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Common Exclusions Under Ulips Offered By Reliance Life Insurance

Updated On Jul 28, 2021

Reliance ULIPs are unit linked insurance plans that help you organise your finances well, cover the risk of mortality, and accept all of the necessary changes in a financial item. You have three Reliance ULIP options to choose from if you want to save money.

ULIPs Offered By Reliance Life Insurance

Following ULIPs are offered by Reliance Life Insurance - 

1. Reliance Life Insurance Classic Plan: A ULIP with choices like Systematic Transfer Plan and Premium Redirection that provide you the freedom and chance to invest intelligently.

2. Reliance Life Insurance Classic Plan – Limited Premium:  This plan allows the investor to choose from eight investment funds.

3. Reliance Life Insurance Classic Plan - II: It provides the investor both market-connected returns and protection assurance, just as liquidity as halfway withdrawals once five approach commemorations have passed.

4. Reliance Nippon Life Classic Plan: This Plan is best for investors looking for a long term investment featuring low risk. It helps you to diversify your investment by allowing you to swap between different funds to hedge against market risks. The plan also includes life insurance to safeguard your loved ones.

Benefits Of Reliance Life Insurance ULIPs

Following are the benefits investors can avail by choosing a Reliance Unit Linked Plan

1. Flexibility of Payment

The investors can customize their premium payment options under Reliance Life ULIPs. One can choose to pay premiums one-time or for 5, 10, 15 years or for the entire policy term

2. Maturity Benefit 

The maturity benefit will be paid if the Life Assured survives until the end of the policy's term. The Maturity Benefit are made of: 

a) Total Fund Value, which is the sum of the Base Fund Value and Top-up Fund Value, if any b) Maturity Additions 
c) Return of Policy Administration Charges upon maturity

3. Death Benefits

In unfortunate event of death of the Life Assured, while the policy is in force, the company will pay to the nominee(s)/beneficiary(s) the highest of: 

  • All partial withdrawals/deductible payments under Systematic Withdrawal, if any, are deducted from the Base Fund Value to arrive at the Base Sum Assured; and
  • 105% of the total premiums paid (excluding Top-up premiums) less Partial Withdrawals/Deductible payments under Systematic Withdrawal (if any) from the Base Fund Value

4. Easy Liquidity

In the times of emergency, Reliance Life allows the policyholder to unlock the feature of partial withdrawal, wherein the policyholders can withdraw a certain amount from the policy after a certain lock in period.
These plans offer an easy liquidity feature and can be used in the times of need.

Suicide Clause

The nominee/beneficiary/claimant of the Policyholder is entitled to Fund Value as of the date of intimation of death if the Policyholder dies by suicide within 12 months of the date of start of risk or the date of renewal of the policy. Any charges collected after the date of death, other than fund administration charges, will be returned to the nominee or beneficiary, together with interest.


Reliance Life Insurance offers ULIP Plans, which combine the advantages of market-linked returns and life insurance coverage into a single plan. Investors should pay attention to the plan's key components and make an educated judgement based on the facts mentioned above.

You may also like to read - How Is Ulip Return Calculated?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard. 

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