Reliance Endowment Plan

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.

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  • 4.8++ Rated
  • 9.7 Crore Registered Consumer
  • 51 Partners Insurance Partners
  • 4.9 Crore Policies Sold

Investment Plans

  • Guaranteed Tax Savings^Under sec 80C & 10(10D)
  • Under sec 80C & 10(10D)Invest ₹10k Per Month*
  • Zero LTCG Tax^
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Get Guaranteed returns along with life cover
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rating
9.7 Crore
Registered Consumer
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Insurance Partners
4.9 Crore
Policies Sold
Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

Key Features of Reliance Endowment Plan

  • Participating Endowment plan with regular premium payment option
  • Sum Assured is increased through bonus declarations
  • The policy term can be chosen in multiples of 5 years 

Benefits of Reliance Endowment Plan

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).

Product Specification:

 

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

Policy Details of Reliance Endowment Plan

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

Documents Required for Reliance Endowment Plan

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

˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. 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. 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
^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.
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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4.6 / 5 (Based on 1233 Reviews)
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Transparent Information
I appreciate how Policybazaar presents transparent information about fees NAVs and fund objectives. It made decisionmaking much easier.
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