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Reliance Life Traditional/Investment Plans:
Reliance Life Insurance Company offers various types of Traditional / Investment Plans to its customers with attractive features and benefits. Here is the detailed list of plans along with their respective features and benefits. Reliance Super Money Back Plan: It is a non-linked, non – participating, non- variable, money back insurance Plan and has the following features: Money back benefits – Guaranteed money back benefits as a percentage of Sum Assured or Paid up will be paid at the end of every 5 policy years till maturity. Regular Monthly Payouts – Regular Monthly Payouts are 1% of Sum Assured for the 1st year and then it will increase by 0.25% at a simple rate. The payouts will be paid monthly after the end of premium payment term. The policy benefit will be provided till the end of policy term. Guaranteed Maturity Addition – On survival on the life Assured to the end of the policy term the Guaranteed Maturity addition = 1% of Sum Assured or Paid up Sum assured X Policy term. Eligibility Details Reliances Guaranteed Money Back Plan: This plan is a non-linked, non – participating, non- variable, money back insurance Plan and has the following features: Money back benefits – Guaranteed money back benefits as a percentage of Sum Assured or Paid up will be paid at the end of every 5 policy years till maturity. Continuation of Guaranteed Benefits – if there is death of the Life Insured and the policy is in force and all the premiums are paid as on date then the nominee receives the Money Back Benefits and Maturity Benefits. Guaranteed Maturity Addition – Will be paid on maturity provided the policy is not paid up. It is usually a percentage of the Sum Assured. Loan Facility and Tax deduction benefit is available in this plan. Eligibility Details Reliance Fixed Savings: This plan is a non-linked, non – participating, non- variable, endowment insurance Plan and has the following features: Fixed Regular Additions: If the life Assured has survived till the last day of the policy then the Accrued Fixed Regular Additions are payable on the 1st day of the last policy year. Maturity Benefit – on Survival of the Life Assured maturity amount is payable as Annualized Premium X PPT or Fixed Maturity Addition = Maturity Factor X Annualized Premium. Riders – To safeguard against unfortunate events riders are available. Loan Facility and Tax deduction benefit is available in this plan. Eligibility Details Reliance Blue chip Savings Insurance Plan This plan is a non-linked, non – participating, non- variable, endowment insurance Plan with an element of guaranteed return and has the following features: Maturity Benefit – on Survival of the Life Assured maturity amount is payable as Guaranteed Sum Assured on Maturity or Vested Reversionary Bonus and Terminal Bonus. Flexible Premium Mode – Options are available to select the premium payment mode from monthly half-Yearly, Quarterly, or Yearly. Riders – To safeguard against unfortunate events riders are available. Loan Facility is available for Paid up policies and if at any time during the policy term the sum of loan outstanding and unpaid interest on loan outstanding exceeds the surrender value the policy will terminated o recover the loan and Tax deduction benefit is available in this plan. Eligibility Details Reliance Income Increasing Insurance Plan This plan is a non-linked, non – participating insurance Plan and has the following features: Allows you to choose from 2 different options since inception itself – Income with maturity Benefit where you receive regular monthly income that increases every year and gives a lump sum at maturity. The other option being Only Income where higher regular monthly income and it increases every year. Maturity Benefit -Maturity Benefit is available on in Income with maturity Benefit where on Survival of the Life Assured maturity amount is payable as equal to Sum Assured. Loan Facility is available for Paid up policies and if at any time during the policy term the sum of loan outstanding and unpaid interest on loan outstanding exceeds the surrender value the policy will terminated o recover the loan and Tax deduction benefit is available in this plan. Eligibility Details Reliance Fixed Money Back Plan This plan is a non-linked, participating, non-variable limited pay money back (anticipated endowment)Insurance Plan and has the following features: Fixed Money Back Benefits – These are as a percentage of Base Sum Assured will be paid during the last 5 years. Maturity Benefit -Maturity Benefit is available on total Accrued Fixed Loyalty Additions. These are 3% of Base Sum Assured and will accrue at the end of policy years. Loan Facility is available for Paid up policies and if at any time during the policy term the sum of loan outstanding and unpaid interest on loan outstanding exceeds the surrender value the policy will terminated o recover the loan and Tax deduction benefit is available in this plan. Eligibility Details Reliance Life Long Savings This plan is a non-linked, participating, endowment plus whole life Insurance Plan and has the following features: Allows you to choose from 2 different options since inception itself – Standard where lump sum is given on Policy Maturity and life cover during Policy Term. Extended Cover – Get lump Sum amount on policy maturity and a life cover during Policy Term and extended life cover for whole life after the policy term. Maturity Benefit -Maturity Benefit is available to the life assured as Guaranteed Maturity Benefit + Vested Reversionary Bonuses and Terminal Bonus(if any). Loan Facility is available for policies once it has reached the Surrender Value and maximum loan that can be taken is 80% of the Surrender Value and Tax deduction benefit is available in this plan. Eligibility Details Reliance Future Income This plan is a non-linked, participating, endowment plus whole life Insurance Plan and has the following features: Income benefit – This benefit is provided on the survival of Life Insured and the policy is still in force and all premiums have been paid. Maturity Benefit -Maturity Benefit is available to the life assured as Terminal Bonus (if any) + Last Installment of Income Benefit. Loan Facility is available for policies once it has reached the Surrender Value and maximum loan that can be taken is 80% of the Surrender Value and Tax deduction benefit is available in this plan. Eligibility Details Reliance Smart Cash Plus Plan This plan is a non-linked, participating, non-variable money back Insurance Plan and has the following features: Money back