INSURANCE Review RELIANCE SUPER FIVE PLUS

'Double-death' Benefit, but Cover Comes at a High Cost

Product Details 
Reliance Super Five Plus is an endowment plan with a limited premium-paying term. While the policyholder can choose a policy term from 10 to 40 years, the premium-paying term will always be five years less than the policy term. 
Additional Features 
The scheme pays the sum assured to the policyholder at the end of the premium-paying term, which is five years less than the policy term. 
As the policy stays in force, in the event of the death of the policyholder before the policy term is completed, the sum assured shall be paid to the nominee despite fact that the same has already been paid to the policyholder at the end of the premiumpaying term. 
However, in the event of the death of the policyholder during the premium-paying term, the sum assured shall be paid just once, to the nominee and the policy shall terminate. 
    Our View 
Notwithstanding the fact that Reliance Super Five Plus has a limited premium-paying mandate, the premiums charged by the scheme are too high to generate any sort of healthy returns for the policyholder at the end of the premium-paying term. The only interesting aspect about this scheme is that the death cover continues even after the premium-paying term and that the nominee is entitled to the entire amount of sum assured once again despite the same having been paid to the policyholder earlier. 
There is thus an inbuilt double-death benefit, which can be termed as the only unique selling point of this scheme. 
Policy At A Glance 
Assuming a policy term of 40 years where the premium paying term is 35 years, the premium payable and the corresponding returns that will accrue to a healthy male policyholder currently aged 30 years are illustrated herewith…