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.
In order to be eligible for the Bluechip Savings Insurance plan, following are the criteria which you must adhere to.
|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
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.
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.
|PPT||Policy Term (years)||Age (years)||No limit|
|8-45 years||46-54 years||55-60 years|
Premium Payment Term
Premium payment terms available under the Bluechip Savings Insurance Plan are 5, 7 and 10 years.
Premium Payment Mode
|Death Benefit Option||Death Benefit Multiple|
|PPT||Policy Term||Age at Entry|
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||
|Reliance Nippon Life Accidental Death Benefit and Total & Permanent Disablement Rider (Regular Premium)||
|Reliance Nippon Life Accidental Death Benefit and Total & Permanent Disablement Rider (Limited Premium)||
Other Key Features – Free Look Period, Surrender Values, Grace Period etc.
|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).|
|Free Look Period||
|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
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