Reliance Endowment Plan is a traditional participating endowment policy that increases savings through the payment of additional bonuses and also provides life coverage for the future financial security of your loved ones.
Maturity Benefits: On Maturity, the Sum Assured and the vested bonus or 100.1% of total premiums paid is paid to the policyholder
Death Benefits: On death, the nominees get the higher of, the basic sum assured or 10 times the annual premiums and vested bonuses subject to a minimum of 105% of all premiums are paid out.
Tax Benefits: Income tax benefits on premiums under Section 80C and also on the claims under Section 10(10D).
|
Minimum |
Maximum |
Entry Age (Last Birthday) |
5 years |
50 years |
Maturity Age (Last Birthday) |
18 years |
75 years |
Policy Term (PT) in years |
10 |
25 |
Premium Paying Term (PPT) in years |
Equal to policy term |
|
Premium Paying Frequency |
Annual, half-yearly, quarterly, monthly |
|
Yearly Premium |
Depends on SA, age and term |
|
Sum Assured |
65,261 |
No limit for ages 18 & above 500,000 for ages lower than 18 years |
Grace Period: For monthly mode, the grace period of 15 days is allowed and for other modes, the grace period is of 30 days is allowed. If the policyholder fails to pay his premiums even within this period, the policy will lapse immediately.
Policy Termination or Surrender Benefit: The Policyholder can surrender the plan after 3 policy years provided the first year’s premiums are paid. The Surrender Value will be higher of the Guaranteed Surrender Value or Special Surrender Value.
GSV = (Total Premiums Paid x GSV Factor for Premiums) + (GSV Factor for bonuses* vested bonus)
SSV = (SSV Factor * Basic Maturity Value * total premiums paid/total premiums payable) + SSV of vested bonus
Free Look Period: If you are not pleased with the coverage and the terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there have been no claims.
Inclusions
This policy can be used to obtain a loan which is equal to 80% of the policy’s Surrender Value, subject to a minimum of Rs.1000/-.
Exclusions
If suicide is committed within 12 months of policy commencement, 80% of premiums paid are refundable and if suicide is committed within 12 months of policy reinstatement, higher of 80% of premiums paid or acquired Surrender Value is payable
The Policyholder has to submit an ‘Application form/ proposal form’ with accurate medical history along with the address proof and required KYC documents. A medical examination may be required in some cases, based on the sum assured and the age of the life insured.
You may also like to read: Reliance Investment Plans
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
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