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Reliance Endowment Assurance Plan( First issued on: 2017-11-17 )
Need Analysis – more of a saving plan with protection element.

Reliance Surakshit Jeevan Beema Yojana (Reliance Endowment Assurance Plan)

This plan is an ideal savings and protection oriented plan at an affordable price. Apart from covering the risk, helps the policyholder save regularly over the term of the policy.

This plan will support financial needs in occasions such as securing your children’s education, auspicious family functions, going on a dream vacation, living comfortably after retirement, etc.

Maturity Benefits

On survival of the insured till the end of the policy term, the insured will receive full Sum Assured along with Vested Bonus (Maturity Benefits = Sum Assured + Vested Bonus).

Death Benefits

On death of the insured during the policy term, beneficiary will receive full Sum Assured along with Vested Bonus (Death Benefits = Sum Assured + Vested Bonus). This amount ensures that even in your absence, your loved ones gets the financial support and are able to live the life you planned for them.

Eligibility Criteria:

Minimum Sum Assured                                 NPR 25,000 or NPR 100,000 in case of Single Premium

Maximum Sum Assured                                No Limit (Based on Income)

Minimum Entry Age                                        11 Years

Maximum Entry Age                                       65 Years

Minimum Policy Term                                    5 Years

Maximum Policy Term                                   59 Years

Maximum Maturity Age                                70 Years

Note: For minor’s life insurance coverage above sum assured NPR 20 lakhs, proposer (parent) must have the life coverage equivalent to proposed sum assured of the minor.

Premium Payment Mode: Regular (Annually/Semi-Annually/Quarterly) or Single (One Time Payment)

First Date of Issuance: 1st Mangshir 2074. 

Optional Benefits

Premium Waiver Benefit (PWB)

Premium Waiver Benefits (PWB):

On Permanent Total Disability of the insured due to accident, the entire future premiums due subsequent to the date of Total Permanent Disability will be waived.

In case of life insurance of minor, on death of the Proposer during the policy term, the future premium due subsequent to the date of death will be waived till child attains an age of 16 years.


Monthly Income Benefit (MIB)

Monthly Income Benefit (MIB):

This benefit is applicable for child insurance of an age 11 to 14 years. In case of death of the Proposer, monthly 1% of Sum Assured is payable till the child attains an age of 16 years.


Total Permanent Disability (TPD)

Permanent Total Disability (PTD):

On Permanent Total Disability of the insured due to accident, an additional amount equal to Sum Assured or NPR 1 Crore, whichever is less, is payable in monthly installment spread over 120 months. If the remaining term to maturity is less than 120 months, the balance installments is payable in lump sum on maturity or at death, whichever is earlier. This benefit is available only on insured attaining an age of 16 years.

Eligibility Criteria:

Minimum Sum Assured                                 As per Basic Plan of Insurance

Maximum Sum Assured                                As per Basic Plan of Insurance or NPR 1 Crore, whichever is less

Minimum Entry Age                                        16 Years

Maximum Entry Age                                       65 Years

Minimum Policy Term                                    5 Years

Maximum Policy Term                                   54 Years

Maximum Maturity Age                                70 Years

 


Accidental Death Benefit (ADB)

Accidental Death Benefits (ADB):

On death of the insured due to accident, an additional amount equal to Sum Assured or NPR 1 Crore, whichever is less, is payable to the beneficiary. This benefit is available only on insured attaining an age of 16 years.

Eligibility Criteria:

Minimum Sum Assured                                 As per Basic Plan of Insurance

Maximum Sum Assured                                As per Basic Plan of Insurance or NPR 1 Crore, whichever is less

Minimum Entry Age                                        16 Years

Maximum Entry Age                                       65 Years

Minimum Policy Term                                    5 Years

Maximum Policy Term                                   54 Years

Maximum Maturity Age                                70 Years


7,11 and 18 Critical Illness Coverage

Critical Illness Benefit (CI): 7-11-18 Critical illness optional benefit can be taken by the insured. Under this facility a lump sum of up to Rs.50 Lakhs will be provided to the insured in case any one of the illness is medically verified. (Not applicable under the child plan)


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