Last updated on September 14th, 2021 at 09:19 am
First Date of Issuance: 2020-09-27
Reliance Term Plan
Why is Relifeinsurance Savings Endowment Plan special?
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).
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
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.