Reliance Term Plan
Reliance Life Insurance Term Plan
Reliance Term Plan is a basic term insurance policy which offers high coverage at low and affordable premiums. There are additional benefits in the form of riders of Accidental Death Benefit and Total and Permanent Disability rider. In term plans, if the policy holder dies during the policy tenure then the nominee gets the sum assured. However, if the policy holder survives the entire policy term then he/she does not get any money on maturity.
Nominee gets the Sum Assured if the Life Insured dies within the policy term.
If the Life Insured survives the entire term, there is no Maturity benefit available.
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C.
Accidental Death Benefit rider and Total and Permanent Disability Benefit rider is available with additional premium.
There is an inbuilt rider of Premium Waiver in case of total disability.
If the policy holder stops paying the premium, then the policy lapses and the life coverage ceases to exist after the grace period ends. However, the policy can be re-instated within 3 years of expiry provided it is within the policy tenure.
Being a pure Term Plan, this policy does not provide any surrender benefits.
Being a pure Term Plan, loan facility is also not available under this policy.