Reliance Nippon Life Fixed Money Back Plan is a money back insurance plan offered by Reliance Nippon Life Insurance. With this plan, you can get fixed lump sum amounts in periodic intervals during the last 5 years of the policy term. Under this plan, you can get the following benefits:
- Fixed benefits payable during the last 5 years of the policy term
- Fixed loyalty additions credited every year
- Guaranteed maturity benefits in the form of accrued loyalty additions
- Enhanced protection through riders
- Tax benefits on premiums paid and maturity benefits.
You can choose between 2 options, A and B wherein the fixed benefits and loyalty additions can be paid to the policyholders upon survival or the same is payable to the claimant irrespective of the survival or demise of life assured.
Eligibility -Who is the Reliance Nippon Life Fixed Money Back Plan for?
Listed below are the eligibility factors that you must meet to purchase Reliance Nippon Life Fixed Money Back Plan:
||18 to 55 years
||33 to 75 years
Sum Assured and Premium Range - What you get and what it costs?
The Policy Term, PPT, and Sum Assured for Reliance Nippon Life Fixed Money Back Plan are as follows:
||15 or 20 years
|Premium Payment Term
||5, 7 or 10 years
|Premium Payment Frequency
||Yearly, half-yearly, quarterly or monthly
|Premium Payment Option
|Basic Sum Assured
Maximum: No limit
Plan coverage - What the Reliance Nippon Life Fixed Money Back Plan covers?
This is how Reliance Nippon Life Fixed Money Back Plan works:
Choose the policy term, PPT, and premium payment frequency. Based on age and the other chosen parameters, the premium and Sum Assured will be determined. Under this plan, you can enjoy the following benefits:
Fixed Money Back Benefits: A percentage of the Basic Sum Assured will be paid during the last 5 years of the policy term.
|Policy Term (15 or 20 years)
||Fixed Money Back Benefits
Maturity Benefits: Upon reaching the policy maturity date, you will receive guaranteed maturity benefit in the form of total accrued fixed loyalty additions. Fixed loyalty additions is 3% of Basic Sum Assured which is credited at the end of every policy year. The total accrued fixed loyalty additions for a policy term of 15 years is 45% of base sum assured and 60% for 20 years.
Death Benefits: In the unfortunate event of demise of the life assured, the claimant shall be paid the following, provided the all due premiums are paid till the date of demise:
- Option A: Higher of Sum Assured on Death or 105% of premiums paid excluding Service Tax and extra premiums. The policy will cease once the death benefit is paid.
- Option B: Higher of Sum Assured on Death or 105% of premiums paid excluding Service Tax and extra premiums. The premium payment will cease and the claimant will be paid fixed money back benefits and guaranteed maturity benefits.
Sum Assured on Death is higher of:
- Annualised premium multiplied by death benefit,
- Base Sum Assured, or
- Guaranteed maturity benefit plus fixed money back benefits
You can get enhanced protection by attaching a rider to your base policy. With Reliance Nippon Life Fixed Money Back Plan, you can attach any of the following riders:
Reliance Nippon Life Term Life Insurance Benefit Rider: This rider provides additional death benefit based on the chosen Sum Assured.
Reliance Nippon Life Major Surgical Benefit Rider: This rider provides a lump sum amount to cover 33 different surgeries ranging from open heart surgery to kidney transplant.
Reliance Nippon Life Critical Conditions (25) Rider: This rider provides a lump sum amount to cover medical expenses for 25 critical conditions ranging from heart attack to cancer.
Reliance Nippon Life Accidental Death Benefit and Total and Permanent Disablement Rider (Regular Premium and Limited Premium): This rider provides an additional benefit in the case of death or disability caused due to an accident.
The total rider premium should not be more than 30% of the base policy premium. Rider benefits cease when the base policy lapses, is terminated or surrendered.
Exclusions - What the Reliance Nippon Life Fixed Money Back Plan doesn’t cover?
Reliance Nippon Life Fixed Money Back Plan doesn’t cover death caused by suicide within a year from the policy commencement or reinstatement date. In such a case, the company will not pay the policy benefits except higher of 80% of the premiums paid or Surrender Value as on date of demise.
Other key features – Freelook Period, Surrender Values, Grace Period etc.
Listed below are other important features of Reliance Nippon Life Fixed Money Back Plan:
Free Look Period: After receiving the policy document, you have 15 days to review the terms and conditions of the policy. If you find the terms and conditions objectionable then you can return the policy and claim refund. The refund amount will be paid after some deductions. For policies purchased through distance marketing, you have 30 days to review the terms and conditions.
Grace Period: If you fail to pay premium within the due date, you are given a grace period of 30 days (for annual or half-yearly mode) to pay the premium without interest. For monthly payment mode, you are given a grace period of 15 days. If the premium is not paid within the grace period, then the policy will lapse.
Loan: You can avail loan under this policy, provided the policy has acquired Surrender Value. Maximum loan amount that you can avail is 80% of the Surrender Value of the base policy. Loan interest is determined by the company.
Surrender: The policy will acquire Surrender Value if you have paid minimum 1 full year’s premium for PPT below 10 years and 2 full years’ premiums for PPT more than 10 years. If the premiums are unpaid after the policy attains Surrender Value, the policy will acquire Reduced Paid-Up status. Upon surrendering the policy, you are eligible for higher of GSV or SSV.
Reinstatement: Once the policy lapses due to non-payment of premium, you have the option to revive it within 2 years from the date of first unpaid premium. You have to submit a written request for policy reinstatement, provide proof of insurability, and pay all due premiums along with the applicable reinstatement charge.
Tax benefits – How you can save with the Reliance Nippon Life Fixed Money Back Plan?
Under Reliance Nippon Life Fixed Money Back Plan, you can get tax benefits on the following:
- Premiums paid under Section 80C of the Income Tax Act, 1961.
- Maturity proceeds under Section 10(10D) of the Income Tax Act, 1961.
- Premiums paid towards critical illness rider under Section 80D of the Income Tax Act, 1961.
Other benefits – How you can save with the Reliance Nippon Life Fixed Money Back Plan?
Listed below are other benefits of buying insurance plans from Reliance Nippon Life Insurance:
Customer service: For all your insurance related queries, call toll-free number 1800 3000 8181 or place a request for call back from a customer care representative.
Online application: You can easily purchase an insurance policy online by filling up an application form on the company website.
Claims: Your claim will be processed within 12 working days. For any clarifications regarding your claim, you can visit the nearest Reliance Nippon Life Insurance branch or talk to your insurance advisor.
Why should you buy Reliance Nippon Life Fixed Money Back Plan from Reliance Nippon Life Insurance Company?
- Reliance Nippon Life Insurance Company is a leading private sector insurance provider in India.
- The company serves over 10 million customers with 1 lakh insurance advisors spread over 800 branches across the country.
- Reliance Nippon Life Insurance was voted as one of the 'Most Trusted Brands' in the Life Insurance Category in 2015.
- The company won the ‘Best Website Award’ in 2014.
- The Claim Settlement Ratio of Reliance Nippon Life Insurance was 95.01% in FY15-16.