Reliance Life Child Plan
The Reliance Life Insurance Company offers the Excellent Plans like Child Insurance Plans and Reliance Education Plan. Reliance Child Insurance Plan provides the best future for the child. Every Parent wants to give the love, protection and best life for their children. Reliance Life Insurance plan will help to save the money to secure your child’s future needs. For every child, Parent is the only one which shows genuine love. For those Parents, Reliance Nippon Life Insurance is providing assured benefits to manage your child’s financial needs like Higher Education, Marriage or any other requirement. So the Parents can buy this Reliance Life Child Insurance Plan which is the best Gift you would ever give to your child.
Why Do You Need to Buy Reliance Life Child Insurance Plan?
NowaDays, Expenses for the Present Education System are very high. Reliance Education Plan helps you for your Child’s Education to achieve their Goals. Child Insurance Plan will provide Financial Security for your child’s even in your absence also. Reliance Life Insurance Plan is Very Secure and also helpful at the time of Your Child’s Marriage. So start the investing Money for this Plan to Fulfill your Child’s Dreams.
Reliance Life Insurance Child Plans
Reliance Nippon Life Insurance Plan provides 2 types of Child Insurance Plans. Here we have given Complete details of Plans, Features and Benefits etc. So the Policy Holder who want to buy this Reliance Insurance Policy can check the information for better understanding.
- Child Insurance Plan.
- Reliance Education Plan.
Reliance Life Child Insurance Plan
Child Insurance Plan is a Non-linked, Participating, Non-variable, Child insurance plan. The Unique Identification Number of Reliance Child Plan is 121N003V02. Here we have given Key Features, Benefits and Eligibility Conditions for Child Insurance Plan.
Key Features of Reliance Life Child Plan:
- Protect Your Family and Child’s Future.
- Flexibility.
- Milestone Additions.
- Periodic Benefits.
- Tax Benefits.
Reliance Life Child Plan Benefits:
The Policy Holder will get the following benefits by buying this Reliance Life Child Plan. So the people who want to invest their money in this Plan can have a look on the below information.
Maturity Benefit:
Guaranteed 25% of Sum Assured will be provided at maturity plus Vested bonuses which accrue every year and Non-Negative Capital Guarantee if any.
Death Benefit:
Mentioned Nominee will get the following benefits when Policy Holder is in the absence (Death).
- Guaranteed Sum Assured at 25% Maturity.
- 1o times Annualised Premium If age at entry is lower than 45.
- Otherwise 7 times Annualised Premium
Flexibility:
- Choose your policy term: 10 to 20 years
- Premium payment mode: Yearly, half-yearly, quarterly or monthly
Guaranteed Periodic Benefit:
Buyer will get Guaranteed Periodic benefit 25% of Base Sum Assured on each of the last 3 policy anniversaries before Maturity, irrespective of the survival of the Life Assured.
High Sum Assured Addition benefit:
High Sum Assured Addition = High Sum Assured Addition Percentage x Sum Assured
Eligibility Criteria and Conditions of Reliance Life Child Plans
| Plan Parameters | Minimum | Maximum |
| Age at Entry (Years) | 20 | 60 |
| Age at Maturity (Years) | 30 | 70 |
| Basic Sum Assured(Rs) | 25000 | No Limit subject to Company’s Board approved underwriting policy |
| Policy Term(Years) | 10 | 20 |
| Premium Payment Term(Years) | Equal to policy term | |
| Premium Payment Frequency | Annual/Half-yearly/ Monthly | |
For more details like Riders, Rebates, etc you can check policy brochure given by the company.
Reliance Education Plan
Reliance Education Plan helps you save with certainty and allows you to choose your payouts depending on your child’s future needs. We have provided the different Benefits for the Reliance Life Insurance Education Plans. The Unique Identification Number of Reliance Education Plan is 121N106V01. We provided the Features, Benefits, and Eligibility Conditions for this Education Plan offered by Reliance Life Insurance Company.
Key Features of Reliance Education Plan:
- Protect Your Child’s Future.
- Liquidity.
- Pay as You Like.
- Additional Benefits.
- Tax Benefits.
Reliance Life Insurance Education Plan Benefits:
The Life Assured will get the following benefits by buying this Reliance Insurance Education Plan. So the people who want to invest their money in this Plan can have a look on the below information.
