Responsibilities of an individual grows with time. The need to upgrade one’s lifestyle also becomes of utmost importance. You can upgrade your lifestyle through periodic payouts offered with the Reliance Nippon Life Increasing Money Back Plan that also allows you to secure your family’s future with life insurance coverage. This cover will enhance the financial security for your loved ones if any unfortunate event occurs. As you grow with each life stage, the payouts get a hike too, bringing more security and happiness to your loved ones.
Eligibility for Reliance Nippon Life Increasing Money Back Plan:
In order to avail the Reliance Nippon Life Increasing Money Back Plan an individual must meet the following criteria.
|Minimum age at entry||15 years|
|Maximum age at entry||55 years|
|Minimum age at the time of maturity||30 years|
|Maximum age at the time of maturity||70 years|
|Policy term||15 years|
|Premium Payment Term||Limited Pay 7, Regular Pay 15|
Key features of Reliance Nippon Life Increasing Money Back Plan:
The Reliance Nippon Life Increasing Money Back Plan comes with several features. These features are as follows:
|Modes of premium payment||Monthly, Quarterly, Half Yearly and Annually|
|Base assured sum||Rs.1,00,000|
|Maximum assured sum||There is no limit|
|Maximum premium||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|
Benefits of Reliance Nippon Life Increasing Money Back Plan:
The Reliance Nippon Life Increasing Money Back Plan comes with a myriad of benefits. These benefits are as follows:
- Money Back Benefit – If the assured individual survives till the end of the policy term and the policy is still in force then he/she can enjoy the benefits of money back as a percentage of the Assured Sum. This amount will be paid out for three years at regular intervals. The payouts will start from the beginning of the third policy year. The payouts are as follows:
|End of the Policy Year||3||6||9||12|
|Percentage of the Base Assured Sum||10%||20%||30%||50%|
- Maturity Benefit - If the insured individual survives till the end of the policy term and the policy is still in force, then the insured will receive terminal bonus and last instalment of the income benefit.
- Death Benefit - In the event of demise of the life insured, provided the policy is still in force and all premium payments have been cleared, the nominee will get the assured sum as on the death date. The Death Benefit is subject 105% of the premiums paid. However, this is excluding the taxes and extra premium.
- Loan – Once the Surrender Value has been acquired, the insured can get a loan against this policy. The maximum amount that can be availed as loan is 80% of the Surrender Value. The rates of interest associated with this loan will be as per current market standards.
- Grace period for Premium Payment – In case the insured is not able to make payments for the premiums by the due date, a certain grace period will be offered to him/her. This grace period is a span of 30 days and the policy stays in force during this time. The policy is cancelled if the premiums are not paid even after the end of the grace period.
- Surrender – In case the policy has a surrender value but the insured decides to discontinue the policy, he/she will get the Surrender Value. This is more than the SSV (Special Surrender Value) and GSV (Guaranteed Surrender Value).
- Revival - A policy which has lapsed for not paying the premiums within grace period can be revived within a time span of two years from the date of first unpaid premium. In case it is not revived, then the Surrender Value will be cleared and the policy will be terminated.
Riders for Reliance Nippon Life Future Income:
The following riders are offered by Reliance Life Insurance to safeguard the insured and his/her loved ones:
- Reliance Accidental Death Benefit and TPD Rider
- Reliance Major Surgical Benefit Rider
- Reliance Family Income Benefit Rider
- Reliance Critical Conditions Rider
- Reliance Term Life Insurance Benefit Rider
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017