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  • Reliance Traditional Group Superannuation Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    It’s a non-linked fund based group insurance plan offered by Reliance Life Insurance, the premiums of which shall be invested as per the IRDA rules on pension and general annuity. The benefits paid under this plan are governed by the norms of individual employer’s superannuation scheme and it will vary from one employer to another.

    Eligibility -Who is the Reliance Traditional Group Superannuation Plan for?

    To be eligible for the Reliance Traditional Group Superannuation Plan, the master policyholder has to meet certain criteria. Refer to the below table for the same:

    Minimum group size 10 members
    Maximum age at entry 69 years
    Maximum age at maturity 70 years
    Maximum size of policy account No limit

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

    Reliance Traditional Group Superannuation Plan offers two different types of schemes namely, Defined Contribution (DC) and Defined Benefit (DB). Find out more about policy parameters in the table below:

    Minimum premium contribution (annual) Rs.2 lakh
    Maximum premium contribution (annual) No limit
    Policy term 1 year and it will be renewed annually during policy anniversary, unless terminated by the master policyholder
    Types of cover Defined Contribution (DC) and Defined Benefit (DB)
    Modes of premium payment Annually, half-yearly, quarterly, and monthly

    Plan coverage - What the Reliance Traditional Group Superannuation Plan covers

    As already mentioned, the plan covers two types of schemes – Defined Contribution and Defined Benefit. The benefits paid under a Defined Contribution scheme are based on the contributions and investment earnings at the time of retirement. In Defined Benefit scheme, the benefits payable are predefined and it is a function of the individual’s salary. Both the schemes offer guaranteed non-zero positive interest rate equal to 2.5% and an additional interest of 0.01% per annum on the premium contributions of members. Here’s what the Reliance Traditional Group Superannuation Plan covers:

    Benefits offered under the plan The exact benefits offered under the plan is governed by the superannuation scheme of the employer. In general, the following benefits shall be paid under the following circumstances:
    • Death of a serving employee
    • Disability of the employee
    • Retirement
    • Resignation/ termination from service
    Payout options At the time of benefit payout, the company shall provide the following options to the members or beneficiaries subject to the individual employer’s superannuation scheme:
    • Convert the extent permissible under Income Tax Act into annuities which will be guaranteed for life from the company
    • Upon death of the policyholder, the beneficiaries can either withdraw the entire benefits or utilize them for purchasing annuities.
    • Utilize the benefits to purchase a single premium deferred pension product offered by Reliance Life Insurance
    • Transfer the benefits to another approved superannuation fund
    Interest rate declaration
    • The minimum floor rate equal to 2.5% per annum is guaranteed for the entire policy term.
    • Additional interest rate of 0.01% is guaranteed for the entire policy term and it depends on the account value.
    • Non-zero positive residual additions (if any) shall be credited to the account to meet the reduction in yield as mentioned in Regulation 37 of IRDA Regulations.

    Suicide Claim Provision

    In the event of a member committing suicide, the benefits payable shall be as per the trust deed and the norms mentioned in the individual employer’s/master policyholder’s superannuation scheme. The liability of the company shall be limited to the maximum amount payable based on the policy account value or the accumulated premiums.

    Other Key Features – Free Look Period, Surrender Values, Grace Period etc.

    Free Look Period If the master policyholder disagrees with any of the policy terms, they can return the policy back to the company within 15 days of receipt of the policy documentation. This interval is referred to as the free-look period. The free-look period for policies that were purchased through distance marketing channels like online sale, telephonic purchase, etc. is 30 days. The master policyholder is then eligible to receive a refund of the premiums paid minus the proportionate risk premiums.
    Policy Surrender If the master policyholder opts to surrender the policy, they will receive an amount equal to the maximum policy account value or the accumulated premium contributions at the maximum agreed interest rate minus surrender charges.
    Market Value Adjustment A Market Value Adjustment (MVA) is applicable only during bulk exits and it is related to the amount which is above the amount indicating bulk exit. MVA is applied to adjust the amount payable during bulk exits.
    Addition of New Members New members can join anytime when the policy is in force. The addition of new members must be approved by the master policyholder.
    Policy Loans Not applicable
    Claim Process In the event of a claim, the master policyholder is required to intimate the company in writing and provide the following documents:
    • Insurance confirmation document
    • Original death certificate (for death claims)
    • Copies of FIR, wherever applicable
    • Claim form A (filled by the nominee)
    • Claim form B (filled by the doctor)
    • KYC documents
    • ECS mandate form/ cancelled cheque/ self-attested copy of passbook
    • Any other document requested by the company

    Tax benefits – How you can save with the Reliance Traditional Group Superannuation Plan

    Tax benefits will be offered under the policy as per the prevailing tax laws of the country. These laws are subject to amendment from time to time and you are advised to consult a tax advisor before purchase of the plan.

    Why you should buy the Reliance Traditional Group Superannuation Plan?

    Reliance Nippon Life Insurance Company offers a broad portfolio of products to fulfill your savings and insurance needs. The company has a higher claim settlement ratio and serves lakhs of customers across the country. Reliance Group also provides insurance services for industries such as Communications, Energy, Entertainment, Natural Resources, etc. Reliance Life Insurance Company is ranked among the top three life insurers in the country. 

    This Insurance Company has not partnered with BankBazaarInsurance.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.