Reliance Life Insurance: Super Money Back Policy Review

By | November 12, 2016

One of the well known products offered by Reliance Life Insurance is Reliance Life Super Money Back Plan and it is a restricted period money back policy. In this plan, premium requires to be remunerated for the half the tenure of policy. In this money back is remunerated as a percent of the Sum Assured all 5 years.

On survival till the ending of the premium paying tenure the:

  • Regular payout on monthly basis of 1% of the Sum Assured is remunerated for the first payout year which rises by 0.25% each year.
  • Money Back Benefits are equal to the percent of Sum Assured after every five years.
  • Guaranteed loyalty addition is remunerated on survival till the ending of the paying term of the premium.
  • Guaranteed Maturity Addition is remunerated on survival till the ending of the term of the policy.
  • Guaranteed Loyalty Addition is equal to the 1% of Sum Assured X paying term of the premium.
  • Guaranteed Maturity Addition is equal to the 1% of Sum Assured X of the term of the policy.

Reliance Super Money Back Plan Main Features:

  • Survival Benefit is remunerated every five years.
  • Offers assured Maturity Addition.
  • Offers assured Loyalty Additions.
  • Death benefit is complete Sum Assured irrespective of the sum remunerated as Survival Benefit.

Benefits of Reliance Super Money Back Plan:

  • Guaranteed Loyalty Addition: This plan provides the Guaranteed Loyalty Addition on endurance at the end of the Premium Paying Term. The Guaranteed Loyalty Addition is equal to the 1 percent of Sum Assured X Premium Paying Term.
  • Guaranteed Maturity Addition: This plan provides Guaranteed Maturity Addition on endurance at the end of the term of the policy. The Guaranteed Maturity Addition is equal to the 1 percent of Sum Assured or remunerated Up Sum Assured X Policy Tenure.
  • Regular Monthly Payouts: The plan compensates 1 percent of the Sum Assured each year as a monthly payment which rises by 0.25% every year.
  • Maturity Benefit: At the maturity of the plan, the policyholder will get the final Lump sum Amount of Money Back Benefit, Guaranteed Maturity Addition as well as the last payment of the Regular Monthly Payout and the plan will end.
  • Death Benefit: In case of demise of the Life Insured, the nominee will get:

Ist option: (accessible to all ages)

Death Benefit is the superior of the Sum Assured or 10 times the Annualized Premium 105 percent of total premiums remunerated.

IInd option: (accessible to age at entry 45 and over) Death Benefit is the superior of the Sum Assured or 7 times the Annualized Premium 105 percent of total premiums remunerated.

  • Money Back Benefit: The Life Insured will get percent of the base Sum Assured each 5 years.
  • Riders: There are no extra riders in this policy.

Reliance Super Money Back Plan Eligibility conditions and other restrictions:

Minimum Maximum
Sum Assured (in Rs.) 1,00,000 No Limit
Policy Term (in years) 10/20/30/40 50
Premium Payment Term (in years) Half of the Policy Tenure
Entry Age of Life Insured (in years) 18 55
Age at Maturity(in years) 28 80
Payment modes Monthly, Yearly, Half-yearly and Quarterly
  • If you discontinue compensating the premium after 3 plan years, the plan obtains a Paid Up Value for a abridged Sum Assured but the plan would be entitled for any future regular additions. All though, it can be invigorated within a phase of two2 years from the payable date of the first unpaid premium.
  • If you want to surrender the plan then there is a Guaranteed Surrender Value after 3 plan years offered the first annualized premium has been remunerated in full.
  • Guaranteed Surrender Value is equal to the GSV Factor multiplied by whole premiums paid a smaller amount survival benefit.
  • This policy also provides Special Surrender Value.
  • If you want a loan beside your plan then loan facility is not available upto 80% of Surrender Value.

 

 

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  1. Pingback: Reliance Life Insurance Plans, Services, Office, Customer Care, Policy Payment – Insurance Bazaar

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