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Benefits of Money Multiplier Plan
On Maturity, the policyholder gets: Sum Assured Guaranteed Loyalty Additions Guaranteed Maturity Additions which is a equal of 1% x policy term x sum assured On death, the nominee gets: Higher of twice the sum assured or 10 times the annualised premiums or 105% of all the premiums paid till death + Accrued Guaranteed Loyalty Additions, if any. Income tax benefit on the premium paid as per Section 80C and on the claim received as per Section 10(10D) of the Income Tax Act.
Additional Features or Riders
There is a high Sum Assured discount for coverage above Rs. 1 lakh. Exclusions If suicide is committed within 12 months of policy commencement, 80% of premiums paid are refundable and if the suicide is committed within first 12 months of policy reinstatement, higher of 80% of premiums paid till date or the acquired surrender value is payable
Key Features of Money Multiplier Plan
Traditional Endowment plan Regular premium payment option Guaranteed Loyalty Additions: Every year correspond to the policy year like 1% in 1st year, 2% in 2nd year, 3% in 3rd year and so on Guaranteed Loyalty Additions shall be applicable. Guaranteed maturity additions are paid out on Maturity Increasing Guaranteed Additions with the policy term Double the sum assured is paid in case of death.>
Product Specification of Money Multiplier Plan
Details About Premium Annual premium in Rupees for SA of 1 lakh and policy term 20 years Policy Details of Reliance Money Multiplier Plan Grace Period: A grace period of 15 days is allowed for payment of premium in monthly mode and 30 days for other modes. If the policyholder fails to make payment within the grace period, the policy will lapse. Policy Termination or Surrender Benefit: The policyholder is allowed to surrender the plan after 3 full policy years, provided the first years premium is paid. The Surrender Value will be higher of the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV). GSV = (GSV factor for premiums x total premiums paid) SSV = (Surrender Value Factor x Paid-up Sum Assured Free Look Period: If the insurance holder is not pleased with the coverage, and the terms and conditions of the policy, you have the option of canceling the policy within 15 days of receiving the policy documents, provided there has been no claim. Inclusions The policy provides a loan benefits @ 80% of the Surrender Value
Documents Required
The policyholder has to fill up an `Application form/ proposal form with accurate medical history along with the address proof and required KYC documents. Medical examinations may be required in some cases, based on the sum assured and the age of the person. You may also like to read: Reliance Life Investment Plan Frequently Asked Questions: Q.1) What are the triple survival benefits under the plan? This plan provides triple survival benefits on maturity: Basic Sum Assured Accrued Guaranteed Loyalty Additions Guaranteed Maturity Additions Q.2) What happens if I discontinue paying premiums? If you discontinue your premium payments, then it may have two consequences: The Policy will Lapse: If less than three years’ premiums have been paid and you decide to stop paying further premiums, the policy shall lapse at the end of the grace period with no benefits payable. The plan will become a Paid-up Policy: If you discontinue your premium payments after three years full payments have been made, then your plan shall convert into a paid-up policy. Q.3) What if I want to renew a paid-up or lapsed policy? In order to reinstate a paid-up or lapsed policy, you will have to pay the arrears of premiums along with interest at prevailing rate of interest, within the policy renewal period. If the basic plan is renewed, rider benefits can be renewed by paying the arrears of premiums under the rider covers with interests at a prevailing interest rate. The renewal of the policy and riders, if any, will be subject to satisfactory medical and financial underwriting. The current rate of interest is 9% p.a.
Benefits of Money Multiplier Plan
On Maturity, the policyholder gets: Sum Assured Guaranteed Loyalty Additions Guaranteed Maturity Additions which is a equal of 1% x policy term x sum assured On death, the nominee gets: Higher of twice the sum assured or 10 times the annualised premiums or 105% of all the premiums paid till death + Accrued Guaranteed Loyalty Additions, if any. Income tax benefit on the premium paid as per Section 80C and on the claim received as per Section 10(10D) of the Income Tax Act.
Additional Features or Riders
There is a high Sum Assured discount for coverage above Rs. 1 lakh. Exclusions If suicide is committed within 12 months of policy commencement, 80% of premiums paid are refundable and if the suicide is committed within first 12 months of policy reinstatement, higher of 80% of premiums paid till date or the acquired surrender value is payable
Key Features of Money Multiplier Plan
Traditional Endowment plan Regular premium payment option Guaranteed Loyalty Additions: Every year correspond to the policy year like 1% in 1st year, 2% in 2nd year, 3% in 3rd year and so on Guaranteed Loyalty Additions shall be applicable. Guaranteed maturity additions are paid out on Maturity Increasing Guaranteed Additions with the policy term Double the sum assured is paid in case of death.>
Product Specification of Money Multiplier Plan
Details About Premium Annual premium in Rupees for SA of 1 lakh and policy term 20 years Policy Details of Reliance Money Multiplier Plan Grace Period: A grace period of 15 days is allowed for payment of premium in monthly mode and 30 days for other modes. If the policyholder fails to make payment within the grace period, the policy will lapse. Policy Termination or Surrender Benefit: The policyholder is allowed to surrender the plan after 3 full policy years, provided the first years premium is paid. The Surrender Value will be higher of the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV). GSV = (GSV factor for premiums x total premiums paid) SSV = (Surrender Value Factor x Paid-up Sum Assured Free Look Period: If the insurance holder is not pleased with the coverage, and the terms and conditions of the policy, you have the option of canceling the policy within 15 days of receiving the policy documents, provided there has been no claim. Inclusions The policy provides a loan benefits @ 80% of the Surrender Value
Documents Required
The policyholder has to fill up an `Application form/ proposal form with accurate medical history along with the address proof and required KYC documents. Medical examinations may be required in some cases, based on the sum assured and the age of the person. You may also like to read: Reliance Life Investment Plan Frequently Asked Questions: Q.1) What are the triple survival benefits under the plan? This plan provides triple survival benefits on maturity: Basic Sum Assured Accrued Guaranteed Loyalty Additions Guaranteed Maturity Additions Q.2) What happens if I discontinue paying premiums? If you discontinue your premium payments, then it may have two consequences: The Policy will Lapse: If less than three years’ premiums have been paid and you decide to stop paying further premiums, the policy shall lapse at the end of the grace period with no benefits payable. The plan will become a Paid-up Policy: If you discontinue your premium payments after three years full payments have been made, then your plan shall convert into a paid-up policy. Q.3) What if I want to renew a paid-up or lapsed policy? In order to reinstate a paid-up or lapsed policy, you will have to pay the arrears of premiums along with interest at prevailing rate of interest, within the policy renewal period. If the basic plan is renewed, rider benefits can be renewed by paying the arrears of premiums under the rider covers with interests at a prevailing interest rate. The renewal of the policy and riders, if any, will be subject to satisfactory medical and financial underwriting. The current rate of interest is 9% p.a.