Reliance Guaranteed Money Back Plan Review
Plan Name: Guaranteed Money Back Plan
Insurer: Reliance Life Insurance
Category: Traditional Plan
Objective: Financial protection of family and periodic returns on investment
Major USP of Reliance Guaranteed Money Back Plan
Eligibility of Reliance Guaranteed Money Back Plan
Minimum Entry Age: 18 Years
Maximum Entry Age: 60 Years
Policy Term: 15 and 20 Years
Premium Paying Term: 5, 7, 10, 15 and 20 years
Minimum Sum Assured: Rs 50,000
What benefits does Reliance Guaranteed Money Back Plan offer?
In case the Life Assured passes away, Sum Assured will be paid.
If the death is caused due to accident, additional lump sum amount equal to base Sum Assured will be paid.
15% of Sum Assured is paid in the last few years of the policy term.
40 % of Sum Assured is paid along with guaranteed loyalty additions and guaranteed maturity additions.
2% of Sum Assured will be added to the policy at the end of each year.
Depending on the policy term, 15% or 20% of base Sum Assured is payable.
Major surgical benefit, Critical conditions, Term life and Family income benefit riders can be attached with Money Back Plan.
Sum Assured Rebate:
For Sum Assured equal and above Rs 100,000, discount on premium will be paid.
Are there any tax benefits?
Under Section 80C you can avail tax benefit, yearly premium (not more than 1lac) will be deducted from taxable income.
Under Section 10(10D) death claim is completely tax free.
What else should I know about?
Paid up Sum Assured: After three policy years if you are unable to continue policy, you can convert to paid up. The policy will not participate in future performance. On maturity or death, reduced Sum Assured with guaranteed addition and any vested bonuses if any will be paid.
Surrender Value: You cancel Reliance Guaranteed Money Back Plan after 3 years. The guaranteed surrender value will be equal to 30% of all premiums paid barring the first year premium.
Free Look Period: Guaranteed Money Back Plan can be cancelled within 15 days of receiving the policy contract. A written application can be submitted to any branch for the same. The premium will be paid back minus some charges like stamp duty, medical reports.
What’s Policybazaar opinion on Reliance Guaranteed Money Back Plan?
Reliance Guaranteed Money Back Plan is a traditional money back plan. You can choose short premium paying term as required. There are regular loyalty additions and guaranteed maturity addition as well. You can also add riders to increase financial security.
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