Policyholder has to fill up an `Application form/ proposal form with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.
The maturity Value will be the Fund Value including top-up fund value if any On death, basic fund value and Top-up Fund Value + Basic Sum Assured and Top-up Sum Assured is paid to the nominee Income tax benefit on the premium paid as per Section 80C and on claims received as per Section 10(10D) of the Income Tax Act.
Details About Premium Benefit Illustration for a male aged 30 years with a 15 year policy term Policy Details Grace Period: 30 days grace period is provided for payment of premium otherwise 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. Inclusions 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 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 Exclusions In case of suicide committed within 12 months of policy inception, only the Fund Value as on that date is payable
Introduction/Overview Reliance Pay Five Plan is a unit linked non-participating Endowment Assurance Plan where the premium is to be paid for only 5 years and benefits can be enjoyed for the full policy term Key Features Premiums are required to be paid for 5 years only 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 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
Introduction/Overview Reliance Pay Five Plan is a unit linked non-participating Endowment Assurance Plan where the premium is to be paid for only 5 years and benefits can be enjoyed for the full policy term Key Features Premiums are required to be paid for 5 years only 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 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
Policyholder has to fill up an `Application form/ proposal form with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.
The maturity Value will be the Fund Value including top-up fund value if any On death, basic fund value and Top-up Fund Value + Basic Sum Assured and Top-up Sum Assured is paid to the nominee Income tax benefit on the premium paid as per Section 80C and on claims received as per Section 10(10D) of the Income Tax Act.
Details About Premium Benefit Illustration for a male aged 30 years with a 15 year policy term Policy Details Grace Period: 30 days grace period is provided for payment of premium otherwise 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. Inclusions 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 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 Exclusions In case of suicide committed within 12 months of policy inception, only the Fund Value as on that date is payable
