Reliance Life Insurance Pay Five Plan

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.

• Dual benefit of market linked return and insurance protection.
• Investment opportunity with flexibility - Choose from 8 pure investment fund options.
• Option to pay Top-up Premium's.
• A host of optional rider benefits to enhance protection cover.

• In this plan, annual premium is paid only for a period of 5 years but the policy continues till the end of the Policy Term.
• Death Benefit - if the Life Insured dies within the policy tenure, the nominee would receive Double Death Benefit, i.e. the Sum Assured + the Fund Value as Death Benefit.

• Maturity Benefit: On the survival of the life assured to maturity, fund value related to the plan less the loan outstanding and the interest on loan outstanding will be paid in lump sum. The Values are:

1. Fund Value under basic plan corresponding to premiums paid till date
2. Fund Value under Top-Up premiums (if any)

• Death benefit:

1. Sum Assured under the base plan and top-up Plus the fund value under the base plan and the top-up as on the date of intimation of death will be paid.
2. At any point of time, the minimum death benefit shall be 105% of the total premiums (including top-ups) paid.

• Major Surgical Benefit Rider:
  Provides lump sum amount to cover surgical expenses from a list of 33 surgeries including Open Heart surgery, Kidney Transplant, Cornea transplantation, Transplant of Lungs and many more.
• Critical Conditions (25) Rider:
  Provides lump sum amount to take care of 25 critical conditions including Cancer, Heart Attack, Paralysis, Major Organ transplant and many more.
• Term Life Benefit Rider:
  Provides additional death benefit depending on the sum assured selected under the rider.
• AD & Total and Permanent Disablement Rider:
  Provides additional death/disability benefit if the death/disability occurs as a result of an accident. Also, the Waiver of Premium benefit under the rider continues the plan in case of disability
• Family Income Benefit Rider:
  Benefit of 1% of the rider sum assured every month (i.e.12% per annum) is provided, the benefit is payable from the date of the death or total and permanent disablement of the life assured.

Charges

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

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

Claim Process

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.