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Reliance Nippon Life Premier Wealth Insurance Plan

The Premier Wealth Insurance Plan from Reliance Nippon is a unit-linked, non-participating endowment policy that is tailored to meet the specific requirements of customers. The allocation and structure of funds under the plan should match the aspirations and goals to create an ideal fit for the future. The plan can be altered to individual requirements so that changing priorities over a period of time are taken care of. The Reliance Nippon Life Premier Wealth Insurance Plan allows customers the flexibility to balance their investment and protection requirements during the tenure of the plan, in a systematic and active manner.

The Reliance Nippon Life Premier Wealth Insurance Plan can be purchased by customers to avail the best of value as well as wealth management in a single policy. Customers will also be allowed to switch between auto-manage and active style of investing. Rewards are also offered to customers who remain invested with wealth boosters, while access is allowed to investment in times of emergencies. The Reliance Nippon Life Premier Wealth Insurance Plan also offers tax benefits to help you save money.

The Reliance Nippon Life Premier Wealth Insurance Plan offers a choice of investment to the customer. You can choose from self-managed option and auto-managed option which has two further options – Target Maturity Option and Life-Stage Option which will be discussed later.

Eligibility – Who is the Reliance Nippon Life Premier Wealth Insurance Plan for

Customers who purchase the Reliance Nippon Life Premier Wealth Insurance Plan will have to meet certain eligibility criteria which are as follow:

Parameters Details
Minimum Entry Age 30 days
Maximum Entry Age 60 years
Minimum Maturity Age 18 years
Maximum Maturity Age 70 years
Policy Term 10 years to 30 years for Regular Pay policies and Limited Pay 5 years and 7 years policies, and 15 years to 30 years for Limited Pay 10 years policies

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

When purchasing the Reliance Nippon Life Premier Wealth Insurance Plan, customers must select a sum assured and premium payment. Following are some of the important details regarding the sum assured and premium payments related to the Reliance Nippon Life Premier Wealth Insurance Plan:

Parameters Details
Minimum Sum Assured For individuals up to 44 years of age, the minimum sum assured for Regular Pay and Limited Pay policies will be the higher of 10 x Annualised Premium or 0.5 x Policy Term x Annualised Premium For individuals between 45 years of age and 60 years of age, the minimum sum assured for Regular Pay and Limited Pay policies will be the higher of 7 x Annualised Premium or 0.25 x Policy Term x Annualised Premium In case of Single Pay policies, the minimum sum assured for individuals up to 44 years of age will be 1.25 x Single Premium and for individuals between 45 and 60 years of age will be 1.10 x Single Premium
Maximum Sum Assured For Regular Pay and Limited Pay policies, the maximum sum assured will be 30 x Annualised Premium for individuals up to 30 years of age, 20 x Annualised Premium for individuals between 31 and 40 years of age, 15 x Annualised Premium for individuals between 41 and 50 years of age, 12 x Annualised Premium for individuals between 51 and 55 years of age, and 10 x Annualised Premium for individuals between 56 and 60 years of age. For Single Pay policies, the maximum sum assured for individuals up to 60 years of age will be 1.25 x Single Premium.
Premium Payment Term In case of Regular Pay policies, the Premium Payment Term will be equal to the policy term. In case of Limited Pay policies, the Premium Payment Term will be 5 years, 7 years, and 10 years. In case of Single Pay policies, the Premium Payment Term will be a one-time payment.
Minimum Annual Premium In case of Regular Pay and Limited Pay policies, the minimum annual premium will be Rs.2 lakhs, and in case of Single Pay policies, it will be Rs.5 lakhs.
Maximum Annual Premium No limit, subject to underwriting
Minimum Top Up Premium Rs.10,000
Maximum Top Up Premium Equal to 100% of premiums paid
Premium Payment Modes Monthly / Quarterly / Semi-Annual / Annual for Limited Pay and Regular Pay policies

Plan Coverage – What does the Reliance Nippon Life Premier Wealth Insurance Plan include

Following are some of the key features of the Reliance Nippon Life Premier Wealth Insurance Plan:

Maturity Benefit In case the life assured survives the entirety of the policy term, he/she will be eligible for a maturity benefit which will be the total fund value (the sum of the top-up fund value and the base fund value). The maturity benefit can be taken either as periodical payments or as a lump sum.
Death Benefit In case of the unfortunate demise of the life assured during the policy term and all premiums have been paid and the policy is still active, the nominee will be eligible for the death benefit which will be the higher of the base sum assured or 105% of all premiums paid or the base fund value. Once the death benefit has been paid, the policy will terminate.
Wealth Boosters Wealth boosters will be added to the Reliance Nippon Life Premier Wealth Insurance Plan every year starting from the completion of the eighth policy year. Every single wealth booster shall be a percentage of the average daily fund value for the first 12 months of the base plan, and will be 0.30% per year for Limited and Regular Pay policies, and 0.50% per year for Single Pay policies.

