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Reliance Life Insurance Endowment Plan

The Endowment Life Insurance Plan by Reliance Nippon helps individuals provide a level of financial security in case the person insured meets an untimely death. Having such plans handy is essential these days because the plan offers a cash benefit to take care of day-to-day expenses. This plan provides a benefits like payouts on maturity and death, to help soften the financial burden of the person insured and other related people.

Eligibility - Who the Reliance Nippon Endowment Plan is for:

In order to avail the Reliance Nippon Endowment Plan, prospective applicants needs to meet the following requirements.

Minimum Age at Entry 5 years
Maximum Age at Entry 50 years
Minimum Maturity Age 18 years
Maximum Maturity Age 75 years
Play Type Regular Endowment Plan

Sum Assured and Premium Range - What you get and what it costs:

Sum Assured: This is the insurance company will pay if the person insured dies or the policy reaches maturity

Minimum Sum Assured Rs.65,261
Maximum Sum Assured Depends on underwriting rules

Premium Range:

Policy Term 10 years/25 years
Premium Payment Term Same as Policy Term
Premium Payment Frequency Monthly, Quarterly, Half-yearly,or Yearly

Plan Coverage - What the Reliance Nippon Endowment Plan covers

The Reliance Nippon Endowment Plan comes with a number of coverage features. They are as follows:

Coverage Details
Death Benefit If the person insured succumbs due to an unfortunate incident, the nominees will receive the maximum of either:
  • Sum Assured along with Vested Bonus
  • 10 times the annualised premium
  • 105% of all premiums paid
Maturity Benefit If the person insured survives till the policy’s maturity, he/she will be paid the Sum Assured along with the Vested Bonus and 100.1% of the total premiums paid
Surrender Benefit A policyholder can surrender the policy anytime after the first three policy years. In such a case, they will receive the higher of either the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV). Here, both GSV and SSV are calculated using a formula. GSV = (Total Premiums Paid*GSV Factor for premiums) + (Vested Bonus * GSV Factor for bonuses) SSV = Total Premiums Paid/Payable*Basic Maturity Value*SSV Factor) + SSV of Vested Bonuses

Exclusions - What the Reliance Nippon Endowment Plan doesn’t cover

There is an exclusion under this policy and it pertains to suicide.

  • If the person insured commits suicide within 12 months of the commencement of the policy, an amount equal to 80% of the premiums paid will be paid to the nominees.
  • If the person insured commits suicide within 12 months of reviving the policy, an amount greater of either 80% of the premiums paid or the acquired surrender value will be paid to the nominees.

Other Key Features – Freelook Period, Surrender Values, Grace Period.

The Reliance Nippon Endowment Plan comes with several key features, apart from the ones mentioned above. These are:

Feature Details
Grace Period If a policyholder fails to renew their policy on time, they will be offered a grace period within which the policy can be renewed or the policy will lapse. Grace period for this policy stands at 15 days for monthly premium payment frequency and 30 days for quarterly, half-yearly, and yearly premium payment frequencies.
Free Look Period In case a policyholder is not satisfied the terms and conditions of a policy, they have the right to return the policy within a period of 15 days. When sending a cancellation request, the policyholder should state the reason for the same and also return the policy document. On cancellation, the company will repay the premiums paid after deducting the appropriate risk premiums for the period the policy was active.
Policy Loan It is available and the maximum amount is capped at 80% of the surrender value.
Paid-up Policy There are two paid-up policy variants depending on a few factors.
  • If a policyholder opts for a 14-year term and pays premium only for the first two years, the policy will be converted into a paid-up policy.
  • If a policyholder opts for a 20-year term and pays premium only for the first three years and fails to do so for the remainder of the term, the policy will be converted into a paid-up policy.

Tax Benefits - How you can save with the Reliance Nippon Endowment Plan

The Reliance Nippon Endowment Plan comes with a few tax benefits, which a policyholder can avail:

  • Benefits under Section 80C of IT Act, 1961 on total premiums paid. The maximum benefit they can claim stands at Rs.1.5 lakh.
  • Benefits under Section 10(10D) of the It Act, 1961 on death proceeds the nominees receive under this policy.

Why you should buy the Reliance Nippon Endowment Plan?

  • Offers guaranteed bonuses: Apart from the basic payout benefits, this policy also offers bonuses to each policyholder. The bonus amount varies from one policyholder to the other and is primarily dependent on the policy term and sum assured chosen.
  • The Reliance guarantee: This policy comes from one of the largest conglomerates in the country, which currently has more than 800 offices and over 1 lakh advisors who handle insurance-related issues on a regular basis. The main objective of these people is to work together to help customers make the most of their investment.
  • Competitive pricing: This Nippon Endowment Plan is priced competitively and is on par with some of the best-selling and most preferred products in the insurance market.