Reliance Guaranteed Money Back Plan
Product Info
UIN
121N084V02
Status
Active
Launch Date
26/11/2013
Withdrawn Date
Product Overview
Reliance Guaranteed Money back Plan not only helps you to save for your future but also protects savings in case of any unforeseen eventuality. All future premiums are waived and your family continues to fulfill their dreams, even in your absence.
Product Description
- Guaranteed Money Back during the last 5 policy years
- Guaranteed Loyalty Additions up to 40% of Sum Assured
- Guaranteed Maturity Addition up to 20% of Sum Assured, at maturity of the policy
- All future premiums are waived and Guaranteed Benefits continue
COMPARE & BUY SIMILAR PLANS
Unique Features
- Guaranteed Money Back Benefits as a percentage of Sum Assured will be paid during the last 5 policy years as per the table given below, irrespective of survival of the Life Assured.
- Life cover of at least 10 times the Annualised Premium for the entire policy term.
- At the end of the policy term, irrespective of survival of the Life Assured, the following two benefits will be paid. Guaranteed Loyalty Additions and Guaranteed Maturity Additions.
Eligibility Criteria
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| Parameters | Minimum | Maximum | |||
| Age at Entry (Years) | 18 (last birthday) |
20 | |||
| Policy Term | 15 years | 20 years | |||
| Age at Entry | 58 (last birthday) |
55 (last birthday) |
|||
| Age at Maturity (Years) | 33 (last birthday) |
75 (last birthday) | |||
| Sum Assured (Rs) | 50,000 | No Limit | |||
| Premium Payment Term (Years) | Policy Term | Age at entry (last birthday) |
Maximum allowed Premium paying term (years) |
||
| 15 years | 18-43 | Equal to policy term | |||
| 44-53 | 10 | ||||
| 54-55 | 7 | ||||
| 55-58 | 5 | ||||
| 20 years | 18-47 | Equal to policy term | |||
| 48-53 | 15 | ||||
| 54-55 | 10 | ||||
| Premium payment options | Limited Pay/Regular Pay | ||||
| Premium payment modes | Yearly, Half-yearly, Quarterly and Monthly | ||||
| Policy Term | 15 Years | 20 Years | Money Back Benefits (as a percentage of Sum Assured) |
||
| End of Policy Year |
11 | 16 | 15% | ||
| 12 | 17 | 15% | |||
| 13 | 18 | 15% | |||
| 14 | 19 | 15% | |||
| 15 | 20 | 40% | |||
| Flexible premium payment modes | You have an option to pay the Regular Premium either yearly, half-yearly, quarterly or monthly modes | ||||
| Quarterly and monthly modes are allowed only if the premiums are paid electronically. | |||||
| Mode | Rebate | ||||
| Yearly | 5% | ||||
| Half-yearly | 2.5% | ||||
| Quarterly | Nil | ||||
| Monthly | Nil | ||||
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Product Benefit
- Maturity Benefit - At the end of the policy term, irrespective of survival of the Life Assured, the following two benefits will be paid:
- Guaranteed Loyalty Additions - Guaranteed Loyalty Additions of 2% of Sum Assured will accrue at the end of every Policy Year and will be paid on maturity, provided the Policy is not lapsed or surrendered.
- Guaranteed Maturity Addition - Guaranteed Maturity Addition will be paid on maturity provided the Policy is not Paid-up.Addition is expressed as a percentage of Sum Assured and depends on the Policy Term as given in the table below Policy Term (Years) Guaranteed Maturity Addition
- Death Benefit:- In case of unfortunate demise of the Life Assured during the policy term, provided the policy is in force as on the date of death, the nominee shall receive the following benefits:
- Lump Sum Benefit
- Waiver of Premium
- Continuation of Guaranteed Benefits.
