Having a backup in case of an eventuality (physical disability or death) is always a must to ensure the welfare of your family or loved ones. The Reliance Nippon Life Online Income Protect offers coverage (for liabilities) and financial security to the family of the policyholder in the case of an untimely death. This insurance plan offers the family a lump sum payout in case of an eventuality to make ends meet, and in addition gives the family the benefit of a regular income. Offered at an affordable rate - with the minimum premium at Rs.3,500, the Reliance Nippon Life Online Income Protect can be purchased by anyone in a matter of a few clicks.
To be eligible for the Reliance Nippon Life Online Income Protect, policyholders need to meet certain criteria:
|Entry Age||Minimum: 18 years Maximum: 55 years|
|Age at maturity||Minimum: 28 years Maximum: 75 years|
|Premium payment mode||Annual|
|Policy terms||10 years, 15 years, 20 years, 25 years, 30 years, 35 years|
|Sum assured||Minimum: Rs. 35 lakh (for 10 year plan) Maximum: No limit|
|Annual premium||Minimum: Rs.3,500 Maximum: No limit|
Sum Assured and Premium Range - What you get and what it costs
Sum Assured: Depending on the premium the policyholder has chosen, the base sum is 10 times the annual premium paid in case of an eventuality or untimely death.
Premium: The minimum premium for the Reliance Nippon Life Online Income Protect is Rs.3,500. The premium varies if the individual is a smoker or non-smoker, and depends on the sum assured and monthly income chosen by the policyholder. The premium is paid annually and can be done so via internet banking, credit card, debit card,etc.
With the Reliance Nippon Life Online Income Protect specifically designed for families and loved ones to make ends meet in case of untimely death of the policyholder, this insurance product comes with a death benefit that includes a lump sum payout as well a monthly income benefit.
|Death Benefit||In case of untimely death of the policyholder, the nominee or legal heir of the individual is assured a sum 10 times of the premium paid or the base sum assured chosen by the policyholder when initiating the plan.|
|Maturity Benefits||There are no applicable maturity benefits with this scheme.|
Exclusions - What the Reliance Nippon Life Online Income Protect doesn’t cover
If in case the policyholder commits suicide within 12 months of initiating the plan or reviving the plan, the nominee of the policyholder is entitled to 80% of the premium paid till that point. No death benefits are applicable in the case of suicide.
Other Key Features – Free-look Period, Surrender Values, Grace Period, etc.
The Reliance Nippon Life Online Income Protect comes with a number of key features which are listed below:
|Healthy lifestyle rewards||Policyholders that are non-smokers and have chosen a sum assured of Rs.1 crore or more are eligible for lower premium rates.|
|Grace period||Policyholders are given a grace period of 30 days to pay premiums past the due date. During the grace period, all benefits are applicable in case of an eventuality, minus the unpaid premium.|
|Discontinuance of premiums||All benefits will cease if the policyholder fails to pay the premium even during the grace period.|
|Surrender value||The Reliance Nippon Life Online Income Protect does not have any surrender value.|
|Policy revival||Policyholders can revive their policy within two years of the first unpaid premium. To revive the policy and be eligible for all the benefits, the policyholder is required to pay all the pending premiums as well as the interest rate added on the premiums. The interest rate depends on the current market value.|
|Free look period||Policyholders are granted a free look period for a period of 15 days. If the policyholder disagrees with any of the terms and conditions of the policy, he/she can return the policy within 15 days of commencing the policy. If one returns the policy, he/she will receive a refund of the premium paid. Stamp duty and cancellation charges will be applicable.|
|Nomination||Policyholders can make nominations as per Section 39 of the Insurance Act, 1938.|
|Transfer/Assignment||A policyholder can transfer the policy as per Section 38 of the Insurance Act, 1938.|
|Alterations||No alteration to the sum assured, premiums and the policy term can be made after the commencement of the plan.|
|Service Tax||Service tax is applicable over the base premium - depending on the tax rates set by the Government of India.|
Tax benefits – How you can save with the Reliance Nippon Life Online Income Protect
Policyholder enrolled with the Reliance Nippon Life Online Income Protect plan are liable to tax benefits under the Income Tax Act of 1961. They can avail benefits under:
Other benefits – How you can save with the Reliance Nippon Life Online Income Protect
The Reliance Nippon Life Online Income Protect comes with a number of benefits, some of them are mentioned below:
Now one of the largest insurance companies in the country - holding a market share of 5%, Reliance Nippon Life Insurance currently has over 7 million customers. The insurer also has over 1,200 branches spread across the country and has over 120,000 agents working round-the-clock to bring Reliance Nippon insurance products to the doorstep of customers. Apart from the easy access to products online, Reliance Nippon Life Insurance offers products at affordable premiums - targeting individuals and groups with protection plans, retirement plans, investment options for children, etc. In 2011, Reliance Nippon Life Insurance ranked number 81 in the Global Fortune 500 firms. Recently, it was rated “Top 3 Most Trusted Service Brands in the Insurance Category” by Brand Equity's “Most Trusted Brands Survey”.