benefits – This benefit is provided on the survival of Life Insured and the policy is still in force then the money back is provided at the end of 4th policy year and then at the end of every 3 years. Maturity Benefit -Maturity Benefit is available under these benefits – Sum Assured, High Sum Assured Addition,Bonuses. Loan Facility is available for policies once it has reached the Surrender Value and maximum loan that can be taken is 80% of the Surrender Value and Tax deduction benefit is available in this plan. Eligibility Details Reliances Money Multiplier Plan This plan is a non-linked, non-participating, non-variable endowment Plan and has the following features: Maturity Benefit -Maturity Benefit is available under these benefits – Sum Assured, Guaranteed Loyalty Additions, and Guaranteed Maturity Addition. Death Benefit – The nominee receives Maximum of double the Sum Assured or 10 times of annualized Premium or 105% of Premiums paid and Accrued Guaranteed Loyalty Additions (if any). Loan Facility is available for policies once it has reached the Surrender Value and maximum loan that can be taken is 80% of the Surrender Value and Tax deduction benefit is available in this plan. Eligibility Details Reliance Endowment Plan This plan is a non-linked, participating, non-variable endowment Plan and has the following features: Maturity Benefit -Maturity Benefit is available in the plan if its in force then maximum of Base Sum Assured + vested Bonus or 100.1% of total premiums paid Death Benefit – The nominee receives Sum Assured or 10 times of annualized Premium + Vested Bonus, if any 105% of Premiums paid. Loan Facility is available for policies once it has reached the Surrender Value and maximum loan that can be taken is 80% of the Surrender Value and Tax deduction benefit is available in this plan. Eligibility Details Reliances Super Endowment Plan This plan is a non-linked, non-participating, non-variable endowment Plan and has the following features: Maturity Benefit -Maturity Benefit is available in the plan if its in force then Guaranteed Sum Assured is paid. Death Benefit – The nominee receives Sum Assured or 10 times of annualized Premium or 105% of Premiums paid. Loan Facility is available for policies once it has reached the Surrender Value and maximum loan that can be taken is 80% of the Surrender Value and Tax deduction benefit is available in this plan.
Reliance Life Traditional Plans- FAQ
1. How to pay premium? What are the modes of payment available? RELIANCE LIFE Insurance offers basic 4 modes of premium payment. They are as follows: Online- Requires you to login through your client Id and password, select the online medium to pay the premium. IVR method- Call on the toll free number 1800 3000 8181 and follow the instructions. Keep handy details of policy number and date of birth. Pay at Suvidha Center- This helps to locate the nearest branch office wherein payment can be done via cheque or cash. Bill Junction or Bill Desk option- This requires registering oneself in the site and clicking on the Pay Reliance Life Insurance option to authorize the payment. For online payment mode, the policyholder can pay via; Credit Card Debit Card Netbanking facility One can also avail Electronic Clearance System ECS) for paying premium of renewed policies. 2. How can I check policy status for Reliance Life Traditional Plans? For checking the policy you must register first on e-portal. After generating the password, login to your account. Then click on the `Policy Details tab to get the status of the desired policy number. 3. What is the policy renewal process for Reliance Life Traditional Plans? Renewal of policy can be done by two modes: Online Electronic Clearance System(ECS) For Online renewal process, login to your account and click on the required renewal tab after selecting the payment mode. Payment can be done via cash, cheque or through net banking. For renewing the policies using Credit Card Mode, fill in the required mandatory form along with photocopy of Credit card. Within a period of 10 days, the credit card information will be registered for renewal process. ECS facility can be availed by filling in the desired form and submitting the required documents. The bank will process the information within 30 days of receipt of the same. In case the premium renewal date falls on a holiday, the amount will be debited on the next working day. 4. What is the companys process to settle claim for Reliance Life Traditional Plans? The company guarantees 12-day claims settlement policy. You must attach the correct documents with the claims form and send it to the nearest branch office in your city. To find the relevant documents for the particular claim, please visit the Claims Overview Section. After receiving the particular documents and completion of the verification process, the cheque will be dispatched to the nearest branch within 3 working days. From there one can collect the cheque after verifying the identity proof. 5. What is the policy cancellation process for Reliance Life Traditional Plans? The policy cancellation process requires the customer to submit a duly filled surrender form along with relevant documents in any branch. Upon receiving and verification of the documents, the policy is deemed cancelled as per bank accounts record. Reliance Life Insurance Introduces New Health Cover with Renewal till 99 Years New Endowment Plan Launched by Reliance Life Insurance Reliance Life Insurance Announced a New Plan- Claim Guarantee IRDA Urges Reliance Life Insurance to Pay a Penalty of Rs. 1.77 Cr
What are Traditional / Investment Plans
Traditional plans, also called Conventional Insurance Plans are plans where money is invested as per the guidelines laid down in the Insurance Act. The whereabouts of the invested premium is not known to the policyholder. The policyholder is simply promised certain benefits payable on death, maturity or as money back. Traditional Investment Plans have some of the basic features which are mentioned below: These plans are issued for a longer term perspective and money cannot be withdrawn from the plans. In case of stopping the premium payment, the plan becomes paid-up if at least there full years premiums have been paid. A paid-up plan has a reduced Sum Assured and the policyholder has a choice to either run the plan at the reduced coverage or surrender the plan. The plans may be offered as participating or non-participating plans. Participating plans are entitled to participate in the companys profits and earn bonuses which are not true for non-participating plans. The plans may be issued either as Endowment Plans or Money Back Plans