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Money Back Benefits | Guaranteed Money Back Benefits as a percentage of the Sum Assured will be paid during the last 5 policy years as per the table given below, irrespective of survival of the Life Assured. | |||||
| Guaranteed Loyalty Additions | Guaranteed Loyalty Additions of 2% of Sum Assured will accrue at the end of every policy year and will be paid on maturity, provided the policy is not lapsed or surrendered. | |||||
| Policy Term (Year) | Accumulated Guaranteed Loyalty Additions (as a percentage of Sum Assured) | |||||
| 5 | 10% | |||||
| 10 | 20% | |||||
| 15 | 30% | |||||
| 20 | 40% | |||||
| Guaranteed Maturity Additions | Guaranteed Maturity Additions will be paid on maturity provided the policy is not paid-up | |||||
| Policy Term (Years) | Guaranteed Maturity Additions (as a percentage of Sum Assured) | |||||
| 15 | 15% | |||||
| 20 | 20% | |||||
| Lump Sum Benefit | ||||||
| In the event of death of the Life Assured (Non–accidental death) | Highest of the following amounts is payable: 10 times of the Annualised Premium; or • 105% of all the premiums paid (excluding extra premiums) as on the date of death; or • Sum Assured. | |||||
| In the event of death of the Life Assured (Accidental death) |
Highest of the following amounts is payable: • 10 times of the Annualised Premium; or • 105% of all the premiums paid (excluding extra premiums) as on the date of death; or • Sum Assured Plus An additional amount equal to the Sum Assured. | |||||
| Note:- The Death Benefit is payable irrespective of the guaranteed benefits already paid. | ||||||
| Waiver of Premium | On the death of the Life Assured, all future premiums under the plan will be waived. | |||||
| Continuation of Guaranteed Benefits | On the death of the Life Assured during the policy term, provided the policy is in force and all due premiums are paid as on the date of death, the nominee will receive the Money Back Benefits and Maturity Benefits at specified times. | |||||
| The additional Sum Assured on accidental death (including Sum Assured under Reliance Accidental Death and Total and Permanent Disablement Rider across all policies with Reliance Life) will not exceed Rs 50 lakh. | ||||||
| High Sum Assured Rebate | ||||||
| Sum Assured | Rebate per Rs. 1,000 Sum Assured | |||||
| Less than Rs. 1Lac | Nil | |||||
| Rs. 1Lac & above but less than Rs. 2.5Lacs | Rupee 1 | |||||
| Rs. 2.5Lacs & above but less than Rs 5Lacs | Rs. 2 | |||||
| Rs. 5Lacs & above but less than Rs. 10Lacs | Rs. 3 | |||||
| Rs. 10Lacs & above | Rs. 4 | |||||
| Premium discontinuance | If you discontinue the payment of premiums, your Policy will either lapse or become paid-up as explained below: | |||||
| Lapse | If the first annualised premium is not paid in full then the policy lapses at the end of the grace period | |||||
| For policies with a premium payment term of less than 10 years | If at least the first annualised premium is paid in full and the first two annualised premiums are not paid in full before end of the grace period then the insurance cover, inbuilt accidental death benefit, inbuilt waiver of premium benefit and rider benefits, | |||||
| If the policy will acquire a Surrender Value which will be payable only after the completion of 3 policy years or at the end of the revival period | ||||||
| For policies with a premium payment term of 10 years or more | If 1st premium paid in full and 1st 3 premiums are not paid of before and of the grace period then the insurance cover, inbuilt accidental death benefit, inbuilt waiver of premium benefit and rider benefits. In this case, the policy will acquire a Surrender Value which will be payable only after the completion of 3 policy years or at the end of the revival period, | |||||
| Paid-up | ||||||
| For policies with a premium payment term of less than 10 years - After paying premiums for at least the first 2 full policy years, if the Policyholder discontinues paying further premiums then the policy will acquire a Paid-up status. | ||||||
| For policies with a premium payment term of 10 years or more - After paying premiums for at least the first 3 full policy years, if the Policyholder discontinues paying further premiums then the policy will acquire a Paid-up status. | ||||||
| The Sum Assured under the Base Plan will be reduced as given below: Paid-up Sum Assured = Sum Assured x (Number of premiums paid/total number of premiums payable) | ||||||
| Revival | A policy in a lapsed or Paid-up condition can be revived during the revival period by paying the arrears of premiums along with interest at the prevailing rate of interest. | |||||
| The current rate of interest is 9% p.a. and is subject to change from time to time. | ||||||
| On revival of the policy, the policy will be eligible for future Guaranteed Loyalty Additions and Guaranteed Maturity Addition. | ||||||
| The revival of the policy will be subject to satisfactory medical and financial underwriting of the Company. | ||||||
| Surrender | We understand that there are financial emergencies and to honor such needs we provide the Surrender Value. | |||||
| The surrender value will depend on the year of surrender, the policy term and premium paying term chosen. | ||||||
| Acquired surrender value is payable only after completion of first 3 policy years, even if the policy is eligible for surrender and the surrender request is received before completion of 3 policy years. | ||||||
| Guaranteed Surrender Value (GSV) | Policy will acquire GSV only if first annualised premium have been paid. | |||||
| Guaranteed Surrender Value is GSV factor multiplied by the total premiums paid, excluding rider premiums and extra premium paid, if any, less any survival benefits already paid. | ||||||
| The GSV factor can range from 15% to 85% of the premiums paid and is based on number of completed policy years for which the full premiums have been paid and the policy term. | ||||||
| Special Surrender Value | The Special Surrender Value is an amount equal to the Surrender Value Factor multiplied by the Paid-up Sum Assured. | |||||
| The Company reserves the right to change the Special Surrender Value Factor from time to time depending on the economic environment, experience and other factors, subject to IRDA approval. | ||||||
| The details of the current Special Surrender Value Factors one given in the policy document. | ||||||
| Note: The policy will be terminated once it is surrendered and cannot be reinstated. | ||||||
| Loan | Loan facility is not available under the plan | |||||
Add-ons
Accidental Death & Total and Permanent Disablement Rider:- An additional death/disability benefit if death/disability occurs directly as a result of an accident. Waiver of premium benefit under the rider continues in the plan in case of disability
Exclusions
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of reinstatement of the Policy, the Policy shall be void and the Company will only be liable to pay the higher of 80% of premiums paid or the surrender value.
Tax Benefits
Tax benefits will be as per prevailing tax laws. Tax laws are subject to change.
Claim Process
Know claim process of Reliance Guaranteed MoneyBack Plan
Company Overview
Reliance Life Insurance is a part of Reliance Capital of the Reliance Group. Reliance Capital is one of India's leading private sector financial services companies, and ranks among the top private sector financial services and non-banking companies, in terms of net worth. Nippon Life Insurance Company acquired 26% interest in equity share capital of the Company effective October 7, 2011 subsequent to receipt of all regulatory approval.
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