Last updated on June 6th, 2021 at 07:02 am
Reliance Endowment Assurance cum Whole Life Plan
First Date of Issuance:
This plan guarantees you lifelong protection. Even after the premium paying term, the coverage will continue till the insured attain an age of 100 years. It is also an ideal way of creating an asset while also protecting your family against financial loss that can happen after your death at any point of time.
On survival of the insured till the end of the policy term, the insured will receive full Sum Assured along with Vested Bonus (Survival Benefits = Sum Assured + Vested Bonus). Moreover, on survival of the insured up to 100 years, the insured will again receive an amount equivalent to full Sum Assured.
Before Maturity: On death of the insured during the policy term, beneficiary will receive a lump sum amount equivalent to full Sum Assured along with Vested Bonus (Death Benefits = Sum Assured + Vested Bonus).
After Maturity: On death of the insured before attaining an age of 100 years and after maturity of the policy, beneficiary will receive an amount equivalent to full Sum Assured in addition to the survival benefits already paid.
Minimum Sum Assured NPR 100,000
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)
Flexibility in additional coverage- Policy holder can get following additional coverage upon the payment of nominal extra premium:
Critical Illness Benefit (CI):
On insured being diagnosed with onset of any of the listed Critical Illness during the term of the policy, an additional sum equal to Sum Assured under the basic policy or NPR 50 Lakhs, whichever is less, is payable subject to survival of insured and continuity of the said illness for 30 days from the date of diagnosis.
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.
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.
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):
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.