The Super Money Back Plan from Reliance Nippon Life offers a regular income to customers whilst ensuring that their family is financially secure regardless of what life throws at them. A guaranteed monthly income is provided to the policyholder and it increases with each passing year. At the same time, the guaranteed periodic lump sum amount helps the policyholder invest funds in their business or meet long-term family goals. The death benefit offered by the Reliance Nippon Life Super Money Back Plan ensures that the family of the policyholder continue their lifestyle even in case of the unfortunate and untimely demise of the policyholder.
In order to purchase the Reliance Nippon Life Super Money Back Plan, customers will have to meet a few eligibility criteria which are as follow:
|Policy Term||10 years / 20 years / 30 years / 40 years / 50 years|
|Minimum Entry Age||18 years|
|Maximum Entry Age||55 years|
|Minimum Maturity Age||28 years|
|Maximum Maturity Age||55 years|
Sum Assured and Premium Range – What you get and what it costs
When purchasing the Reliance Nippon Life Super Money Back Plan, customers will have to select a sum assured and make premium payments at regular intervals of time to keep their policy in force. Following are some of the important details regarding the sum assured and premium payments associated with the Reliance Nippon Life Super Money Back Plan:
|Minimum Sum Assured||Rs.1 lakh|
|Maximum Sum Assured||No limit|
|Premium Payment Term||Half of the chosen policy term|
|Premium Payment Mode||Monthly / Quarterly / Semi-Annual / Annual|
Following are some of the key features of the Reliance Nippon Life Super Money Back Plan:
|Money Back Benefits||At the completion of every five policy years until the date of maturity, the guaranteed money back benefits for which the customer will be eligible shall be a percentage of the sum assured or the paid-up sum assured. To avail the benefits, the policyholder must survive the entire policy term and the policy has to be in force.|
|Regular Monthly Payouts||During the first payout year, the regular monthly payout offered to the policyholder shall be 1% of the sum assured or the paid-up sum assured. For every payout year after the first payout year, the regular monthly payout will increase by 0.25%. The monthly payouts shall be offered to the customer every month following the end of the premium payment term. The benefits will be paid out until the end of the policy term or until his/her unfortunate death, whichever is earlier.|
|Guaranteed Loyalty Additions||In case the life assured survives the whole of the premium payment term, he/she will be eligible for guaranteed loyalty additions provided he/she has paid all premiums and the policy is still active. Guaranteed Loyalty Additions will be calculated as 1% of the sum assured multiplied by the premium payment term.|
|Guaranteed Maturity Additions||If the life assured survives the whole of the policy term, he/she will be eligible for guaranteed maturity additions which are calculated as 1% of the sum assured or the paid-up sum assured multiplied by the policy term.|
|Death Benefit||In case the life assured dies during the policy term and the policy is still in force on the date of death, the nominee will receive two options from which to avail the death benefit. Under Option One, the death benefit payable to the nominee will be the higher of 10 x Annualised Premium or 105% of all premiums paid until the date of death or the sum assured. Under Option Two, the death benefit payable will be the higher of 7 x Annualised Premium or 105% of all premiums paid until the date of death or the sum assured. Once the death benefit has been paid to the nominee, the policy will terminate.|
Other Key Features
Following are some of the other key features of the Reliance Nippon Life Super Money Back Plan:
|Flexible Premium Payment Modes||Customers who purchase the Reliance Nippon Life Super Money Back Plan have the option to pay the premiums based on their preferences. The option to choose from include monthly, quarterly, semi-annual and annual.|
|Grace Period||In case a policyholder is unable to make premium payments on time, he/she will receive a grace period of 30 days to ensure that due premiums have been paid. The 30-day grace period is only applicable to those who select the premium payment mode as quarterly, semi-annual or annual. In case the premium payment mode is monthly, the grace period allowed to the customer will be 15 days.|
|Premium Discontinuance||In case a customer discontinues the payment of premiums, the policy will either lapse or acquire a paid-up status.|
|Lapse||In case the first annualised premium is not fully paid by the customer even at the completion of the grace period, the insurance cover will terminate immediately and the policy will not offer any benefits unless it is revived within the revival period. In case even the first annualised premium is fully paid, and premium payments for the first two years have been made in full in case of policies with premium paying terms of less than 10 years, or premium payments for the first three years have been made in case of policies with premium paying terms of 10 years and above have been made, the policy will remain active. But if annualised premiums have not been fully paid at the completion of the grace period, the insurance cover will terminate at the completion of the grace period.|
|Paid-Up||In case the policy has acquired a special surrender value and future premiums remain unpaid, the policy will acquire a paid-up status and the sum assured under the policy will be reduced to a paid-up sum assured. Paid-up Sum Assured = Sum Assured x (Number of premiums paid / total number of premiums payable).|
|Revival||A policy that has lapsed or acquired a paid-up status can be revived within two years from the due date of the first unpaid premium. To do so, the arrears of premiums must be paid along with the interest rate of 9% per annum. However, the revival of the Reliance Nippon Life Super Money Back Plan is up to the discretion of the company’s board approved underwriting policy.|
|Surrender||Reliance Nippon Life allows customers to surrender their policy and gain a surrender value. The surrender value under the policy will be the higher of the guaranteed surrender value or the special surrender value. The policy will acquire a surrender value in case the first annualised premium is fully paid. In case the first annualised premium is fully paid and the policy is surrender prior to the completion of three policy years, the surrender value applicable to the policy shall be payable only once three policy years have been completed.|
|Policy Loan||Customers who purchase the Reliance Nippon Life Super Money Back Plan can avail a loan against the policy. The maximum amount of money that can be borrowed against this plan is 80% of the surrender value, and the rate of interest applicable to the loan will be determined by the company.|
|Free Look Period||In case a customer is not satisfied with the terms and conditions of the policy, he/she can return the same to the company within a period of 15 days. Customers who purchase the policy through the distance marketing mode will receive a free look period of 30 days.|
|Nomination||Nomination under the Reliance Nippon Life Super Money Back Plan is allowed as per Section 39 of the Insurance Act, 1938.|
|Assignment||Assignment under the Reliance Nippon Life Super Money Back Plan is allowed as per Section 38 of the Insurance Act, 1938.|
Exclusions – What is not included in the Reliance Nippon Life Super Money Back Plan
Suicide – In case the life assured commits suicide within 12 months from the date on which policy coverage starts, the nominee will be eligible for 80% of the premiums paid until the date of death. In case the life assured commits suicide within 12 months from the date on which the policy was revived, the death benefit will be a maximum of 80% of the premiums paid until the date of death or the surrender value of the policy as on the date of death.
Tax Benefits – How you can save with the Reliance Nippon Life Super Money Back Plan
The premium payments made towards the Reliance Nippon Life Super Money Back Plan are eligible for tax deductions as per prevailing tax laws.
The Super Money Back Plan from Reliance Nippon Life helps in boosting your savings thanks to the loyalty addition that is payable at the end of the premium payment term as well as the maturity addition which is payable at the end of the policy term. The plan is relatively affordable and also offers tax benefits to increase your savings. The plan also ensures that your family remains financially secure even in the case of your untimely demise. Moreover, Reliance Nippon Life Insurance Company has developed a strong reputation as one of India’s biggest and best insurance providers. The company has around 700 branches in addition to over 75,000 professional advisors who have all the experience and expertise to help customers find the policies that will best suit their unique requirements. Add to it a 24/7 customer service team and all your concerns regarding any product or service offered by the bank shall be dealt with immediately, thereby enabling you to have a smooth and hassle-free experience.
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