Sales Literature Reliance Term Life Insurance Benefit Rider A Non-Linked, Non-Participating, Protection Rider

Transcription

1 A Nn-Linked, Nn-Participating, Prtectin Rider With the changes in ur life-stage i.e. marriage, birth f a child r a jb prmtin, ur life insurance needs als change. Thus there is a need t be adequately insured against life s uncertainties t prtect ur family. Our prtectin cver shuld be flexible t cater t ur changing need at different life-stages. Reliance Term Life Insurance Benefit Rider can be attached t yur Base Plicy and prvides essential prtectin fr yur family at affrdable rates. With Reliance Term Life Insurance Benefit Rider Prtect yur family against any eventuality at a nminal cst Chse yur level f life cver based n yur life stage Get a lump sum benefit n death Supplement yur savings plicy with pure cver Receive tax benefits Key benefits Prtectin Get prtectin fr yur family against an unfrtunate event f death Benefit fr family Get lump sum benefit equal t rider Sum Assured n death Flexibility Chse rider cver at inceptin f Base Plicy r in subsequent years, based n yur life-stage needs Ease f enrllment Additinal security at a nminal cst Tax benefits Enjy tax benefits n the premiums paid and benefits received, as per applicable incme tax laws Uplad V1.0 Page 1 f 7

2 Hw des the plan wrk? Let s take an example: Anp, aged 30 years, pts fr a savings plan with Reliance Life Insurance t enhance the prtectin cver, he pts fr Reliance Term Life Insurance Benefit Rider and: Chses rider term f 20 years, premium payment term f 20 years and Sum Assured f Rs.5 Lakh (equal t the Sum Assured f his Savings plicy) Pays an annual premium f Rs.1,760 p.a. (exclusive f taxes and assuming that he is in gd health) In the unfrtunate event f his Death, his family will get lump sum benefit equal t rider Sum Assured i.e. Rs.5Lakh alng with the death benefit f the Base Plicy Reliance Term Life Insurance Benefit Rider at a glance Parameters Minimum Maximum Age at entry (Yrs.) 18 Years (last birthday) 59 Years (last birthday) Age at maturity (Yrs.) years last birthday r age at maturity under the Base Plicy whichever is lwer T&C5 Sum Assured Rs.25,000 N Limit T&C5 Rider Term (Yrs.) 5 30 T&C 5 Premium Payment Term (Yrs.) 5 Equal t Rider Term T&C5 Premium Payment Mdes Yearly, Half-Yearly, Quarterly and Mnthly T&C5 Benefits in detail Key Benefits Death Benefit In the event f death due t accident r illness, yur beneficiary will receive a lump sum benefit equal t Sum Assured. Maturity Benefit N Maturity Benefit is payable. Premium Payment Mde Premiums can be paid yearly, half yearly, quarterly, r mnthly. Hwever, premium payment mde fr this rider must be same as the premium payment mde fr the Base Plicy. Uplad V1.0 Page 2 f 7

3 Sample Premium Rates Sales Literature Reliance Term Life Insurance Benefit Rider The premium rates fr Rs.1,000 sum assured under regular premium ptin are given belw: Age/Term (Yrs.) Nt Applicable Other features Grace perid fr payment f premiums There is a grace perid f 30 days applicable frm the due date f payment f premiums if the payment is made in yearly, half-yearly r quarterly mdes. In case the premiums are paid in mnthly mde, then the grace perid applicable is f 15 days. Premium Discntinuance If yu discntinue payment f premiums, yur rider plicy will lapse as mentined belw: Lapse When the Base Plicy is lapsed, surrendered r frfeited, the rider attached t the Base Plicy will als terminate immediately. The rider plicy will lapse, if the due premiums under the Base Plicy including the rider premium are nt paid within the grace perid and the Rider benefits will cease immediately. If the lapsed Base Plicy alng with the rider plicy is nt revived within 2 years f the due date f the first unpaid premium then the rider plicy will get terminated. Surrender N Surrender value is payable under the rider plicy. Revival Revival can be dne by paying the arrears f premiums with interest and recmmencing the payment f premiums at any time within a perid f 2 years frm the due date f first unpaid premium but befre the maturity f the plicy. The revival is subject t cmpany s bard apprved underwriting plicy i.e. the Life Assured may have t underg medical test, etc. The Cmpany reserves the right t revise the applicable interest rate frm time t time depending n the ecnmic envirnment, experience and ther factrs. Terms and cnditins 1. Lan Lan facility is nt available under this Rider. Uplad V1.0 Page 3 f 7

