Reliance Life Classic Plan

Reliance Life Classic Plan:-

Reliance Life Classic Plan Review

Reliance Life Classic Plan is a unit linked insurance plan (ULIP), where the premium is invested in markets (equity, debt, etc) and the policyholder has to bear the risks if any.

Our Advice – Unit linked insurance policy is a hybrid product which works as an insurance and investment product. But mainly people invest in ULIPs for the returns it is capable of delivering. Reliance Life Classic ULIP plan offers an inbuilt accidental death benefit rider and 3 additional riders. You can look at this policy for investment if you have a long-term horizon.

Key Features of Reliance Life Classic Plan

·         Unit linked insurance policy where the risk is borne by the policy holder

·         Double Death Benefit of Sum Assured plus Fund Value on death of Life Insured

·         Inbuilt Accidental Death Benefit rider plus option of 3 additional riders

·         Facility of Systematic Transfer Plan where one can invest into any of the chosen funds

·         Exchange option to take any new plans in future

Benefits you get from Reliance Life Classic Plan

Death Benefit – In case of death of the policy holder, the nominee gets Sum Assured + Fund Value. If the death of the policy holder is caused due to accident, then Sum Assured + Fund Value + Accidental Sum Assured is paid to the nominee.

Maturity Benefit – On maturity, the Fund Value is paid to the policyholder.

Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C

Eligibility conditions and other restrictions in Reliance Life Classic Plan

	Minimum	Maximum
Sum Assured (in Rs.) for Regular Premium	10 times X Annualized Premium Or  ½ X Policy Term X Annualized Premium for age< 45 years	5,00,000
Sum Assured for Single Premium	125% of the Single Premium	5,00,000
Policy Term (in years)	15	30
Premium Payment Term (in years)	Equal to Policy Term
Entry Age of Policyholder (in years)	7	65
Age at Maturity (in years)	22	75
Single Premium (in Rs.)	50,000	No Limit
Payment modes	Single, Yearly, Half Yearly, Quarterly and Monthly

Sample illustration of premium amount in Reliance Life Classic Plan

Premium               = Rs.50,000

Policy Term          = 10 years

Total Investment  = Rs. 50,000 x 10 years = Rs.5,00,000

Additional Features and Benefits of Reliance Life Classic Plan

Riders – There are 3 riders available in this policy

1.       Reliance New Major Surgical Benefit Rider

2.       Reliance New Critical Conditions (25) Rider

3.       Reliance Term Life Insurance Benefit Rider

Investment Fund Options

There are 8 Investment Funds available

1.       New Equity Fund

2.       New Corporate Bond Fund

3.       New Money Market Fund

4.       New Gilt Fund

5.       New Infrastructure Fund

6.       New Midcap Fund

7.       New Pure Equity Fund

8.       New Energy Fund

Top-up

You can invest additional premiums as top-up premiums anytime except in the last five policy years. Sum assured will increase by the top-up premium paid.

The minimum top-up premium is Rs. 5,000.

Switching

You have the flexibility to switch investments from one fund to the other any time during the policy term.

There are 52 free switches in one year.

Partial Withdrawal

You are allowed to make partial withdrawals in this policy after 5 complete policy years.

The minimum amount of partial withdrawal should be Rs.5,000 and the maximum partial withdrawal amount should not exceed 20% of the fund value at the time of withdrawal.

contacy for insurance:- sanjay tomer

                           09466423767