Reliance Classic Plan II
Reliance Classic Plan II is a unit linked non-participating Endowment Assurance Plan through which the policyholder can save for future requirements and augment his savings through market participation of funds invested.
The premium paid can be invested in a choice of 5 funds as per the policyholders risk appetite namely:
Life Equity Fund 3
Life Corporate Bond Fund 1
Life Money Market Fund 1
Life Pure Equity Fund 2
Life Balanced Fund 1
The premiums can be paid regularly or through Single Pay
The policyholder can average out his risks through Systematic Transfer Plan option under which the units are systematically transferred from low risk to high risk funds at different intervals
Details About Premium
Benefit Illustration for a male aged 30 years with a 15 year policy term
Grace Period: 15 days grace period is allowed for payment of premium in monthly mode and 30 days for other modes. If policyholder fails to make payment within the grace period, the policy lapses
Policy Termination or Surrender Benefit: the policyholder can surrender the policy after 5 completed policy years. The fund value on the date of surrender will be paid. If surrendered before completion of 5 policy years, the fund value net of charges will be credited to the Discontinued Policy Fund where it will earn a guaranteed interest of 4% p.a. compounded annually. After 5 years is completed, the resultant Fund Value will be paid to the policyholder.
Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.
52 free switches are allowed per policy year
The policyholder can redirect future premiums towards another funds through Premium Redirection option
After 5 completed years, the policy benefits can be transferred to another plan
Additional Features or Riders
There is an inbuilt Accidental Death Benefit rider which pays additional SA on death due to accident
Top-ups are allowed under the plan and the SA is increased after the top-up @ 125% or 110% of the top-up premium paid if age is less than or greater than 45 years respectively
Partial Withdrawals are allowed after 5 completed policy years and also from top-up funds 5 years after the top-up payment
The policyholder can choose to receive the maturity benefit in 5 equal instalments over 5 years post maturity through the Settlement Option
In case of suicide committed within 12 months of policy inception, only the Fund Value as on that date is payable