Sales Literature Reliance Group Term Assurance Plus

Transcription

1 A nn-linked, nn-participating, grup term insurance plan Yur effrts have been always t ensure best f the facilities t yur grup members with an intrinsic thught t take care f them alng with their families. In tday s uncertain wrld, have yu ensured that yur members and their families are prepared fr any unfreseen emergencies? Reliance Grup Term Assurance Plus ffers yur grup members the benefit f unmatched life cver at affrdable premiums against these unfreseen emergencies that may drastically change their family s lifestyle in their absence. While nthing can cmpensate lss f a valuable grup member, this prduct can prvide yu with the satisfactin f having taken care f the members and their families. With Reliance Grup Term Assurance Plus Get easy prtectin fr yur members Get adequate prtectin at cmpetitive rates Experience a flexible & simplified enrllment prcess Assure yur members hassle free, speedy claim settlement Avail tax benefits as per applicable tax laws Key Benefits Flexibility fr bth frmal and infrmal grups: Flexible prtectin ptins with ptinal rider benefits Optin t increase the cverage amunt Flexibility t cnvert the grup cverage int an individual cverage Cmpetitive Premium Rates with a cmprehensive cverage Easy Administratin: Simplified prcess t ensure easy insurability Ease f managing new jinees and exiting members during a plicy year Hassle free claim settlement prcess Tax Benefits: Premiums paid by the Master Plicyhlder are eligible fr deductin as apprved business expense Premiums paid by the grup members are eligible fr tax deductin UIN: 121N00xV0x Page 1 f 10

2 Hw des the plan wrk? Types f grups cvered: Sales Literature Reliance Grup Term Assurance Plus This plan will be available t bth frmal (emplyer-emplyee) and infrmal (nn-emplyeremplyee) hmgeneus grups. Infrmal hmgeneus grups shall mean: Any assciatins, where the members represent a particular prfessin / trade / dmestic wrkers / Anganwadi wrkers; Gvernment agencies; Any C-perative Sciety; Parents f schl / cllege students as members; Any ther grups as may be apprved by the Authrity. Hw t avail life insurance cver fr yur grup: T avail cverage under this plan, the grup administratr will share fllwing details with RLIC: Member details in the prescribed frmat with benefit details Duly filled Applicatin Frm alng with due dcuments required Payment f the prvisinal premium as per the life cverage pted at inceptin f the plicy The plicy term will be 12 mnths fr the Master Plicy and shall be renewable n Annual Renewal Date On death f any insured grup member during the plicy term, the Sum Assured will be payable t the nminee / legal heir f that member Members jining and leaving the grup during the plicy term: Grup administratr shall share recrds with RLIC, n mnthly basis r as per the agreed frequency, f new members jining the grup r ld members leaving the grup. Hw t claim: The Master Plicyhlder will have t cntact the assigned relatinship fficer r the custmer service fficer with dcuments as required The master plicy dcument elabrately explains the claim prcess t be fllwed UIN: 121N00xV0x Page 2 f 10

3 Reliance Grup Term Assurance Plus at a glance Parameters Minimum Maximum Age at entry (Years) Age at maturity (Years) Plicy Term (Years) Premium Payment Term (Years) One year renewable Equal t plicy term Sum Assured (Rs.) 5000 per member N limit Grup Size(N.s) Premium payment mde #All references t age abve are as n last birthday Benefits in detail Maturity Benefit There is n Maturity Benefit Payable under this plan. Death Benefit 10 fr Emplyer Emplyee Grups 50 fr Nn Emplyer Emplyee Grups N limit Yearly, Half-yearly, Quarterly r Mnthly mde On death f the insured member during the plicy term, prvided the plicy is in-frce, as n the date f death the benefit amunt equal t the member s Sum Assured will be payable t the nminee / legal heir. The cverage fr the respective member will terminate n payment f the Death Benefit fr that member. There are n ther benefits payable under this plan. Surrender N surrender value is payable in case f surrender f the Master Plicy. Cntinuatin ptin In case f surrender f the grup plicy by the Master Plicyhlder, a Cntinuatin ptin is available t the individual members f the grup fr the remaining plicy term. UIN: 121N00xV0x Page 3 f 10

