RELIANCE CASH FLOW PLAN

 

While most insurance plans block your money for a certain period of time, Reliance Cash Flow Plan gives you the double benefit of life insurance along with easy liquidity through lump sum cash. It provides money periodically when you need it.

It lets you live life to the fullest today and at the same time, helps you stay protected for tomorrow by giving you the flexibility of receiving a specified percentage of the Sum Assured at specified intervals.

Key Features

  • Easy Liquidity - Get periodic cash flows at the end of the fourth year and thereafter at the end of every three years

  • Wealth creation through bonus additions

  • On maturity receive accumulated bonuses along with final lump sum payout

  • More value for your money by way of High Sum Assured Rebate

  • Full Sum Assured plus bonuses in case of your unfortunate death. This is over and above the Survival Benefits already paid

  • Option to add two riders � Critical Illness Rider and Accidental Death Benefit & Total and Permanent Disablement Rider

How does this Plan work?
You pay premium every year for the entire term and get Survival Benefits at periodical intervals as mentioned below.

On death, your Beneficiary will get the full Sum Assured, plus accumulated bonuses, over and above the Survival Benefits already paid to you.

Benefits
Survival Benefit: Get a percentage of the Sum Assured on the fourth anniversary and on every third Policy Anniversary till maturity.

Maturity Benefit: On maturity you get the remaining percentage of the Sum Assured plus accumulated bonuses.

Life Cover Benefit: In the unfortunate event of loss of life, your Beneficiary will receive the full Sum Assured plus accumulated bonuses till that date.

Rider Benefit: You also have the option to add two additional benefits to customize the Policy as per your needs:

  1. Accidental Death Benefit & Total and Permanent Disablement Rider
  2. Critical Illness Ride

Accidental Death Benefit & Total and Permanent Disablement Rider
Accidents are unfortunate and sometimes fatal. You can customise your basic Policy with an Accidental Death & Total and Permanent Disablement Benefit Rider.

The Accidental Death benefit is payable if death occurs directly as a result of an accident and is intimated within 90 days of the occurrence.

The Benefit payable is equal to the Rider Sum Assured. The minimum Sum Assured is Rs 25,000 and the maximum under all Policies taken together is Rs 50,00,000.

The Total and Permanent Disablement Benefit is payable if the Life Assured becomes totally and permanently disabled directly as a result of an accident.

The Disablement Benefit is equal to the basic Sum Assured paid in ten equal annual installments

Total and Permanent Disablement is defined as the total and irrecoverable loss of sight of both eyes, or loss by severance of two limbs at or above wrist or ankle, or total and irrecoverable loss of the sight of one eye and loss by severance of one limb at or above wrist or ankle for a period of at least six months

Inbuilt Waiver of Premium
If the Life Assured becomes totally and permanently disabled, then Reliance Life Insurance will waive all future premiums under the basic Policy and riders up to a limit of Rs 40,000 p. a.

Accidental Death Benefit &

Total and Permanent

Disablement Rider

Age at entry

18 yrs

59 yrs

Age at expiry

25 yrs

64 yrs

Sum assured

Rs 25,000
Rs 50,00,000
(Basic Policy Sum Assured subject to a maximum of Rs 50,00,000 per life)

Exclusions
The Company will not pay any Accidental Death Claim or Total and Permanent Disablement Claims which results directly or indirectly from any one or more of the following:

  • An act or attempted act of self-injury,

  • Participation in any criminal or illegal act,

  • Being under the influence of alcohol or drugs except under direction of a registered medical practitioner,

  • Racing or practicing racing of any kind other than on foot, flying or attempting to fly in, or using or attempting to use, an aerial device of any description, other than as a fare paying passenger on a recognised airline or charter service,

  • Participating in any riot, strike or civil commotion, active military, naval, air force, police or similar service, or

  • War, invasion, act of foreign enemies, hostilities or war like operations (whether war be declared or not), civil war, mutiny, military rising, insurrection, rebellion, military or usurped power or any act of terrorism or violence.

Critical Illness
Sudden onset of a major illness causes worries and heavy expenses. Our optional Critical Conditions Cover helps provide financial relief in such cases. It pays you the Sum Assured upfront in respect of ten major illnesses.

