Reliance Insurance launches Super Money Back Plan
Reliance Life Insurance, which is a part of the Reliance Capital, has launched 'Reliance Super Money Back Plan' that provides periodic guaranteed money back pay-outs and a monthly income along with life cover.
The policyholders will get money back benefits to policyholders every five years throughout the policy period along with an increasing monthly income that starts after the premium payment term.
The plan also provides life insurance cover for the full policy term by paying premium for just half the selected policy tenure.
Announcing the launch of the product, Anup Rau, Chief Executive Officer, Reliance Life Insurance said, "Reliance Super Money Back Plan is designed to help policyholders provide a guaranteed regular income and security for the family. Even as the guaranteed periodic lump sums ensure financial support at crucial junctures of life, the increasing guaranteed monthly income provides the additional support to take care of increasing expenses and to fulfill the goals for family."
For the 50 year policy, the policyholder has to pay premium for only 25 years.
The guaranteed money back payouts start from the 5th year and are paid every five years for the policy term.
At the end of the premium payment term of 25 years, the policyholder enjoys a guaranteed increasing regular monthly income till the end of the policy term.
"The policyholder starts getting 1 per cent of sum assured every month as regular income from 26th policy year and earns 12 per cent of the sum assured as total income during the year, for a 50 year plan. The monthly income for the year will go up to 84 per cent of sum assured in the 50th policy year on the back of annual increment of 3 per cent," the company said in a statement.
The pay-outs after the end of the premium period increases every year by 3 per cent and is paid till maturity or death of the insurer, whichever is earlier.
In the event of death of the policyholder during the premium payment term, provided the policy is in full force, the sum assured or 105 per cent of all the premiums paid or 10 times of annualized premium will be payed depending on the case.
If the policyholder dies within the policy term, the nominee would receive the full death benefit, irrespective of the survival benefits already paid.
This new plan is available for customers in the age group 18-55 years with a minimum sum assured of Rs. 1,00,000 and the policyholder can opt for policy terms - 10, 20, 30, 40 or 50 years.
(Posted on 06-02-2014)