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Reliance Nippon Life Smart Savings Insurance Plan

A smart savings insurance plan, the Reliance Nippon Life Smart Savings plan provides not just protection for the policyholder’s family but also manages investments based on the market conditions. Additionally, policyholders can avail rewards in case they are invested in the plan for a long time. In case of emergencies, policyholders can procure liquidity and they can also allocate their funds based on maturity term and life-stage. All in all, this plan helps individuals balance between debt and equity via a systematic allocation of assets. This non-participating, unit-linked endowment insurance plan allows individuals to choose an investment option based on their needs and requirements. Death and maturity benefits are a part of this plan as well.

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

In order to avail the Reliance Nippon Life Smart Savings Insurance Plan, individuals will have to satisfy the eligibility criteria mentioned below.

Parameters Minimum Maximum
Age at entry (in years) 1 year
  • Regular Pay - 60 years
  • 10 Pay - 60 years
  • 7 Pay - 55 years
  • 5 Pay - 50 years
Age at maturity (in years) 18 years 70 years
Top Up Premium 10,000 Equal to 100% of all premiums paid

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

Sum Assured:

Sum Assured for the Reliance Nippon Life Smart Savings Insurance Plan is based on the policy tenure, premium payment tenure and the amount of premium that is being paid. Additionally, the age of entry and investment option that is chosen also has an impact on the Sum Assured. Additionally, decrease or increase in base or top up Sum Assured will not be allowed.

Premium Range:

The premium amount to be paid can be decided by the policyholder based on the investment plan chosen and the returns that they wish to receive.

Payment Mode and Frequency:

Premium Payment Tenure
  • Regular Pay - Equal to tenure of policy
  • Limited Pay - 5, 7, 10 years
Policy Tenure Premium Payment Tenure Policy Tenure
Regular Pay 10 and 15 - 30
Limited Pay - 10 years 15 - 30
Limited Pay - 7 years 10 and 15 - 25
Limited Pay - 5 years
  • 10 and 15 - 20 for age of entry between 1 to 45
  • 10 and 15 for age of entry between 46 to 50
Modes of Premium Payment Annually/Semi-Annually/Quarterly/Monthly

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

Plan Coverage - What the Reliance Nippon Life Smart Savings Insurance Plan covers

Policyholders can avail a number of benefits through this plan. One of the unique aspects of this plan is the choice of individuals to choose an investment option. The available options are -

  • Self - Managed Option: Individuals can manage and control all their investments directly
  • Auto Managed Option: Individuals can manage their investment automatically by choosing any of the options given below -
    • Target Maturity Option - Policyholders can avail a custom solution via automatic allocation of asset between debt and equity based depending on when they wish to achieve their goal.
    • Life - Stage option - Through this plan, a balance between debt and equity via systematic allocation of asset depending on the customer’s life - stage.

Benefits of this plan are as follows:

Death Benefit In case of untimely demise of Life Assured during policy tenure, the nominee will receive the highest of Base Sum Assured of Base Fund Value or 105% of the complete premium paid. Additionally, the highest of all Top - up Fund Value or Top - up Sum Assured or 105% of the complete top - up premium paid will also be given.
Maturity Benefit Upon survival of policyholder until the end of the policy tenure, complete fund value which is the sum of Top - up Fund Value and Base Fund Value will be provided. Policyholders can avail maturity benefit as a lump sum or in the form of a structured payout using the settlement option.
Protection Policyholders can avail a life insurance cover of a minimum of 10X the annualised premium.
Choice in paying Customers can customise their premium payment option by paying premiums for either 5, 7 10 years or for the entire tenure of the policy.
Wealth Booster This will be paid in the form of extra units will be added to the policy each year starting from the conclusion of the 6th year of policy until the end of the policy tenure. This booster will be a percent of the average of the daily fund value of the previous 12 months of base policy.
Liquidity Policyholders have the option to withdraw partially after five policy years in case of an emergency.
Rewards Policyholders can procure reduced charges when they invest a higher amount of premium. Loyalty additions can also be procured when a longer tenure is chosen. Customer has the choice to enhance their fund value by investing longer via wealth boosters.

