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Reliance Pay Five Plan
Introduction/Overview
Reliance Pay Five Plan is a unit linked non-participating Endowment Assurance Plan where the premium is to be paid for only 5 years and benefits can be enjoyed for the full policy term
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- Reliance Pay Five Plan
Key Features
Premiums are required to be paid for 5 years only
The premium paid can be invested in a choice of 5 funds as per the policyholder’s risk appetite namely:
- Life Equity Fund 3
- Life Corporate Bond Fund 1
- Life Money Market Fund 1
- Life Pure Equity Fund 2
- Life Balanced Fund 1
The policyholder can average out his risks through Systematic Transfer Plan option under which the units are systematically transferred from low risk to high risk funds at different intervals
Benefits
- The maturity Value will be the Fund Value including top-up fund value if any
- On death, basic fund value and Top-up Fund Value + Basic Sum Assured and Top-up Sum Assured is paid to the nominee
- Income tax benefit on the premium paid as per Section 80C and on claims received as per Section 10(10D) of the Income Tax Act.
Product Specification:
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Minimum |
Maximum |
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Entry Age (Last Birthday) |
7 years |
65 years |
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Maturity Age (Last Birthday) |
17 years |
75 years |
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Policy Term (PT) in years |
10 or 15 |
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Premium Paying Term (PPT) in years |
5 |
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Premium Paying Frequency |
Yearly |
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Yearly Premium |
45,000 |
No limit |
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Sum Assured |
Higher of 10 times annual premium or 0.5*policy term*annual premium (if age<45 yrs.) Or Higher of 7 times annual premium or 0.25*policy term*annual premium (if age >45 yrs.)
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7-11 yrs. – 5 lakhs 12-45 yrs.-30 times annual premium 46-50 yrs. - 20 times annual premium 51-55 yrs.-10 times annual premium 56 yrs. and above – 7 times annual premium
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Details About Premium
Benefit Illustration for a male aged 30 years with a 15 year policy term
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Annual Premium |
SA |
Fund at the end of 6 years |
Fund at the end of 10 years |
Fund at maturity |
|||
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@ 4% |
@ 8% |
@ 4% |
@ 8% |
@ 4% |
@ 8% |
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100,000 |
500,000 |
497,882 |
581,194 |
538,926 |
734,925 |
590,709 |
984,200 |
Policy Details
Grace Period: 30 days grace period is provided for payment of premium otherwise the policy lapses
Policy Termination or Surrender Benefit: the policyholder can surrender the policy after 5 completed policy years. The fund value on the date of surrender will be paid. If surrendered before completion of 5 policy years, the fund value net of charges will be credited to the Discontinued Policy Fund where it will earn a guaranteed interest of 4% p.a. compounded annually. After 5 years is completed, the resultant Fund Value will be paid to the policyholder.
Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.
Inclusions
- 52 free switches are allowed per policy year
- The policyholder can redirect future premiums towards another funds through Premium Redirection option
- After 5 completed years, the policy benefits can be transferred to another plan
Additional Features or Riders
- Top-ups are allowed under the plan and the SA is increased after the top-up @ 125% or 110% of the top-up premium paid if age is less than or greater than 45 years respectively
- Partial Withdrawals are allowed after 5 completed policy years and also from top-up funds 5 years after the top-up payment
- The policyholder can choose to receive the maturity benefit in 5 equal instalments over 5 years post maturity through the Settlement Option
Exclusions
- In case of suicide committed within 12 months of policy inception, only the Fund Value as on that date is payable
Documents Required
Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.
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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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˜The insurers/plans mentioned are arranged in order of highest to lowest first year premium (sum of individual single premium and individual non-single premium) offered by Policybazaar’s insurer partners offering life insurance investment plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