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Reliance Nippon Life Lifelong Savings Plan

Reliance nippon Lifelong Savings Plan is a non-linked insurance cum savings plan, based on endowment participation. The plan comes with two options - Standard cover and Extended Life cover. The Extended Life cover allows a policyholder to opt for whole life cover and be secure for the rest of their life.

Eligibility - Who is the Reliance Nippon Life Lifelong Savings Plan for?

Listed below are the various eligibility factors that you must meet to purchase Reliance Nippon Life Lifelong Savings Plan:

Minimum age at entry 7 years
Maximum age at entry 55 years
Minimum age at maturity 22 years
Maximum age at maturity 70 years
Minimum policy term 15 years
Maximum policy term 30 years

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

Sum Assured: The Sum Assured in Reliance Nippon Life Lifelong Savings Plan can be as low as Rs.80,000 and as high as one desires, depending on the premium amount one is willing to spend.

Parameters Values
Minimum Basic Sum Assured Rs.80,000.
Maximum Basic Sum Assured No limit.

Premium Range: As the Sum Assured can be an unlimited sum, so can be the Premium amount, with the minimum being Rs.12,000 p.a. The plan comes with Regular Pay and Limited Pay options, along with the flexibility to choose from 4 different Premium Payment Modes.

Parameters Values
Premium Payment Term (PPT) For 7 years to 50 years old:
  • 15 to 30 years with Regular Pay option.
  • 10 years with Limited Pay option.
For 51 years to 55 years old:
  • 10 years with Limited Pay option.
  • Regular Pay option not available.
Premium Payment Modes Monthly, Quarterly, Half-yearly and Yearly.
Minimum Annual Premium Rs.12,000.
Maximum Annual Premium No limit.

*Premiums vary based on age, location, plan term, and other factors.

Plan coverage - What the Reliance Nippon Life Lifelong Savings Plan covers

Reliance Nippon Life Lifelong Savings Plan provides the following coverage to the life insured under this plan:

  • Death benefit:
    • Death within policy term (both Standard and Extended Cover): The nominee of the policyholder gets a Death Benefit equal to the cumulative of the Sum Assured, Vested Reversionary Bonuses and Terminal Bonus, if applicable. This benefit cannot be less than 105% of all paid up premiums till the date of the unfortunate demise of the policyholder. For a better understanding of the Sum Assured, please refer to the table below where it is the higher of the options A, B and C mentioned:
Standard Cover Extended Cover
Upto 50 years More than 51 years
A 10 x AP 10 x AP 7 x AP
B Guaranteed Benefit on Maturity Guaranteed Benefit on Maturity Guaranteed Benefit on Maturity
C Basic Sum Assured Basic Sum Assured Basic Sum Assured
    • Death after the end of policy term (for Extended Cover only): The nominee gets a Death Benefit amounting to the Basic Sum Assured. This particular benefit is more than or equal to 105% of all paid up premiums till the date of demise of the policyholder. The Policy gets terminated after payment of this Death Benefit.
  • Maturity benefit: If the Life Assured under this plan survives until the end of the Term of policy, and the Policy is still in force, he/she receives a Maturity Benefit equal to a cumulative of Guaranteed Benefit on Maturity, Terminal Bonus, if applicable and Vested Reversionary Bonus. Guaranteed Benefit on Maturity is equal to the Basic Sum Assured in addition to Guaranteed Accrued Additions. After the Maturity date:
    • Under Standard Cover, the policy gets terminated after the payment of above-mentioned maturity benefit.
    • Under Extended Cover, maturity benefit gets paid at the end of Term of Policy, but the policy is not terminated. The death cover continues till death after the expiry of Term of Policy. However, this extended period after the Policy Term, does not entitle the policyholder to further maturity benefits.
  • Guaranteed additions: These additions are guaranteed to accrue for the first 5 years towards the end of each of those years, at 4% p.a. of the Basic Sum Assured. For Guaranteed Additions to be applicable all premiums due for the policy has to paid by the policyholder, and the Policy must still be in force in those 5 years.
  • Bonuses:
    • Reliance Nippon Life Lifelong Savings Plan also comes with the benefit of adding Simple Reversionary bonuses every year, beginning after the first 5 years are over, and continuing over the entire Policy Term, if the Policy remains in force during this period.
    • Terminal Bonus, if applicable is payable to the nominee on the death or to the policyholder on maturity of the policy, after the first 8 years of the policy, provided the Policy is still in force. Terminal Bonus is usually a declared percentage of Vested Reversionary Bonuses.

