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Reliance Nippon Life ULIP Plans

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.

Benefits of Reliance Nippon ULIP Plans:

The ULIP schemes of Reliance Nippon are advantageous to you in the following ways:

  • Reliance Nippon offers a choice of funds and various fund management options. You can buy one that suits you the most.
  • You can change your fund choices whenever you like.
  • You also have options to make regular premium payments, limited payment or just one lump sum payment.
  • You can withdraw funds periodically from ULIPs if you need money urgently.
  • You can grow your wealth with the assurance that your family’s needs are also secured by the life insurance cover.
  • You get loyalty benefits if you choose long-term investment policies.

List of Reliance Nippon ULIP Plans:

Reliance Nippon offers three schemes under its ULIP category:

  1. 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.

    1. Entry age: 7 to 60 years
    2. Age at policy maturity: 22 years to 75 years
    3. Policy tenure: 15 to 30 years
    4. Premium payment: One payment for Single Pay plans, as long as the policy is active for Regular Pay plans.
    5. Minimum premium: Rs.75,000 for Single Pay plans, Rs.30,000 for Regular Pay plans in 6-month or monthly modes, and Rs.20,000 for Regular Pay plans in yearly payment mode. Minimum top-up premium is Rs.5,000.
    6. Minimum sum assured: Depends on your age at entry and the policy tenure. Usually is at least 7 to 10 times the Annualised Premium.
    7. Premium payment frequency: Monthly, quarterly, half-yearly or yearly.
    8. Riders available: None
  2. 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:

    1. Entry age: 30 days to 60 years
    2. Age at policy maturity: 18 years to 70 years
    3. Policy tenure: 10 to 30 years for regular premium and single premium policies; 10 to 30 years on 5 to 7-year Limited Pay policy; 15 to 30 years on 10-year Limited Pay policy.
    4. Premium payment: One payment for Single Pay plans, as long as the policy is active for Regular Pay plans, and 5, 7 or 10 years for Limited Pay plans.
    5. Minimum sum assured: Depends on your age at entry and the policy tenure. Usually is at least 7 times the Annualised Premium.
    6. Premium payment frequency: Monthly, quarterly, semi-annually or annually for Regular and Limited Pay policies.
    7. Riders available: None
  3. 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:

    1. Entry age: 1 year to 60 years for regular pay and 10-year Limited Pay schemes; 1 year to 55 years for 7-year Limited Pay plans; and 1 year to 50 years for 5-year Limited Pay policies.
    2. Age at policy maturity: 18 years to 70 years
    3. Policy tenure: 10 and 15 to 30 years for regular premium plans; 10 and 15 to 20 years on 5-year Limited Pay plans if you start the policy when you are 45 years or younger, and 10 or 15 years in you are 46 to 50 years old; 10 and 15 to 25 years on 7-year Limited Pay policies; 15 to 30 years on 10-year Limited Pay policy.
    4. Premium payment: As long as the policy is active for Regular Pay plans, and 5, 7 or 10 years for Limited Pay plans.
    5. Minimum sum assured: Depends on your age at entry and the policy tenure. Usually is at least 7 times the Annualised Premium.
    6. Premium payment frequency: Monthly, quarterly, semi-annually or yearly.
    7. Riders available: None

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)

Why You Need Reliance Nippon Life ULIP Plans?

Here are some reasons why you should choose a Unit Linked Insurance Plan from Reliance Nippon:

  • Tax benefits: You can seek tax exemptions on premium payments as well as death benefits as per Sections 80C and 80CC. This means that all the money saved towards this policy will be fully available to your family.
  • Easy enrolment: Getting a policy from Reliance Nippon is easy and convenient and can even be done online. The policies are easy to understand and have a lot of flexibility and choices to help you make the right financial decision.
  • Easy fund management: If you are finance-savvy and want to manage your own fund, you can do that with Reliance Nippon. But if you are not well-versed in market movements, you can leave the fund management to Reliance Nippon professionals. Even with a fund manager in place, you can still make decisions such as which funds to invest in and whether to switch funds.
  • Easy claims process: Reliance Nippon guarantees claims approval within 2 weeks, subject to proper documentation and verification. Reliance Nippon’s Claim Settlement Ratio is 95.01% as on March 2016. This indicates that the company has settled 95 out of 100 claims made by its customers.
  • Loyalty benefits: If you stay invested in Reliance Nippon products for a long time, you will get loyalty additions to your policy. This will increase the corpus of funds available to you for investment and also increase the death benefits available to your family in case of your untimely demise.