Reliance Life Insurance Super Endowment Plan is a participating non-linked plan which offers an attractive combination of protection and saving features. This combination provides financial support for the family of the deceased policyholder any time before maturity and good lump sum amount at the time of maturity for the surviving policyholders. This plan also takes care of liquidity needs through its loan facility.
"Reliance Life Insurance Super Endowment Plan " is a non-Participating Endowment Plan where the Premium Paying Term is half the Policy Term.There are 5 additional riders in this plan
Eligibility Criteria | ||
Minimum | Maximum | |
Age at Entry | 8 Years | 60 years last birthday |
Age at Maturity | 22 years | 75 years last birthday |
Policy Term | 14 years / 20 years | |
Premium Paying Term | 7 years / 10 years | |
Sum Assured | Rs 1,00,000 | No Limit |
Note:- Premium paying term is half of the selected policy term. | ||
More value for money - High Sum Assured Rebate | ||
Rebates per Rs 1,000 sum assured for high sums assured are as follows: |
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Sum Assured (Rs) | Rebate (Rs) | |
Less than 2,50,000 | Nil | |
2,50,000 and above but less than 5,00,000 | 3 | |
5,00,000 and above but less than 10,00,000 | 4 | |
10,00,000 and above | 5 |
Feature | Description | |||||
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Premium for basic plan | For a given Age, Base Sum Assured and Policy term chosen by the policyholder regular premium will be charged during the premium paying term. | |||||
The mode of premium payment can be changed on the policy anniversary. | ||||||
A rebate of 2.5% and 1.25% of tabular premiums are allowed on yearly and half yearly mode respectively | ||||||
Premium for rider benefits | Premium for rider benefits if selected will be collected over and above the premium under Basic Plan. | |||||
Loan Against Policy | Loan will be available under a policy up to 80% of the surrender value under basic plan after the policy acquires a surrender value. |
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If at any time during the term of the policy, the sum of loan outstanding and interest on loan outstanding exceeds 95% of the surrender value |
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Discontinue paying premium | ||||||
Lapse: | ||||||
Policy Term 14 years: | If first two years’ annualized premiums have not been paid then your policy will lapse at the end of the grace period and insurance cover with rider benefits will cease immediately. |
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Policy Term 20 years | If first three years’ annualized premiums have not been paid then your policy will lapse at the end of the grace period and insurance cover with rider benefits will cease immediately. |
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No benefits will be paid when the policy is in lapsed status | ||||||
Paid Up | ||||||
Policy Term 14 years | If at least first two annualized premiums paid and policy has completed at least two policy years then your policy will be converted into a paid-up policy. |
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Policy Term 20 years | If at least first three annualized premiums paid and policy has completed at least three policy years then your policy will be converted into a paid-up policy. |
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Paid up Sum Assured = Base sum assured * (Number of premiums paid / total number of premiums payable) |
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revive a policy which is lapsed or paid Up | 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 prevailing rate of interest. | |||||
If the base plan is revived, rider benefits can be revived by paying the arrears of premiums under the riders with interest at prevailing rate of interest | ||||||
The revival period is a period of 2 years from the due date of first unpaid regular premium or date of maturity of the base policy whichever is earlier. | ||||||
Surrender | ||||||
Policy Term 14 year | The policy will acquire a surrender value provided the first two annualized premiums are paid and policy has completed at least two years. |
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Policy Term 20 years | The policy will acquire a surrender value provided the first three annualized premiums are paid and policy has completed at least three years. |
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The surrender value will depend on the year of surrender and the policy term. | ||||||
Guaranteed Surrender Value (GSV) | is equal to 30 percent of the total amount of base premiums paid, excluding the premiums for the first year, and extra premium paid, if any |
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Special Surrender Value (SSV) | Paid Up Sum Assured = Base Sum Assured * (No. of premiums paid/Total no. of premiums payable) |
These rider benefits can be selected on commencement of the policy or on any policy anniversary during a policy term.
The death benefit is limited to the accrued surrender value of the policy, if any and the company 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 Super Endowment 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.
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