Reliance Life Savings & Investment Plans

Savings and investment plans are life insurance plans that provide policyholders with an opportunity to increase their savings. The savings would be returned to the policyholder in different ways – as a lump sum at maturity, as fixed regular returns over a period of time, as money back while the policy is active, or as death benefits if the insured person dies before the policy reaches due date.

Reliance Nippon Life Insurance Company offers several savings and investment schemes as well as many other types of life insurance plans. The company offers insurance plans that can be bought either online or through an authorised insurance agent.

Benefits of Reliance Nippon Savings & Investment Plans:

The savings and investment schemes by Reliance Nippon are useful in a variety of ways. Some of the key benefits of these plans are:

• You can get dual benefits – life insurance cover through which your nominee can get a lump sum when you meet an unexpected death, and profits at maturity through which you can get a large amount of funds that have accumulated over the policy period through investment of the premiums paid.
• Your savings grow at a fast rate depending on the type of investment that is done with your premiums. If your policy is invested in a market-linked fund, then the end profits could be very high. By putting aside a small sum every month, you can get a large amount at the end of the policy.
• There are several savings solutions to choose from. Reliance Nippon Life offers 14 schemes under its Savings & Investment Plans category.
• You can pay premiums according to what you can afford, and can make online or cheque/cash payments as per your convenience.
• You can select a premium payment mode of your choice from regular pay and single pay to limited pay.
• Your premiums can be paid in the frequency most suitable to you. Reliance Nippon Life allows you to pay premiums every month, every quarter, every 6 months or once in a year.
• You can add riders to the policy and increase your life insurance sum assured or get premium waivers if you become disabled or critically ill.
• You are eligible for bonuses and loyalty additions apart from the promised death and maturity benefits.
• You can surrender your policy and get the money you’ve paid as premiums back, if you are not happy with the policy or cannot afford the premiums anymore and wish to discontinue it.
• You can get a secured loan on the policy from a bank if you are in financial distress.
• You can claim tax deductions for the premiums paid and for death and maturity benefits earned.

List of Reliance Nippon Life Savings & Investment Plans

A brief summary of the policies offered by Reliance Nippon Life are given in the table below:

Here are some salient characteristics of the policies:

1. Reliance Nippon Life Whole Life Income – This policy is a participating, non-market-linked plan that covers your whole life and offers a regular income in your older years. You get an assured payout every year after 10 years of starting the policy, as well as a cash bonus every year from the 6th year of starting the policy. The amount promised as annual payout is 6% of the Base Sum Assured (BSA) if the BSA is less than Rs.2.5 lakh; 6.5% of the BSA if it is between Rs.2.5 lakh and Rs.5 lakh; and 6.75% of BSA if it is Rs.5 lakh or more.

   1. Entry age: 0 years to 55 years
   2. Age at policy maturity: 85 years
   3. Policy tenure: 85 minus entry age
   4. Premium payment: Limited Pay – 10 years, 15 years
   5. Minimum premium amount: Rs.16,328 per year
   6. Minimum sum assured: Rs.1 lakh
   7. Premium payment frequency: Monthly, quarterly, once in 6 months, or once a year
   8. Riders available:
      1. Accidental Death and Total and Permanent Disablement Rider (Regular)
      2. Family Income Benefit Rider
      3. Term Life Insurance Benefit Rider
      4. Major Surgical Benefit Rider
      5. Critical Conditions (25) Rider

2. Reliance Nippon Life Fixed Savings – This endowment policy is non-variable, unlinked and non-participating in nature. You get regular bonuses for the first three years if all premiums are paid till policy maturity. These additions are equal to 8% of annualised premium for the first year, 9% for the second year and 10% for the third year.

   1. Entry age: 8 years to 60 years
   2. Age at policy maturity: 20 years to 80 years
   3. Policy tenure: 12 years, 15 years, 20 years
   4. Premium payment: Limited Pay – 5, 7 and 10 years
   5. Minimum premium amount: Rs.25,000 per year
   6. Minimum sum assured: Depends on annualised premium, policy tenure and maturity additions
   7. Premium payment frequency: Annual, semi-annual, quarterly and monthly
   8. Riders available:
      1. Accidental Death and Total and Permanent Disablement Rider (Regular)
      2. Family Income Benefit Rider
      3. Term Life Insurance Benefit Rider
      4. Major Surgical Benefit Rider
      5. Critical Conditions (25) Rider

3. Reliance Nippon Life Bluechip Savings Insurance Plan – This is an endowment plan that is unlinked, non-participating and non-variable, and helps you build your savings corpus. You get vested bonus and terminal bonus along with the sum assured at maturity, and in case you meet your maker before the policy period ends, the death benefits would be either the sum assured plus bonuses, or 105% of total premiums paid, whichever is the higher amount.

