Last updated on June 6th, 2021 at 07:00 am
Reliance Endowment Plan
First Date of Issurance:
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.
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).
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.
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)
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.