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  • Reliance Life Insurance Child Plans

    When you are a parent, you have to worry about your child’s physical, emotional, psychological as well as emotional well-being. Your goal would always be to ensure that your child’s future is secured. Child Plans are named so because the main aim of these plans is to ensure good education and future for your children. Most of the child plans focus on accumulating wealth for your child’s higher studies and to prevent their dreams from getting derailed due to financial constraints.

    Reliance Nippon Life Insurance Company, a subsidiary of Reliance Capital, is owned 49% by Japan’s Nippon Life Insurance. The company has a range of life insurance and investment plans in its portfolio, offering its customers a huge choice.

    Benefits of Reliance Nippon Child Plans:

    Child-centric schemes by Reliance Nippon have the following advantages:

    • You can save for your child’s various future needs such as education, first vehicle or home, etc.
    • Your child’s future monetary needs will be taken care of even if you are not present or have met an untimely death.
    • You can choose a plan best suitable to your and your child’s needs.
    • You can earn your child’s respect by supporting your child in every venture of his/hers.

    List of Reliance Nippon Child Plans:

    Reliance Nippon offers two schemes under its Child Plans category:

    1. Reliance Nippon Life Education Plan: The Education Plan allows you to make planned savings for your child’s education, in lump sum or in stages. You can choose one of the five payout methods – Self Starter, which would be one lump sum payment; Post Graduation Degree, which would be two annual payouts for your child’s post-graduation studies; Professional Degree, which would be four annual payouts for a professional course; Career Starter, which would be five annual payouts that will finance not only higher education but also help start a career. This policy comes with a death benefit in case of your demise. The two kinds of death benefit payouts available under this policy are: 100% Death Benefit in a single payment, or 50% Death Benefit as a lump sum and another 50% as income for the following 10 years. If you, as the policyholder, die before the policy tenure ends, all the future premiums will be waived off without affecting the payouts/maturity benefits planned by you. You can select Limited Pay schemes of 5 years, 7 years or 10 years, or a Regular Pay policy in which you have to pay premiums throughout the policy period. You can also take loans by pledging this policy in case of emergency.

      1. Entry age: 20 years to 50 years for parents and 0 to 18 years for children.
      2. Age at policy maturity: 29 years to 65 years for parents and 9 to 30 years for children.
      3. Policy tenure: 9 to 20 years for 5-year and 7-year Limited Pay plans; 12 to 20 years for 10-year Limited Pay plans; and 9 to 20 years for Regular Pay schemes.
      4. Premium payment: As long as the policy is active for Regular Pay and 5,7 or 10 years for Limited Pay
      5. Minimum premium amount: Rs.20,000 onwards
      6. Minimum sum assured: Rs.50,000
      7. Premium payment frequency: Once in a month, once in 3 months, once in 6 months, or once in a year
      8. Riders available:
        1. Reliance Nippon Life Term Life Insurance Benefit Rider
        2. Reliance Nippon Life Major Surgical Benefit Rider
        3. Reliance Nippon Life Critical Conditions (25) Rider
        4. Reliance Nippon Life Family Income Benefit Rider
        5. Reliance Nippon Life Accidental Death Benefit and Total and Permanent Disablement Rider (Regular Premium)
        6. Reliance Nippon Life Accidental Death Benefit and Total and Permanent Disablement Rider (Limited Premium)
    2. Reliance Nippon Life Child Plan: With this plan, you can save money for your child’s future requirements. The policy offers the Sum Assured in four parts – 25% in each of the 3 policy years before maturity, and the last 25% at maturity. This money will be disbursed irrespective of whether the policyholder is alive or not. Maturity benefits include 25% of the Sum Assured, annual vested bonuses and non-negative capital guarantee. In case the policyholder passes away, the family gets Guaranteed Periodic Benefits and the Guaranteed Sum Assured, and the family will get waiver for the future premiums.