4 On such surrender, the members have an ptin t cntinue the plicy as an individual plicy and the Cmpany shall cntinue t be respnsible t serve such members till their cverage is terminated. Other features Death Benefit Enhancement Optin: Members will be given a chice t increase the Death Benefit amunt abve the base Sum Assured, subject t the Bard apprved underwriting plicy f the Cmpany, either at inceptin r n renewal f the Master Plicy n the Annual Renewal Date. Such additinal Sum Assured is referred t as Enhanced Sum Assured. Riders benefit This prduct prvides tw ptinal riders that can be attached alng with the life cver t enhance ttal cverage benefit. Riders available are as fllws: 1. Reliance Grup Accidental Additinal Death Benefit Rider (UIN:121B007V02) Prvides an additinal death benefit if death ccurs directly as a result f an accident. 2. Reliance Grup Accidental Ttal and Permanent Disablement Rider (UIN:121B005V02) A lump sum r cntinuus incme fr 5 years will be prvided in case f an Accidental Disablement. The rider(s) can be selected n cmmencement f the plicy r n any annual renewal date. The Rider premium will be deducted alng with the base premium under the base plan. The Sum Assured under any rider shall nt exceed the Sum Assured under the base prduct fr each member. The sum f all the rider premiums shall nt exceed 100% f the base premiums payable under the base prduct. When the base plicy terminates, the rider benefits, if any, attached t the base plicy will als terminate. Prfit Sharing This is a withut prfits prduct. Hwever, prfit sharing arrangement is pssible based n specific grup requirement. Kindly refer t the plicy dcument fr further details. Grace perid There is a grace perid f 30 days fr Quarterly and Half-yearly mde, and 15 days fr mnthly mde, frm the payment f first unpaid due premium. Plicy Lapsatin The plicy will lapse if the due premium is nt received befre end f the Grace perid. UIN: 121N00xV0x Page 4 f 10

5 Revival/reinstatement f the plicy Revival r reinstatement is allwed during the plicy term f ne year, as per the Bard apprved underwriting plicy f the Cmpany. We will nt charge any revival fee. Renewal f the Plicy The plicy may be renewed n the subsequent Annual Renewal date, at the then existing terms and cnditins by way f an endrsement, prvided the entire renewal premium has been paid fr the grup subject t the Cmpany s Bard apprved underwriting plicy. Flexible Premium Payment Mdes Premiums under this plan can be paid thrugh yearly, half-yearly, quarterly r mnthly mdes. If the payment is made via half-yearly, quarterly r mnthly mdes, the premiums will be laded with the fllwing factrs as mentined in the table belw: Premium paying Premium mde factr Half yearly 1.5% Quarterly 2% Mnthly 3% lading Premiums can be paid by any f the fllwing mdes: a) Cheque r Demand Draft b) RTGS, Internet banking facility, etc. as apprved by the Cmpany frm time t time Amunt and mdalities will be subject t Cmpany rules and relevant legislatins r regulatins. Sample Premium Rates Mentined belw are sample premium rates per 1000 Sum Assured. The actual premium rates fr each grup will depend n varius factrs. Age Sample Premium Rate (per 1000 Sum Assured) The abve rates are subject t Occupatinal lading, Grup claims experience, Grup Characteristics and ther assumptins. Please nte that nn-standard lives may be charged extra premium. UIN: 121N00xV0x Page 5 f 10

6 Terms and cnditins Sales Literature Reliance Grup Term Assurance Plus 1. Change f base Sum Assured r plicy term The base Sum Assured and plicy term cannt be altered after cmmencement f the plicy. Hwever, n plicy renewal, the members may avail the Death Benefit Enhancement Optin. 2. Nminatin (Sectin 39 f the Insurance Act, 1938, as amended by The Insurance Laws (Amendment) Ordinance, 2014) Nminatin by individual members is allwed as per Sectin 39 f the Insurance Act, 1938, as amended by The Insurance Laws (Amendment) Ordinance, 2014 r any further amendments affected by the IRDA f India r ther apprpriate gvernmental authrities frm time t time.. 3. Assignment and Transfer (Sectin 38 f the Insurance Act, 1938, as amended by The Insurance Laws (Amendment) Ordinance, 2014) Assignment will be allwed, under this plan as per Sectin 38 f the Insurance Act, 1938, as amended by The Insurance Laws (Amendment) Ordinance, 2014 r any further amendments affected by the IRDA f India r ther apprpriate gvernmental authrities frm time t time. 4. New Members All members are invited t jin the Plicy at the Emplyers invitatin. New members will be allwed t jin at any time during the tenure f the plicy. The details f new members must be prvided by the Master Plicyhlder. The Sum Assured and rider benefits, if any, in respect f new members will start frm the date f jining the scheme. If any new member is added pst inceptin f the plicy, the base premium and rider premiums, if any, will be charged n a prrata basis fr the remaining perid f the base plicy. We will prvide the necessary administratin frms t assist yu in ntifying ur ffice when a new member is admitted t the Plicy. Any infrmatin required t set up a new Member recrd, shuld be prvided by the Master Plicyhlder. 5. Lan Lan facility is nt available under this plan. 6. Tax benefit The premiums paid by the member and benefits under this plan are eligible fr incme tax exemptins as per the prevailing Incme Tax laws. The premium paid by the MASTER Plicyhlder is treated as business expense subject t cnditins under the Incme Tax Act, 1961, and amendments there t. Yu are requested t cnsult an Incme Tax Prfessinal n this aspect. UIN: 121N00xV0x Page 6 f 10

