The ultimate reason that steered the creation of Reliance Term Insurance Plans is that policyholders’ loved ones can maintain their financial liberty in case of eventualities. Presently, the company offers two-term insurance plans that offer financial protection to your family. It also comes with a requisite cover with a high sum assured at nominal prices.
The Reliance Term Plans renders plans that you can grasp easily along with adequate coverage as per your requirements and needs. These plans are exclusively premeditated to safeguard your near and dear ones in the event of a mishap.
Fundamental Features of Reliance Term Insurance
Following are some of the parameters that will assist you comprehend the company’s performance and assist you make the right decision.
Solvency ratio: Understanding the solvency ratio helps a potential policy buyer to determine the company’s ability to manage its short-term and long-term liabilities. The solvency ratio of Reliance Life Insurance is 2.33.
Annual premium: The annual premium of the company helps you take an idea of its growth and business volume. The IRDAI report for the financial year 2021-22 states that the annual premium of Reliance Life Insurance is 5036.57 crores.
Claim settlement: The claim settlement or CSR of the corporation aids in gauging the company’s claims-settling potential. The IRDAI report for the financial year 2021-22 states that the claim settlement of Reliance Life Insurance is 98.67%.
Benefits of Reliance Term Insurance
Reliance Term Insurance policies offer numerous benefits to insured individuals. Let’s have a glance at those astounding benefits:
Wider protection: The various Term Insurance plans of Reliance Life Insurance Company assist the policyholder’s family to settle any payoffs such as a mortgage, loans, or medical expenses for critical illnesses so they don’t have to suffer from financial burden after the insured individual’s ill-fated demise.
Flexibility: Reliance Term Insurance plans enable you to tailor your plans as per your unique requirements.
Leverage for non-smokers: The plan provides lower premiums for non-tobacco consumers who follow a healthy lifestyle.
Doesn’t mandate medical examination: If you are below a specific age and opt for a lower sum assured, you may not have to undergo a medical examination to buy an ideal term insurance.
Economical premiums: Reliance term plans offer wider coverage at affordable premiums that make it easier for people to buy them.
Multiple payment options: This term plan renders multiple payment options to its customers that include monthly, quarterly, half-yearly, and annual premiums.
Optional riders: An insured person can make the policy a lot better by adding optional riders such as accidental death, disability benefits, rider for waiver of premium benefits, critical conditions, and more.
Tax benefits: Under section 80C of the Income Tax Act, 1961, purchasing Reliance Term Insurance plans will allow you to relish tax benefits on the paid premiums towards the policy.
Reliance Term Insurance Riders
A rider is defined as a facility that you can add to your insurance policy. It adds benefits to the terms of a rudimentary insurance policy. Riders are created to offer additional coverage options to insured parties, or they may even confine or limit coverage. A policyholder needs to pay an additional cost if he/she decides to purchase a rider. Usually, riders are available at nominal fees because they include minimal underwriting. A rider is also denoted as an insurance endorsement. Given below are some riders presented by Reliance Term Insurance Plans:
Reliance Major Surgical Benefit Rider: Reliance Term Insurance offers coverage for 33 surgeries, including open heart surgery, kidney transplant, cornea transplant, and lung transplant.
An insured individual will get a lump sum amount to cover surgical expenses.
It protects you against the financial burden that major surgeries usually accompany.
Reliance Critical Conditions Rider: This rider offers coverage for 25 critical conditions such as cancer, heart attack, paralysis, or major organ transplants.
It provides a lump sum amount to help a policyholder deal with the expenses related to critical ailments.
In case of adverse health ailments, this rider delivers financial security.
Reliance Family Income Benefit Rider: This rider assures monthly benefit of the 1% sum assured (12% per annum).
Payments start on the date of death or total and permanent disability caused by an accident or illness.
The rider benefit stays intact until the termination of the policy term or for a maximum of 10 years, whichever falls afterwards.
It also delivers financial support to the family if the policyholder dies or struggles with a disability.
Regular accident death and total and permanent disablement rider (regular premium): It offers additional death and disability benefits if the policyholder passes away or struggles with a disability caused by an accident.
It incorporates the benefit of a premium waiver in the event of disability.
It renders additional financial assistance in the event of accidental death or permanent disability.
Regular accident death and total and permanent disablement rider (limited premium): It offers additional death and disability benefits.
It incorporates the benefit of a premium waiver in the event of disability.
It also renders additional financial aid in the event of accidental death or disability.
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