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Reliance Child Assurance Plan
मेरो मुटु - बाल जीवन योजना "आफ्नो मुटुको उज्वल भविष्यको लागि "

This plan is perfect for those who really care about their child. It offers the combined benefits of savings and protection. This Child Assurance Plan is designed to provide financial security to your child regardless of any unfortunate event in future. The main feature is the life of both child and proposer (parent) is covered under the same plan.

Key Benefits
  • • Child can be insured from the age of one month
  • • Both Applicant and Child are assured under the same policy
Benefits in details:

The benefits payable under this plan are:

  • 1) On death of Child during the policy term:
  • The policy will be terminated on death of Child and benefits will be provided as follows:

  • a) If the age of the Child at death is greater than 1 month but less than or equal to 2 years, 40% of full sum assured plus bonuses will be paid
  • b) If the age of the Child at death is greater than 2 years but less than or equal to 4 years, 60% of full sum assured plus bonuses will be paid
  • c) If the age of the Child at death is greater than 4 years but less than or equal to 6 years, 80% of full sum assured plus bonuses will be paid
  • 2) On death of Proposer during the policy term:
  • a) Full sum assured will be paid immediately,
  • b) Future premiums under the policy will be waived,
  • c) Policy will continue till maturity or death of the life assured Child, if earlier, and
  • d) Income equal to 1% of sum assured will be paid every month till the continuity of the policy.
  • 3) On Total Permanent Disability to Proposer during the policy term due to accident or sickness:
  • a) Future premiums under the policy will be waived,
  • b) Policy will continue till maturity or death of the life assured child, if earlier, and
  • c) Income equal to 1% of sum assured will be paid every month will the continuity of the policy.
  • 4) Maturity Benefits:
  • On survival of the child till the end of the policy term, FULL SUM ASSURED PLUS BONUSES will be paid.

  • Terms and Conditions:
  • Minimum Sum Assured NPR. 50,000.00
    Maximum Sum Assured No limit as per need and income source
    Minimum Entry Age of Proposer 21 years
    Maximum Entry Age of Proposer 55 years
    Minimum Entry Age of Child 1 month
    Maximum Entry Age of Child 15 years
    Minimum Policy Term 10 years
    Maximum Policy Term 25 years
    Maximum Maturity Age of Child 25 years
    Maximum Maturity Age of Proposer 65 years
Illustration
Reliance Endowment Assurance Plan
Need Analysis – more of a saving plan with protection element.

Regular saving for your future + Protecting your loved ones in case of eventuality. This product is suitable for clients who wants to save regularly for future. It can also cater to your retirement need. Apart from survival benefit (which you get at maturity), it also protects your loved ones in case of eventuality.

  • • Affordable premium rate.
  • • Minors with age group between 11-14 years can also apply.
  • • At Maturity (also called survival benefit), Sum Insured + Bonus shall be paid.
  • • In case of death of assured the sum assured plus bonus shall be paid to beneficiary.
Eligibility
  • • Sum Assured: Minimum NPR.25,000.00. There is no upper limit, you can go as high as you can subject to your income source and premium payment capability.
  • • Entry Age: Minimum 11 years to Maximum 65 years.
  • • Term: Minimum 5 years to Maximum 59 years.
  • • Maximum Maturity Age: 70 Years.
Illustration
Reliance Endowment Assurance with Whole Life Plan
Need Analysis – suitable if you are more concerned towards protecting your family. Saving component is also there.

Regular saving for your future + Protecting your loved ones in case of eventuality. The beauty of the product is: the beneficiary will benefit in case of death of insured even after maturity. Caters to your retirement need as well and when insured dies beneficiary will get sum insured for sure.

  • • Premium will be slightly higher than in pure endowment plan since beneficiary will surely get amount equals to sum insured if insured dies even after maturity. The difference between this plan and usual endowment plan is: in case of endowment plan, death benefit is only within policy term but in case of this plan, beneficiary will get sum insured even after policy term when assured dies.
  • • At maturity, insured will get sum assured plus bonus.
  • • Death Benefit: On death of insured during the policy term, the payable amount shall be sum assured plus bonus.
  • • Post Maturity Death Benefit: Full sum assured is payable to beneficiary.
Eligibility
  • • Sum Assured: Minimum NPR.25, 000.00. There is no upper limit, you can go as high as you can subject to your income source and premium payment capability.
  • • Entry Age: Minimum 11 years to Maximum 65 years.
  • • Term: Minimum 5 years to Maximum 59 years.
  • • Maximum Maturity Age: 70 Years.
Illustration
Reliance Money Back Assurance Plan (15 & 20 Years)
Need Analysis – helps to meet your regular cash flow need and it gives protection at the same time.