      1. Entry age: 20 years to 60 years
      2. Age at policy maturity: 30 years to 70 years
      3. Policy tenure: 10 to 20 years
      4. Premium payment: As long as the policy is active
      5. Minimum sum assured: Rs.25,000
      6. Premium payment frequency: Once in a year, once in 6 months, once in a quarter, once in a month
      7. Riders available: None.

    A brief summary of the policies is given in the table below:

    Plan Name Entry Age Maturity Age Premium
    Reliance Nippon Life Education Plan 20 years to 50 years for parents and 0 to 18 years for children 29 years to 65 years for parents and 9 to 30 years for children Rs.35,000 for 5-year and 7-year plans Rs.30,000 for 9 and 10-year plans Rs.20,000 for policy tenure of 11 years and above
    Reliance Nippon Life Child Plan 20 years to 60 years 30 years to 70 years As per sum assured chosen

    Why You Need Reliance Nippon Life Child Plans?

    Some of the reason why you should opt for a Reliance Nippon Life Child Plan are listed below:

    • Easy enrolment process: Reliance Nippon offers an ease of policy purchase that is unrivalled in the market. You can also apply for the policies and pay premiums online. There are no medical tests or other hassles.
    • Easy to understand: Reliance Nippon Child Plans are simple and easy to understand and manage. Both parents and children are benefited from the policies.
    • Easy claims process: Reliance Nippon approves and disburses claim amounts within 12 to 21 working days subject to verification. The company’s Claim Settlement Ratio is 95.01% as on March 2016. 

    This insurance company/organisation is not a partner of Bankbazaarinsurance.com. The content provided here is for informational purposes only. Readers should visit the branch office/website of the insurer for more details. The logos, trademarks, and other intellectual property on display belong to their respective owners.

    Reliance Life Insurance Child Plans Reviews

    • Reliance Life Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      From RELIANCE LIFE INSURANCE i am using the life insurance from last 7-8 years the documentation for my insurance done through physically where the process is simple. The tenuity period of my insurance is for till 2026 and also the premium i pay for 6 months once.
      Was this review helpful? 0
      , kurnool
      Reviewed on Jul 17, 2018
    • Reliance Life Life Insurance
      "Nice experience"
      0.5 4.0/5 "Great!"
      Reliance is overall good in the services. I have taken my life insurance with them. The tenure is for 20 years. The premium is also normal. There are good benefits and the policy coverage is good. The payment options are also convenient and easy.
      Was this review helpful? 0
      , guwahati
      Reviewed on Jun 27, 2018
    • Reliance Life Life Insurance
      "Benefits are good. Services need improvement"
      0.5 3.0/5 "Satisfactory"
      I have a life insurance with Reliance. They need to improve on the customer service. They do not respond and they do not provide any information on the policy. They delay to respond as well. In regards to the company benefits and sum assured on the policy they are good. When I closed one policy, they processed my money in 24 hours.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 09, 2018
    • Reliance Life Life Insurance
      "Nerer Buy policy from Reliance"
      0.5 5.0/5 "Blown Away!"
      I took this policy from Reliance Life Insurance in the year of 2006. toal tenure of the policy is 21 years. I'm paying the premium of Rs.16000 annually. When i started the plan were excellent, Thats the reason i took the policy. I never take any policy from reliance after this policy.
      Was this review helpful? 0
      , chandigarh
      Reviewed on May 16, 2018
    • Reliance Life Life Insurance
      "Good Investment and Good return policy"
      0.5 4.0/5 "Great!"
      Its a 100% invest plan and three years once I bonus amount from them. Yearly I pay Rs. 30,000 to Reliance, they provide me Rs. 62,000 as a bonus interest. It has the tenure of 15 years then I get good sum assured+interest with Rs. 5 lakhs life cover, They are following up well before the due date,
      Was this review helpful? 0
      , hosur
      Reviewed on Feb 01, 2018
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