Project Description

Last updated on September 16th, 2021 at 09:25 am

First Date of Issuance: 2018-07-01

Reliance Term Plan

High coverage at a low premium.

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High risk coverage at low premium is the beauty of this plan. With the most affordable premium, this plan can provide protection to your loved ones in terms of financial stability in case of eventuality.

This plan supports your family to maintain their existing living standard in the event of your unexpected demise through financial support.

Maturity Benefits: Nil

Death Benefits: On death of the insured during the policy term, beneficiary will receive full Sum Assured (Death Benefits = Sum Assured).

Eligibility Criteria:

Minimum Sum Assured                                 NPR 250,000

Maximum Sum Assured                                No Limit (Based on Income)

Minimum Entry Age                                        16 Years

Maximum Entry Age                                       65 Years

Minimum Policy Term                                      5 Years

Maximum Policy Term                                   25 Years

Maximum Maturity Age                                70 Years

Premium Payment Mode: Annual Basis

Optional Benefits

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.