Reliance Nippon Life Increasing Money Back Plan

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:

Benefits of Reliance Nippon Life Increasing Money Back Plan:

The This Increasing Money Back Planoffered by comes with a myriad of benefits. These benefits are as follows:

1. 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:

1. 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.
2. 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.
3. 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.
4. 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.
5. 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).
6. 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:

1. Reliance Accidental Death Benefit and TPD Rider
2. Reliance Major Surgical Benefit Rider
3. Reliance Family Income Benefit Rider
4. Reliance Critical Conditions Rider
5. Reliance Term Life Insurance Benefit Rider

GST of 18% is applicable on life insurance effective from the 1st of July, 2017