Exclusions - What the Reliance Nippon Life Smart Savings Insurance Plan does not cover

In case of death of policyholder within a period of 12 months from date of risk commencement or from date of policy revival due to suicide, nominee of the policyholder will be entitled to the Fund Value on date of death. However, insured benefit will not be paid.

Charges , if recovered after date of death will be paid to the nominee along with the death benefit.

Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

This plan also comes with a number of other features.

Nomination Nomination is allowed based on rules of the policy.
Assignment Assignment by the policyholder is allowed through an endorsement
Loan There is no loan available under this policy
Partial Withdrawal This feature is available post completion of 5 anniversaries of policy or on policyholder has attained the age of 18, whichever is later.
Change in Option for Investment The policyholder has the option to change his/her investment option only twice during a policy year. This facility comes at no additional cost.
Change in Option for premium mode Policyholder has the option to change the premium payment mode on any policy anniversary during the tenure.
Change in Sum Assured Change in Sum Assured, whether increase or decrease is not allowed.
Partial Withdrawal In case the policyholder wishes to make a partial withdrawal, the minimum amount that can be withdrawn is Rs.10,000 and the maximum amount that can be withdrawn in one policy year should not go beyond 25% of the complete total fund value and this includes top-up. Partial withdrawal can be done only after the completion of 5 anniversaries of the policy.
Switching This option is available only if the policyholder opts for the Self - managed investment option. 52 switches during a policy year is allowed without additional cost.
Free Look Period In case individuals are not satisfied with their plan, they have the option to return the policy within a period of 15 days along with stated reasons. However, if the policy has been procured through Distance Marketing channels, i.e., through phone, SMS, online or any method that does not involve face-to-face interaction, 30 days is the period available.
Grace Period Grace period of 15 days for monthly mode of payment and 30 days for all other modes of payment from the due date of the first premium that is unpaid.
Revival of policy Policyholder can revive a policy that has been discontinued within a period of 2 consecutive years from the date of discontinuance of policy. This is subject to payment of all the dues and premiums that have been unpaid.
Surrender Value
  • Surrender value under the base premium will be fund value minus discontinuance charge, if applicable. This value will be acquired upon payment of Base Premium.
  • Surrender value under Top - ups refers to the Fund value. This value will be acquired upon payment of the Top - Up premium.

Tax Benefits - How you can save with the Reliance Nippon Life Smart Savings Insurance Plan

All premiums that are paid under the Base policy will be eligible for tax benefits and is subject to prevailing tax laws. Income tax benefits are also applicable under this plan. Customers should note that Income Tax Laws may vary from time to time and hence are advised to consult their Tax Advisor prior to availing insurance plans.

Other Benefits - How you can save with the Reliance Nippon Life Smart Savings Insurance Plan

Reliance Nippon Life also provides a number of other advantages in addition to those provided by a particular plan as given below:

  • Customers can access an online calculator which will help them understand the premium that is to be paid and the tentative Sum Assured that they would receive.
  • Individuals can apply for a policy online without having to worry about travelling to the nearest Reliance Nippon office or waiting for hours to get a plan. Availing insurance plans is therefore an easy and hassle-free process.
  • In case individuals have further queries they can also request for an advisor to call them at any point of time.
  • The customer care service is also one of the best in the company ensuring that all customers have a great experience.
  • Individuals have the option of not just procuring insurance plans online but also paying them through online methods such as NEFT, Debit cards, Credit cards, etc.

Why you should buy the plan from Reliance Nippon Life Smart Savings Insurance Plan?

A prominent private sector life insurance provider in the company, Reliance Nippon Life Insurance Company is one part of Reliance Capital which is a leading financial services company. A prominent Japanese insurance company, Nippon Life has a stake in Reliance Capital, combining the best of both insurance companies. This company boasts of more than 10 million customers and is also rated as one of the most trusted life insurance companies in the country.

Reliance Nippon Life also has one of the most promising claim settlement ratios in the company and has also received a number of awards and accolades for their service such as ‘Best Website’ in the Insurance Category.