Reliance Life Insurance Company announced the launch of 'Reliance Lifelong Savings Plan' which will help individual during the lifetime and can provide cover for your family with a whole life cover in the event of your unfortunate demise.
As per the policy, the minimum age of entry starts from 7 years to 55 years. It will for policy terms of 15 years to 30 years. Premium starts at Rs 12,000 per annum while minimum base sum assured is Rs 80,000.
Reliance Lifelong Savings is a non-linked, participating, endowment plus whole life insurance plan.
Here are 5 must know features
1) Flexible Cover Options
There are two options in the plan
• Standard: Get a lump sum amount on maturity and a life cover during the Policy Term
• Extended Cover: Get a lump sum amount on maturity and a life cover during the Policy Term o Get an extended life cover for whole of life after the Policy Term
2) Pay as you like
Policy holder can choose how long he want to pay either he can choose for 10 years (Limited Pay) or the entire Policy Term (Regular Pay)
Have the facility to choose premium payment frequency: Yearly, Half-yearly, Quarterly or Monthly.
3) Loan Facility
Loan facility is available during the Policy Term to meet unforeseen needs.
4) Tax Benefits
Avail tax benefits on the premiums paid and benefits received, as per applicable income tax laws.
Simple Reversionary bonus will accrue every year, starting from the 6 Policy Year till the end of Policy Term, provided the Policy is in-force.
This plan is a savings with the comfort of guarantees. At the end of the Policy Term, individuals will receive:
• Accrued Guaranteed Additions:
Individuals are entitled to 4 per cent of Base Sum Assured during the first five policy years
• Guaranteed Maturity Benefit:
There will be a sum of Base Sum Assured and Accrued Guaranteed Additions
Your savings are enhanced with simple reversionary bonuses that accrue every year during the policy term starting from 6 Policy year, along with a terminal bonus, if any