Reliance Nippon Life Future Income Plan

Eligibility Criteria for Reliance Nippon Life Future Income Plan

Features of Reliance Nippon Life Future Income Plan

• Short Pay Term, Long Benefit Duration:Pay premiums for half the policy term and continue receiving annual income benefits thereafter.
• Regular Income Stream:Annual income starts after the completion of the premium payment term and continues every year till maturity. The payouts can help meet educational, healthcare, or post-retirement needs.
• Life Cover Protection:Safeguards your family’s financial stability through a guaranteed death benefit payable throughout the policy term.
• Customization Flexibility:Policyholders can choose their premium frequency and policy terms, making the plan adaptable to individual financial goals.
• Liquidity and Loans:Access liquidity through loans once the policy acquires surrender value, up to 80% of the surrender amount.
• Participating Plan:Earn additional reversionary and terminal bonuses, allowing your policy value to grow over time.

Benefits of Reliance Nippon Life Future Income Plan

1. Income Benefit: Income benefits begin immediately after the premium payment term ends and continue each year until maturity. The payout is calculated as:

Income Benefit = (Base Sum Assured + Accrued Reversionary Bonus) × Income Benefit Factor

Example: For a 20-year term with ₹3 lakh sum assured, an income benefit factor of 10% applies — generating annual income of ₹30,000 plus bonuses.

2. Maturity Benefit: At the end of the policy term, the policyholder receives:

1. Guaranteed Sum Assured on Maturity
2. Accrued Simple Reversionary Bonus
3. Terminal Bonus (if declared)

This helps fulfill long-term financial goals, such as retirement security or funding children’s higher education.

3. Death Benefit: Death Benefits are as follows:

1. During Premium Payment Term: Nominee receives the Sum Assured + Reversionary Bonus + Terminal Bonus (if applicable).
2. After Premium Payment Term: Nominee receives Sum Assured + Current Year’s Reversionary Bonus + Terminal Bonus (if applicable).
3. The minimum death benefit is 105% of total premiums paid, excluding taxes or rider premiums.

Example:

Nikhil, aged 30, opts for the Reliance Nippon Life Future Income Plan with:

1. Sum Assured: ₹3,00,000
2. Policy Term: 20 years
3. Premium Payment Term: 10 years
4. Annual Premium: ₹28,302

At an assumed 8% bonus rate, his total income and maturity benefits significantly increase his returns. If he survives the full policy term, he receives regular payouts plus terminal bonuses. If he passes away early, his family receives the full death benefit with accrued bonuses.

Riders for Enhanced Protection

Add these riders to expand your protection at nominal additional cost:

1. Reliance Accidental Death Benefit and Total Permanent Disability Rider
2. Reliance Major Surgical Benefit Rider
3. Reliance Critical Conditions Rider
4. Reliance Term Life Insurance Benefit Rider

Additional Policy Provisions

1. Grace Period: 30 days (Yearly, Half-Yearly, Quarterly); 15 days for monthly mode.
2. Revival: Within 2 years of the first unpaid premium.
3. Surrender Value: Higher of Special Surrender Value (SSV) or Guaranteed Surrender Value (GSV).
4. Free Look Period: 15 days for review and cancellation.

Conclusion

The Reliance Nippon Life Future Income Plan is ideal for individuals who want steady annual income, life protection, and wealth creation in a single plan. It’s particularly suited for professionals and families seeking financial stability through guaranteed payouts and bonuses while enjoying tax savings.