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You have always aspired for the best
in life. And we help you achieve just that.
With Reliance Market Return plan you
can have the twin advantage of insurance protection as well as
reaping the benefits of investment growth. It is a flexible plan
which works all through your life and meets the changing
requirements like additional protection, liquidity through cash,
option to invest in different asset class, steady golden years and
many more.
- Twin benefit of market linked return and insurance protection
- A Unit Linked Plan, different form traditional Life Insurance
products, with maximum maturity age of 80 years
- Option to create your own portfolio depending on your risk
appetite
- Choose from 4 different investment funds
- Flexibility to switch between funds
- Option to pay regular as well as single premium & Top-ups
- Option to package with Accidental riders
- Flexibility to increase the Sum Assured
- Liquidity through partial withdrawals
The premium made net of Premium Allocation Charges by you is
invested in fund/funds of your choice and units are allocated
depending on the price of units for the fund/funds.
The value of your Unit Account is the
total value of units that you hold in the fund/funds. The Mortality
Charges and Policy Administration Charges are deducted through
cancellation of units whereas the Fund Management Charge is priced
in the unit value.
Life Cover Benefit: You can choose the basic
Sum Assured within the minimum and maximum levels mentioned below
Minimum Sum Assured:
- Regular Premium: Annualized Premium for 5
years or for half the Policy term
- Single Premium: 125% of the single premium
Maximum Sum Assured: No Limit (Rs
500,000 for age up to 12 years)
In case of unfortunate loss of life, your
Beneficiary will get sum Assured or Unit Account Value whichever is
higher.
Maturity Benefit:On survival, at maturity the value of your Unit Account will
be paid out.
Rider Benefit: You can add the
Accidental Death & Accidental Total and Permanent Disablement
Benefit Rider (available only with regular premium option).
This benefit doubles the life coverage in case of
accidental death or accidental total and permanent disablement at a
very nominal additional cost. The maximum cover is Rs. 50,00,000 per
life.
In case of accidental total and permanent disablement, 1/10th of
the Sum Assured will be paid at the end of each year for ten years.
If the total and permanent disablement has commenced, the Accidental
Death Benefit Cover ceases.
In case of maturity or on death of the Assured, after payment of
installments of Accidental Total and Permanent Disablement Benefit,
the remaining unpaid installments if any will be paid in one lump
sum.
Accidental total and permanent disablement means disability
caused by bodily injury, which causes permanent inability to perform
any occupation or to engage in any activities for remuneration or
profits. This disability should last for at least 6 months before
being eligible for Accidental Total and Permanent Disablement
Benefits.
Total and permanent disablement includes loss of both arms or
both legs or one arm and one leg or of both eyes. Loss of arms or
legs means dismemberment by amputation of the entire hand or foot.
Loss of eyes means entire and irrecoverable loss of sight.
Reliance Life Insurance will not be liable to pay any Accidental
Death Benefit Claim or Total and Permanent Disablement Claim 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 acts
- Being under the influence of alcohol or drugs
- 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 recognized airline or charter service.
- Participating in any riot, strike or civil commotion, active
military service, naval airforce, police or similar services 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.
Reliance Life Insurance understands the value of your hard
earned money and in our endeavour to help you grow your wealth, we
offer you 4 different tailor-made investment funds. You have the
option to allocate your premium in these funds as you wish.
The four different funds offered are
1. Capital Secure Fund: The investment objective of
this fund is to maintain the value of all contributions (net of
charges) and all interest additions. This Fund offers steady return
for very little risk. The risk profile of this fund is low. Your
funds are invested 100% in Bank Deposits, Government Bonds and debt
instruments that offer financial security.
2. Balanced Fund: The
investment objective of this Fund is to provide you with investment
returns which exceed the rate of inflation in the long term while
maintaining a low probability of negative investment returns. In
this fund, a major portion of your funds are invested in fixed
securities while a small percentage is invested in the equity
market, which is exposed to market movements. The risk profile of
this fund is low to medium.
Investment would be at least 80% in fixed interest securities and
maximum 20% in equities.
3. Growth Fund: The
investment objective of this Fund is to provide you with investment
returns which exceed the rate of inflation in the long term while
maintaining a moderate probability of negative investment returns.
This fund offers a greater portion of your funds are invested in
fixed securities while a small percentage is invested in the equity
market, which is exposed to market movements. The risk profile of
this fund is medium to high.
