Reliance Group Term Assurance Plus Plan

• Reduce taxable income by up to Rs. 1,50,000 deduction under section 80C**
• Convenient payment options - annual, half-yearly, quarterly or monthly premium payments
• Do more with plans that offer pure protection, retirement planning and investment options

Get unmatched benefits with the Reliance Group Term Assurance Plan that offers life cover at affordable premiums. The plan protects the members against unforeseen emergencies that could have a great impact on the family’s lifestyle. Enrolling in this plan is simplified and flexible. Reliance assures members that the process for claim settlement is hassle-free and quick. Apart from this, tax benefits are available as per the prevailing tax laws.

Eligibility -Who is the Reliance Group Term Assurance Plus for?

To be eligible for the Reliance Group Term Assurance Plus, customers have to meet certain criteria.

*Ages mentioned refer to the age last birthday

Sum Assured and Premium Range - What you get and what it costs

With the Reliance Group Term Assurance Plan, members need to be insured for at least Rs.5,000. There is no maximum limit imposed on the sum assured. If you are an employer, you need at least 10 members to take this plan, but there is no maximum limit. For any other group that is not classified under employer-employee groups, at least 50 members are required. The plan is available for a term of one year only which is renewable annually.

*Premiums vary based on age, location, plan term and other factors

Plan coverage - What the Reliance Group Term Assurance Plus covers

The Group Term Assurance Plus Plan provides flexible protection options with the choice of adding on riders to enhance the benefits. Members also have the option to increase the sum assured. There is a facility available to convert from group coverage to individual coverage. Those opting for this plan stand to benefit from the following.

Riders / Add-On Plans – H3> Additional coverage under the Reliance Group Term Assurance Plus

For those who wish to enhance their total coverage, Reliance offers two rider options. These riders can be attached to the life cover and will pay separate benefits upon the occurrence of the event that it covers. These riders can either be selected at the time of policy commencement or on the annual renewal date. The two riders available are:

Reliance Group Accidental Death Benefit Rider - If the life insured dies on account of an accident, this rider will provide an additional death benefit to the nominee.

Reliance Group Accidental Total and Permanent Disablement Benefit Rider - In the event of accidental disablement, the rider will provide a lump sum or regular income for 5 years.

With these riders, a few things to bear in mind are:

• The premium for the rider will be deducted along with the premium for the base plan.
• The sum assured under any rider cannot exceed the sum assured under the base plan for any member.
• At the same time, the sum total of all premiums for riders will not exceed 100% of the premium paid for the base plan.
• If the base policy is terminated, the riders will also terminate.

Exclusions - What the Reliance Group Term Assurance Plus doesn’t cover

Under this policy, there is only a suicide exclusion that is applicable.

For employer-employee groups and non-employer-employee groups, if the member insured commits suicide, sane or insane, within 12 months from the date of joining the plan, then the nominee will receive 80% of the premiums paid till date.

This is not applicable for employer-employee groups that have existing cover available.

Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

Some of the key features of this plan have been listed out below:

Tax benefits – How you can save with the Reliance Group Term Assurance Plus

As per the prevailing tax laws, the premiums paid by the members are eligible for tax benefits. The benefits received from this plan are also eligible for tax exemptions.

For the master policyholder, the premiums paid are categorised as a business expense as per the Income Tax Act, 1961. However, you are advised to consult a tax advisor.

Other benefits – How you can save with the Reliance Group Term Assurance Plus

Purchasing the Group Term Assurance Plan from Reliance carries other benefits as well.

• The process of availing this plan is easy
• Hassle-free claim settlement
• The plan provides an assigned relationship officer
• Manage new joinees and exiting members of the group easily

Why you should buy the Group Term Assurance Plus from Reliance?

One of the largest insurers in India, Reliance Nippon Life Insurance Company company boasts of over 7 million policy holders. The company has a range of products spanning across different segments: investment, retirement, children, and protection. The insurer targets both individuals and groups giving both sections an adequate choice of products to suit their needs. This plan allows employers/heads take care of the entire group with minimal effort. The plan provides comprehensive, adequate and flexible cover at affordable premium rates.