Last updated on June 6th, 2021 at 07:02 am
Reliance Money Back Plan (15 and 20 years)
First Date of Issuance:
On survival of the insured till the end of the policy term, insured will get payouts in every 5 years and the balance amount of sum assured along with vested bonus at maturity as follows:
Cash Back (Percentage of Sum Assured)
|5 Years||10 Years||15 Years||20 Years|
|15 Years||25%||25%||50% with Bonus||–|
|20 Years (Option I)||25%||25%||25%||25% with Bonus|
|20 Years (Option II)||25%||25%||25%||50% with Bonus|
In the event of demise of the insured within the policy term, the beneficiary will receive full Sum Assured along with Vested Bonus (Death Benefit = Sum Assured + Vested Bonus) without deducting any of the survival benefit amounts already paid.
Minimum Sum Assured NPR 50,000
Maximum Sum Assured No Limit (Based on Income)
Minimum Entry Age 11 Years
Maximum Entry Age 55 Years for 15 Years Term and 50 Years for 20 Years Term
Minimum Policy Term 15 and 20 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)
Critical Illness (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.
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.
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.