Monthly - Rs.500 per month & in multiples of Re 1^ thereafter
Quarterly - Rs.1,500 per quarter & in multiples of Re 1^ thereafter
Yearly - Rs.6,000 per year & in multiples of Re 1^ thereafter
^In Reliance Tax Saver (ELSS) Fund & Reliance Retirement Fund minimum installment shall be in multiples of Rs 500 thereafter.
There is no upper limit on the SIP Insure tenure. The investor can opt for perpetual SIP also.
Given below is the minimum tenure for different frequencies:
Monthly – 36 installments
Quarterly – 12 installments
Yearly – 3 installments
Yes. Nomination is mandatory and following fields need to be provided mandatorily:
Monthly
No.
The registered nominee/ second holder (wherever the nominee is not registered) in the folio can submit the claim request in case of death of the insured who has opted for SIP Insure.
The nominee of the investor needs to submit the following documents:
In case of death due to accident, the nominee of the investor has to provide the following documents in addition to the above mentioned documents:
In case of death of the insured, the nominee needs to submit the claim documents to the address stated below:
Kiran Kumar
Reliance Nippon Life Insurance Co. Ltd
Reliance Centre, 5th floor, South Wing
Prabhat Colony, Santacruz (W)
Mumbai - 400055
It takes 45 calendar days for the SIP Insure claim to be processed from the receipt of claim request by Reliance Life Insurance Company in case of death of the insured.
The nominee will have to submit the relevant documents to Reliance Life Insurance Company Ltd (RLIC). Also the Nominee will have to submit the SIP Cancellation request in the nearest RNLAM branch. Once claim is processed from RLIC the funds will be credited to the nomineee’s bank account or cheque will be issued to the nominee.
The insurance cover shall cease upon occurrence of any of the following:
^ Switch out / Auto transfer between Reliance Retirement Fund Wealth Creation Scheme to Reliance Retirement Fund Income Generation Scheme or vice a versa will not be considered for Cessation of Insurance Cover.
In such a scenario, sum assured will be equivalent to the fund value* subject to maximum of 120 times the Monthly SIP installment or max sum assured limit i.e. ` 50 Lakhs whichever is lower.
The insurance cover will be continued till the committed tenure is completed (in case of a specific tenure opted by the investor) or till 55 yrs of age (in case of perpetual SIP option).
* Fund Value = Value of units, accumulated under SIP Insure, at the last successfully executed SIP date seen from the day on which SIP is discontinued.
One Time Bank Mandate & Direct Debit & ECS (Post Dated Cheques shall not be accepted)
The Insurance cover shall commence after “waiting period” of 45 days from the commencement of SIP installments. However, the waiting period will not be applicable in respect of accidental deaths.
The Life Insurance Cover under Reliance SIP Insure facility for SIP insure registrations received on or after 15th Oct’15, is as mentioned below:
The above applies to all the frequencies/ options.
Limits above are subject to maximum coverage of Rs. 50 lakhs per Life Insured.
Since the limit is per investor, all his existing investments in Reliance SIP Insure across all eligible schemes will be considered for calculating the maximum sum assured limit.
For registrations received prior to 15th Oct’15, maximum coverage is Rs. 10 Lakhs per Life Insured. For registrations received between 15th Oct’15 and 31st May’18, maximum coverage is Rs. 21 Lakhs per Life Insured.
Kindly refer the terms and conditions applicable at the time of registration.
# Illustration for Calculation of Life Insurance Cover
Suppose a person has enrolled for SIP under quarterly frequency with Min installment amount of Rs 3000 per quarter for a period of 3 years and also for yearly frequency with Min installment amount of Rs 12000 per year for a period of 3 years.
Following is the way he should calculate the eligible life insurance cover for different years:
Step 1 – Before he calculates as per the formula, he should find out the equivalent monthly installment for his SIP amount. For Quarterly frequency,, , it is 3000/3 = Rs 1000 becomes his equivalent monthly SIP installment For Yearly frequency, it is 12000/12 = Rs 1000 becomes his equivalent monthly SIP installment
Step 2 – Now he can refer to the formula for calculation of eligible insurance cover (under quarterly as well as yearly frequencies each) which is as follows; The Life Insurance Cover under ‘Reliance SIP Insure’ facility will be as per the following clause; Year 1 – 10 Times the equivalent # Monthly SIP Installment = 10 * 1000 = Rs 10,000 Year 2 – 50 Times the equivalent # Monthly SIP Installment = 50* 1000 = Rs 50,000 Year 3 onwards – 120 Times the equivalent # Monthly SIP Installment = 120 * 1000 = Rs.1,20,000
Yes, the investor can change the bank details for Reliance SIP Insure during the tenure.
With a view to encourage individual investors to save and invest regularly through Systematic Investment Plan (SIP) and help investors to achieve their financial objectives, ‘Reliance SIP Insure’ is provided as an add-on feature of life insurance cover under Group Term Insurance to individual investors opting for the same, without any extra cost to the investors. (The cost of the insurance premia will be borne by AMC).
Only individual investors whose entry age is 18 years & more and less than 51 years at the time of investment are eligible to invest in Reliance SIP insure. It is mandatory for investor to provide the date of birth in the application form.
Reliance SIP insure facility is available in below schemes:
No. If the investor has opted for perpetual SIP, the insurance cover will be valid only upto completion of 55yrs of age, after which the SIP installments will be treated as normal SIP and the insurance cover ceases.
No insurance cover shall be admissible in respect of death of the SIP-Insure unitholder (the insured person) on account of:
Maximum insurance cover under Reliance SIP Insure shall be Rs.50 lakhs per investor across all schemes / plans and folios across all frequencies/options.
Given below are the details of Maximum Sum Assured applicable for registrations received under Reliance SIP insure Facility:
| Registrations received before October 15, 2015 Rs.10,00,000/- |
| Registrations received on or after October 15, 2015 to May 31, 2018 Rs.21,00,000/- |
| Registrations received on or after May 31, 2018 Rs.50,00,000/- |
