Reliance Guaranteed Money Back Plan
Reliance Guaranteed Money Back Plan is a traditional money back plan where lump sum benefits are paid during the last 5 policy years. Loyalty Additions and Maturity Additions increase the corpus and life cover provides security to the family.
Reliance Guaranteed Money Back Plan – Key Features
Non-participating money-back plan which promises Loyalty Additions and Maturity Additions besides the survival benefits already paid
The plan comes with both limited pay and regular pay options
Premiums are waived off on insureds demise but the policy continues
Details About Premium
Annual premium in Rupees for a coverage of I Lakh
Reliance Guaranteed Money Back Plan – Policy Details
Grace Period: If the insured fails to pay his monthly premiums by the premium due date, then shall be allowed for a grace period of 15 days to pay his premiums; and if he fails to pay his premiums of any mode other than monthly then he is allowed a grace period of 30 days to pay his premiums. However, if the policyholder fails to make payment even within the grace period, then his policy is subject to lapse.
Policy Termination or Surrender Benefit: The policyholder is allowed to surrender the policy after completing 3 policy years if first years premium is fully paid. The value will be the higher of Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV).
GSV = (Guaranteed Surrender Value Factor x Total Premiums paid) Survival benefits already paid
SSV = SSV Factor * Paid-up SA
Free Look Period: If the insured is not happy with his plan, then he has the option cancel it within 15 days of policy inception, given there have been no claims.
Loan Advantages: Loan is not available under the plan
Additional Features or Riders
There is an inbuilt Accidental Death Benefit rider in the plan
High Sum Assured rebates are offered for higher coverage of 1 lakh and above
Suicide: In case of suicide committed within 12 months of policy commencement, 80% of premiums paid is refundable and if the suicide is committed within 12 months of policy revival, higher of 80% of premiums paid or the acquired surrender value is payable
In case of accidental death, the additional SA will not be paid if accidental death occurs due to:
Any act of self-injury
Participation in any criminal act
Abuse of alcohol
Any act of war
Participation in riot or any civil commotion
Frequently Asked Questions
Q. What are the Rider Benefits available under the plan?
The rider benefits can be chosen on the policy inception or on the policy anniversary during the plan term:
Major Surgical Benefit Rider: This rider option provides a lump sum amount to cover all the surgical expenses from the list of 33 surgeries including Open Heart surgery, Kidney Transplant, Cornea transplantation, Transplantation of Lungs and many more.
New Critical Conditions Rider: This rider cover provides a lump sum amount to take care of 25 critical conditions including Heart Attack, Cancer, Paralysis, Major Organ transplant and many more.
Term Life Insurance Benefit Rider: This rider option provides additional death benefit depending on the sum assured selected under the rider.
Family Income Benefit Rider: On death or permanent disability of the insured, this rider cover provides a monthly benefit of 1% of the sum assured monthly which is 12 % per annum to the nominees. This benefit is payable from the date of death till the rider term end or 10 years whichever is later, before the plan maturity.
Q. What are the Guaranteed Maturity Additions?
The plan provides Guaranteed Maturity Additions as % of the Sum Assured on the Basic Plan which shall be payable on the maturity, given the policy is not paid up. The Guaranteed Maturity Additions depends on the policy term as mentioned below:
For a policy term of 15 years, the Guaranteed Maturity Benefits shall be 15% of the Sum Assured under the Basic Plan.
For a policy term of 20 years, the Guaranteed Maturity Benefits shall be 20% of the Sum Assured under the Basic Plan.
Q. What are the Loyalty Additions under the plan?
The Guaranteed Loyalty Additions under the plan shall accrue @ 2% of the Sum Assured under the Basic Plan or Paid-Up Sum Assured at the end of every plan year, given that the plan is not yet surrendered or lapsed.