Reliance Nippon Life's Guaranteed Money Back Plan
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Reliance Nippon Life’s Guaranteed Money Back Plan is a non-linked, non-participating, non-variable money back insurance plan. The plan enables the policyholder to receive guaranteed money back benefits at periodic intervals to fulfill various types of financial goals such as child’s higher education, going for a vacation abroad, etc. With options to choose from regular or limited premium and 10 or 15 years of the policy term, this flexible plan also offers a life cover of at least 10 times the annualized premium throughout the policy term. Reliance Nippon Life's Guaranteed Money Back Plan offers guaranteed benefits of money back, loyalty addition, and maturity addition, along with a host of other benefits including savings.
Reliance Nippon Life's Guaranteed Money Back Plan provides financial protection to the family of the policyholder. Whether the unfortunate death of the policyholder is accidental or nonaccidental, the death benefit is payable to the nominee even if the guaranteed benefits are already paid.
Eligibility -Who is the Reliance Nippon Life's Guaranteed Money Back Plan for?
The customers who would like to save for their future and also protect their family from unforeseen financial eventualities should consider this plan for various reasons and benefits. The guaranteed benefits continue even after the unfortunate death of the policyholder, in addition to this, the nominee also receives the death benefits and all the future premiums are waived off. In order to buy the Reliance Nippon Life’s Guaranteed Money Back Plan, the policyholder is required to meet certain eligibility criteria listed in the following table:
| Parameters | Eligibility |
| Minimum age at entry | 18 years |
| Maximum age at entry | 58 years for the 15 years policy term and 55 years for the 20 years policy term |
| Maturity age | Minimum of 33 years and maximum of 75 years |
| Policy term | 15 years and 20 years |
| Sum assured | Minimum of Rs.50,000 and no limits on the maximum |
The age is age is calculated based on the last birthday of the individual.
Sum Assured and Premium Range- What You Get and What It Costs
Sum Assured – In addition to other benefits of Reliance Nippon Life’s Guaranteed Money Back Plan, the policyholder is entitled to a guaranteed amount of money known as the sum assured. The sum assured is often referred to as the coverage amount or cover to indicate the total amount for which policyholder’s life is insured. The plan provides a minimum of Rs.50,000 as the sum assured amount and there are no limits on the maximum sum assured amount. Moreover, the policyholder is also entitled to Guaranteed Loyalty Additions and Maturity Additions.
Premium – Also known as the contribution from the policyholder, the premium is the amount that is paid at different intervals as agreed at the inception of the policy. Reliance Nippon Life Insurance Company allows the policyholders to pay the premiums in a broad range of payment methods ranging from NEFT, cheques, etc. The policyholders make the payments for all the premiums at periodic intervals as agreed with Reliance Nippon Life Insurance Company at the inception of the policy. During the policy term, if the policyholder encounters unfortunate death, whether accidental or nonaccidental, Reliance Nippon Life’s Guaranteed Money Back Plan will waive off all the future premiums and the nominee/family of the policyholder will continue to receive the guaranteed benefits along with the death benefits. The policyholders who choose to pay yearly or half-yearly premiums are eligible to earn rebates on their payments.
Plan Coverage- What the Reliance Nippon Life’s Guaranteed Money Back Plan covers
The non-linked, non-participating, non-variable money back insurance plan provides life insurance coverage to the policyholders during the policy term. The plan allows the policyholders to save a certain amount of money while ensuring financial protection for their family in case of accidental or nonaccidental death. This plan is suitable for individuals who are planning to save money for their future in order to fund their child’s higher education, take a vacation abroad, go on a pilgrimage, to gift their grandchildren or to pay off debts. The plan offers the following benefits:
| Death Benefits | Reliance Nippon Life’s Guaranteed Money Back Plan provides death benefits to the nominee/family of the life insured in the event of unfortunate death due to accidental or non-accidental reasons within the policy term. The death benefit is payable to the nominee in addition to the guaranteed benefits. The lump sum benefit offered for accidental or nonaccidental death are based on the following factors:
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| Maturity Benefits | The maturity benefits are paid at the end of the policy term to the policyholder (if he/she is surviving) or to the nominee (if the policyholder encountered death). The guaranteed maturity benefits under the Reliance Nippon Life’s Guaranteed Money Back Plan are: Loyalty Additions – The plan offers guaranteed Loyalty Additions up to 40% of sum assured. If the policy is not lapsed or surrendered, the Loyalty Additions of 2% of sum assured will be added at the end of every policy year. The accrued sum of additions is paid on maturity. Maturity Addition – The plan also offers Guaranteed Maturity Addition based on the sum assured at the end of the policy term. If the policy term is for 15 years, 15% of sum assured and 20% for a policy term of 20 years are added to the maturity benefits. |
| Money Back Benefits | Whether the policyholder survives till the end of the policy term or not, the following guaranteed Money Back Benefits are paid during the last 5 years based on the term of the Reliance Nippon Life’s Guaranteed Money Back Plan:
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| Premium Waiver Benefit | If the life insured encounters death before the end of the policy term, Reliance Nippon Life Insurance Company will waive off all the due future premiums and the nominee/family will continue to receive the other benefits along with the death benefits. |
Riders / Add-On Plans – Additional coverage under the Reliance Nippon Life’s Guaranteed Money Back Plan
No riders or add-on plans are available under the Reliance Nippon Life’s Guaranteed Money Back Plan.
