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.
Applicants who wish to apply for the Smart Cash Plus Plan should meet certain eligibility criteria. The criteria to be met include the following:
|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
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%|
The following payment modes are offered to make payments on premiums under this policy:
Policyholders can choose among the following payment frequencies to make payments on their premiums:
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.
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|
The maturity benefit offered under this policy comprises the following:
The minimum maturity benefit offered is 100.1% of all paid premiums minus any previous survival benefits paid to the policyholder.
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:
Option 2 - The nominee will receive the higher amount of one of the following:
Please note the following:
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.
|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
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:
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||
|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:
|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.|
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.
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.