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Reliance Nippon Life Smart Cash Plus Plan

The Smart Cash Plus Plan offered by Reliance Nippon Life gives increasing payouts to policyholders which can help cover business as well as family needs and requirements. Through this plan, policyholders will receive lump sum payouts at regular intervals to achieve their life goals. This is a long-term savings plan that offers an additional liquidity benefit to policy members.

With a minimum sum assured of Rs.1 lakh with no maximum limit, the life assured can use lump sum payouts under this policy to renovate their home, take a vacation abroad, enhance their lifestyle, and much more.

Eligibility – Who is the Reliance Nippon Life Smart Cash Plus Plan for?

Applicants who wish to apply for the Smart Cash Plus Plan should meet certain eligibility criteria. The criteria to be met include the following:

Parameter Eligibility
Minimum Entry Age 14 years old
Maximum Entry Age 55 years old
Minimum Maturity Age 24 years old
Maximum Maturity Age 70 years old
Policy term Choice of 10 years, 13 years, 16 years, 19 years and 22 years
Premium Payment Will be equal to the term of the policy

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

Sum Assured:

The minimum sum assured offered under the Smart Cash Plus Plan is Rs.1 lakh. There is no limit on the maximum sum assured.

High Sum Assured Additions:

Sum Assured and Policy Term High Sum Assured Addition
10 years 13 years 16 years 19 years 22 years
Below Rs.2.5 lakhs Not Applicable
Rs.2.5 lakhs and above but below Rs.5 lakhs 4% 6% 8% 10% 12%
Rs.5 lakhs and above 8% 12% 16% 20% 24%

Payment Mode:

The following payment modes are offered to make payments on premiums under this policy:

  • Cheque
  • Cash
  • Credit or Debit Card
  • Online Payment
  • Electronic Clearing System (ECS)
  • Salary Deduction Scheme (SDS)
  • Demand draft
  • Direct debit

Payment Frequency:

Policyholders can choose among the following payment frequencies to make payments on their premiums:

  • Monthly
  • Quarterly
  • Half-yearly
  • Yearly

Note that changes in payment mode or frequency can only be made on any of the Policy Anniversary dates. Changes will not be entertained by the insurer at any other point in time.

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

Plan Coverage – What the Reliance Nippon Life Smart Cash Plus Plan covers

The Reliance Nippon Life Smart Cash Plus Plan offers the following benefits to their customers:

Money Back Benefit:

Money Back benefit will be offered to policyholders periodically as a percentage of the Paid-up Sum Assured or the Base Sum Assured. Money Back will be payable at regular intervals which are referred to as “Money Back periods”. This benefit will be payable if the life assured survives until the policy term.

The Money Back percentage offered on the Base Sum Assured will be payable starting from the end of the fourth policy term and will paid in intervals every 3 years until the policy matures.

Money Back benefit will be payable according to the chosen policy term in the following way:

Policy Term Money Back Benefit paid on the Sum Assured (%)
4th year 7th year 10th year 13th year 16th year 19th year
10 years 10 15 Not Applicable Not Applicable Not Applicable Not Applicable
13 years 10 15 20 Not Applicable Not Applicable Not Applicable
16 years 10 15 20 25 Not Applicable Not Applicable
19 years 10 15 20 25 30 Not Applicable
22 years 10 15 20 25 30 35

Maturity Benefit:

The maturity benefit offered under this policy comprises the following:

  • Basic Sum Assured
  • High Sum Assured Additions
  • Vested Bonus (if applicable)

The minimum maturity benefit offered is 100.1% of all paid premiums minus any previous survival benefits paid to the policyholder.

Death Benefit:

In an event of death of the policyholder, their nominee will receive benefits in the following way:

Option 1 – The nominee will receive the higher amount of one of the following:

  • Maximum 10 times of the Annualized Premiums, Sum Assured + High Sum Assured Additions (if applicable) + Vested bonus (if applicable) OR
  • 105% of total paid premiums (not including any underwriting extra premiums) as on the policyholder’s death.

Option 2 - The nominee will receive the higher amount of one of the following:

  • Maximum 7 times of the Annualized Premiums, Sum Assured + High Sum Assured Additions (if applicable) + Vested bonus (if applicable) OR
  • 105% of total paid premiums (not including any underwriting extra premiums) as on the policyholder’s death.

Please note the following:

  • Death benefit will be applicable and payable regardless of already paid survival benefits (if any).
  • Option 1 is open to all entry ages.
  • Option 2 is only open to entry age of 45 and above.

Bonus:

The Smart Cash Plus Plan participates in Reliance Nippon Life’s profits in the form of reversionary bonuses. The reversionary bonuses are declared by the insurer when each financial year ends. A reversionary bonus amount (if any) will be added to the Sum Assured proportion of the policy benefit of the life assured. Once the reversionary bonus has been declared and credited to the life assured’s policy, it will become a guaranteed benefit.

Benefit Details
Guaranteed Liquidity
  • This policy offers assured Money Back from the fourth policy year onwards.
  • Assured Money Back will be offered every 3 years.
  • The Money Back benefit will increase with each payout.
Maturity Benefit
  • The Maturity Benefit under this policy will be the same as the sum assured, i.e. Maturity Benefit = Sum Assured.
  • Policyholders can additionally boost their savings with a high sum assured (if applicable) with vested bonuses (if applicable).
Death Benefit In the event of the policyholder’s death, their nominee will receive a lump sum payout.
Life Cover The life cover offered under this policy is 10 times that of the annualized premiums paid during the entire term of the policy.

