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.
|
Minimum |
Maximum |
Sum Assured (in Rs.) |
2,50,000 |
No Limit |
Policy Term (in years) |
5 |
30 |
Premium Payment Term (in years) |
Equal to Policy Term |
Equal to Policy Term |
Entry Age of Policyholder (in years) |
21 |
60 |
Age at Maturity (in years) |
- |
65 |
Single premium |
NA |
NA |
Payment modes |
Yearly. Half-yearly, Quarterly |
The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs. 20 lakhs and Policy Term = 25 years
Riders – 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.
You stop paying the premium - 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.
You want to surrender the policy – Being a pure Term Plan, this policy does not provide any surrender benefits.
You want a loan against your policy – Being a pure Term Plan, loan facility is also not available under this policy.