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Reliance Nippon Life Long Savings Plan

The Reliance Lifelong Savings plans is a non-linked, participating endowment assurance plan that helps you save and enjoy whole life cover benefits. You can work towards your financial milestones such as securing your children’s education, buying a house, going on a dream vacation, and living comfortably in your retirement with thisLife insurance plan.

Eligibility Conditions for the Reliance Lifelong Savings Plans:

Minimum Entry Age 7 years
Maximum Entry Age 55 years
Minimum Maturity Age 22 years
Maximum Maturity Age 70 years

Policy Terms for the Reliance Lifelong Savings Plans:

The policy term options offered are:

Regular Pay 15 - 30 years
Limited Pay 10 years

Premium Payments Offered by the Reliance Lifelong Savings Plans:

Minimum Premium Rs.12,000
Maximum Premium No limit
Minimum sum assured Rs.80,000
Maximum sum assured No limit

Key Features of Reliance Lifelong Savings Plans:

Type of Plan Non-linked, participating, endowment plus whole life insurance plan.
Premium Payment options Yearly, Half – Yearly, Quarterly, Monthly
Free look period 15 days from the date you received the policy. If the policy has been purchased through distance marketing, then the free look period is 30 days.
Grace period If you are unable to pay the premium on or before the due date, you get 30 days grace period to make the payment. The grace period for monthly mode is 15 days.
Revival A policy that has been discontinued can be revived within 2 years from the due date of the first unpaid premium.
Surrender benefit You are entitled to Surrender Value. If you have Extended Cover Option, surrender facility will be made available after the policy term. If the policy has been surrendered you cannot reinstate it.
Riders You get the following riders with this plan at a nominal cost:
  • Reliance Term Life Insurance Benefit Rider
  • Reliance Major Surgical Benefit Rider
  • Reliance Critical Conditions (25) Rider
  • Reliance Family Income Benefit Rider
  • Reliance Accidental Death Benefit and Total and Permanent Disablement Rider

What you need to know about Reliance Lifelong Savings Plans:

  • You get standard as well as extended cover.
  • You can choose to pay for 10 years or for the entire term of the policy.

Payment Options for the Premiums offered by Reliance Lifelong Savings Plans:

This Reliance Life Insurance Investment & savings plan policyholder can pay the premiums regularly using the following options –

  • Yearly
  • Half – Yearly
  • Quarterly
  • Monthly

Advantages and Benefits of Reliance Lifelong Savings Plans:

The Reliance Lifelong Savings plans provides the following key benefits:

  • Maturity or vesting benefits:

If you survive till the end of the policy term you will get base sum assured multiplied by the paid up factor along with the accrued guaranteed additions and vested reversionary bonus.

  • Death benefits:

In case you die during the policy term, your dependants will get the base sum assured multiplied by the paid up factor along with the accrued guaranteed additions and vested reversionary bonus.

In case you die after the policy term but in the extended period, your dependants will get the base sum assured multiplied by the paid up factor.

  • Surrender benefits:

You are entitled to Surrender Value. If you have Extended Cover Option, surrender facility will be made available after the policy term. If the policy has been surrendered you cannot reinstate it.

  • Tax benefits:

You get tax benefits under Section 80C and Section 10(10A) of the Income Tax Act, 1961.

  • Guaranteed additions:

Guaranteed additions will accrue at 4% per annum of the base sum assured at the end of every policy year for the first 5 policy years. The additions will accrue provided that the premiums are being paid and the policy is in force at the time.

  • Bonuses:

Simple reversionary bonus will start to accrue every year starting from the 6th policy year. The bonuses will accrue till the end of the policy term. If there is any terminal bonus, it will be paid on death or on maturity from the 9th policy year provided the policy is in force. The terminal bonus will be declared as a percentage of vested reversionary bonus.

Exclusions Under Reliance Lifelong Savings Plans:

In the event the policyholder commits suicide within 12 months of the date of commencement of risk or from the date of revival, nominee will get higher of 80% of the premiums paid or surrender value as on the date of death.

Revival

The policy will lapse if the premium is not paid within the days of grace. A policy that has been discontinued can be revived within 2 years from the due date of the first unpaid premium.

Loan

Loan can be availed with this plan.

Assignment

Assignment is allowed under this plan.

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

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