The Future Income insurance plan offered by Reliance Life Insurance helps to secure the future by allowing additional income. Along with, the Reliance Nippon Life Future Income scheme offers great flexibility while choosing the term for investment and payment mode.
The policyholder can select the options as per his/her convenience. The premiums that accumulate every year are given as payouts to the policy holder's family for helping them with their growing financial requirements.
In order to be eligible for the Reliance Nippon Life Future Income, one must meet certain criteria. These are mentioned below:
Minimum age at entry | 8 years |
Maximum age at entry | 55 years |
Minimum age at the time of maturity | 22 years |
Maximum age at the time of maturity | 75 years |
Policy term | 14/16/18/20/22/24 |
Premium Payment Term | Half of the Policy Term |
Minimum Annual Premium | Rs.15,680 |
Maximum Annual Premium | No limit |
The Reliance Nippon Life Future Income plan comes with several features. These features are as follows:
Modes of premium payment | Monthly, Quarterly, Half Yearly and Annually |
Base assured sum | Rs.2,00,000 |
Maximum assured sum | There is no limit |
Tax benefits | Avail tax benefit on premiums and the benefits listed under this policy according to the current Income Tax Laws |
Flexibility | Choose to make payments for the premiums for a term of 7 years to 12 years |
The comes with a myriad of benefits. These benefits are as follows:
Term of the Policy | 14 | 16 | 18 | 20 | 22 | 24 |
Total no. of equal annual installments of the Income Benefit | 7 | 8 | 9 | 10 | 11 | 12 |
IB starts from the end of the policy year | 8 | 9 | 10 | 11 | 12 | 13 |
Income Benefit Factor | 14.28% | 12.50% | 11.11% | 10% | 9.09% | 8.33% |
The following riders are offered by to safeguard the insured and his/her loved ones:
Shyam is a 30 year old man and is a salaried employee with an organization. His wife, Radha and their 5 year old son Praful stay with him. Shyam wants Praful to receive the best education possible and grow up as a successful man. He also wants to save a lot of money when he is at the zenith of his career.
Shyam chooses to go with Reliance Future Income plan with a base assured sum of Rs.3 lakh and a term of 20 years. He pays a premium amount of Rs.28,302 for a period of 10 years.
Scenario 1 - In case Shyam survives till the maturity of the policy benefits:
Scenario 2 - In case there is an unfortunate event where Shyam expires at the eighth policy year:
Benefits | @4% | @8% |
Assured Sum on death | Rs.3,00,000 | Rs.3,00,000 |
Terminal Bonus | Rs.5,400 | Rs.15,480 |
Vested Reversionary Bonus | Rs.36,000 | Rs.1,03,200 |
Total Death Benefit | Rs.3,41,400 | Rs.4,18,680 |
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