Other Key Features

Following are some of the other key features of the Reliance Nippon Life Premier Wealth Insurance Plan:

Investment Options
  1. Self-Managed Option
The self-managed option allows customers to manage their investments in an active manner. There are six investment funds to choose from and the funds can be allocated based on the preference of the policyholder. Customers can switch funds as and when required, and the funds from which you can choose include Life Equity Fund 3, Life Pure Equity Fund 2, Make in India Fund, Life Balanced Fund 1, Life Corporate Bond Fund 1, and Life Money Market Fund 1.
  1. Auto-Managed Option
Under this option, customers can manage their investments through automated options. You will have two choices under this option – Life Stage Option and Target Maturity Option. The Target Maturity Option is ideal for those who wish to initially invest a higher proportion in equity so as to make the most of higher potential returns, while the Life Stage Option is ideal for customers who seek a systematic approach based to financial planning that adjusts their investments based on their age so that changing requirements can be met over time.
Top Ups Customers who have paid their base premiums regularly can opt for the top up option. The minimum top-up premium will be Rs.10,000, and the overall top up premiums over the course of the policy term cannot be more than 100% of the overall base premiums paid. Top up premiums shall not be allowed during the last five years of the policy term. The top up sum assured will be Top Up Multiple x Top Up Premium. The top up multiple for individuals under 45 years of age will be 1.25 and for those above 45 years will be 1.10.
Switching Customers who opt for the self-managed option can switch between the six funds at any time over the course of the policy term based on their investment outlook and financial priorities. 52 free switches will be allowed for each policy year, but unused free switches cannot be carried forward to the next year.
Premium Redirection Customers who opt for the self-managed option can make the most of premium redirection through which they can redirect their premium payments. Future premiums in this case will be allocated to the investment fund of your preference and the existing fund allocation will not be changed.
Surrender Once the top up premium or the base premium has been paid, the Reliance Nippon Life Premier Wealth Insurance Plan will acquire a surrender value. If a policyholder intends on surrendering the policy within the first five years of receipt, he/she will receive the fund value inclusive of top up fund value after discontinuance charges have been deducted.
Premium Discontinuance In case the due premium payments have not been made for Regular Pay and Limited Pay policies, the company will send a notice to the customer within 15 days from the date on which the grace period expired, granting a notice period of 30 days to the customer to either continue the policy by paying the premium within the notice period, or to discontinue the policy by shifting the money to the Discontinued Policy Fund. In case the premium discontinuance has started after five policy years, the customer can either pay the overdue premium and continue the policy, or completely withdraw from the policy and lose all benefits, or convert the plan into a paid-up policy, or continue the policy for a period of up to two years.
Revival If the Reliance Nippon Life Premier Wealth Insurance Plan is surrendered during the initial five policy years, or premium payments have been discontinued during the initial five policy years, it can be revived by paying the overdue premiums within two years from the date on which the policy was discontinued. In case the plan is discontinued after the initial five policy years, it can be revived within two years from the date on which the intimation was received by the customer.
Partial Withdrawal Customers are allowed to make two free partial withdrawals per year, and any additional withdrawals will attract a fee of Rs.100 per withdrawal.
Grace Period Customers who fail to pay the premiums on time will be granted a grace period of 30 days to ensure that due premiums have been paid. In case the mode of premium payment selected is monthly, the grace period granted to the customer will be 15 days.
Free Look Period In case a customer is not satisfied with the terms and conditions of the Reliance Nippon Life Premier Wealth Insurance Plan, he/she can return the same to the company within 15 days. If the policy was purchased through distance marketing mode, the free look period will extend to 30 days.
Nomination Nomination under the Reliance Nippon Life Premier Wealth Insurance Plan is allowed as per section 39 of the Insurance Act, 1938.
Assignment Assignment under the Reliance Nippon Life Premier Wealth Insurance Plan is allowed as per Section 38 of the Insurance Act, 1938.

Exclusions – What is not covered by the Reliance Nippon Life Premier Wealth Insurance Plan

Suicide: In case the life assured commits suicide within 12 months from the date on which the cover commenced, or within 12 months from the date on which the policy was revived, the nominee will be eligible for the fund value as on the date of death, and the company will not pay out any insured benefits.

Tax Benefits – How you can save with the Reliance Nippon Life Premier Wealth Insurance Plan

Customers who purchase the Reliance Nippon Life Premier Wealth Insurance Plan can avail tax exemptions so far as their premium payments are concerned. The tax benefits offered under the plan will be based on prevailing income tax regulations. Kindly contact an expert to know more about the exemptions and deductions that can be claimed through this plan.

Why you should purchase the Reliance Nippon Life Premier Wealth Insurance Plan

The Premier Wealth Insurance Plan from Reliance Nippon Life offers protection as well as savings to help you meet your insurance needs. The plan is relatively affordable and also offers tax benefits to increase your savings. The plan also ensures that your family remains financially secure even in the case of your untimely demise. Moreover, Reliance Nippon Life Insurance Company has developed a strong reputation as one of India’s biggest and best insurance providers. The company has around 700 branches in addition to over 75,000 professional advisors who have all the experience and expertise to help customers find the policies that will best suit their unique requirements. Add to it a 24/7 customer service team and all your concerns regarding any product or service offered by the bank shall be dealt with immediately, thereby enabling you to have a smooth and hassle-free experience.