Regular saving for your future + meet your cash flow need + Protecting your loved ones in case of eventuality. This plan typically gives you financial freedom to meet your planned expenses. With minimal regular saving/premium, you can meet bigger needs of your life. For example, if you may have following need,

  • • Need to admit your child to good college when he/she completes school.
  • • Need fund for his further studies which is going to be expensive.
  • • Need fund for your child’s marriage.
  • • And also need fund for yourself for some level of financial freedom.
Eligibility
  • • Sum Assured: Minimum NPR.25, 000.00. There is no upper limit, you can go as high as you can subject to your income source and premium payment capability.
  • • Entry Age: Minimum 11 years to Maximum 65 years.
  • • Term: Minimum 5 years to Maximum 59 years.
  • • Maximum Maturity Age: 70 Years.
Illustration
5 Years 10 Years 15 Years 20 Years
25% 25% 50% with bonus -
25% 25% 25% 25% with bonus
25% 25% 25% 50% with bonus
Reliance Endowment Assurance with Whole Life Plan
Need Analysis – suitable if you are more concerned towards protecting your family. Saving component is also there.

Regular saving for your future + Protecting your loved ones in case of eventuality. The beauty of the product is: the beneficiary will benefit in case of death of insured even after maturity. Caters to your retirement need as well and when insured dies beneficiary will get sum insured for sure.

  • • Premium will be slightly higher than in pure endowment plan since beneficiary will surely get amount equals to sum insured if insured dies even after maturity. The difference between this plan and usual endowment plan is: in case of endowment plan, death benefit is only within policy term but in case of this plan, beneficiary will get sum insured even after policy term when assured dies.
  • • At maturity, insured will get sum assured plus bonus.
  • • Death Benefit: On death of insured during the policy term, the payable amount shall be sum assured plus bonus.
  • • Post Maturity Death Benefit: Full sum assured is payable to beneficiary.
Eligibility
  • • Sum Assured: Minimum NPR.25, 000.00. There is no upper limit, you can go as high as you can subject to your income source and premium payment capability.
  • • Entry Age: Minimum 11 years to Maximum 65 years.
  • • Term: Minimum 5 years to Maximum 59 years.
  • • Maximum Maturity Age: 70 Years.
Illustration
Optional/Rider Benefits

Apart from the benefits stated above, you may also add additional benefits, and this is called Rider Benefits. You need to pay extra premium to avail these benefits which will be nominal.

Accidental Death Benefit (ADB)

In case of accidental death, beneficiary will be paid additional amount equal to sum assured. For example, if sum assured is NPR 20 lakhs and if insured dies due to accident, beneficiary will get NPR 40 lakhs. But if this additional rider is not taken and insured dies, the beneficiary will be paid only sum insured (i.e. NPR 20 lakhs in this example) plus bonus even if the cause of death is due to accident.

Total Permanent Disability (TPD)

If insured is permanently disabled due to accident, he/she will be paid sum assured in 120 monthly installments. In the example presented above, if insured is permanently disabled due to accident, he/she will be paid 16,666.67 for 120 months (i.e. 10 years). If remaining maturity period is less than 10 years, monthly installment will be paid till maturity and remaining amount shall be paid in lump sum at maturity along with sum assured and bonus. For example, if insured is permanently disabled in 15th year and his policy term is 20 years with sum assured of NPR 20 lakhs, he will be paid NPR 16,666.67 every month for 60 months (i.e. 5 years) and remaining 60 installments shall be paid at once. So, at maturity (i.e. 20th year) he will receive sum assured of NPR 20 lakhs + remaining installment of NPR 10 lakhs (60*16,666,67) + bonus. But the premium has to paid in a regular basis till maturity.

Premium Waiver Benefit (PWB)

With nominal extra premium, insured can avail this facility. As mentioned in TPD rider above, insured will get monthly installment in case of permanent disability due to accident but the premium has to be paid in a regular basis. But if insured avails this facility (Premium Waiver Benefit), he/she does not need to pay premium from the date of his permanent disability. Reliance Life will pay premium on their behalf.

Monthly Income Benefit (MIB)

This is applicable for child only (up to 14 years). Proposer must be protected in case of child’s plan. Proposer is child’s father or mother in most of the cases. In case of death of proposer, the child will get monthly benefit of 1% of sum assured till child becomes 16 years. When he turns 17, this benefit will be automatically discontinued. For example, if a child is insured with NPR 20 lakhs and if proposer dies, child will get NPR 20,000 (i.e. 1% of NPR 20 lakhs) every month till he becomes 16 years. However, has to continue the payment of premium. At maturity, as usual, child will receive sum assured + bonus.

Mode of premium payment

Mode of premium payment is Yearly, Half Yearly, Quarterly and Premiums are payable up to maturity or the death of assured, whichever earlier

Disclaimer

For more details on the risk factors and the terms and conditions please read sample policy document on our website carefully, and / or consult our advisor before concluding the sale.