Investment would be at least 60% in fixed interest securities and
maximum 40% in equities.
4. Equity Fund: The
investment objective of this fund is to provide Policyholders with
high exposure to equities and the possibility of investment returns
which generate a high real rate of return in the long term while
recognizing that there is a significant probability of negative
investment returns in the short term. This fund offers a totally
equity based investment option. Your returns depend entirely upon
the performance of the equity market. The risk profile of this fund
is high. The higher risk of this portfolio means that expected
returns would also be higher. Investments would not exceed 30% in
Bank Deposits and may be 100% in equities.
Value of Units: The unit price of each Fund will
be the unit value calculated on a daily basis.
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Unit Price =
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Total Market Value of assets plus/less
expenses incurred in the purchase/sale of assets plus
Current Assets plus any accrued income net of fund
management charges less Current Liabilities less Provision
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Total Number of units on issue (before
any new units are allocated/redeemed)
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Pay top-ups
If you have received a bonus or some lumpsum money you can use that
as a top-up to increase the investments component in your Policy.
Top-ups are allowed only if all premiums due till date are paid.
There is no restriction on the maximum amount of
top-ups. However top-ups made over and above 25% of the basic
regular premium paid till date will lead to an increase in Sum
Assured to the extent of 125% of the excess top up premiums. The
minimum top-up amount is Rs. 2,500. 98% of any amount paid as top-up
is allocated to your funds.
Make partial withdrawals
After three years,
- If your Unit Account Value is less than the Sum Assured, then
the maximum partial withdrawal can be Rs 5,000 per partial
withdrawal.
- If your Unit Account Value is more than the Sum Assured, then
the maximum partial withdrawal is the difference between the Unit
Account Value and the Sum Assured plus Rs 5000.
- Higher amounts of partial withdrawals are allowed subject to
underwriting.
- Two partial withdrawals are allowed every year. Minimum Fund
Value after each partial withdrawal should be Rs 10,000.
- For the purpose of partial withdrawals, top-ups would have a
lock-in of three years from the date the top-ups are made until
then no partial withdrawals are allowed. This condition is not
applicable if the top-ups premiums are paid during the last three
years of the Policy term.
- Where the Life Assured is minor, - partial withdrawals are
allowed on or after attainment of age 18 years or after 3 years if
later.
Increase the Sum Assured
You are free to increase the Sum Assured. Once Sum Assured
is increased it remains for the entire outstanding Policy term.
Increase in Sum Assured is subject to underwriting.
Control your investments
You have full control on your investments. Depending upon
the performance of your funds you can switch between funds. There
will be one free switch in a Policy year.
Redirect future premiums
Redirection is retaining the units you have already
invested and purchasing units using subsequent premium payments in
an alternative proportion of your choice. The units you have already
purchased with your premiums remain as they are while you redirect
your future premium payments to other funds of your choice.
(applicable for regular premium payment option only)
Settlement Options
This option enables you to take the maturity proceeds in
the form of periodical payments after the maturity date instead of a
lump sum on the maturity date. You can choose to redeem the units in
his/her Unit Fund anytime up to 5 years from the date of maturity.
| Minimum Age at entry |
30 days |
| Maximum Age at entry |
65 years |
| Maximum Age at maturity |
80 years |
| Minimum Policy term |
5 years |
| Maximum Policy term |
40 years |
You have a choice of five premium payment modes
| Annual
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Rs. 10,000 |
| Half-yearly |
Rs. 5,000 |
| Quarterly |
Rs. 2,500 |
| Monthly |
Rs. 1,000 |
| Single premium |
Minimum Premium is Rs. 25,000 |
You may surrender a Policy at any time after three year from
commencement. The Surrender Values are detailed below:
Regular Premium Policies
| No of Years premiums paid |
Surrender Value as percentage of Unit
Account Value |
| Less than 1 |
0% |
| 1 |
50% |
| 2 |
80% |
| 3 and more |
100% |
Single premium Policies
Under single premium policies, Surrender Value is 100% of Unit
Account.
1. Premium Allocation Charge
For regular premium policies:
| Term of the Policy
|
| Year |
5-9 |
10-14 |
15+ |
| First Year |
10% |
15% |
20% |
| Thereafter |
5% |
5% |
5% |
The Premium Allocation Charge for single premium & top-ups is 2%.
