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  • Reliance Life Immediate Annuity Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    The Reliance Nippon Life Immediate Annuity Plan is a non-linked, non-participating, annuity plan. The Reliance Nippon Life Immediate Annuity Plan can help you to earn a regular amount after you are retired. This plan comes with a single premium option where you must pay the lump sum amount at one go and then choose an annuity option that is convenient for you. Depending on the annuity option chosen by you, you will start getting the annuity income on a regular basis. You can easily convert the lump sum amount to a regular income for your entire life by choosing the Reliance Nippon Life Immediate Annuity Plan. It is just like making a plan for future income after your retirement. By choosing this plan, you will not have to worry about how to invest your money after you are retired.

    Eligibility – Who is the Reliance Nippon Life Immediate Annuity Plan for?

    In order to buy the Reliance Nippon Life Immediate Annuity Plan, a customer has to fulfil certain eligibility criteria with respect to his/her age and the amount of insurance he/she seeks. These conditions are as shown below:

    Parameters Criteria for Eligibility
    Minimum age at entry 20 years
    Maximum age at entry 80 years
    Minimum purchase price Rs.1,00,000 (excluding the education cess and service tax)
    Maximum purchase price No limit
    Minimum instalment Rs.1,000
    Maximum instalment No limit
    Modes of annuity payout Annually, half yearly, quarterly and monthly

    Sum Assured and Premium Range – What you get and what it costs

    Sum Assured – It is the sum that is paid to the family or nominee of the insured in case of an event where the insured encounters any critical illness, permanent disability or death.

    Premium – Premium is the amount that you pay at one go or at regular intervals to keep your policy running. Premiums may vary depending upon factors like location, term of the plan, age, etc. The modes of annuity payout available for the Reliance Nippon Life Immediate Annuity Plan are annual, half-yearly, quarterly and monthly. However, the premium payment mode is single.

    Plan Coverage – What the Reliance Nippon Life Immediate Annuity Plan covers

    One time payout Pay the premium at one go.
    Guaranteed income for life Avail guaranteed income for an entire lifetime.
    Flexibility You can choose the annuity from three annuity payout options offered by the Reliance Nippon Life Immediate Annuity Plan. These options are as follows:
    • Life Annuity with the return of purchase price.
    • Life Annuity.
    • Life Annuity guaranteed for 5 years, 10 years or 15 years and also payable for the entire lifetime.
    You may choose the payout frequency for the annuity – annual, half-yearly, quarterly or monthly.
    Ease of Enrolment Medical tests are not needed to avail the Reliance Nippon Life Immediate Annuity Plan.
    Income benefit Enjoy regular annuity amounts upon survival of the insured individual as mentioned in the policy. You cannot change the annuity option after you have already selected one.
    Maturity benefit No maturity benefit is payable under the Reliance Nippon Life Immediate Annuity Plan.
    Death benefit In case the insured chooses the plan option that is called Life Annuity with return of purchase price, the purchase price (excluding service tax) is paid to the nominee on the event of unfortunate death of the insured. There is no death benefit available for the other annuity options under the Reliance Nippon Life Immediate Annuity Plan. You cannot change the annuity option after you have already selected one.

    Riders/Add-on plans – Additional coverage under the Reliance Nippon Life Immediate Annuity Plan

    No riders are available under the Reliance Nippon Life Immediate Annuity Plan.

    Exclusions – What the Reliance Nippon Life Immediate Annuity Plan does not cover

    Suicide Exclusion – In case the life insured commits suicide, whether insane or sane, the insurer will pay the entire purchase price of the plan (excluding service tax) to the nominee, if the insured chose the plan option that is called Life Annuity with return of purchase price when he/she bought the plan. No payment will be made if the insured chose any other option when he/she purchase the Reliance Nippon Life Immediate Annuity Plan.

    Other Key Features

    Partial Withdrawals or Withdrawals No withdrawals are allowed under the Reliance Nippon Life Immediate Annuity Plan.
    Surrender Value There is no surrender value for the Reliance Nippon Life Immediate Annuity Plan. It cannot be surrendered.
    Free look period In case you do not like the terms and conditions of the Reliance Nippon Life Immediate Annuity Plan, you can return the policy within a period of 15 days. However, you must state your objections and the reasons for it. Reliance Nippon will refund the amount paid by you as premiums after deducting a certain risk premium for the cover period that was offered. Deductions will also happen for the medical tests that were carried out at the company’s expense. Free look period of 30 days is given for Distance Marketing. All the solicitation activities and the sale of insurance products are included in Distance Marketing This also includes lead generation. The modes of Distance Marketing are as follows:
    • Voice mode that includes telephonic calls.
    • SMS or Short Messaging Services.
    • Electronic modes that include internet, email and television (DTH).
    • Physical modes that include magazines, newspapers, direct postal mail, etc.
    • Solicitation via any means except in person.

    Tax benefits – How you can save with the Reliance Nippon Life Immediate Annuity Plan

    The premiums that you pay to keep the Reliance Nippon Life Immediate Annuity Plan active are eligible for tax deductions under the prevalent Income Tax laws. The IT laws are subject to amendments and can change from time to time. Consulting a tax expert is highly advisable.

    Why you should buy the Reliance Nippon Life Immediate Annuity Plan from Reliance Nippon?

    Reliance Nippon Life Insurance Company is one of the top insurance service providers in India. The insurance solutions offered by this organisation comes with immense innovation and flexibility. They are designed to cater to the changing needs and requirements of the customers. Reliance Nippon has more than one crore lives insured under their policies. It has more than 8,000 outlets. The claim settlement ratio of this company is 95.01%. The Reliance Nippon Life Immediate Annuity Plan can help you to earn a regular amount after you are retired. This plan comes with a single premium option where you must pay the lump sum amount at one go and then choose an annuity option that is convenient for you. Depending on the annuity option chosen by you, you will start getting the annuity income on a regular basis. You can easily convert the lump sum amount to a regular income for your entire life by choosing the Reliance Nippon Life Immediate Annuity Plan