Reliance Nippon Life Bluechip Savings Insurance Plan

The Reliance Nippon Life Bluechip Savings Insurance Plan is a non-linked, participating, non-variable, endowment insurance plan which provides dual benefit of providing life cover with savings. With this plan, not only do you have the freedom to choose adequate life cover to protect your loved ones but you it also enables you to create valuable savings so you can take care of your financial needs which arise in the future such as children’s education, pre-payment of home loans, upgrading your lifestyle, creating a retirement corpus and more. You can choose from different premium payment terms and frequencies, along with availing attractive tax benefits.

Eligibility - Who Is The Reliance Nippon Life Bluechip Savings Insurance Plan For?

In order to be eligible for the Bluechip Savings Insurance plan, following are the criteria which you must adhere to.

Parameter	Minimum	Maximum
Policy Term	10 years	15 years
Age at entry	8 years	60 years
Age at maturity	18 years	75 years

Sum Assured & Premium Range - What You Get and What It Costs

Sum Assured

The minimum base sum assured provided under this plan is fixed at a Rs.77,905 while there is no cap on the maximum limit. The base sum assured cannot be changed once the policy is in effect.

Premium Range

The premium range for this policy will differ based on the premium payment term and the policy term chosen by the policyholder. Following is the schedule of the premium range.

Parameters		Minimum			Maximum
PPT	Policy Term (years)	Age (years)			No limit
		8-45 years	46-54 years	55-60 years
5 years	10-12	Rs.35,000	Rs.40,000	NA
	13-15	Rs.20,000	Rs.30,000	Rs.50,000
7 years	10-12	Rs.25,000	Rs.30,000	Rs.50,000
	13-15	Rs.20,000	Rs.30,000	Rs.35,000
10 years	12	Rs.25,000	Rs.30,000
	13-15	Rs.15,000	Rs.20,000	Rs.25,000

Premium Payment Term

Premium payment terms available under the Bluechip Savings Insurance Plan are 5, 7 and 10 years.

Premium Payment Mode

• Premiums under this plan can be paid on a yearly, half-yearly, quarterly or monthly basis.
• Electronic premium payments can be done for the quarterly and monthly modes.
• If monthly mode of premium payment is chosen, premiums for the first two months must be paid in advance when the policy is being issued.

 

Plan Coverage - What The Reliance Nippon Life Bluechip Savings Insurance Plan Covers

Maturity Benefit

• If the life assured survives till the policy reaches maturity, they will be entitled to the Guaranteed Sum Assured on Maturity and Vested Reversionary Bonuses and Terminal Bonus (if any). This will be provided on the condition that the policy is in force and all no premium payments are outstanding.
• In this benefit, the Guaranteed Sum Assured on Maturity will be equivalent to the amount of Base Sum Assured + all Guaranteed Additions (GAs) applicable on maturity.

Death Benefit

• If the life assured passes away during the policy term, their nominee will be entitled to either the amount of Sum Assured on Death + Vested Reversionary Bonuses and Terminal Bonus (if any) or 105% of all the premiums paid (excl. underwriting premiums), whichever is higher.
• Here, the amount of Sum Assured on Death will be the greatest of Annualised Premium x Death Benefit OR Multiple Base Sum Assured OR Guaranteed Sum Assured on Maturity.
• Death benefit options available under this plan are:

Death Benefit Option	Death Benefit Multiple
10x	10
7x	7

• At the time of inception, Death Benefit Multiple can be chosen on the basis of premium payment term, age at entry and Policy Term according to the following schedule.

PPT	Policy Term	Age at Entry
		8-45	46-50	51-55	56-60
5	10-12	10x	7x	NA	NA
	13-15		10/7x	7x
7	10-11		7x	NA
	12-14		10x/7x	7x
	15			10x/7x	7x
10	12-13		7x	NA
	14-15		10x/7x	7x

Riders/Add-On Plans – Additional Coverage Under The Reliance Nippon Life Bluechip Savings Insurance Plan

The Reliance Nippon Life Bluechip Savings insurance Plan offers a number of riders which can be attached to the base plan in order to enhance its coverage. Each rider offers coverage against certain distinct risks and provides specific compensation. Following are the riders available under this plan.

Reliance Nippon Life Term Life Insurance Benefit Rider	This rider makes an additional Death Benefit available based on the Sum Assured amount specified in the rider
Reliance Nippon Life Major Surgical Benefit Rider	This rider will provide the policyholder with a lump sum amount for covering surgical expenses for any of the 23 listed surgeries which include lung transplant, open heart surgery, cornea transplant, kidney transplant and several other procedures.
Reliance Nippon Life Critical Conditions (25) Rider	This rider will provide the policyholder with a lump sum amount towards the coverage of any of the 25 listed medical conditions like paralysis, cancer, major organ transplant, heart attack, and several others.
Reliance Nippon Life Family Income Benefit Rider	This rider will provide benefit amount, calculated at the rate of 1% of the Sum Assured, on a monthly basis. In case the death/total permanent disablement occurs following an accident or sickness before policy maturity, the rider benefit will be paid starting from the death of the policyholder up till the expiry of the policy term or for 10 years, whichever ends later.
Reliance Nippon Life Accidental Death Benefit and Total & Permanent Disablement Rider (Regular Premium)	If the policyholder passes away or is rendered disabled directly due to an accident, this rider provides an additional death/disability benefit. Waiver of premium applicable under the rider will continue in the event of disability
Reliance Nippon Life Accidental Death Benefit and Total & Permanent Disablement Rider (Limited Premium)	If the policyholder passes away or is rendered disabled directly due to an accident, this rider provides an additional death/disability benefit. Waiver of premium applicable under the rider will continue in the event of disability

