Reliance Simple Term Plan

Name: Reliance Simple Term Plan

Type of policy: Term Policy

For buying policy: No

Term insurance is a fantastic product that every single family needs to have, for its earning member(s). It is a pure life insurance policy that gives your family a cover in case of an eventuality to the bread winner. A single term policy of adequate cover will suffice for entire insurance needs.

We typically recommend an insurance cover of 4-8 times your annual income and for as long a term as is available for your age. Find out the ideal cover for you using this calculator.

As the name suggests, this is the SIMPLEST Term Plan in the industry. This plan does not provide any flexibility or anything, but provides for a basic cover of Rs 10000 for 3 years to the family of the life insured by paying almost nothing. This plan is suitable for economically weaker sections of the society. There are no riders offered with this policy. But we recommend a standalone critical illness cover as that gives wider range of cover in terms of number of illnesses, renewability and comes at lower premium. Personal accident cover is really an additional expense to be avoided as it covers your life which is already covered by the term policy.

Product features: 

Parameter

Value

Minimum age at entry

18 years

Maximum age at entry

44 years

Policy term

3 years or 47 years of age whichever is earlier

Sum assured

Rs 10,000

 

Returns: If the insured survives term, no benefits are paid. Insurance should be viewed as an expense rather than investment.  Both function best when handled separately.

Better Alternatives:

Online Term Plans

1

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