Product Review: Reliance’s Guaranteed Money Back Plan
Reliance’s Guaranteed Money Back Plan not only helps you save for the future but also protects your savings in case of any unforeseen eventuality. All future premiums are waived and family continues to fulfill their dreams, even in the absence of the policyholder.
- Guaranteed Money Back during the last 5 policy years
- Guaranteed Loyalty Additions up to 40% of Sum Assured
- Guaranteed Maturity Addition up to 20% of Sum Assured, at maturity of the policy
- Tax benefits on investment and on returns, as per the applicable income tax laws
- Get life cover of at least 10 times the Annualised Premium for the entire policy term
In case of unfortunate demise of the Life Assured during the policy term, provided the policy is in force as on the date of death, the nominee shall receive the following benefits:
Highest of the following amounts is payable:
1. 10 times of the Annualised Premium; or
2. 105% of all the premiums paid (excluding extra premiums) as on the date of death; or
3. Sum Assured
In the event of death of the Accidental death, an additional amount equal to the Sum Assured. The additional Sum Assured on accidental death (including Sum Assured under Reliance Accidental Death and Total and Permanent Disablement Rider across all policies with Reliance Life) will not exceed 50 lakh.
At the end of the policy term, irrespective of survival of the Life Assured, the following two benefits will be paid: Guaranteed Loyalty Additions: Guaranteed Loyalty Additions of 2% of Sum Assured will accrue at the end of every policy year and will be paid on maturity, provided the policy is not lapsed or surrendered.
Guaranteed Maturity Additions
Guaranteed Maturity Additions will be paid on maturity provided the policy is not paid-up.
Money Back Benefits
Guaranteed Money Back Benefits as a percentage of Sum Assured will be paid during the last 5 policy years, irrespective of survival of the Life Assured.
Waiver of Premium
On death of the Life Assured, all future premiums under the plan will be waived.
Continuation of Guaranteed Benefits
On death of the Life Assured during the policy term, provided the policy is in force and all due premiums are paid as on the date of death, the nominee will receive the Money Back Benefits and Maturity Benefits at specified times.
Income Tax Benefit
Premiums paid under life insurance policy are exempted from tax under Section 80 C and the amount for Critical Illness rider is deducted under Section 80D. The maturity proceeds are exempted from tax under Section 10 (10D)