Life, as we know, is full of uncertainties. And to keep ahead of them, you need to plan ahead.

Reliance Term Plan is a pure life insurance plan that offers you comprehensive and affordable coverage for a limited period of time to suit your needs.

Key Features

• Get higher insurance protection at economical rates

• Optional accidental & disability rider to enhance protection

• Economical way to protect your family against financial liabilities like loss of income and outstanding loans etc.

• Discount on premium rates for women

• Suitable for business owners who want to cover the life of their key employees

How does this Plan work?
You pay premium every year for the entire policy term. On death your Beneficiary will get the Sum Assured. There is no Maturity Benefit under this plan.

Benefits
Life Cover Benefit: In the unfortunate event of loss of life, your beneficiary will receive the Sum Assured.

Maturity Benefit: There is no Maturity Benefit payable under this Policy.

Rider Benefit: You also have the option to add Accidental Death Benefit and Total and Permanent Disablement Rider.

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

The Accidental Death Benefit is payable if death occurs directly as a result of an accident and is intimated within 90 days of its 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 Disability 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.

Exclusions
Exclusion with Accidental Death & Total and Permanent Disablement Benefit Rider:

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.

Flexibility
This rider can 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.

Sample Illustration:
The tables below show the indicative premiums for a male Life Assured across different Sum Assured and ages for policy term of 20, 25 and 30 years.

What is the Policy Term?

Who can buy this product?

What is the Sum Assured?

What happens if I discontinue paying premium?
The Policy will lapse if the premiums are not paid within the grace period. The grace period is one month but not less than 30 days.

However, you have the option to revive the Policy within three years from the date of lapse subject to revival conditions.

The policy is not eligible for any Paid-up or Surrender Value.

Flexible Premium Payment Modes?

1. Yearly

2. Half-yearly

3. Quarterly.

The Company will charge a Policy Fee, depending on the Premium Payment Mode selected by you.

Advantage Women:
Women Policyholders have an advantage as they receive discount on premium paid. For the basic Policy, basic premium payable will be equivalent to the premium for a three-year younger male Policyholder.

Tax Benefit:
Premiums paid are eligible for tax deduction under Section 80C of the Income Tax Act, 1961. Death Benefit is tax free under Section 10 (10 D) of the Income Tax Act, 1961. Under Section 80C, premiums paid up to Rs 1,00,000 are allowed as deduction from your taxable income.

General Exclusion
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 Day 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: 121.