4 2. Tax benefit Sales Literature Reliance Term Life Insurance Benefit Rider Premium paid under Reliance Term Life Insurance Benefit Rider is eligible fr tax deductin, subject t the applicable tax laws and cnditins. Incme tax benefits under the incme tax laws are subject t amendments frm time t time. Kindly cnsult a tax expert. 3. Service tax The Service tax and educatin cess will be charged as per the applicable rates declared by the Gvernment time t time. The service tax n the base premiums will be cllected ver and abve the base premiums, alng with the base premiums. 4. Taxes levied by the Gvernment in future In future, the Cmpany may decide t pass n any additinal taxes levied by the Gvernment r any statutry authrity t the Plicyhlder. Whenever the cmpany decides t pass n the additinal taxes t the Plicyhlder, the methd f cllectin f these taxes shall be infrmed t yu. 5. Rider Cnditins The regular Premium Paying Term is between 5 years and 30 years. Fr entry ages 59 years, nly plicy term f 5 years is allwed. At the time f entry, plicy term shall be restricted such that age at entry plus plicy term shall nt be greater than 64 years fr plicy term 5 & abve. Yu can pt fr the rider n cmmencement f the Base Plicy r at subsequent plicy anniversaries. If the rider is pted n cmmencement f the Base Plicy, the rider term will be less than r equal t the plicy term f Base Plicy, subject t a minimum term f 5 years. If the rider is pted subsequently at the plicy anniversary f the Base Plicy, the rider term will be less than r equal t the utstanding plicy term f the Base Plicy, subject t a minimum f 5 years. The premium payment term f the rider will be less than r equal t the premium payment term f the Base Plicy. If the rider is pted n cmmencement f the Base Plicy, the rider premium paying term will be less than r equal t the premium paying term f the Base Plicy, subject t a minimum f 5 years. If the rider is pted subsequently at the plicy anniversary f the Base Plicy, the rider premium payment term will be less than r equal t the utstanding premium paying term f the Base Plicy, subject t a minimum f 5 years. The sum f all rider premiums under a Base Plicy shuld nt exceed 30% f the base premiums under that plicy. Uplad V1.0 Page 4 f 7

5 6. Exclusins Sales Literature Reliance Term Life Insurance Benefit Rider The Sum Assured under rider will be less than r equal t Sum Assured under Base Plicy, the minimum Sum Assured under this rider is Rs.25,000. There are n exclusins in respect f ccupatinal hazard and travel. 7. Premium Rider premium is payable ver and abve the premium under the Base Plicy and shall be paid alng with the premium under the Base Plicy. Premiums can be paid yearly, half yearly, quarterly r mnthly. The mde f rider premium can be changed nly n the anniversary f the Base Plicy and nly when the Base Plicy premium frequency is changed. Hwever, the mde f payment f premium under this rider will be the same as mde f payment f premium under the Base Plicy. The premium rates under the rider are guaranteed thrughut the rider term. Substandard lives with medical cnditins r ther impairments will be charged apprpriate additinal premiums in accrdance with the bard apprved underwriting nrms f the cmpany. Fr heavy smkers, cmpany may charge apprpriate additinal premiums in accrdance with the bard apprved underwriting nrms f the cmpany. Fr sample premium rates refer the sample premium rate table mentined abve. 8. Free lk perid In the event, yu disagree with any f the terms and cnditins f this plicy, yu may cancel this plicy by returning the Plicy Dcument t the Cmpany within 15 days (applicable fr all distributin channels except fr Distance Marketing* channel, which will have 30 days) f receiving it, subject t stating yur bjectins. The Cmpany will refund the premiums paid by yu less a deductin f the prprtinate risk premium fr the time that the Cmpany has prvided yu life cver up t the date f cancellatin and fr the expenses incurred by the Cmpany and stamp duty charges. *Distance Marketing includes every activity f slicitatin (including lead generatin) and sale f insurance prducts thrugh the fllwing mdes: i. Vice mde, which includes telephne-calling ii. Shrt Messaging Services (SMS) iii. Electrnic mde which includes , internet and interactive televisin (DTH) iv. Physical mde which includes direct pstal mail and newspaper & magazine inserts and v. Slicitatin thrugh any means f cmmunicatin ther than in persn. 9. Nminatin Nminatin, as defined under Sectin 39 f the Insurance Act 1938, will be allwed under this plan. 10. Prhibitin f Rebate (Sectin 41 f the Insurance Act, 1938) (1) N persn shall allw r ffer t allw, either directly r indirectly, as an inducement t any persn Uplad V1.0 Page 5 f 7

