Robinhood Insurance Broker Private Limited

Product Info

UIN

121N005V03

Status

Active

Launch Date

08/10/2013

Withdrawn Date

Product Overview

Reliance Term Plan offers a large life insurance cover, at an affordable premium. While nothing can compensate loss of life, we intend to provide you peace of mind.

Product Description

  • Choose adequate protection cover based on your needs.
  • Enhance your protection through optional riders.
  • Enjoy tax benefits as per applicable tax laws.
  • Purchase insurance cover at an affordable premium.

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Unique Features

  • It is a pure Term Insurance Policy with Death Benefit only.
  • It has an inbuilt Waiver of Premium rider for Total Disability and Accidental Benefit and Total and Permanent Disability riders.

Eligibility Criteria

Eligibility Criteria
  Minimum Maximum
Age at Entry (Years) 21 60
Age at Maturity (Years) 26 65
Policy Term (Years) 5 30
Premium Payment Term (Years) Equal to policy term
Premium (Rs) Rs 2000* No limit
Premium Payment Modes Mode Loading Rate
Yearly 0%
Half-yearly 2%
Quarterly 4%
Sum Assured (Rs ) 5,00,000 No limit
Premium Payment mode Yearly, Half-yearly or Quarterly mode
Note - All references to age above are as on last birthday. *Minimum installment premium is ` 2,000 for any mode.

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Product Benefit

  • Maturity Benefit:
    There is no Maturity Benefit payable under this plan. On survival of the Life Assured till end of the policy term, all benefits under the policy end and the policy is terminated.
  • Death Benefit:
  1. On the date of death the benefit amount equal to the Sum Assured will be paid to the nominee as a single lump sum.
  2. The policy will terminate on payment of the death benefit. There are no other benefits payable under this plan.

Other Policy Features

Feature Description
Policy Fee
Premium Mode Policy Fee Addition (Rs)
Yearly 500
Half-yearly 260
Quarterly 130
Premium Discontinuance Reliance Accidental Death and Total and Permanent Disablement Rider (Limited Premium)) shall not exceed 100% of the premiums paid under the Base Plan; and the sum of all other rider premiums
Surrender The policy does not acquire any Surrender Value
Loan Loan facility is not available under the plan
Grace period If you are unable to pay your premium by the due date, you will be given a grace period of 30 days. During the grace period the policy shall continue to remain in force along with all benefits under this policy and claim, if any, shall be payable subject to deduction of the unpaid due premium.
Revival The riders for its full coverage within 2 years from the due date of the first unpaid premium but before policy maturity, by paying all outstanding premiums together with the interest.
The current rate of interest is 9% p.a. and is subject to change from time to time. 
If a lapsed Policy is not revived within the revival period, the Policy will be terminated with no benefits payable. A terminated policy cannot be reinstated.

Add-ons

  • Reliance Accidental Death and Total and Permanent Disablement Rider (Regular Premium):
    An additional death/disability benefit if death/disability occurs directly as a result of an accident.
  • Reliance Accidental Death and Total and Permanent Disablement Rider(Limited Premium):
    An additional death/disability benefit if death/disability occurs directly as a result of an accident. Waiver of premium benefit under the rider continues in the plan in case of disability.
  • Reliance Term Life Insurance Benefit Rider:
    A monthly benefit of 1% of Sum Assured every month. The benefit is payable from the date of death till the end of the rider policy term or 10 years.
  • Reliance Major Surgical Benefit Rider:
    A 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 Critical Conditions (25) Rider:
    A lump sum amount to take care of 25 critical conditions including cancer, heart attack, paralysis, major organ transplant and many more.

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 Reliance Life Term 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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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.

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