Exclusions - What the Reliance Nippon Life Smart Cash Plus Plan doesn’t cover

Suicide limitations:

Insured benefit will NOT be paid in an event of suicide.

In the event that the life assured commits suicide within a year due to sanity or insanity:

  • From the policy inception date, the nominee/beneficiary of the policyholder will receive a minimum of 80% of the paid premiums if the policy is still under effect.
  • From the policy revival date, the nominee/beneficiary of the policyholder will receive more than 80% of the paid premiums until the date of the date of death of the policyholder or the policy account value/surrender value.

Other key features

Take note of the following additional key features associated with the Reliance Nippon Life Smart Cash Plus Plan:

Other key features Details
Free look period
  • All distribution channels excluding direct marketing – 15 days
  • Direct marketing channel – 30 days
  • In case the applicant disagrees with the terms and conditions of the policy, they can return the same to the company by stating their reason.
  • A refund of the paid premiums will be initiated after deducting the proportionate risk premium and other incurred expenses including stamp duty charges and medical examinations.
Surrender
  • Surrender benefit will be applicable and payable after the policy completes 3 whole years regardless of whether the policy is surrendered before 3 years.
  • The Surrender Value that will be paid to the policyholder will be higher of the GSV or Guaranteed Surrender Value and the SSV or Special Surrender Value.
  • In case of the policyholder’s demise within 3 full policy years, the appropriate surrender value will be payable if a surrender was requested prior to the demise of the policyholder.
Grace Period
  • Quarterly/Half-yearly/Yearly mode – 30 days from the premium due date.
  • Monthly mode – 15 days from the premium due date.
Policy Lapse
  • In case the policyholder does not pay the first Annualized Premium within the grace period, the policy will lapse and benefits will not be payable in case the policyholder does not revive the policy before the revival period elapses.
  • If the Surrender Value is applicable on the policy, it will only be payable after 3 full policy years is completed or when the revival period elapses, whichever of the two occurs later.
Paid-up If the policyholder pays 3 annualized premiums and does not make any future payments on premiums, the policy may be continued as a paid-up offering reduced benefits in the following way:
  • Survival benefits will not be applicable.
  • Death benefit applicable will be paid-up without any bonus with at least 105% of the total paid premiums until the policyholder’s time of death + vested bonuses.
  • Paid-up Maturity Benefit will be paid wherein the Paid-up Sum Assured = Base Sum Assured X (No. of paid premiums/total no. of payable premiums). Paid-up Maturity Benefit will be equal to Paid-up Sum Assured.
  • Once the policy has been converted to paid-up, future bonuses will be accrued.
Revival of Paid-up or Lapsed Policy A paid-up or lapsed policy can be revived before the revival period elapses. The policyholder must pay all overdue premiums at an interest rate of 10.50% p.a.
Loans
  • A policyholder can apply for a loan for a maximum of 80% of the policy’s Surrender Value offered on the Base Plan.
  • During the policy term, if the outstanding sum of the loan + interest is more than the Surrender Value, the insurer will terminate the policy and the Surrender Value will be used to recover the total outstanding balance including interest.
  • Before death/survival/maturity benefits are paid to the life assured, the insurer will first recover the outstanding loan amount + interest and the balance will be payable.
Nomination
  • Policyholders can make nominations on their policies for payment of benefits in case of their demise under Section 39 of the Insurance Act of 1938.
  • If the nominated individual is a minor, the policyholder can also assign a person who will receive the benefits during the minority of the policyholder’s nominee.

Tax benefits – How you can save with the Reliance Nippon Life Smart Cash Plus Plan

Policyholders are eligible for tax benefits under Section 10 (10D) and Section 80C of the Income Tax Act of 1961. Tax benefits may change according to tax laws.

Other benefits - How you can save with the Reliance Nippon Life Smart Cash Plus Plan

Applicants and policyholders can make use of online facilities with ease on Reliance Nippon Life’s website. The insurer’s Protection Plans as well as Savings and Investment Plans can directly be purchased online by visiting their website. Interested candidates can even get a quote for their premiums when they input key information such as their annual income, policy term, sum assured and premium frequency.

Policyholders also have the option to pay their first premiums as well as renew their premiums online.

Applicants and policyholders can contact the insurer via phone, email or request for a callback. The company is also available on social networking sites including Facebook and Twitter.

Reliance Nippon Life has a topnotch website that was recognized when the insurer was felicitated with “Best Website” at the Website Of The Year Awards in 2014.

Why you should buy the Smart Cash Plus Plan from Reliance Nippon Life?

According to Brand Equity's Most Trusted Brands Survey, Reliance Nippon Life is among the top 4 most trusted Life Insurers. The insurer has more than 1 lakh advisors to assist with policyholders’ needs and requirements and boasts a Claims Settlement Ratio of 95.01% as of 31 March, 2016. Furthermore, the insurance company has received numerous awards and accolades over the years including receiving the vote for one of the “Most Trusted Brands” in 2015 under the Life Insurance Category of “Brand Equity – Most Trusted Brands Survey, 2015”.

The life insurance company that has a customer base of 1 crore members has received tremendous number of positive customer reviews from customers with majority members who have been satisfied with their policies as well as the customer service offered by Reliance Nippon Life.