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Reliance Nippon Life Increasing Income Insurance Plan

To keep pace with your growing financial needs of future, it is necessary to ensure a regular income flow. Be it buying your dream vehicle or financing the education of your children, a stable income is an imperative. The Reliance Nippon Increasing Income Insurance Plan helps you meet your financial needs with a guaranteed monthly income that keeps increasing every year. Besides regular income, it also provides long term protection to your family.

Eligibility -Who is the Reliance Nippon Increasing Income Insurance Plan for?

To be eligible for the Reliance Nippon Increasing Income Insurance Plan, the applicant has to meet certain criteria. Refer to the below table for the same:

Minimum Entry Age 14 years
Maximum Entry Age 60 years
Policy Term 12, 16, 20 or 24 years
Minimum Age at Maturity 80 years

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

The policy allows you to choose between two income options – Income with Maturity Benefit and Only Income. The details of the sum assured and modes of payment are given below:

Minimum Basic Sum Assured Rs.60,000 or Rs.1 lakh depending on the age of the policyholder
Maximum Basic Sum Assured No limit on the maximum sum assured
Premium Payment Mode Yearly, half-yearly, quarterly, and monthly
Premium payment term Half of the policy term chosen
Minimum annual premium Rs.15,000
Maximum annual premium No limit

Plan coverage - What the Reliance Nippon Increasing Income Insurance Plan covers

  • The plan offers a guaranteed income, starting from the end of the premium payment term till maturity of the plan.
  • The income offered under the plan is equal to 12% of the basic sum assured and it keeps increasing each year at the rate of 3% per annum.
  • Reliance Nippon Increasing Income Insurance Plan provides maturity benefits which is two times the basic sum assured.
  • If you choose the Only Income Plan, then the income you receive will be 24% of basic sum assured and it will increase at the rate of 6% per annum every year.
  • The plan offers you a comprehensive life cover throughout the term.
  • It also offers riders to enhance the range of protection.
Types of Plans Based on your financial needs, you can choose between the following two plans at the time of policy purchase:
  • Income with Maturity Benefit
  • Only Income
Income with Maturity Benefit In this type of plan, the Guaranteed Monthly Income is 1% of the basic sum assured for the first year of payout and it keeps increasing at the rate of 0.25% for the subsequent years.
Only Income Here, the Guaranteed Monthly Income is 2% of the basic sum assured for the first year of payout and it keeps increasing at the rate of 0.50% for the subsequent years.
Maturity Benefits Maturity benefits are offered only on the Income with Maturity Benefits Plan. On survival of policyholder till the maturity of the policy, he/she shall receive maturity benefits which will be equal to twice the basic sum assured.
Death Benefits In case of the unfortunate death of the policyholder during the tenure, his/her beneficiaries shall receive death benefits which will be equal to sum assured multiplied by the paid-up factor.

Exclusions - What the Reliance Nippon Increasing Income Insurance Plan doesn’t cover

In the event of death of the policyholder due to suicide within 12 months of commencement of risk cover, his claimants shall receive death benefits which will be equal to 80% of the premiums paid by the policyholder till death.

Riders/Add-On Plans – Additional coverage under Reliance Nippon Increasing Income Insurance Plan

To increase the level of your protection, Reliance Nippon Increasing Income Insurance Plan offers the following riders:

Reliance Term Life Insurance Benefit Rider It offers additional death benefit based on the sum assured chosen under the rider
Reliance Major Surgical Benefit Rider It provides a lump sum to meet the surgical expenses from a list of 33 major surgeries including open heart surgery, lung surgery, kidney transplant, etc.
Reliance Critical Conditions (25) Rider Provides a lump sum payout on diagnosis of any of the 25 critical conditions listed in the rider. It includes cancer, heart attack, organ transplant, etc.
Reliance Family Income Benefit Rider In the event of death or sickness of the policyholder before maturity of the policy, the rider shall provide monthly income equal to 1% of the basic sum assured till the end of the policy term or 10 years, whichever is earlier.
Reliance Accidental Death and Total and Permanent Disablement Rider (Regular Premium) Provides additional death or disability benefits, if the death or disability is caused due to an accident. Apart from that, the waiver of premium benefits continues in the plan if the policyholder is disabled.
Reliance Accidental Death and Total and Permanent Disablement Rider (Limited Premium) Provides additional death or disability benefits, if the death or disability is caused due to an accident. Other than that, the waiver of premium benefits continues in the plan if the policyholder is disabled.

Other Key Features – Free Look Period, Surrender Values, Grace Period etc.

Some additional features of the Reliance Nippon Increasing Income Insurance Plan are described below:

Free Look Period The policy offers a free look period of 15 days for all channels except distance marketing. For policies sold through distance marketing mode, the free look period shall be 30 days. Distance marketing includes the following:
  • Telephonic mode
  • SMS
  • Electronic mode – emails, webs, and interactive television
  • Direct post, newspaper & magazine inserts, etc.
Surrender Value The policy acquires surrender value under the following conditions:
  • At least two full years of premium has been paid for policies with a premium payment term less than 10 years.
  • At least three full years of premium has been paid for policies with a premium payment term more than 10 years.
On payment of the Surrender Value, the policy will be terminated and it cannot be reinstated afterwards.
Revival A lapsed policy can be revived within two years from the date of first unpaid premium. While reviving a policy, the policyholder will be required to clear the outstanding premiums and the handling charges.
Nomination Nomination shall be allowed in accordance with Section 39 of the Insurance Act.
Grace Period The company provides a grace period of 30 days (15 days for monthly mode) in case you are not able to pay the premiums on time. Failure to pay the premiums even after the grace period can result in policy lapse.
Loan Policyholders can avail loans once the policy has acquired surrender value. The maximum loan amount a policyholder can avail shall be equal to 80% of the Surrender Value of the policy.

Tax benefits – How you can save with the Reliance Nippon Increasing Income Insurance Plan

Policyholders can avail tax benefits under Section 10(10D) and Section 80C of the Income Tax Act, 1961. The tax laws are subjected to change from time-to-time and therefore, customers are advised to consult a tax advisor before purchasing the plan.

Other benefits – How you can save with the Reliance Nippon Increasing Income Insurance Plan

The customer portal of Reliance Nippon Life Insurance allows you to view the details of your policy and make premium payments online. It also allows you to renew the policy through the same portal. Customers can make payments using the following channels:

Debit Cards MasterCard, Visa, Maestro, and RuPay cards are accepted
Credit Cards MasterCard, Visa, Maestro, American Express, and Diners Club cards are accepted
Net Banking You can use the Net Banking facility to make premium payments online
e-Wallets Premiums can be paid through e-Wallets as well

Why you should buy the Increasing Income Insurance Plan from Reliance Nippon?

Reliance Nippon is one of the leading life insurance companies in India with a higher claim settlement ratio. The company has sold over 10 million policies and has a distribution network of 800 branches spanned across the country. The claim settlement ratio of Reliance Nippon Life Insurance as of December 2015 is 94.48%. The company caters to five different segments of life insurance namely, Child Plans, Protection Plans, Retirement Plans, Savings & Investment and Health, and Group Plans. The company is also ranked among the Top Two Most Trusted Private Life Insurers in a survey conducted by Nielsen Brand Equity.