Reliance Lifelong Savings Plan

Death Benefit

In the event of unfortunate demise of the insured during the policy term, the claimant will receive the death benefit option depending on the cover option chosen.
 

During the Policy Term: Sum Assured on Death plus Vested Reversionary Bonus plus Terminal Bonus is payable as death benefit, subject to a minimum of 105% of total premiums paid (till the date of death). Here, Sum Assured on Death is highest of guaranteed maturity benefit, base sum assured, or 10 times of annualized premium. Under extended cover option, for entry age 51 years & above, Sum Assured on Death is highest of 7 times of annualized premium, guaranteed maturity benefit, or base sum assured.
 

After the Policy Term (for extended cover): The base sum assured is payable as death benefit, subject to a minimum of 105% of the premiums paid (on the date of death). The policy tends to cease after payment of the death benefit.

Maturity Benefit

In case of survival of the life insured till maturity of the policy, Guaranteed Maturity Benefit plus Terminal Bonus, & Vested Reversionary Bonuses is payable. Under extended cover, the maturity benefit is payable at the end of the policy term and the life cover continues till death. During the extended period, no maturity benefit is payable.

Guaranteed Additions

Guaranteed additions accrue (at the end of each policy year) @4% per annum of the base sum assured during the first 5 policy years, provided all due premiums have been paid in full and the policy is in-force.

Bonus

Simple Reversionary bonus starts from the sixth policy year till maturity of the policy term. Simple Reversionary bonus will accrue every year. Terminal bonus is payable on death or maturity from the ninth policy year onwards. Terminal bonus is declared as a percentage of vested reversionary bonus.

Loan Benefit

Under the base plan, the maximum loan amount that can be availed is 80% of the Surrender Value.

Surrender Value

This policy acquires a surrender value after payment of first three annualized premiums. Under extended cover, option to surrender the policy is also available after maturity of the policy. Surrender Value payable is higher of Guaranteed Surrender Value and Special Surrender Value.

Tax Benefit

Under this plan, tax benefits under section 80C & 10 (10D) of the Income Tax Act are payable, subject to applicable tax laws.

The plan offers following riders on a payment of an additional rider premium can be opted under this plan.
 

• Reliance Term Life Insurance Benefit Rider,
• Reliance Major Surgical Benefit Rider,
• Reliance Critical Conditions (25) Rider,
• Reliance Family Income Benefit Rider,
• Reliance Accidental Death Benefit and
• Total and Permanent Disablement Rider

For Standard Option:

Raman, 35 years of age buys Reliance Lifelong Savings with policy term of 15 years, sum assured of Rs 3,00,000 with premium amount of Rs 23,823 per annum (regular pay).
 

Scenario I: In case Raman survives till end of the policy term, the following benefits are payable.
 

Scenario II: In the event of death of Raman at the end of the 10^th policy year, the following benefits are payable.
 

For Extended Option:

Ramesh, 30 years of age opts for Reliance Lifelong Savings with policy term of 20 years, sum assured of Rs 5,00,000 with premium amount of Rs 33,335 per annum (regular pay).
 

Scenario I: In case Ramesh survives till end of the policy term, the following benefits are payable.
 

Scenario II: In the event of death of Raman at the end of the 11^th policy year (40 years of age), the following benefits are payable.
 

Scenario III: In the event of death of Raman after the policy term in 70^th policy year (100 years of age), the following benefits are payable.