7 7. Service tax The service tax and educatin cess will be charged ver and abve the base premium and rider(s) premium, if any, as per the applicable rates declared by the Gvernment frm time t time. 8. Payment f taxes, stamp duties and Taxes levied by the Gvernment in future We will deduct frm benefits/insurance cntributin/premium any taxes, duties r surcharges f whatever descriptin, levied by any statutry authrity. In future the Cmpany shall pass n any additinal charges levied by the gvernment r any statutry authrity t the member/plicy hlder. Whenever the Cmpany decides t pass n the additinal charges t the member/plicy hlder, the methd f cllectin f these charges shall be intimated t them. 9. Suicide exclusin Suicide exclusin will nt apply fr Emplyer Emplyee grups where existing cver is available. Fr ther grups including Emplyer Emplyee grups and Nn Emplyer Emplyee grups, if the insured member whether sane r insane, cmmits suicide within 12 mnths frm the date f jining the scheme 80% f the received premiums fr that member will be paid. 10. Riders The riders are available n payment f additinal premium ver and abve the base premium prvided the cnditins n riders (Entry age, grup s risk prfile, Sum Assured and the premiums, etc) are satisfied. These rider benefits can be selected n cmmencement f the plicy r n any plicy anniversary. The Sum Assured under the rider cannt be higher than the life cver under the Base Plan. The rider premiums, in case f all abve mentined riders must nt exceed 100% f the premiums paid under the base plan. When the Base Plan is lapsed, surrendered r frfeited, the riders, if any, attached t it will cease with immediate effect. Fr further details n all the cnditins, exclusins related t the abve riders, please read the rider terms and cnditins carefully. 11. Free lk perid a. In the event the Master Plicyhlder disagrees with any f the terms and cnditins f the Plicy, the Master Plicyhlder may return the plicy t the Cmpany within 15 days fr all distributin channels, except fr Distance Marketing* channel, which will have 30 days f its receipt fr cancellatin, stating the bjectins in which case the Insurer will refund the entire premium received twards the Plicy except fr the amunts which will be deducted twards a prprtinate risk premium fr the perid f cver, the expenses incurred n medical examinatin f the Grup members and the stamp duty charges. b. In the event an individual grup member disagrees with any f the terms and cnditins f the Plicy, the grup member may return the Certificate f Insurance t the Cmpany UIN: 121N00xV0x Page 7 f 10

8 within 15 days fr all distributin channels, except fr Distance Marketing* channel, which will have 30 days f its receipt fr cancellatin, stating the bjectins in which case the grup member shall be entitled t a refund f the premium paid, subject nly t a deductin f a prprtinate risk premium fr the perid n cver and the expenses incurred by the insurer n medical examinatin f the grup member and stamp duty charges fr the Certificate f Insurance. *Distance Marketing includes every activity f slicitatin (including lead generatin) and sale f insurance prducts thrugh the fllwing mdes: Vice mde, which includes telephne-calling: i. Shrt Messaging Services (SMS): ii. iii. iv. Electrnic mde which includes , internet and interactive televisin (DTH): Physical mde which includes direct pstal mail and newspaper & magazine inserts; and Slicitatin thrugh any means f cmmunicatin ther than in persn. 12. Prhibitin f Rebate (Sectin 41 f the Insurance Act, 1938, as amended by The Insurance Laws (Amendment) Ordinance, 2014) (1) N persn shall allw r ffer t allw, either directly r indirectly, as an inducement t any persn 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. (2) Any persn making default in cmplying with the prvisins f this sectin shall be liable fr a penalty which may extend t ten lakh rupees. Please refer t ur website r cntact ur ffice fr the details under the abve mentined Sectin Plicy nt t be called in questin n grund f Mis-statement after three years (Sectin 45 f the Insurance Act, 1938, as amended by The Insurance Laws (Amendment) Ordinance, 2014) (1) N plicy f life insurance shall be called in questin n any grund whatsever after the expiry f three years frm the date f the plicy, i.e., frm the date f issuance f the plicy r the date f cmmencement f risk r the date f revival f the plicy r the date f the rider t the plicy, whichever is later. UIN: 121N00xV0x Page 8 f 10

