plan
Benefits
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.
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% |
The policy pays 1% of the Sum Assured every year as a monthly payout which increases by 0.25% every year
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
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
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.
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
Minimum | Maximum | |
Sum Assured(in rs.) | 1,00,000 | No Limit |
Policy Terms(in Years) | 10/20/30/40 | 50 |
Premium Payment Term(in years) | Half of The Policy Tenure | |
Entry Age of Life Assured(in years) | 18 | 55 |
Age at Maturity(in years) | 28 | 80 |
Payment Modes | Yearly, Half-yearly, Quarterly and Monthly |
FAQs
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.
There is a Guaranteed Surrender Value after 3 policy years provided the first annualised premium has been paid in full
GSV Factor multiplied by total premiums paid less survival benefit
This plan also offers Special Surrender Value
Loan facility is not available under this policyupto 80% of Surrender Value.