Reliance Traditional Group Employee Benefit Plan is one of the Group Life Insurance Plans provided by Reliance Life Insurance. Claim settlement ratio for this insurance company is 84.00%. This policy cannot be bought online. To buy this plan, life insured has to be at least 18 years old as on his last birthday. Maximum entry age for this plan is: 79 years. Vesting age or maturity age for this plan is 19 years. Information on Traditional Group Employee Benefit policy term and returns can be found on details.
Insurance premium is an amount that is paid to the insurance provider at regular or limited intervals or at once. Regular payment means that one pays premium (money you pay in exchange of life cover) throughout the policy term. Limited pay means that one pays premium only for a limited number for years say 3 to 5 years whereas single pay means that you pay premium at once. After maturity of some of the insurance plans, these premiums are returned to you along with additional bonus as policy gains. Reliance Traditional Group Employee Benefit Plan Premium and gains are ways of investment for the life insured person. Payment options for Traditional Group Employee Benefit premium include: Regular Pay.
Traditional Group Employee Benefit gains are the benefits that are available under the insurance policy. You cannot avail loan under this plan. If one is unable to pay premiums, some companies allow surrender of policy. The amount of money that you get back after you surrender your policy is known as surrender value. Reliance Traditional Group Employee Benefit Plan assures guaranteed surrender value. Compare Reliance Traditional Group Employee Benefit Plan and MET Pension (Par) to know the difference between gains of these plans. Tax benefit is applicable for this plan. When a policy has tax benefit, it means that the premiums you pay for that policy are eligible for deduction in tax returns and so is a part of the money you get at the end of policy term. Maturity benefit is not provided by Reliance Life Insurance. This plan assures death benefit.
Provisions of Traditional Group Employee Benefit include riders i.e. special clauses to consider the cases where the policy holder will not be able to pay premium. For example in case the life insured suffers disability due to some accident or in case of demise of the policy holder due to some accident. Special circumstances like the are covered in riders. In such conditions, these riders provide an option for you to surrender the policy and get back the money that you have paid in terms of premiums. Accidental Death is applicable for this plan. Critical Illness is not applicable for this plan. Term Rider cannot be availed under this policy. Permanent Disability can be availed under this policy. Riders can sometimes be bought by paying additional premium.
Reliance Traditional Group Employee Benefit Plan Terms and Conditions include grace period, free look period, etc. Grace period is the period where in the policy can be reinstated by paying the unpaid premiums. Grace Period available for this plan is of 30 Days. Free look period is the period where in you can return the policy if you are not satisfied with the terms and conditions of Reliance Traditional Group Employee Benefit Plan. Free look period available for this plan is of 15 Days.
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