9 (2) A plicy f life insurance may be called in questin at any time within three years frm the date f issuance f the plicy r the date f cmmencement f risk r the date f revival f the plicy r the date f the rider t the plicy, whichever is later, n the grund f fraud: Prvided that the insurer shall have t cmmunicate in writing t the insured r the legal representatives r nminees r assignees f the insured the grunds and materials n which such decisin is based. (3) ntwithstanding anything cntained in sub-sectin(2), n insurer shall repudiate a life insurance plicy n the grund f fraud if the insured can prve that the mis-statement f r suppressin f material fact was true t the best f his knwledge and belief r that there was n deliberate intentin t suppress the fact r that such mis-statement f r suppressin f a material fact are within the knwledge f the insurer:- Prvided that in case f fraud, the nus f disprving lies upn the beneficiaries, in case the plicyhlder is nt alive. (4) A plicy f the life insurance may be called in questin at any time within three years frm the date f issuance f the plicy r the date f cmmencement f risk r the date f the revival f the plicy r the date f the rider t the plicy, whichever is later, n the grund that any statement f r suppressin f the fact material t the expectancy f the life f the insured was incrrectly made in the prpsal r ther dcument n the basis f which the plicy was issued r revived r rider issued: Prvided that the insurer shall have t cmmunicate in writing t the insured the grunds and materials n which such decisin t repudiate the plicy f life insurance is based: Prvided further that in case f repudiatin f the plicy n the grund f misstatement r suppressin f material fact, and nt n the grund f fraud, the premiums cllected n the plicy till the date f repudiatin shall be paid t the insured r legal representatives r nminees r assignees f the insured within a perid f ninety days frm the date f such repudiatin. Mis-statement f r suppressin f shall nt be cnsidered material unless it has a direct bearing n the risk undertaken by the insurer, the nus is n the insurer t shw that had the insurer been aware f the said fact n life insurance plicy wuld have been issued t the insured. (5) Nthing in this sectin shall prevent the insurer frm calling fr prf f age at any time if is entitled t d s, and n plicy shall be deemed t be called in questin merely because the term f the plicy are adjusted n subsequent prf that the age f the life insured was incrrectly stated in the prpsal. Nte This prduct brchure is indicative f the terms and cnditins, warranties and exceptins in the insurance plicy giving nly the salient features f the plan. Fr further details n all the cnditins, exclusins related t Reliance Grup Term Assurance Plus, please cntact ur sales representative. Insurance is the subject matter f the slicitatin. Tax laws are subject t change, cnsulting a tax expert is advisable. Reliance Life Insurance Cmpany Ltd. IRDA f India Registratin N: 121 CIN: U66010MH2001PLC UIN: 121N00xV0x Page 9 f 10

10 Registered Office: H Blck, 1st Flr, Dhirubhai Ambani Knwledge City, Navi Mumbai, Maharashtra Crprate Office: 9th flr/ 10th flr, Building N. 2, R-Tech Park, Nirln Cmpund, Next t Hub Mall, Behind Oracle Building, Gregan (East), Mumbai Fr mre infrmatin r any grievance, 1. Call us at ur 24 x 7 Call Centre number: (Lcal call charges apply) r ur Tll Free Number Fax: r 3. Visit us at r 4. us at: rlife.custmerservice@relianceada.cm UIN fr Reliance Grup Term Assurance Plus (UIN: XXXXXXXXXX) Trade Lg displayed abve belngs t M/s Anil Dhirubhai Ambani Ventures Private Limited and used by Reliance Life Insurance C. Ltd. under license. BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS IRDA clarifies t public that IRDA r its fficials d nt invlve in activities like sale f any kind f insurance r financial prducts nr invest premiums. IRDA des nt annunce any bnus. Public receiving such phne calls are requested t ldge a plice cmplaint alng with details f phne call, number. UIN: 121N00xV0x Page 10 f 10