Reliance Smart Cash Plus
Product Info
UIN
Status
Launch Date
Withdrawn Date
Product Overview
Reliance smart cash plus plan gives you guaranteed lumpsum at periodic intervals in the future to fulfill your goals at very life stage, while securing your family from any unforeseen eventualities. Its a perfect mix of long term saving with the benefit of liquidity.
Product Description
- A maturity benefit equal to the Sum Assured
- Vested Bonuses
- Tax benefit on investment and on returns
- Life time cover of atleast 10 times the annualised premium for entire policy term
COMPARE & BUY SIMILAR PLANS
Unique Features
- The policy pays benefit amount every 3 years.
- At maturity, the policyholder gets Maturity Benefit equal to the Sum Assured plus High Sum Assured Addition, if any plus Vested bonuses, if any.
Eligibility Criteria
| Eligibility Criteria | ||
| Minimum | Maximum | |
| Age at Entry (Years) | 14 (Last Birthday) | 55 (Last Birthday) |
| Age at Maturity (Years) | 24 (Last Birthday) | 70 (Last Birthday) |
| Policy Term (Years) | 5 | 30 |
| Premium Payment modes | Yearly, Half yearly, Quarterly & Monthly | |
| Policy term years | 10,13,16,19 & 22 | |
| Sum Assured (Rs.) | Rs 100,000 | No Limit |
OneInsure App Benefits
Product Benefit
- Maturity Benefit: At maturity the policy is in force you receive the Money Benefit which is equal to the following benefits:
- An amount equal to basic Sum Assured is payable on maturity
- High Sum Assured Addition = High Sum Assured % * Sum Assured.
- Death Benefit:
- Option 1 - Higher Of
(a) Maximum of (10 times the Assured Premium, Sum Assured + High Sum Assured Additions) + Vested Bonuses if any
(b) 105% of the premium paid, excluding the underwriting extra premiums as on the date of death - Option 2 - Higher Of
(a) Maximum of (7 times the Annualised Premium Sum Assured + High Sum Assured Additions) + Vested Bonuses if any
(b) 105% of the premium is paid, excluding the underwriting on the date of death.
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| High Sum Assured Additions | ||||||
| Regular Premium Policies | ||||||
| Sum Assured or policy Term | High Sum Assured Premium | |||||
| 10 | 13 | 16 | 19 | 22 | ||
| Less Than s 2.5 Lacs | Nil | |||||
| 2.5 Lakhs and above but less than 5 Lakhs | 4 | 6 | 8 | 10 | 12 | |
| Rs 5 Lakhs and above | 8 | 12 | 16 | 20 | 24 | |
| Surrender Benefit | The Surrender Value payable is higher of the Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV), as given below. The policy will acquire a Surrender Value provided the first annualized premium is paid in full. If the first annualised premium is paid in full and the policy is surrendered before the completion of three policy years, the applicable surrender value will be payable only after the completion of three policy years. | |||||
| Guaranteed Surrender Value (GSV) | As a percentage (GSV Premium Factor) of the total premiums paid excluding rider premiums and extra premiums paid, less any survival benefits already paid Plus GSV Bonus factor * vested bonuses, if any. | |||||
| Special Surrender Value (SSV) | The policy will acquire a Special Surrender Value provided the first three annualised premiums are paid in full. Special Surrender Value = Special surrender value factor * Maturity Benefit * No. of premiums paid / No. of premiums payable during the policy term Plus Special surrender value factor * Vested Bonus | |||||
| Grace period | There is a grace period of 30 days applicable from the due date for payment of premiums if the payment is made in yearly, half-yearly or quarterly modes. In case the premiums are paid in monthly mode, then the grace period applicable is of 15 days. |
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| Lapse | If one annualised premium is not paid in full, the policy will lapse at the end of the grace period and the insurance cover will be cease immediately | |||||
| No Benefits will be paid when the policy is in the lapsed status | ||||||
| The policy will acquire a surrender value provided the 1st Sum Assured Premium is paid in full | ||||||
| Revival | A policy in lapsed or paid-up condition can be revived during the revival period by paying the arrears of premiums along with interest at 10.50% p.a. rate of interest. |
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| Paid up | Paid up= Sum Assured *( No of premium paid / total no of premium payable) | |||||
| Bonuses | Reversionary Bonuses are declared at the end of the year and benefits are added to the policy benefit to the proportion of Sum Assured | |||||
| This Bonus is credited to the policy and becomes the guaranteed benefit | ||||||
| On maturity the the policy holder will receive Paid up Sum Assured along with vested bonuses | ||||||
| Money Back Benefit | ||||||
| Policy Term (years) | Money Back Benefit payable as a % of Sum Assured | |||||
| 4 | 7 | 10 | 13 | 16 | 19 | |
| 10 | 10% | 15% | ||||
| 13 | 10% | 15% | 20% | |||
| 16 | 10% | 15% | 20% | 25% | ||
| 19 | 10% | 15% | 20% | 25% | 30% | |
| 22 | 10% | 15% | 20% | 25% | 30% | 35% |
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 Smart Cash Plus 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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