Maturity Benefit:
The Buyer will get Guaranteed Maturity Benefit at the end of the policy in the irrespective of survival. GMB will be payable based on the Payout Option selected at the inception of the policy.
GMB = BSA + Sum of GAs + Guaranteed Maturity Additions (GMA)
Death Benefit:
The Nominee will get the Lum Sum Benefits in the event of Unfortunate Death of Policy Holder. Under this Benefit, we have
- Death Benefit Payout Options: Higher of Basic Sum Assured.
- Death Benefit Amount: 105 percent of the total Regular Premiums paid
Guaranteed Periodic Benefit:
Buyer will get Guaranteed Periodic benefit 25% of Base Sum Assured on each of the last 3 policy anniversaries before Maturity, irrespective of the survival of the Life Assured.
Eligibility Criteria and Conditions of Reliance Life Education Plan
| Parameters | Minimum | Maximum | |
| Policy Term(Years) | Premium Payment Term | ||
| 5 | 9 | 20 | |
| 7 | |||
| 10 | 12 | ||
| Regular | 9 | ||
| Age at Entry(Years) | Parent | 20 | 50 |
| Child | 0 | 18 | |
| Age at Maturity(Years) | Parent | 29 | 65 |
| Child | 9 | 30 | |
| Base Sum Assured(Rs) | 50,000 | No Limit | |
| Premium Payment Term(Years) | Limited Pay: 5/7/10
Regular Pay: Equal to Policy Term |
||
| Premium | PPT 5&7 Years: 35,000
9&10 Years: 30,000 Over 11 Years +: 20,000 |
No Limit | |
| Premium Payment Modes | Annual/Half-yearly/ Monthly | ||
Reliance Life Insurance Premium Calculator
To calculate the premium and Maturity Benefit for the Reliance Life Child Plan, we have the following data. So the general documents required to calculate the premium is
- Name of the Policyholder.
- Email Id.
- Mobile Number.
- Age Proof.
- Policy Term.
- Sum Assured.
How to Buy Reliance Life Insurance Child Policy?
The Policyholder/ Nominee can apply for Claim in Case of Death or Disability Occurred due to the Sudden Accident of the Policyholder during the Policy Term 0r if your Policy Maturity Period completed. The Life Insured can visit the nearest Reliance Life Insurance Branch Office to buy the Proposal form. You can also purchase the policy through online. You can also get the Reliance Life Child Plan through the Agent.
Documents needed for Reliance Child Plan
- Application form/ Proposal form along with a photo.
- Address Proof.
- Age Proof.
- Medical reports (If required).
Claim Procedure for Reliance Life Child Insurance Plan
After the death of the policyholder or after the successful completion of the premium Policy Term , Nominees can claim for the Reliance Life Child Plan .
The documents required to claim for the Reliance Life Child & Education Plans are
- Original Policy Document.
- Proof of title.
- Death Proof.
- Medical treatment documents before death.
- Age proof.
- Additional documents in case of death occurred due to unnatural or accidental death.
Additional Information on Reliance Life Insurance Child Plans
Grace Period:
If the Life Assured is not able to pay the premium within the time, then the company will extend the time to pay the premium is known as a grace period. Reliance Life Insurance Plan has a grace period of 30 days. The Policy Holder can pay the premium within this Grace Period.
Revival Period:
If the Policyholder doesn’t pay the premium within the grace period, then the Policy will be a lapse. But the Assured Candidate can revive the Lapsed Policy within the two consecutive years from the date of first unpaid premium. This Child plan will be revived before the expiry period of Policy term.
Surrender Value:
If the Life Insured wants to discontinue the policy within the Minimum Policy Term, then the Surrender value will the paid to the policyholder. Surrender value will be of Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV).
Guaranteed Surrender Value (GSV)
GSV= Guaranteed Surrender Value Factor * Total premiums paid (excluding extra premiums if any) upto the date of surrender.
Free Look Period:
If Buyers are not Satisfied with the Terms and Conditions of the Reliance Life Insurance Policy, they can Return their Policy before Completion of Free-look Period. Free Look Period for this Child Plan is 15 Days.
Policy Lapse: If you have not paid the premiums within the grace period and also for the first three full years, then your policy will close or lapse. In this case, there are no benefits will be payable under this lapsed policy.