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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.
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|
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|
|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||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.|
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.
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.|
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:
|Surrender Value||The policy acquires surrender value under the following conditions:
|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.|
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.
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|
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.
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