   1. Entry age: 8 years to 60 years
   2. Age at policy maturity: 18 years to 75 years
   3. Policy tenure: 10 to 15 years
   4. Premium payment: Limited Pay – 5, 7 and 10 years
   5. Minimum premium amount: Rs.15,000 to Rs.50,000 per year, depending on the policy tenure and premium payment term chosen
   6. Minimum sum assured: Rs.77,905
   7. Premium payment frequency: Monthly, quarterly, half-yearly, yearly
   8. Riders available:
      1. Accidental Death and Total and Permanent Disablement Rider (Regular)
      2. Accidental Death and Total and Permanent Disablement Rider (Limited)
      3. Family Income Benefit Rider
      4. Term Life Insurance Benefit Rider
      5. Major Surgical Benefit Rider
      6. Critical Conditions (25) Rider

4. Reliance Nippon Life Increasing Income Insurance Plan – This policy, which is not linked to the stock market or to the company’s profits, comes with two choices – Income With Maturity or Only Income. The payouts start after the premium payment duration is over. You can either get a regular income plus maturity and death benefits, or a regular income with death benefits.

   1. Entry age: 14 years to 60 years
   2. Age at policy maturity: 26 years to 80 years
   3. Policy tenure: 12 years, 16 years, 20 years, 24 years
   4. Premium payment: Half of the chosen policy period
   5. Minimum premium amount: Rs.15,000 per year
   6. Minimum sum assured: Rs.60,000 if your entry age is below 44, Rs.1 lakh if your entry age is between 45 and 60 years
   7. Premium payment frequency: Once a year, once in six months, once in a quarter or once a month
   8. Riders available:
      1. Accidental Death and Total and Permanent Disablement Rider (Regular)
      2. Accidental Death and Total and Permanent Disablement Rider (Limited)
      3. Family Income Benefit Rider
      4. Term Life Insurance Benefit Rider
      5. Major Surgical Benefit Rider
      6. Critical Conditions (25) Rider

5. Reliance Nippon Life Lifelong Savings Plan – This is an endowment policy that offers you a part of the company’s profits, but is unlinked to the market. You can go for either the Standard Cover – which gives you a lump sum amount at the end of policy period plus life insurance cover while the policy is active – or Extended Cover – which gives you additional life insurance protection for your entire life even after the policy term ends. Guaranteed additions, simple reversionary bonus, and terminal bonus will be added to the scheme amount during its tenure.

   1. Entry age: 7 years to 55 years
   2. Age at policy maturity: 22 years to 70 years
   3. Policy tenure: 15 years to 30 years
   4. Premium payment: Regular Pay or Limited Pay – 10 years
   5. Minimum premium amount: Rs.12,000 per year
   6. Minimum sum assured: Rs.80,000
   7. Premium payment frequency: Once in a year, once in six months, once in three months or once in a month
   8. Riders available:
      1. Accidental Death and Total and Permanent Disablement Rider (Regular)
      2. Family Income Benefit Rider
      3. Term Life Insurance Benefit Rider
      4. Major Surgical Benefit Rider
      5. Critical Conditions (25) Rider

6. Reliance Nippon Life Future Income – This is a participating unlinked scheme that gives you simple reversionary bonus and terminal bonus along with the sum assured. After the premium payment period is completed, you will receive a regular annual income benefit, which is a portion of the base sum assured and any bonuses added to the policy. The maturity benefits will not be very high because you will receive the last instalment of the income benefit and the terminal bonus accrued. The death benefit promised will not be affected by the regular income benefit payments.

   1. Entry age: 8 years to 55 years
   2. Age at policy maturity: 22 years to 75 years
   3. Policy tenure: 14 years, 16 years, 18 years, 20 years, 22 years, and 24 years
   4. Premium payment: Half of the policy period
   5. Minimum premium amount: Rs.15,680 per year
   6. Minimum sum assured: Rs.2 lakh
   7. Premium payment frequency: Monthly, quarterly, semi-annually, annually
   8. Riders available:
      1. Accidental Death and Total and Permanent Disablement Rider (Regular)
      2. Term Life Insurance Benefit Rider
      3. Major Surgical Benefit Rider
      4. Critical Conditions (25) Rider

7. Reliance Nippon Life's Money Multiplier Plan – This endowment plan has no link to market instruments or the company’s profits, but it ensures that you receive guaranteed loyalty additions every year and maturity bonus at the end of the policy period. This is over and above the sum assured. In case of death of the policyholder, the sum assured and loyalty additions accumulated are paid.

