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The Super Endowment Plan is a non-linked, non-participating life insurance plan offered by Reliance Nippon Life Insurance Company Limited. This plan doubles as an ultimate tool to save money for your future ventures and expenses. The plan is designed in such a way that you can decide on the amount that you would like to set aside as a Sum Assured that can be used to finance your future requirements and needs. Some of the key features of Reliance Nippon Life's Super Endowment Plan are listed below:
An individual will have to meet the eligibility criteria listed below to avail the Reliance Nippon Life's Super Endowment Plan:
|Minimum Entry Age||8 years|
|Maximum Entry Age||60 years as on last birthday|
|Policy Term||14 and 20 years|
|Premium payment Term||Half of the term of the policy (7 and 10 years)|
|Modes of Payment for Premiums||Monthly, Quarterly, Half-yearly, Yearly|
Sum Assured and Premium Range – What you get and what it costs
The Sum assured is based entirely on the premiums that you will have to pay and on the term of the policy. The sum assured for a Reliance Nippon Life's Super Endowment Plan is listed as follows:
|Minimum sum assured||Rs.1 lakh|
|Maximum sum assured||There is no limit on the maximum sum that is assure with this plan.|
Premiums are paid to the insurer to purchase a policy from them and come under the benefits and coverage of the plan. The premiums that a policyholder will have to pay towards a Reliance Nippon Life's Super Endowment Plan is better explained with and example where the basic sum assured amounts to Rs.1 lakh:
|Age||Policy term of 20 years (in Rupees)||Policy term of 14 years (in Rupees)||Maturity Benefit||Death Benefit|
|15||5,173||9,119||Rs.1 lakh||Rs.1 lakh|
|25||5,208||9,147||Rs.1 lakh||Rs.1 lakh|
|35||5,327||9,224||Rs.1 lakh||Rs.1 lakh|
|45||5,732||9,532||Rs.1 lakh||Rs.1 lakh|
Payment Mode and Frequency:
A policyholder is entitled to pay a premium under Monthly, Quarterly, Half-Yearly, and Yearly Mode. The option of Monthly and Quarterly modes are allowed if the payment of the premium takes place through a payment portal or if it is paid electronically.
Discounts on premiums paid is listed below:
Premiums for Reliance Nippon Life's Super Endowment Plan can be made using any of the following ways:
*Premiums vary based on age, location, plan term and other factors
Policyholder can avail a number of benefits when they purchase a Reliance Nippon Life's Super Endowment Plan. Listed below are the benefits that they are eligible for:
|Life Cover Benefit||If the life assured unfortunately meets his/her demise, the basic sum assured will be paid out to the nominee. Premiums should have been paid up to this point and the policy should still be in force at the time of death. Once the payment of the death benefit has been made to the nominee, the policy will be terminated.|
|Maturity Benefits||If the policyholder survives throughout the term of the policy, the insurer will make a payment of the basic sum that is assured provided that all due premiums have been made and the policy should still be in force up to the time of maturity. The policy is terminated once the payout of the maturity benefit has been made.|
|Riders||There are a number of different riders that have been made available for a policyholder to avail depending on his/her needs and requirements. These riders can be purchased while making your premium payments. These riders can be purchased at the time of revival of the base policy as well. Premiums paid towards a rider are made simultaneously with the premiums made under the base policy.|
Riders/Add-On Plans – Additional coverage under the Reliance Nippon Life's Super Endowment Plan
Riders are an add-on to that you can purchase to enhance the benefits received from a base policy. The riders available for Reliance Nippon Life's Super Endowment Plan are listed below:
|Reliance Term Life Insurance Benefit Rider||121C009V01||This rider provides an additional death benefit option for the policyholder’s plan. The payout is dependent on the sum assured that is selected under the rider.|
|Reliance New Critical Conditions (25) Benefit Rider||121C012V01||This rider provides a lump sum amount of money that can be used to treat a variety of 25 critical condition which includes heart attacks, cancer, major organ transplants, paralysis, and many more.|
|Reliance New Major Surgical Benefit Rider||121C014V01||This rider provides a lump sum amount of money that be used to cover any surgical expenses incurred from any of the 33 listed surgeries which includes open heart surgery, cornea transplantation, kidney transplant, transplant of lungs or any other major organs, etc.|
|Reliance Accidental Death and Total and Permanent Disablement Rider||121C002V01||This rider provides an additional sum of money as a disability/death benefit if this disability/death has occurred due to an accident. If the policyholder is disabled, the Waiver of Premium benefit comes into force and all future premiums that have to be paid will get taken care of.|
|Reliance Life Insurance Family Income Benefit Rider||121C015V01||This rider provides a policyholder’s family with a monthly benefit income of 1% of the sum assured on a monthly basis. This is done from the date of the policyholder’s demise to the end of the policy term or a period of 10 years (whichever comes later).|
Exclusions – What the Reliance Nippon Life's Super Endowment Plan doesn’t cover
The exclusion to the Reliance Nippon Life's Super Endowment Plan is if the policyholder (either insane or sane) commits suicide within the first 12 months of revival of the policy or the date of commencement of the policy. The insurer will not be liable to pay the nominee the death benefit under the rider.
Other Key Features – Freelook Period, Surrender Values, Grace Period etc.
The Reliance Nippon Life's Super Endowment Plan comes with a number of other features and these are listed below:
|Nomination||Under Section 39 of the Insurance Act, 1938, the policyholder can nominate an individual at the time of purchasing a policy who would receive benefits from the policy in the event of the death of the policyholder. The nominee can be changed after notifying the insurance company.|
|Assignment||Assignment is permitted under Section 38 of the Insurance Act, 1938.|
|Revival||A policy can be revived by making a payment towards the premiums that have been lapsed along with an interest of 9% p.a. This payment will have to be made within two years from the date of the first unpaid premium.|
|Surrender||A policy can be surrendered at any time at the behest of the policyholder.|
|Free Look Period||Once the policyholder receives the policy, they can either choose accept or reject the policy within 15 days from the date of receiving the policy documents. This is applied for all channels apart from Distance Marketing channel which has a 30 day period. This time frame can be used by a policyholder to read and understand the terms and conditions of the policy. Any premiums paid will be returned after deducting appropriate fees.|
|Grace Period||The policyholder is given a grace period of 30 days is granted from the due date to clear any unpaid premiums. Monthly mode of payments receives a grace period of 15 days.|
Tax Benefits – Who you can save with the Reliance Nippon Life's Super Endowment Plan
Any premiums made towards a Reliance Nippon Life's Super Endowment Plan is eligible to be subjected to tax deductions under prevailing tax laws of Section 80C of the Income Tax Act, 1961.
Other Benefits – How you can save with the Reliance Nippon Life's Super Endowment Plan
Listed below are the other benefits that are available under Reliance Nippon Life's Super Endowment Plan:
Reliance Nippon Life Insurance Company Limited is a leading insurance company that offers a plethora of options when it comes to insurance products. With an agent force of more than 1,24,000 agents working out of 1,230 branches located all across India, the company has had an influence in the lives of people living in the remotest parts of the country. The insurance firm offers a number of different insurance products that meet the daily needs and requirements of its large customer base. The company has a supreme customer service team that cater to the needs and requirements of its customers.
The insurance company has one of the highest claim settlement ratios in the insurance market in India that stands at an impressive 95.01% as of the 31st of March, 2016. The company has also received a lot of recognition for its success in the fields of digital marketing, coverage options on rural areas, and the company’s user-friendly website that makes the process of purchasing an insurance plan a lot easier and hassle-free.
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