Unit Linked Insurance Plans (ULIPs) are investment scheme that also offer life cover. This way you can get both market-linked yield on your money and a life insurance protection. Reliance Nippon Life Insurance Company offers you a choice of ULIP schemes that have a range of funds that are easy to manage. You can opt for regular plans or single-premium plans as per your risk level and investment goals.
Reliance Nippon Life Insurance Company, owned by Reliance Capital with 49% business inputs from Japan’s Nippon Life Insurance, is one of India’s leading general insurers. The company offers pure life protection plans as well as investment and market-linked plans that double up as life insurance policies. Reliance Nippon’s ULIP schemes are flexible, profitable and convenient for the new generation Indian.
The ULIP schemes of Reliance Nippon are advantageous to you in the following ways:
Reliance Nippon offers three schemes under its ULIP category:
Reliance Nippon Life Classic Plan II: This is one of the simplest of Reliance Nippon’s ULIP schemes. You are given the ultimate flexibility in terms of investment choices, premium payment frequencies, fund management, liquidity and life cover. You can select one of 5 available funds - 2 equity-oriented funds, 1 balanced fund and 2 debt-oriented funds. You can make premium payment every month, every 6 months, or once in a year as per your monetary situation. To allow you freedom in deciding how to use your money, the plan gives you the chance to switch funds up to 52 times a year without any extra charges. You can select Systematic Transfer Plan (STP) and make top-up premium payments to increase the investment. If you want to have a different investment style for your future premiums you can go for Premium Redirection. You can increase your sum assured by paying higher premiums and also add protection against accidental death. If you need more urgently, you can take out some amount from your funds after 5 policy years. Single Premium policies are also available under this scheme.
Reliance Nippon Life Premier Wealth Insurance Plan: This is a ULIP policy for persons who like to make their own choices regarding their investments. The policy allows you to opt a self-managed fund or an auto-managed fund. The auto-managed fund further gives you the flexibility of choosing a target-maturity option or a life-stage option. With the first option, asset distribution between equity and debt is automatic, while in the life-stage choice, you can make the allocation yourself as per your goals. You can also select how much life cover you need, and the premium amount will go up or down based on the sum assured chosen. At the end of 8 years, you will receive Wealth Boosters every following year. You can withdraw a part of the corpus after 5 years in case you are in dire need for money. You can also make top-up premium payments and avail higher investment returns. The main features of the Premier Wealth Insurance Plan are:
Reliance Nippon Life Smart Savings Insurance Plan: This policy also gives you the option to choose between a self-managed fund and an auto-managed fund, and a target-maturity option or a life-stage option. If you pay a higher premium, the company will give you discounts on charges such as fund management fee. There are also rewards for long-term investment plans such as loyalty benefits and wealth boosters that increase your fund value and allow you to invest more. You can either make limited premium payments or regular payments – the Smart Savings Insurance Plan does not have a single premium option. As in the Premier Wealth Insurance Plan, even in the Smart Savings Insurance Plan you can make partial withdrawals after 5 years and top-up your premium payments for higher yield. Here are some of the plan’s key characteristics:
A brief summary of the policies is given in the table below:
|Plan Name||Entry Age||Maturity Age||Premium|
|Reliance Nippon Life Premier Wealth Insurance Plan||30 days to 60 years||18 years to 70 years||Depends on age and policy tenure|
|Reliance Nippon Life Smart Savings Insurance Plan||1 year to 60 years for Regular Pay and 10-year Limited Pay plans 1 year to 55 years for 7-year Limited Pay plans 1 year to 50 years for 5-year Limited Pay plans||18 years to 70 years||Depends on age and policy tenure|
|Reliance Nippon Life Classic Plan II||7 to 60 years||22 years to 75 years||Rs.75,000 for Single Pay plans Rs.30,000 for Regular Pay plans (6-month or monthly payment) Rs.20,000 for Regular Pay plans (annual payment)|
Here are some reasons why you should choose a Unit Linked Insurance Plan from Reliance Nippon: