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As a parent, it is only natural to dream of a smooth and blissful life for your child. Which is exactly why you need to secure your child’s tomorrow, today.

Reliance Child Plan helps you save systematically so that you can give your child the much-needed financial security in the future. Simply put, Reliance Child Plan gives you the freedom to enjoy every moment with your child today, without worrying about his/her tomorrow.

Key Features

* Risk protection for you during the term of the Policy
* Accumulated bonus at the end of the Policy Term
* 25% of Sum Assured payable every year as lump sum benefit during the last four Policy anniversaries
* All future premiums are waived in the event of unfortunate loss of life
* Guaranteed Fixed Benefits continue even after loss of life of the Policyholder
* More value for your money by way of High Sum Assured Rebate
* Choose to add the benefit of two riders – Critical Illness Rider and Accidental Death Benefit & Accidental Death Benefit & Total and Permanent Disablement Rider
* Policy participates in profit even after the loss of life of the Life Assured

How does this Plan work?
You pay premium every year for the entire term and get guaranteed fixed benefits every year during the last four years of the Policy Term.

On death, your Beneficiary will get the Sum Assured, guaranteed fixed benefits on specified dates and all future premiums will be waived.

All attached bonuses are payable at the end of the Policy Term and will remain attached to your Policy even after payment of Life Cover Benefit.

Benefits
Life Cover Benefit: In the unfortunate event of loss of life, your Beneficiary will receive the Sum Assured immediately and all future premiums will be waived.

Guaranteed Fixed Benefit: Get 25% of Sum Assured every year on the last four Policy Anniversaries irrespective of the survival of the Life Assured.

For example if you have taken a Policy for Rs 1 lakh for 20 years, then fixed benefits payable will be Rs 25,000 each at the end of 17th, 18th, 19th and 20th year.

Maturity Benefit: On maturity you get accumulated bonuses irrespective of the survival of the Life Assured.

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 Rider

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 payable. You will receive the ‘paid-up’ Sum Assured in the event of loss of life. Once the Policy becomes paid-up any outstanding fixed benefits will be reduced to the paid up Sum Assured divided by the number of outstanding fixed benefits. On maturity, the accumulated bonuses up to the date of ‘paid-up’ are paid.

What if I want to discontinue the Policy?
Reliance Life Insurance Company 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 has been paid and after three years have elapsed form date of commencement of Policy. Reliance Life Insurance Company 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 any periodic lump sum fixed benefits already paid under this Policy.

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
Reliance Life Insurance Company 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 Reliance Life Insurance Company within 15 days of receiving it together with a letter requesting it be cancelled. The Reliance Life Insurance 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.