Reliance Nippon Life Whole Life Income Plan

Reliance Nippon Life Insurance is a prominent insurance company in India that extends superb insurance plans for several purposes. Have you always wanted to protect your family from any uncertainty due to any kind of danger? You can make this happen by taking a life insurance plan from Reliance Nippon. When you go for the Reliance Nippon Life Whole Life Income Plan, you will have a regular income for your entire life!

You can enjoy peacefully after you retire as this plan will provide you with income and also give your family a stable lifestyle.

Eligibility – Who is the Reliance Nippon Life Whole Life Income Plan for?

The Reliance Nippon Life Whole Life Income Plan is great for anybody who is looking for a regular source of income until you turn 85 years old. This plan will enable you to build your income for several years extensively. Your family can utilise the funds in case something unexpected happens to you.

Minimum entry age	0 year
Maximum entry age	55 years
Age at maturity of policy	85 years
Policy period	85 years

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

The Reliance Nippon Life Whole Life Income Plan offers a good sum assured. A sum assured refers to the fund that will be paid by the company to you before including bonuses. This amount is the guaranteed amount that will be offered by the company. Let us take a look at the details regarding the sum assured and premium range of the Reliance Nippon Life Whole Life Income Plan:

Minimum basic sum assured	Rs.1,00,000
Maximum basic sum assured	There is no limit.
Minimum premium	Rs.16,328
Maximum premium	There is no limit.
Premium payment mode	Every 1 year, every half year, every quarter, or every month
Premium payment term (in years)	10 years and 15 years

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

Plan coverage – What the Reliance Nippon Life Whole Life Income Plan covers

The Reliance Nippon Life Whole Life Income Plan provides assured income, liquidity of funds, maturity benefit, and life cover until the age of 85. Let us take a look at the details of what this plan covers:

Benefit offered	Features of the benefit
Maturity benefit	If the policyholder survives until the age of 85 years and if the premiums have been paid on time, the policyholder will get a guaranteed sum assured once the policy matures. This amount is equivalent to the basic sum assured.
Income benefit	Under this plan, you will receive 2 types of income benefits namely, cash bonuses and guaranteed income. At the beginning of the 6th policy year, you will get extra cash bonuses which will be a percentage of the basic sum assured. This will be given every year. You will also get a guaranteed income each year. Basic sum assured Guaranteed income (% of basic sum assured) Below Rs.2,50,000 6% 2,50,000 and above but below 5,00,000 6.5% 5,00,000 and higher 6.57%
Death benefit	When the policyholder dies, the nominee will get the sum assured as a death benefit. The sum assured on death can be the base sum assured OR annualised premium X death benefit multiple OR guaranteed sum assured after the policy matures, whichever is higher.

 

Riders or add-ons

A rider provides you with additional protection for specific purposes. Let us take a look at the riders that are provided with the Reliance Nippon Life Whole Life Income Plan:

• Reliance Nippon Life Term Life Insurance Benefit Rider
• Reliance Nippon Life Critical Conditions (25) Rider
• Reliance Nippon Life Accidental Death Benefit and Total and Permanent Disablement Rider (Regular Premium)
• Reliance Nippon Life Major Surgical Benefit Rider
• Reliance Nippon Life Family Income Benefit Rider

Exclusions – What the Reliance Nippon Life Whole Life Income Plan doesn’t cover

Insurance plans have certain exclusions for particular instances. Let us discuss the exclusion that comes with the Reliance Nippon Life Whole Life Income Plan:

This plan comes with a suicide exclusion. If the policyholder commits suicide within 1 year from when the risk has begun or from when the policy has been revived, then the nominee will be given the surrender value as on the date of the suicide or 80% of the premiums that have been paid, whichever is higher.

Other Key Features – Free-look Period, Surrender Values, Grace Period, etc.

Let us now discuss the other salient features of the Reliance Nippon Life Whole Life Income Plan:

Free look period	During the free look period, you can give back your policy document to the company within a period of 15 days. If you purchase through a Distance Marketing Channel, you will get 30 days.
Loan	The Reliance Nippon Life Whole Life Income Plan allows you to take a loan if your policy has obtained a surrender value. The highest loan amount that can be taken with this plan is 80% of your surrender value.
Grace period	Within the grace period, you can pay your premiums that you failed to pay before the last date. The grace period given with this plan is 30 days.
Surrender	If you want to cancel your policy and if your policy has obtained a surrender value, you will get a surrender value. This will be the Special Surrender Value (SSV) or the Guaranteed Surrender Value (GSV), whichever is higher.

Tax Benefits – How you can save with the Reliance Nippon Life Whole Life Income Plan

When you pay your premiums for Reliance Nippon Life Whole Life Income Plan, you will receive good tax benefits as per Section 80C, 80CC and 80CCE of Income Tax Act, 1961. You will get tax benefits even for some of the riders that are offered with this plan.

Other benefits – How you can save with the Reliance Nippon Life Whole Life Income Plan

These are some of the other benefits of this plan:

• You can pay premiums for this plan online conveniently. You can also renew your premiums online.
• Reliance Nippon Life offers e-Insurance which enables you to have your insurance plans in the electronic form.
• You have a very user-friendly feature which will allow you to key in your primary details. You will get a call from the company and you can get all your queries clarified.
• The application process for this policy is very simple.

Why should you buy the Whole Life Income Plan from Reliance Nippon Life Insurance?

Reliance Nippon Life Insurance is a Reliance Capital Company that is dedicated to offering outstanding insurance plans at affordable rates. With the Whole Life Income Plan from Reliance Nippon Life Insurance, you can enjoy cash bonus, maturity benefit, guaranteed income, and more! The company has won many awards due to its excellent performance. Some of the awards include Brand Equity - Most Trusted Brands Survey, 2015, Best Website from Website Of The Year Awards, 2014, Gold in CMO Asia, 2014, and lots more!