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Reliance Nippon Life Increasing Money Back Plan is a non-linked, non-participating life insurance plan. This plan offers you periodic money-back payouts. The payouts increase at each life stage. You can choose your premium payment term and you get discounts for a higher sum assured. You will receive guaranteed money back benefits every 3 years and you also get a lump sum maturity amount at the end of the policy term.
You will have to meet the following eligibility criteria to avail Reliance Nippon Life Increasing Money Back Plan:
|Minimum age at entry||15 years|
|Maximum age at entry||55 years|
|Policy term||15 years|
Sum Assured and Premium Range – What you get and what it costs
The sum assured is based on the premium you pay and the term. The sum assured for Reliance Nippon Life Increasing Money Back Plan is as follows:
|Minimum base sum assured||Rs.1 lakh|
|Maximum base sum assured||No limit|
Premiums are to be paid for the coverage you want. The premiums payable for Reliance Nippon Life Increasing Money Back Plan are as follows:
|Minimum base premium||Rs.18,000|
|Maximum base premium||No limit|
|Premium payment modes||Monthly Quarterly Half-yearly Yearly|
|Premium payment term||Regular pay – 15 years Limited pay – 7 years|
*Premiums vary based on age, location, plan term and other factors
You will get the following coverage under Reliance Nippon Life Increasing Money Back Plan:
|Benefit option||Features of the benefit|
|Death benefit||In the event of the death of the Life Assured, the higher of the following will be paid as death benefit:
|Maturity benefit||If the Life Assured survives till the end of the policy term, the guaranteed sum assured is paid. The guaranteed sum assured is equal to the base sum assured. This benefit is paid if all due premiums are paid in full.|
|Money back benefit||When the Life Assured survives the policy and if all the premiums are paid in full, the money back benefit is paid at regular intervals of 3 years. This benefit will start from the 3rd year. The payouts applicable are as follows:
Riders/ Add-on Plans – Additional coverage under Reliance Nippon Life Increasing Money Back Plan
You can opt for riders during the premium payment term. You will have to pay an additional premium over the base premium. The riders can be selected at the beginning of the policy or on any policy anniversary. The rider sum assured cannot be higher than the base sum assured on death. The sum of the rider premiums cannot exceed 30% of the premiums paid under the base plan. The following riders can be taken to safeguard yourself and your family members further:
|Reliance Accidental Death & Total and Permanent Disablement Rider||Additional death or disability benefit is provided if the death or disability is caused due to an accident. You also get a waiver of premium and can continue the plan in case of disability.|
|Reliance Family Income Benefit Rider||You get a monthly benefit of 1% of sum assured each month for 10 years or till the end of the rider term in the case of death or total and permanent disability caused due to sickness or accident before the policy matures.|
|Reliance Critical Conditions Rider||You get a lump sum amount to take care of 25 critical conditions. The critical conditions include cancer, paralysis, heart attack, major organ transplant, etc.|
|Reliance Major Surgical Benefit Rider||You get a lump sum amount to cover expenses of surgeries from a list of 33 surgeries. The surgeries covered include cornea transplantation, heart surgery, transplant of lungs, kidney transplant, etc.|
|Reliance Term Life Insurance Benefit Rider||An additional death benefit is provided and it depends on the sum assured you select under this rider.|
Exclusions – What the Reliance Nippon Life Increasing Money Back Plan doesn’t cover
Most life insurance policies have certain exclusions. You will not get any benefits in case of death due to suicide within 12 months from inception of the policy. The nominee will be entitled to 80% of the premiums paid. If the death was caused due to suicide within 12 months from the date of revival of the policy, the nominee will get more than 80% of the premiums paid.
Other Key Features
The other key features of Reliance Nippon Life Increasing Money Back Plan are as follows:
|Grace period||You will get a grace period of 30 days for annual and semi-annual mode or 15 days for the monthly mode to pay the premium after the due date. The policy will be in force and the benefits can be claimed.|
|Freelook period||If you disagree with any of the terms and conditions of the policy, you can return it within 15 days of receiving it. The time given to return a policy that was taken through Distance Marketing channel is 30 days. You will get a refund of the premiums paid and the risk premium and other expenses incurred will be deducted. Distance Marketing includes the sale of insurance through telephone-calling, email, SMS, and physical mode.|
|Loan||You can get a loan against your policy once the policy has acquired surrender value. The maximum loan you can get is 80% of the surrender value.|
|Premiums discontinuance||The policy will lapse if you wish to discontinue it before it acquires a surrender value. The policy acquires surrender value when you finish 2 full years’ premium payments if the premium payment term is not more than 10 years. If the premium payment term is more than 10 years, you will have to finish 3 full years’ premium payment for it to acquire surrender value. If you want to discontinue the policy after it has acquired a surrender value, you can choose to continue the policy on a paid-up basis. The benefits will change once you continue the policy on a paid-up basis. Money back benefits will not be applicable.|
|Surrender||You can surrender a policy at any time you wish to. You can convert a policy to a paid-up policy after it has acquired a surrender value.|
|Revival||You can revive a paid-up policy or lapsed policy within 2 years from the due date of the first unpaid premium. You will have to pay all the outstanding premiums to revive the policy.|
|Alterations||You cannot alter premium payment term and the sum assured after the commencement of the policy.|
|Assignment and transfer||An assignment is allowed as per the Section 38 of the Insurance Act, 1938.|
|Nomination||The nomination is allowed as per Section 39 of the Insurance Act, 1938.|
Tax Benefits – How you can save with the Reliance Nippon Life Increasing Money Back Plan
The benefits offered are in accordance with the Income Tax Act, 1961. The following tax benefits can be availed:
Other benefits – How you can save with the Reliance Nippon Life Increasing Money Back Plan
Following are the other benefits available under Reliance Nippon Life Increasing Money Back Plan:
Reliance Nippon Life Increasing Money Back Plan offers the money back benefit, death benefit, and maturity benefit. You get money back from the 3rd policy year. You can choose between regular pay and limited pay. You can also take a loan on your policy. Reliance Nippon Life Insurance has over 1 crore policies which you can choose from. According to Brand Equity’s Most Trusted Brand Survey, Reliance Nippon is the 4th most trusted life insurer. Reliance Nippon Life Insurance has over 700 branches in India. The claim settlement ratio is 95.01%.
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