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It takes a lot for a dream to become a reality. And money is surely one of them.

Reliance Endowment Plan gives you just the financial independence to realise your dreams in the future. It lets you decide how much you would like to set as your sum assured based on your current financial position and your expected future expenses.

Key Features

How does this Plan work?
You pay premium every year for the entire term and get Sum Assured plus accumulated bonuses at maturity. On death, your Beneficiary will get the Sum Assured plus accumulated bonuses.

Benefits
Maturity Benefit: On maturity you get Sum Assured plus accumulated bonuses (if any) till that date.

Life Cover Benefit: In the unfortunate event of loss of life, your family will receive the Sum Assured plus accumulated bonuses (if any) till that date.

Rider Benefit: You also have the option to add three additional benefits to customize the Policy as per your needs for the regular premium plan

1. Term Life Insurance Benefit Rider
2. Accidental Death Benefit & Total and Permanent Disablement Rider
3. Critical Illness Rider
Tax benefits
Premiums paid are eligible for tax deduction under Section 80C & 80D of the Income Tax Act, 1961. Maturity & Death Benefit is 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)

Can I take a loan against my Policy?
The Policy loan can be up to a maximum of 90% of the Surrender Value of the Policy at the time of taking the loan based on the terms and conditions at that time.

This facility is available on your regular premium plan after payment of 3 full years premium and after 3 years have elapsed from date of commencement of the Policy. However this facility is available immediately, in case of the single premium plan. The interest will be charged on any outstanding loan at a rate of interest set by us, from time to time.

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.

If you discontinue paying premium after paying premium for three full years’, then your policy will be converted in to a paid-up policy for a reduced Sum Assured determined in the same proportion as the amount of premiums actually paid bears to the total amount of premiums payable. The life insurance protection will continue to the extent of the paid-up value until the end of the policy term.

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 plus bonuses on the maturity date of the policy or in the event of loss of life.

What if I want to discontinue the Policy?
You have 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 single premium plan acquires a surrender value as soon as you pay your premium. We guarantee a minimum surrender value of 70% of the single premium paid excluding any extra premium plus the cash surrender value of any vested bonuses.

Your regular premium plan acquires a surrender value after 3 years’ premium has been paid 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, plus the cash surrender value of any vested bonuses.

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 with minimum premium payment of Rs. 2,000
2. Half-yearly with minimum premium payment of Rs. 1,500
3. Quarterly with minimum premium payment of Rs. 750
4. Monthly (only with salary deduction schemes) with minimum premium payment of Rs. 250
5. Single Premium with minimum premium payment of Rs. 25,000

Grace period
Regular Premium- one month or 30 days from the due date for payment of premiums Monthly Premium – 15 days

General Exclusion
Reliance Life Insurance Company will not pay any claim on death of 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 Policy holder 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.