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:
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.
Entry age: 20 years to 50 years for parents and 0 to 18 years for children.
Age at policy maturity: 29 years to 65 years for parents and 9 to 30 years for children.
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.
Premium payment: As long as the policy is active for Regular Pay and 5,7 or 10 years for Limited Pay
Minimum premium amount: Rs.20,000 onwards
Minimum sum assured: Rs.50,000
Premium payment frequency: Once in a month, once in 3 months, once in 6 months, or once in a year
- Reliance Nippon Life Term Life Insurance Benefit Rider
- Reliance Nippon Life Major Surgical Benefit Rider
- Reliance Nippon Life Critical Conditions (25) Rider
- Reliance Nippon Life Family Income Benefit Rider
- Reliance Nippon Life Accidental Death Benefit and Total and Permanent Disablement Rider (Regular Premium)
- Reliance Nippon Life Accidental Death Benefit and Total and Permanent Disablement Rider (Limited Premium)
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.
Entry age: 20 years to 60 years
Age at policy maturity: 30 years to 70 years
Policy tenure: 10 to 20 years
Premium payment: As long as the policy is active
Minimum sum assured: Rs.25,000
Premium payment frequency: Once in a year, once in 6 months, once in a quarter, once in a month
Riders available: None.
A brief summary of the policies is given in the table below:
|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.