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Reliance Super Money Back Plan
Introduction/Overview Reliance Super Money Back Plan is a non-participating traditional Money Back plan which also promises increasing regular monthly income so that the liquidity needs of the individual are fulfilled. The lump sum survival benefit also provides cash for financial requirements during regular intervals Key Features It is a non-participating money-back plan which promises Loyalty Additions at the end of premium paying term It is a limited premium paying plan under which premiums are paid for half the policy term
Product Specification
Policy Details Grace Period: 15 days grace period is allowed for payment of premium in monthly mode and 30 days in other modes. If policyholder fails to make payment within the grace period, the policy lapses Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy if first years premium is fully paid. The value will be the higher of Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV). GSV = (GSV Factor * total premiums paid) – Survival benefits already paid SSV = SSV Factor * Paid-up SA 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 Loan is available under the plan @ 80% of the Surrender Value Additional Features or Riders Guaranteed Loyalty Additions are paid on maturity @ 1% of SA * Premium paying term Guaranteed Maturity Addition is also paid on maturity @ 1% of SA * Policy Term High Sum Assured rebates are offered for coverage of 2.5 lakhs and above Exclusions In case of suicide committed within 12 months of policy commencement, 80% of premiums paid is refundable and if committed within 12 months of policy revival, higher of 80% of premiums paid or the acquired Surrender Value is payable
Benefits
Regular increasing monthly income is paid from the policy anniversary following the completion of the premium paying term The payout rate is 1% of SA and thereafter increasing every year by 0.25% Guaranteed money back as a percentage of SA is paid regularly after every 5 policy years On death, the nominee gets higher of the basic SA or 10 times the annual premium or 105% of total premiums paid if age is lower than 45 years and higher of basic SA or 7 times annual premium or 105% of all premiums paid if age is 45 years or above 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.
Documents Required
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.
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