6 t take r renew r cntinue an insurance in respect f any kind f risk relating t lives r prperty in India, any rebate f the whle r part f the cmmissin payable r any rebate f the premium shwn n the plicy, nr shall any persn taking ut r renewing r cntinuing a plicy accept any rebate, except such rebate as may be allwed in accrdance with the published prspectuses r tables f the insurer. Prvided that acceptance by an insurance agent f cmmissin in cnnectin with a plicy f life insurance taken ut by himself n his wn life shall nt be deemed t be acceptance f a rebate f premium within the meaning f this sub-sectin if at the time f such acceptance the insurance agent satisfies the prescribed cnditins establishing that he is a bna fide insurance agent emplyed by the insurer. (2) Any persn making default in cmplying with the prvisins f this sectin shall be punishable with fine which may extend t five hundred rupees. 11. Plicy nt t be called in questin n grund f Mis-statement after tw years (Sectin 45 f the Insurance Act, 1938) N plicy f life insurance effected befre the cmmencement f this Act shall after the expiry f tw years frm the date f cmmencement f this Act and n plicy f life insurance effected after the cming int frce f this Act shall, after the expiry f tw years frm the date n which it was effected be called in questin by an insurer n the grunds that the statement made in the prpsal r in any reprt f a medical fficer, r referee, r friend f the insured, r in any ther dcument leading t the issue f the plicy, was inaccurate r false, unless the insurer shws that such a statement was a material matter r suppressed facts which it was material t disclse and that it was fraudulently made by the Plicyhlder and that the Plicyhlder knew at the time f making it that the statement was false r that it suppressed facts which it was material t disclse. Prvided that nthing in this sectin shall prevent the insurer frm calling fr prf f age at any time if he is entitled t d s, and n plicy shall be deemed t be called in questin merely because the terms f the plicy are adjusted n subsequent prf that the age f the Life Insured was incrrectly stated in the prpsal. Nte Insurance is the subject matter f the slicitatin. This Rider brchure gives nly the salient features f the Rider and it is nly indicative f terms, cnditins, warranties and exceptins. This brchure shuld be read in cnjunctin with the Rider exclusins, terms & cnditins. Fr further details n all the cnditins, exclusins related t Reliance Term Life Insurance Benefit Rider, please cntact ur insurance advisrs. Tax laws are subject t change, cnsulting a tax expert is advisable. Reliance Life Insurance Cmpany Ltd. IRDA Registratin N: 121 Registered Office: H Blck, 1st Flr, Dhirubhai Ambani Knwledge City, Navi Mumbai, Maharashtra Fr mre infrmatin r any grievance, Uplad V1.0 Page 6 f 7

7 1. Call us at ur 24 x 7 Call Centre number (Lcal call charges apply) r ur Tll Free Number , r 2. Visit us at r 3. us at: rlife.custmerservice@relianceada.cm Reliance Term Life Insurance Benefit Rider: 121B009V02 Uplad V1.0 Page 7 f 7