Riders - Additional coverage under the plan

Get enhanced protection by adding an Reliance Nippon Life Insurance Rider to your base policy, Life Lifelong Savings Plan. Reliance Nippon offers the following riders with this plan:

Reliance Term Life Insurance Benefit Rider This is a unique rider, as in it provides the policyholder with additional death benefits dependent upon the amount of Sum Assured selected under this rider.
Reliance Major Surgical Benefit Rider This rider gives the policyholder a lump sum amount in case he/she is undergoing any of the 33 critical surgeries the rider covers, including kidney transplant, heart surgery, etc.
Reliance Critical Conditions (25) Rider This rider gives the policyholder a lump sum amount on being diagnosed of any of the 25 critical illness covered under this rider, including heart attack, cancer, etc.
Reliance Family Income Benefit Rider This rider provides a benefit of 1% every month, or 12% p.a. on the Sum Assured from the day of death of the policyholder till end of the rider term or 10 years, whichever later.
Reliance Accidental Death Benefit and Total and Permanent Disablement Rider This rider offers additional death and disability benefit if the said event occurred due to an accident.

Exclusions

If the policyholder commits suicide for any reason within a year of commencement of the policy, the following would occur:

  • If the policyholder dies within a year from policy commencement date: Nominee gets 80% of all premiums paid.
  • If the policyholder dies within a year from policy reinstatement date: Nominee gets 80% of all Premiums paid minus service tax or the Surrender Value as on death date, whichever is higher.

Other key features

Following are other key features of Reliance Nippon Life Lifelong Savings Plan:

  • Free look period: A free look period of 15 days allows the policyholder to cancel the plan if they disagree with any of the terms and conditions stated in the policy.
  • Grace period: Exide Life offers policyholders extra time to pay the premium after the due date. This grace period is of 30 days for annual premium payers and 15 days for monthly payers.
  • Policy Reinstatement: This policy can be reinstated within 2 years from the day the last payment has been missed, if the date of reinstatement falls within the policy term.
  • Loan: This policy allows policyholders to get a policy loan for any financial emergencies when the policy reaches surrender value.

Tax benefits

Under Reliance Nippon Life Lifelong Savings Plan, you can get guaranteed tax benefits on premiums paid and maturity proceeds:

  • Premiums paid under Section 80C of the Income Tax Act, 1961.
  • Maturity proceeds under Section 10(10D) of the Income Tax Act, 1961.

Other benefits

There are several other benefits of purchasing life insurance plans from Reliance Nippon Insurance such as:

Customer Service For all your insurance related queries, call toll-free number 1800 3000 8181 or place a request for call back from a customer care representative.
Online Application You can easily purchase an insurance policy online by filling up an application form on the company website.
Claims Your claim will be processed within 12 working days. For any clarifications regarding your claim, you can visit the nearest Reliance Nippon Life Insurance branch or talk to your insurance advisor.

Why should you buy Reliance Nippon Life Lifelong Savings Plan?

Following are the reasons why you should buy Life Lifelong Savings Plan from Reliance Nippon:

  • Reliance Nippon Life Insurance Company is a leading private sector insurance provider in India.
  • The company serves over 10 million customers with 1 lakh insurance advisors spread over 800 branches across the country.
  • Reliance Nippon Life Insurance was voted as one of the 'Most Trusted Brands' in the Life Insurance Category in 2015.
  • The company won the ‘Best Website Award’ in 2014.
  • The Claim Settlement Ratio of Reliance Nippon Life Insurance was 95.01% in FY15-16.