Other Key Features – Free Look Period, Surrender Values, Grace Period etc.

Policy Loan	To provide policyholders with access to funds in times of an emergency, this policy offers a loan facility. Loan amount provided will be up to 80% of the policy’s Surrender Value under the base plan. Interest will be payable at the prevalent rate decided by the insurer. Currently, rate of interest charged on loans is 10.5% p.a., subject to change based on various factors.
Grace Period	If the policyholder is unable to pay policy premiums on or before the due date, they will be permitted a grace period of 30 days (15 days for policies with monthly payment mode). The policy will continue to provide full coverage, along with all benefits during the grace period. If any claim is made on the policy during this period, the outstanding premium amount shall be deducted from claim settlement payable.
Surrender Value	The policy will acquire a Surrender value after you have paid premiums for 2 policy terms (if PPT is below 10 years) or 3 policy terms (if PPT is 10 years or more).
Revival	A lapsed/paid-up policy and it’s attached riders can be revived to its full extent within 2 years from the date due of the first outstanding premium, before the policy reaches maturity. Revival can be done by if all unpaid due premiums are paid, along with applicable interest. Interest is currently being charged at the rate of 10.50% p.a., subject to revision following various factors like market environment and more. Revival of policy is also subject to the board’s underwriting policy which may require the life assured to provide proof of sound health and insurability.
Free Look Period	Policyholders will be allowed a free look period of 15 days if they have received the policy via a distribution channel besides Distance Marketing Free look period of 30 days will be provided if policy has been received via distance marketing. If the policyholder wishes to cancel or return their policy, they must inform the insurer about the same in writing, along with returning the original policy document, within the free look period provided. Insurer will refund the amount of premiums paid by the policyholder after deducting reasonable risk premium and other charges like medical examination or stamp duty.
Nomination	The policyholder can nominate one person who, in the event of the life assured’s death during the policy term, shall be eligible to receive the death benefit as per Section 39 of the Insurance Act, 1938.
Assignment	Policyholders can also assign their policy as per Section 38 of the Insurance Act, 1938.

Tax Benefits – How You Can Save With The Reliance Nippon Life Bluechip Savings Insurance Plan

Policyholders are entitled to tax exemptions on the premiums which they pay towards the Reliance Nippon Life Bluechip Savings Insurance Plan and its attached riders (if any opted), as per the applicable tax laws.

Other Benefits - How You Can Save With The Reliance Nippon Life Bluechip Savings Insurance Plan

• High Claim Settlement Ratio - In terms of claim settlements, Reliance Nippon is one of the most well reputed insurers. Their claim settlement ratio for the FY 2015-16 reached 95.01%, which is among the highest in the industry.
• Easy Claim Registration – If you wish to register a claim on your Reliance Nippon insurance policy, you can conveniently do so from their online website itself in just a few clicks.
• Purchase Policies Online – The days are long gone when you had to visit the insurer’s office to purchase a policy. Experience the convenience of purchasing full-fledged, feature-rich insurance policies online from Reliance Nippon’s website.
• Track Application Online – Once you have applied for an insurance policy with Reliance Nippon, you can easily track the progress of your application on the insurer’s website as well.
• Information Corner – the website also has an information center regarding claim and policy related information which a policyholder may need.
• Dedicated Customer Service – To ensure that customers get excellent post-sale service, Reliance Nippon offers competent and dedicated customer service which will help customers het answers to all their queries and complaints.

Why you should buy the Bluechip Savings Insurance Plan from Reliance Nippon Life?

Reliance Nippon Life Insurance Company is a subsidiary of the well-known non-banking financial company, Reliance Capital. Heralded as one of the strongest players in the private insurance segment, Reliance Nippon was established following a joint venture between Reliance Capital and Nippon Life Insurance which is the largest life insurance provider in Japan. With a network of over 800 branches and 1 lakh advisors, the insurer caters to a widespread customer base of more than 10 million customers and has been bestowed with several prestigious awards. In 2015, the insurer was ranked among the ‘Top 3 Most Trusted Life Insurance Service Brands’ by Brand Equity‘s Most Trusted Brands Survey. Reliance Nippon Life currently provides insurance policies for various segments like Child Plans, Protection Plans, Saving plans, Investment Plans, Health Plans and Life Plans for individuals and corporate customers.

*Premiums Vary Based On Age, Location, Plan Term And Other Factors