   1. Entry age: 18 years to 55 years
   2. Age at policy maturity: 28 years to 75 years
   3. Policy tenure: 10 years, 15 years, and 20 years
   4. Premium payment: As long as the policy is active
   5. Minimum premium amount: Depends on the chosen tenure and sum assured
   6. Minimum sum assured: Rs.60,000
   7. Premium payment frequency: Monthly, quarterly, half-yearly, yearly
   8. Riders available: None

8. Reliance Nippon Life Endowment Plan – This is a simple endowment plan that is not linked to a market fund. It gives you maturity benefits of sum assured plus vested bonus, and death benefits of 10 times annualised premium plus vested bonus or 105% of the total premiums paid (whichever is higher).

   1. Entry age: 5 years to 50 years
   2. Age at policy maturity: 18 years to 75 years
   3. Policy tenure: 10 years, 15 years, 20 years, and 25 years
   4. Premium payment: As long as the policy is active
   5. Minimum premium amount: Depends on sum assured and policy term
   6. Minimum sum assured: Rs.65,261
   7. Premium payment frequency: Once in a year, once in six months, once in a quarter, once a month
   8. Riders available: None

9. Reliance Nippon Life's Super Endowment Plan – With this scheme, you get endowment benefits on your life insurance policy. The benefits include sum assured on maturity and 105% of all premiums paid or 10 times the annualised premium (whichever amount is higher) as death benefit. You also get discounts on premiums if you make larger payments in annual and semi-annual modes.

   1. Entry age: 8 years to 60 years
   2. Age at policy maturity: 22 years to 75 years
   3. Policy tenure: 14 years and 20 years
   4. Premium payment: Half of the policy tenure
   5. Minimum premium amount: Depends on sum assured and policy duration
   6. Minimum sum assured: Rs.1 lakh
   7. Premium payment frequency: Once a month, once in a quarter, once in six months, once a year
   8. Riders available: None

10. Reliance Nippon Life's Guaranteed Money Back Plan – This is a money back plan that is not linked to the stock market but gives assured money back in the last 5 years of the policy. You also get loyalty additions of up to 40% of the sum assured, maturity bonus of up to 20% of the sum assured. Death benefits include 10 times the annualised premium, payment of the money back amounts, and waiver of any remaining premiums if the policy is still in force.

    1. Entry age: 18 years to 55 years for 15-year policy; 18 years to 58 years for 20-year policy
    2. Age at policy maturity: 33 years to 75 years
    3. Policy tenure: 15 years, 20 years
    4. Premium payment: For 15-year policy – 5 years if your entry age is 55 to 58 years; 7 years if your entry age is 54 or 55 years; 10 years if your entry age is 44 to 53 years; and 15 years if your entry age is 18 to 43 years. For 20-year policy – 10 years if your entry age is 54 or 55 years; 15 years if your entry age is 48 to 53 years; and 20 years if your entry age is 18 to 47 years
    5. Minimum premium amount: Depends on policy period, entry age and sum assured
    6. Minimum sum assured: Rs.50,000
    7. Premium payment frequency: Once in a year, once in six months, once in three months, once in a month
    8. Riders available: Accidental Death and Total and Permanent Disablement Rider (Regular)

11. Reliance Nippon Life Fixed Money Back Plan – This is an anticipated endowment plan that gives you money back in the last 5 years of the policy. Other profits include loyalty additions of 3% of the base sum assured, and maturity bonus equal to the total accumulated loyalty additions. There are two plan options – one that gives additional amounts only on maturity and one that gives bonuses for both death and maturity claims.

