- Premium Payment Mode: Only regular premium payment mode is allowed under
- Grace period: There is a grace period of 30 days from the due date for payment
of regular premiums. In case of monthly mode, the grace period is of 15 days.
- Loan facility: Loans will be available under the policy up to 80% of the
surrender value under the basic plan after the policy acquires a surrender value.
- Surrender conditions:
- For Policies having a 14 year term: The policy will acquire a surrender value provided
the first two annualized premiums are paid in full. The surrender value will be
available after completion of two policy years.
- For Policies having a 20 year term: The policy will acquire a surrender value provided
the first three annualized premiums are paid in full. The surrender value will be
available after completion of three policy years. The surrender value will depend
on the year of surrender and the policy term.
- Nomination: Nominations will be allowed under this plan as per Section 39
of the Insurance Act, 1938.
- Assignment: Assignment will be allowed under this plan as per section 38
of the Insurance Act, 1938.
- General Exclusion: If the life insured, whether sane or insane, commits suicide
within 12 months from the date of commencement of this policy or the date of any
revival of the policy, the death benefit will be limited to the accrued surrender
value of the policy, if any and the company will not pay any insured benefit.
- Tax benefits: Income Tax benefits under the policy will be as per the prevailing
Income Tax laws. Service tax and Education Cess will be charged extra as per applicable
rates. Tax laws are subject to amendments from time to time and interpretations.
You are advised to consult a tax expert.
- Free Look : In the event you disagree with any of the terms and conditions
of the policy, you may return the policy to the Company within 15 days for all distribution
channel except for Distance Marketing* channel, which will have 30 days of its receipt
for cancellation, stating your objections in which case you shall be entitled to
a refund of the premium paid, subject only to a deduction of a proportionate risk
premium for the period on cover and the expenses incurred by the insurer on medical
examination of the life assured and stamp duty charges.
For more details on risk factors, terms and conditions please sales brochure
carefully before concluding a sale.
UIN for Reliance Life Insurance Super Endowment Plan: 121N088V01, Reliance Term Life Insurance Benefit Rider: 121C009V01, Reliance New Major Surgical Benefit Rider: 121C014V01, Reliance New Critical Conditions (25) Benefit Rider: 121C012V01, Reliance Life Insurance Family Income Benefit Rider: 121C015V01, Reliance Accidental Death and Total and Permanent Disablement Rider: 121C002V01