Insurance Plans May 4, 2020

Reliance Super Money Back plan is a traditional, non-participating money back plan which aims at providing a guaranteed regular income and security for the family. The lump-sum survival benefit obtained from this money back plan helps in providing cash for the fulfilment of the financial requirements. The Reliance Super Money Back plan ensures the financial protection of family even when you are not there with your family anymore.

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Key features of the Reliance Super Money Back plan

  1. The Reliance Super Money Back plan offers the flexibility of premium payment for the policyholders i.e. monthly, quarterly, half-yearly or yearly.
  2. This plan offers guaranteed money back benefits throughout the policy term within an interval of every five years. This guaranteed money back benefit can otherwise be known as ‘Guaranteed additions.
  3. In addition to this, the Reliance Super money back plans also provide an increasing monthly income which is payable at the end of the premium payment term. This additional benefit is otherwise known as ‘Loyalty Addition’.
  4. The Reliance Super Money back plan provides the benefit of receiving 1% of the total sum assured as the regular payout in a month. Then the monthly payouts will go on increasing by 0.25% in the upcoming years. These payout benefits will be received by the policyholder at the end of the policy tenure or the death of the policyholder whichever is earlier.
  5. Maturity Benefits are paid to the policyholder at the end of the policy. The policy must be active till the end and the premiums must have been paid completely.
  6. Rebates on the premium of the policy are available for those policyholders who have opted for a high sum assured.

Benefits of the Reliance Super Money Back Plan

The major benefits of the Reliance Super Money Back plan can be summarized as below.

Death Benefit

In case of the death of the policyholder, the below-mentioned benefits are available to the nominee of the policyholder.

Option 1 which is available in case of policyholders for all age group.

Death Benefit=Highest amongst the following.

  1. 10 times the Annualized premium or
  2. Sum Assured or
  3. 105% of the total premium that has been paid

Option 2 which are available in case of policyholders whose entry age is 45 years and above.

Death Benefit=Highest amongst the below-mentioned

  1. Sum Assured or
  2. 105% of the total premium paid or
  3. 7 times of the annual premium

Money-Back Benefits

The policyholder would receive a percentage of the basic sum assured or Paid-up sum assured in every 5 years interval in the form of Money-back benefits. The Money-back benefit is payable to the policyholder in case of survival of the policyholder and the Reliance Super Money Back plan being active.

Maturity Benefit

On the maturity of the Reliance Super Money Back plan, the policyholder obtains the final lump sum amount.

Maturity Benefit=Money back Benefit+ Guaranteed Maturity Addition+ the last instalment of the Regular Monthly Payout

After the payment of the Maturity Benefit, the Reliance Super Money Back plan will terminate.

Regular Monthly Payout

The Super Money Back plan offers a regular monthly payout of 1% of the Sum assured every year in the form of monthly payout which will increase by 0.25% annually.

Guaranteed Loyalty Addition

At the end of the premium payment term, guaranteed loyalty addition is offered by the Reliance Super Money back plan.

Guaranteed Loyalty Addition=1% of the Sum assured * the term for premium payment

Guaranteed Maturity Addition

If the policyholder survives the policy tenure of the Super Money back plan, then guaranteed maturity addition is offered by the plan.

Guaranteed Maturity Addition=1% of the Sum assured or paid-up sum assured * Tenure of the policy

Income Tax Benefit

  1. Under Section 80C of the Income Tax Act, 1961 the premiums which are paid for the Super Money plan are eligible for tax exemption.
  2. Under Section 80D of the Income Tax Act, 1961 the amount offered as the Critical Illness Rider is eligible for tax deductions.
  3. The maturity benefit payout is eligible for tax exemption under Section 10(10D) of the Income Tax Act, 1961.

Eligibility and Premium Details

The eligibility and the premium details of the Super Money Back plan can be given below in the tabular form.

ParticularsMinimumMaximum
Age of Entry18 years55 years
Maturity Age28 years80 years
Policy Tenure10 years50 years
Premium paying termHalf of the policy tenure
Premium paying FrequencyMonthly, Quarterly, Half-yearly, Yearly
Sum AssuredRs.1,00,000No limit

Policy Details-Reliance Super Money Back Plan

Grace Period

In case of the non-payment of premium for the policy, a grace period of 30 days is available for policyholders opting for quarterly, half-yearly and yearly premium payment. For policyholders who have chosen monthly premium payment mode, a grace period of 15 days is available for the payment of the unpaid premium.

Freelook Period

In case the policyholder is not satisfied with the terms and conditions mentioned in the policy document the policyholder can request for the cancellation of the policy within 15 days otherwise known as the ‘Free look’ period.

Surrender Benefit

For Super Money back plan, policyholders can surrender the policy only if the premium for the first year has been fully paid. The amount which is paid as Surrender Benefit would be highest amongst

  1. Guaranteed Surrender Value (GSV)= (GSV Factor * total premium paid)- Survival benefit which has been paid or
  2. Special Surrender Value (SSV)=SSV Factor*Paid-up Sum Assured

Loan Facility

The Super Money back plan offers loan facility is available for the policyholders at the rate of 80% of the Surrender Value.

Exclusions of Reliance Super Money Back plan

If the policyholder commits suicide within 12 months of policy commencement, then 80% of the premium that has been paid is refundable.

If the policyholder commits suicide within 12 months of policy revival, the refundable amount is higher amongst the below-mentioned.

  1. 80% of the premium paid for the policy or
  2. The Acquired Surrender Value

Hence, the Reliance Super Money back plan helps in receiving a steady and guaranteed income. The assured benefits provided by this plan makes it a good option for investment to accomplish long term financial goals and ensure the financial security of loved ones in unprecedented situations.

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