  1. Cancer

  2. Coronary Artery Bypass Surgery

  3. Heart Attack

  4. Stroke

  5. Kidney Failure

  6. Aorta Surgery

  7. Coma

  8. Heart Valve Replacement

  9. Major Organ Transplant

  10. Paralysis

This Benefit can be availed only once against any one of the illnesses and the Company will not pay the claim if it arises from deliberate self-injury or attempted suicide by the Life Assured, whether sane or insane. This benefit will only be given, if the diseases are confirmed by a Consultant Physician.

Critical Illness Rider

 

 

Age at entry

18 yrs

59 yrs

Age at expiry

25 yrs

64 yrs

Sum assured

Rs 1,00,000
Rs 10,00,000
(Basic Policy Sum Assured subject to a maximum of Rs 10,00,000 per life)

Minimum Policy Term

5

 

Exclusion with Critical Illness
Cancer: Any CIN stage (cervical intraepithelial neoplasia); any pre-malignant tumour; any non-invasive cancer (cancer in situ); prostate cancer stage 1 (T1a, 1b, 1c); all skin cancers including malignant melanoma stage IA (T1a N0 M0); any malignant tumour in the presence of any Human Immunodeficiency Virus.

Heart Attack: Non-ST-segment elevation myocardial infarction (NSTEMI) with elevation of Troponin I or T; other acute Coronary Syndromes.

Stroke: Transient ischemic attacks (TIA); neurological symptoms due to migraine.

Coronary Artery (Bypass) Surgery: Angioplasty and/or any other intra-arterial procedures; key-hole surgery.

Paralysis: Paralysis due to Guillain-Barr�-Syndrome.

Waiting and Survival Period
The Company will not pay the Critical Illness Benefit if:

  • The critical illness begins prior to or within six months of the commencement date or date of reinstatement of the Benefit - Waiting Period

  • Death from critical illness takes place within 30 days of the onset of the same � Survival Period

Flexibility
These riders may be attached to your Policy at the beginning or at any Policy Anniversary during the term of the Contract, subject to underwriting conditions prevailing at that time. Sum Assured for Critical Illness Rider may be increased or decreased by the Policyholder:

  • The increase is subject to underwriting conditions

  • Once decreased, further increases will not be allowed

The Contract can be terminated and opted for only once, by the Policyholder at any time. Though above are general conditions of the rider, we may specify restrictions (like time of exercise) on the above options. Such restrictions would be filed along with the based product filing.

When & how much of Fixed Benefits paid?
 

Term

Money Back survival benefits paid per Rs.1,000 sum assured
on survival to the end of year

4

7

10

13

16

19

22

25

28

31

34

7

500

500

 

 

 

 

 

 

 

 

 

10

333

333

333

 

 

 

 

 

 

 

 

13

250

250

250

250

 

 

 

 

 

 

 

16

200

200

200

200

200

 

 

 

 

 

 

19

167

167

167

167

167

167

 

 

 

 

 

22

143

143

143

143

143

143

143

 

 

 

 

25

125

125

125

125

125

125

125

125

 

 

 

28

111

111

111

111

111

111

111

111

111

 

 

31

100

100

100

100

100

100

100

100

100

100

 

34

90.9

90.9

90.9

90.9

90.9

90.9

90.9

90.9

90.9

90.9

90.9

Sample Illustration:
The tables show the indicative premiums for an individual Life Assured across different Sum Assured for a Policy Term of 16, 25 and 31 years

 

Sum Assured: 1 Lakh

Sum Assured: 3 Lakh

Sum Assured: 5 Lakh

Age\Term

16

25

31

16

25

31

16

25

31

30

8580

5950

5045

25440

17550

14835

41900

28750

24225

35

8700

6140

5295

25800

18120

15585

42500

29700

25475

40

8905

6445

NA

26415

19035

NA

43525

31225

NA

45

9320

7010

NA

27660

20730

NA

45600

34050

NA

What is the Policy Term?

Minimum Policy Term:

7 years

Maximum Policy Term:

34 years

Who can buy this product?

Minimum age at entry:

15 years

Maximum age at entry:

63 years

Minimum age at maturity:

22 years

Maximum age at maturity:

70 years

What is the Sum Assured?

