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Knowledge Base Life Insurance Money Back Reliance Guaranteed Money Back Plan Review
Monday, 21 November 2011 18:21

Reliance Guaranteed Money Back Plan Review

Written by  Yashish Dahiya
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Rating 3.35 (20 Votes)

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


Loyalty Additions

Maturity Addition

Rider available

Loans available


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?


Death benefit:

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.

 

Money Back:

15% of Sum Assured is paid in the last few years of the policy term.

 

Maturity Benefit:

40 % of Sum Assured is paid along with guaranteed loyalty additions and guaranteed maturity additions.

 

Loyalty Addition:

2% of Sum Assured will be added to the policy at the end of each year.

 

Maturity Addition:

Depending on the policy term, 15% or 20% of base Sum Assured is payable.

 

Riders:

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.

 

Compare Money Back Policies from Insurance Companies

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1 Comment
  • Comment Link ItsmeGIRI Wednesday, 16 January 2013 16:03 posted by ItsmeGIRI

    One day, I had a call regarding Relience money back plan from their Head office Mumbai, telling they also offer Loan without intrest with this plan only if they buy this plan from them (means their head office) is it possible ?

    I want to know, is it true or is it fake call ?

    Thanks

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