2. Policy Administration Charge:Rs 40 will be deducted from your Unit Account each month.
3. Fund Management Charge:
|
Unit Linked Funds |
Annual Rate* |
| Capital Secure |
1.50% |
| Balanced |
1.50% |
| Growth |
1.75% |
| Equity |
1.75% |
*The Fund Management Charges will be deducted on a daily basis.
The Fund Management Charges are subject to revision at any
time, but they will not exceed 2% p.a. for the Capital Secure Fund
and 2.5% p.a. for the other funds.
4. Partial Withdrawal Charges:Rs 100 per withdrawal will be deducted from your Unit
Account.
5. Switching Charge:1% of the amount switched, with a maximum of Rs.1,000/-.
6. Mortality Charge:
The Mortality Charges, based on your attained age, are determined
using 1/12th of the charges mentioned in Appendix 1 and are deducted
from the Unit Account monthly.
7. Surrender charge:
This charge is levied on the Unit Fund at the time of surrender of
the Policy as under:
Regular Premium
| Years� premiums paid |
Surrender Charge as percentage of Unit
Account Value |
| Less than 1 |
100% |
| 1 |
50% |
| 2 |
20% |
| 3 and more |
NIL |
Single Premium - NIL
- The investments made in the Unit Funds are subject to
investment risks associated with Capital Markets and the NAVs of
the units may go up or down based on the performance of the fund
and the factors influencing the Capital Market, and the insured is
responsible for his / her decisions.
- The Unit Price is a reflection of the financial and
equity/debt market conditions and can increase or decrease at any
time due to this.
- Benefit payable under the Policy will be made according to the
tax laws and other regulations in force at that time.
- There are no guarantees for any fund of any kind under this
Policy. The benefit payable on maturity will be equal to the value
of your units.
- The name in the funds in no way indicates the returns derived
from them.
Within 3 years of the inception of the Policy:
If premiums have not been paid for at least three consecutive years
the insurance cover will cease immediately. However, you will
continue to participate in the performance of Unit Funds chosen by
you.. The monthly Policy Administration Charges will be deducted
from your account by cancellation of units.
You may revive the Policy by re-commencing the premium payment
within a period of three years from the date of first unpaid premium
or before the maturity date of the Policy whichever is earlier.
In case the Contract is not revived during revival period, the
Contract shall be terminated and the surrender value, if any, shall
be paid at the end of third Policy Anniversary or at the end of the
period allowed for revival whichever is later.
After paying of at least 3 full years� premiums:
If premiums have been paid for at least three consecutive years and
subsequent premiums are unpaid, the Policy will remains in force
with Sum Assured intact. The Mortality and Policy Administration
Charges will be deducted from your account by cancellation of units.
You will continue to participate in the performance of the Unit
Funds chosen by you.
You may revive the Policy by re-commencing the premium payment
within a period of three years from the date of first unpaid premium
or before the maturity date of the Policy whichever is earlier
At the end of the allowed period for revival, if the Policy is
not revived, the Policy shall be terminated by paying the surrender
value.
However, you may opt to continue the Policy even beyond the
revival period (but not beyond the maturity date of the Policy). The
mortality and administration charges will be deducted from your
account by canceling the units. You will continue to participate in
the performance of the Unit Funds chosen by you. This option will be
available until the Fund Value does not fall below an amount
equivalent to one full year�s premium.
If at any point of time, the Fund Value reaches an amount
equivalent to one full year�s premium, the Policy shall be
terminated by paying the Fund Value.
Premiums paid are eligible for tax deduction under Section
80C of the Income Tax Act, 1961. Provided the premium in any years
during the term of the Policy does not exceed 20% of the Sum
Assured, maturity and withdrawals are eligible for tax benefit
under Section 10(10D). Death benefit are tax free under Section
10(10) D of the Income Tax Act, 1961. Under Section 80C premiums
up to Rs 100,000 are allowed as deduction from your taxable
income.
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 revival of a Policy, the Company will limit the
death benefit to the value of the Unit Account and will not pay
any insured benefit.
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:
Please note that Reliance Life Insurance Company Limited is only
the name of the insurance Company and Reliance Market Return Plan
is only the name of the unit linked life insurance Policy and does
not in anyway indicate the quality of the Policy or its future
prospects or returns.
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.
Insurance is the subject matter of
solicitation
UNDER THIS PLAN THE INVESTMENT
RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER.
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