Robinhood Insurance Broker Private Limited

Product Info

UIN

121N088V01

Status

Withdrawn

Launch Date

19/10/2012

Withdrawn Date

01/01/2014

Product Overview

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.

Product Description

  • Receive basic sum assured on maturity or death
  • Pay for just half of the selected policy term and get policy cover for the full policy term
  • More value for your money by way of high sum assured Rebate and premium frequency Discount
  • Wide range of Riders can be added

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Unique Features

"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

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:
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

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Product Benefit

  • Maturity Benefit:
  1. On survival of the life assured for the entire policy term, we shall pay the basic sum assured, provided the policy is in force and all due premium have been paid.
  2. The policy terminates on payment of maturity benefit
  • Death Benefit:
  1. In case of unfortunate death of the life assured before the maturity date, we will pay the basic sum assured to the nominee, provided the policy is in force and all due premium have been paid.
  2. The policy terminates on payment of death benefit.

Other Policy Features

Feature Description
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.
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
 
 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.
 
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.
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.
 
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.
Paid up Sum Assured = Base sum assured * (Number of
premiums paid / total number of premiums payable)
 
 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.
 
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.
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
Special Surrender Value (SSV) Paid Up Sum Assured = Base Sum Assured * (No. of
premiums paid/Total no. of premiums payable)

Add-ons

These rider benefits can be selected on commencement of the policy or on any policy anniversary during a policy term.

  • Reliance New Critical Conditions Rider:
    Reliance New Critical Conditions Rider provides lump sum amount to take care of 25 critical conditions including Cancer, Heart Attack, Paralysis, Major Organ transplant and many more.
  • Reliance Term Life Insurance Benefit Rider:
    Reliance Term Life Insurance 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.
  • Reliance Life Insurance Family Income Benefit Rider:
    Reliance Life Insurance Family Income Benefit Rider provides a monthly benefit of 1% of sum assured every month (i.e.12% per annum).
  • Reliance Accidental Death and Total and Permanent Disablement Rider:
    Reliance Accidental Death and Total and Permanent Disablement Rider provides additional death/disability benefit if the death/disability occurs as a result of an accident. The sum of rider premiums should not exceed 30% of the premiums paid under Base Plan.

Exclusions

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

Tax benefits will be as per prevailing tax laws. Tax laws are subject to change.

Claim Process

Know claim process of Reliance Life Insurance Super Endowment Plan

Claim Process

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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