Reliance Pay Five insurance plan is a great financial product that helps you build a substantial corpus by paying just 5 premiums per year. This plan offers flexibility to choose between five investment funds and to actively manage your investment.
Eligibility Criteria | |||||
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Age at entry (last birthday) |
7 to 11 | 12 to 45 | 46 to 50 | 51 to 55 | 56 & above |
Maximum Sum Assured as multiple of Annualised premium |
5 lac (across all policies with Reliance Life) | 30 | 20 | 10 | 7 |
Note: At any point of time, the minimum death benefit shall be 105% of the total premiums (including top-ups) paid. | |||||
Maximum Maturity Age | 22 years last | ||||
Minimum Term | 15 years | ||||
Maximum Term | 30 years |
Feature | Description | |
Discontinuance charge | ||
The policy year during which the policy is discontinued | Discontinuance charge if the annualised premium is less than or equal to Rs 25,000 | Discontinuance charge if the annualised premium is greater than Rs 25,000 |
1 | Lower of 20% of (Annualised premium or Fund value), subject to a maximum of Rs 3,000 | Lower of 6% of (Annualised premium or Fund value), subject to a maximum of Rs 6,000 |
2 | Lower of 15% of (Annualised premium or Fund value), subject to a maximum of Rs 2,000 | Lower of 4% of (Annualised premium or Fund value), subject to a maximum of Rs 5,000 |
3 | Lower of 10% of (Annualised premium or Fund value), subject to a maximum of Rs 1,500 | Lower of 3% of (Annualised premium or Fund value), subject to a maximum of Rs 4,000 |
4 | Lower of 5% of (Annualised premium or Fund value), subject to a maximum of Rs 1,000 | Lower of 2% of (Annualised premium or Fund value), subject to a maximum of Rs 2,000 |
5 and above | Nil | Nil |
Charges | |||||
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Partial withdrawal charge | Partial withdrawal charge of Rs 100 will be collected from the fund withdrawn, on every partial withdrawal. |
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Fund management charge | |||||
Fund Name | Annual Rate | ||||
Life Corporate Bond Fund 1 | 1.25% | ||||
Life Money Market Fund 1 | 1.25% | ||||
Life Money Market Fund 1 | 1.25% | ||||
Life Gilt Fund 1 | 1.35% | ||||
Life Infrastructure Fund 2 | 1.35% | ||||
Life Midcap Fund 2 | 1.35% | ||||
Life Pure Equity Fund 2 | 1.35% | ||||
Life Balanced Fund 1 | 1.25% | ||||
Discontinued Policy Fund | 0.50% | ||||
Switching charge | There are 52 free switches during any policy year. Subsequent switches if any will have a fixed charge of Rs 100 per switch. | ||||
Miscellaneous Charge | There is no charge, the first time Systematic Transfer Plan Option is affected for regular premium payment mode as well as top-ups. Subsequently | ||||
Transfer Plan Option is selected. | |||||
Recovery of Charges | Mortality Charges | ||||
Accidental Death Benefit charges | |||||
Allocation charges | |||||
Policy administration charge | |||||
Fund Management charges | |||||
Partial Withdrawal charge | |||||
Premium for rider benefit | |||||
Service Tax Charge | |||||
Switching charge | |||||
Miscellaneous Charge | |||||
Allocation charges | |||||
Policy Year | Allocation Charge as a percentage of annual premium | ||||
1 year | 8.00% | ||||
2nd year to 5th year | 5.50% | ||||
6th year to 9th year | 5.00% | ||||
10th year onwards | 3.00% | ||||
Mortality charges | The amount of life insurance cover | ||||
The attained age of life assured | |||||
The occupation of the life assured | |||||
The health of the life assured | |||||
Death benefit charges | Annual charge for Accidental Death Benefit is Rs 1 per 1000 Sum Assured and will be deducted on monthly basis at the beginning of each policy month using 1/12th of the charge. |
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If suicide is committed within one year from the policy commencement date, this policy shall be treated as null and void, and the Company will limit the death benefit to the Fund Value and will not pay any insured benefit
Tax benefits will be as per prevailing tax laws. Tax laws are subject to change.
Know Claim Process of Reliance Life Insurance Pay Five Plan
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.
Robinhood is known for its user & customer centric approach. We take care of all the phases of insurance, whether you've bought the policy from us or not.