Reliance Life Child Plans

What are Child Plans?

Child plans are specialised investment products designed to secure a child's future financial needs. These plans offer a combination of insurance and investment components to provide financial protection and growth opportunities for the child. Child plans include features such as premium waivers in case of the parent's demise, ensuring that the child's financial goals are not compromised. They are structured to provide benefits like education funding, marriage expenses, or any other future financial requirements essential for the child's well-being.

Reliance Child Plan

Reliance offers several child plans to meet the different needs of individuals. Below are the plans offered:

1. Reliance Nippon Life Milestone Plan

   The Reliance Nippon Life Milestone Plan is a non-linked, participating, individual savings life insurance plan. This means it combines saving and life insurance benefits, offering a lump sum payout at maturity alongside life cover for your loved ones.

   Here are the key features and benefits of the plan:

   Financial Goals:

   • Lump Sum Payout at Maturity: Achieve your long-term financial goals, like a comfortable retirement or a child's education, with a guaranteed lump sum amount at the end of the policy term.

   Child's Education:

   • Secure your child's future: Use the maturity payout to fund your child's education expenses, ensuring they have the resources they need to succeed.

   Life Cover:

   • Peace of mind for your family: In case of an unfortunate event, your loved ones receive a death benefit, providing them with financial stability during a difficult time.

   Tax Benefits:

   • Tax-free returns: The maturity benefit and death benefit are potentially tax-free*, helping you maximise your returns.

   Retirement Planning:

   • Settlement Option for regular income: Choose the settlement option at maturity to convert your lump sum into a regular income stream, providing financial security during your retirement years.

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2. Reliance Nippon Life Guaranteed Money Back Plan

   Reliance Nippon Life Guaranteed Money Back Plan is a non-linked, non-participating, individual savings life insurance plan designed to offer both savings and protection for you and your family. 

   Here are the key features and benefits of the plan:

   Savings and Liquidity:

   • Guaranteed Money Back: Receive regular payouts as a percentage of the sum assured during the last 5 years of the policy, regardless of your survival.

   • Guaranteed Loyalty Additions: Earn guaranteed bonuses of up to 40% of the base sum assured over the policy term.

   • Guaranteed Maturity Addition: Get an additional bonus of up to 20% of the base sum assured upon policy maturity.

   Protection for your family:

   • Life Cover: The plan offers a minimum life cover of 10 times the annualized premium throughout the policy term.

   • Accidental Death Benefit: In case of accidental death, your family receives an additional sum assured equal to the base sum assured.

   • Premium Waiver: If you pass away, all future premiums are waived, and your family continues to receive guaranteed benefits.

   Tax Benefits:

   Enjoy tax benefits on your investment and returns as per applicable income tax laws.

   Flexibility:

   • Choose your policy term: 15 or 20 years.

   • Opt for either regular or limited premium payment options.

   Plan at Glance

   Criteria	Minimum	Maximum
   Entry Age	18 years	58 years
   Maturity Age	33 years	75 years
   Policy Term	15 years	20 years
   Base Sum Assured	₹1,00,000	No Limit
   Premium Payment Options	Limited Pay/Regular Pay
   Premium Payment Frequency	Yearly, Half Yearly, Quarterly and Monthly

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How to Buy Child Plans Through Policybazaar?

To buy a child plan from PolicyBazaar, follow these steps:

• Visit the PolicyBazaar homepage and navigate to the "Personal" tab.

• Click on "Child Plans" from the dropdown menu.

• Fill out the lead form by providing your name and mobile number.

• After filling out the lead form, click on the "View Plans" button.

• Provide details such as your city, income, your age, and your child's age on the next page then click "Continue."

• You will be directed to the quotes page, where you will find quotes from more than 10 insurers.

• Next, choose the plan type based on the payment schedule – whether it's a one-time payout or a Monthly Payout Plan.

• Select the plan that best suits your needs and click on "Get details".

Following these steps will guide you through the process of purchasing a child plan from Policybazaar.