    1. Entry age: 18 years to 55 years
    2. Age at policy maturity: 33 years to 75 years
    3. Policy tenure: 15 years and 20 years
    4. Premium payment: Limited Pay – 5, 7 or 10 years
    5. Minimum premium amount: Depends on the sum assured and policy duration
    6. Minimum sum assured: Rs.1 lakh
    7. Premium payment frequency: Annual, semi-annual, quarterly or monthly
    8. Riders available:
       1. Accidental Death and Total and Permanent Disablement Rider (Regular)
       2. Accidental Death and Total and Permanent Disablement Rider (Limited)
       3. Term Life Insurance Benefit Rider
       4. Major Surgical Benefit Rider
       5. Critical Conditions (25) Rider

12. Reliance Nippon Life Increasing Money Back Plan – This is another money back scheme in which you get payouts every three years until the end of the policy. Maturity benefit would be equal to the base sum assured, while death benefits would be whichever is higher among sum assured, 10 times the annualised premium, sum assured at maturity, or 105% of the paid premiums. You also get discounts on premium if you choose a sum assured of Rs.2.5 lakh or more.

    1. Entry age: 15 years to 55 years
    2. Age at policy maturity: 30 years to 70 years
    3. Policy tenure: 15 years
    4. Premium payment: Regular Pay or Limited Pay for 7 years
    5. Minimum premium amount: Rs.18,000 per year
    6. Minimum sum assured: Rs.1 lakh
    7. Premium payment frequency: Monthly, quarterly, half-yearly, yearly
    8. Riders available:
       1. Accidental Death and Total and Permanent Disablement Rider (Regular)
       2. Family Income Benefit Rider
       3. Term Life Insurance Benefit Rider
       4. Major Surgical Benefit Rider
       5. Critical Conditions (25) Rider

13. Reliance Nippon Life Super Money Back Plan – This anticipated endowment plan comes with money back every 5 years until the end of the policy duration. After you stop paying the premium, you will receive fixed payouts every month until the policy matures. You are also given loyalty additions and maturity bonus. There are two options in death benefits – either 10 times the annualised premium or 7 times. The 10x option is available at any entry age, but the 7x option can be taken only if your entry age is 45 years or more. You are also eligible for discounts in premium if your selected sum assured is more than Rs.2.5 lakh.

    1. Entry age: 18 years to 55 years
    2. Age at policy maturity: 28 years to 80 years
    3. Policy tenure: 10 years, 20 years, 30 years, 40 years and 50 years
    4. Premium payment: Half of the policy period
    5. Minimum premium amount: Depends on the sum assured and policy duration
    6. Minimum sum assured: Rs.1 lakh
    7. Premium payment frequency: Once in a month, once in six months, once in a quarter, once a year
    8. Riders available: None

14. Reliance Nippon Life Smart Cash Plus Plan – Under this policy, you get money back every three years and each payout will be higher than the previous one. You are eligible for vested bonus and a special bonus if you choose a sum assured higher than Rs.2.5 lakh. The policy gives up to 10 times the annualised premium as death benefit for your family.

    1. Entry age: 14 years to 55 years
    2. Age at policy maturity: 24 years to 70 years
    3. Policy tenure: 10 years, 13 years, 16 years, 19 years, and 22 years
    4. Premium payment: As long as the policy is active
    5. Minimum premium amount: Depends on sum assured and policy tenure
    6. Minimum sum assured: Rs.1 lakh
    7. Premium payment frequency: Monthly, quarterly, semi-annual, annual
    8. Riders available: None

Why you need Reliance Nippon Life Savings & Investment Plans?

Reliance Nippon Life Savings and Investment Plans help you save up money for your future needs and at the same time protects your life through insurance cover. This is a great way to create a large corpus of funds for use in the later years of life and to ensure that your family does not need to worry about money for at least a few years after your death. Here are some important reasons why you should buy a Reliance Nippon savings and investment plan:

• Variety of options: Reliance Nippon has 14 savings and investment schemes in its kitty, which means you can find one that is most suited to your financial goals. Customisation options within each policy also make Reliance Nippon Life a popular insurance company.
• Tax deduction: You can claim tax benefits for premium payments under Section 80C of the Income Tax Act, and the nominee can claim tax exemption on the death benefits received under Section 10(10D). This means that your well-earned money can be completely utilised by your family.
• Easy application process: Reliance Nippon makes insurance policy purchase as easy as online shopping. You can apply and upload documents online, pay premiums through the website, and raise complaints as well if you need to. If you are not internet-savvy, you can also approach the nearest Reliance Nippon Life office or an authorised insurance agent and buy any policy of your choice.
• Easy claims process: Reliance Nippon has a 12-day claims approval guarantee on many of its policies. Unless there is problem in documentation or the insurance executive finds the need to investigate the case further, your claims will be approved very fast and money released as quickly. Reliance Nippon has a Claim Settlement Ratio of 95.01% as in March 2016, which means that 95 out of 100 claims were processed and disbursed by the company.