Minimum Sum Assured:

Rs 25,000

Maximum Sum Assured:

No Limit

Savings and accumulation through bonuses
The Company will declare simple reversionary bonus which is payable at maturity or on death, whichever is earlier.

More value for money � High Sum Assured Rebate
Reliance Cash Flow Plan offers an attractive premium discount for Sum Assured over and above 99,999 as mentioned below. For example, as per the tabular premium rates, the annual premium for a 30 year old male for a 25 year Policy for Rs 5 lakh Sum Assured comes to Rs 30,250 before the High Sum Assured Rebate. After the High Sum Assured Rebate, the premium is Rs 28,750.

Sum Assured Range

High Sum Assured Rebate

Rs 100,000 � Rs 249,000

Re 1 per 1,000 sum assured

Rs 250,000 � Rs 499,000

Rs 2 per 1,000 sum assured

Rs 500,000 � Rs 9,99,000

Rs 3 per 1,000 sum assured

Rs 10,00,000 and above

Rs 4 per 1,000 sum assured

Can I take a loan against my Policy?
No loan is available under this Policy

What happens if I discontinue paying premium?
During the first three years, if premiums are not paid within the grace period the Policy will lapse.

After the first three years if premiums are not paid within the grace period the Policy will be made paid up and the Sum Assured will be reduced,

  • firstly, in the proportion of completed duration to Original Policy Term and

  • secondly, by the amount of periodic lump sum payments already made.

Any accumulated bonuses attached to this Policy will remain attached in full. Once this Policy becomes �paid-up�, no further bonuses are paid. You will receive the �paid-up� Sum Assured plus bonuses on the maturity date of the Policy or in the event of loss of life. Once the Policy becomes paid-up no further Survival Benefits are paid.

What if I want to discontinue the Policy?
We provide you the option to surrender your Policy and receive the Surrender Value. If your Policy has accumulated any bonuses, then you will also receive the cash value of that total amount upon surrendering your Policy.

Your plan acquires a Surrender Value after 3 years� premium payment and after three years have elapsed from date of commencement of Policy. We guarantee a minimum Surrender Value of 30% of the total premiums paid (excluding any extra premiums and premiums for additional benefits) subsequent to the first year premium, less the total of lump sum Survival Benefits already paid under this Policy.

On surrender, the insurance protection provided under the Policy will also cease.

Can I revive a Policy which is lapsed?
A lapsed Policy can be reinstated for full benefits anytime before the date of maturity at terms and conditions required by the Company.

Flexible Premium Payment Modes

  1. Yearly

  2. Half-Yearly

  3. Quarterly

  4. Monthly (with salary deduction schemes only)

Grace period
There is a grace period of 30 days for payment of premium.

Tax Benefit
Premiums paid are eligible for tax deduction under Section 80C & 80D of the Income Tax Act, 1961. Maturity & Death Benefit are tax free under Section 10(10) D of the Income Tax Act, 1961. Under Section 80C, premiums upto Rs 100,000 are allowed as deduction from your taxable income. Under Section 80 D premium upto Rs 10,000 (Rs 15,000 for senior citizens) are allowed as deduction from your taxable income.
(80 D - Applicable to Critical Conditions Premium)

General Exclusions
We will not pay any claim on death if the life Assured, whether sane or insane, commits suicide within 12 months from the date of issue of this Policy or the date of any reinstatement of this Policy.

15 Days Free Look Period:
The Policyholder may cancel this Policy by returning it to the Company within 15 days of receiving it together with a letter requesting it be cancelled. The Company will refund the premium paid by the Policyholder less a deduction:

  • of the proportionate premium for the time cover has been provided till cancellation

  • of expenses incurred by the Company for medical examination of the Life Assured, Stamp Charges and expenses incurred in that connection.

Prohibition of Rebate: Section 41 of the Insurance Act, 1938 states:
1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the Policy, nor shall any person taking out or renewing or continuing a Policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer.
2) Any person making default in complying with the provisions of this section shall be punishable with a fine which may extend to five hundred rupees.

Reliance Life Insurance is a fully licensed life assurance Company registered with Insurance Regulatory & Development Authority (IRDA). Registration No: 1

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