Exclusions - What the Reliance Nippon Life’s Guaranteed Money Back Plan doesn’t cover
The following factors are listed under the exclusion elements for the Reliance Nippon Life’s Guaranteed Money Back Plan:
- If the life insured under the plan commits suicide with 12 months from the date of policy inception, the nominee of the policyholder will be entitled to 80% of the premium paid.
- If the policy has been subject to revival, the death benefit is limited to a maximum of 80% of the premiums paid till the date of death.
- No insured benefits are paid in case of policyholder committing suicide.
For accidental death due to direct or indirect factors, no additional sum assured amount is offered. Few of the notable factors are:
- The policyholder engaging himself/herself in an act of self-injury, criminal or illegal act.
- Being participation in any criminal or illegal act.
- The policyholder being under the influence of alcohol or any other illegal drugs/substance without the direction of a registered medical practitioner.
- If the policyholder is participating in racing or practicing racing of other kind than foot
- Unauthorized flying or attempting to fly in an aerial device except for travelling through a fare paying airline as a passenger.
- Participation in any kind of riot, terrorism, strike, military, naval, air force, police or similar service.
The Reliance Nippon Life’s Guaranteed Money Back Plan doesn’t allow any partial withdrawal or a loan facility.
Other Key Features – Freelook Period, Surrender Values, Grace Period, etc.
| Free Look Period | If the policyholder doesn’t agree with any of the terms and conditions of the plan, the plan can be returned to Reliance Nippon Life Insurance Company within 15 days in order to cancel the plan. The insurer will refund the premiums paid less deductions of the proportionate risk premium and charges involved in the medical examination and stamp duty charges. The original policy document is needed to be returned along with a statement mentioning the reason for cancellation. If the plan is bought through a distance marketing channel, the policyholder will have 30 days to return/cancel the policy. |
| Surrender Values | In a situation where the policyholder decides to surrender the policy, he/she will be entitled to a surrender value based on the policy terms and conditions. The surrender value is calculated based on the year of surrender and the policy term. The acquired surrender value is paid only after the completion of first 3 policy years. Even if the surrender request is received before the completion of 3 policy years, the value will be paid only after the completion of 3 policy years. Once the policy is surrendered, it will be terminated and can’t be re-instated. |
| Grace Period | Reliance Nippon Life’s Guaranteed Money Back Plan offers a grace period of 30 days for a due payment for premiums paid in yearly, half-yearly or quarterly basis, however, for premiums that are paid on a monthly basis, a grace period of 15 days is allowed. |
| Nomination | The nominee for this plan can be changed or the details can be edited by contacting Reliance Nippon Life Insurance Company. The policyholder will be required to submit an application with necessary documents in order to carry out the nominee amendments. |
| Flexible Premium Payment Modes | The plan enables the policyholder to make flexible payments in yearly, half-yearly, quarterly and monthly intervals. |
Tax benefits – How you can save with the Reliance Nippon Life’s Guaranteed Money Back Plan
The contributions/premiums made as the investment and returns earned from Reliance Nippon Life’s Guaranteed Money Back Plan are eligible for tax deduction under the Income Tax Act. The Income Tax benefits for a non-linked, non-participating, non-variable money back insurance plan are subject to amendments. Customers are advised to discuss the tax benefits with a qualified tax consultant before making investment decisions. The applicable Service Tax and Cess will be charged as per the rates declared by the Government that is subject to change.
Other benefits – How you can save with the Reliance Nippon Life’s Guaranteed Money Back Plan
Reliance Nippon Life’s Guaranteed Money Back Plan helps the policyholder in saving tax. The contribution paid as premiums are eligible for tax exemptions under this plan. Moreover, the Section 10(10D) of the Income Tax Act, 1961, enables the death benefits, maturity benefits, etc. to qualify for tax deductions.
In the unfortunate event of the policyholder’s demise, all the future premiums are waived off and the family of the life insured continues to receive the guaranteed benefits.
Why you should buy the Reliance Nippon Life’s Guaranteed Money Back Plan from Reliance Nippon Life Insurance Company?
Reliance Nippon Life Insurance Company Limited is one of the largest life insurance companies in India. Often referred to as Reliance Nippon Life Insurance Company, financial products such as protection, children, retirement, investment, and insurance plans are a part of the company’s product portfolio. With a distribution network of over 8,000 outlets, over 100,000 agents, and an excellent customer service team, the insurer provides top-class services. Reliance Nippon Life Insurance Company takes pride in being one of the most trusted life insurance brands who has over 1 crore lives insured through their schemes. The company can also boast about the 95.01% claim settlement ratio.
Reliance Nippon Life’s Guaranteed Money Back Plan provides financial protection for the policyholder’s family through a life cover of at least 10 times the annualized premium amount for the entire policy term. Additionally, a life cover equal to the sum assured is applicable for the accidental death of the policyholder. The policyholder can choose to pay the regular or limited premiums based on their needs. The plan offers guaranteed money back benefits during last 5 years of the policy term. With guaranteed benefits of Loyalty Addition and Maturity Addition, this plan is perfect for someone who is looking to invest in a plan that can help them save while protecting their family with a life insurance coverage.
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