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Reliance Nippon Life Online Term Plan

 The Reliance Nippon Life Online Term plan is a non-linked, non-participating, term insurance plan that is an ideal scheme for the present generation. In today’s world, people love to experience better things, be it a fancy car or a big house. This can result in higher liabilities and the car or the house does not stay an asset anymore. The Reliance Nippon Life Online Term plan offers a good cover at a rate that is affordable. If you wish to purchase this plan, you can easily do it online. The medical tests that are required for the Reliance Nippon Life Online Term plan can be done at your house. The premiums that you pay for the Reliance Nippon Life Online Term plan are eligible for tax deductions.

Eligibility – Who is the Reliance Nippon Life Online Term plan for?

In order to buy the Reliance Nippon Life Online Term plan, a customer has to fulfill certain eligibility criteria with respect to his/her age and the amount of insurance he/she seeks. These conditions are as shown below:

Parameters Criteria for Eligibility
Minimum age at entry 18 years
Maximum age at entry 55 years
Minimum age at maturity 28 years
Minimum age at maturity 75 years
Term of the policy 10 years, 15 years, 20 years, 25 years, 30 years, 35 years
Term of premium payment Equal to the term of the policy

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

Sum Assured – It is the sum that is paid to the family of the insured in case of an event where the insured encounters any critical illness, permanent disability or death. The minimum sum assured under the Reliance Nippon Life Online Term plan is Rs.25,00,000. No limit is there on the maximum sum assured.

Minimum Sum Assured Rs.25,00,000
Maximum Sum Assured No limit

Premium - Premium is the amount that you pay at one go or at regular intervals to keep your policy running. In case of the Reliance Nippon Life Online Term plan, there is only one premium payment mode – annual. The minimum amount that must be paid as premium for the Reliance Nippon Life Online Term plan is Rs.3,500. There is no limit on the maximum premium amount under this plan.

Minimum Premium Rs.3,500
Maximum Premium No limit
Mode of Premium Payment Annual

Plan Coverage – What the Reliance Nippon Life Online Term plan covers

Death benefit In case, the insured encounters death in an unfortunate event and the policy is still active on the date of demise of the insured, the nominee will get the maximum of:
  • 10 times of the annual premium, or
  • Sum assured, or
  • 105% of premium paid till the date of demise, except any extra premium paid
The policy will automatically get terminated after the benefits are rolled out for the nominee of insured.
Maturity benefit Under the Reliance Nippon Life Online Term plan, no maturity benefit can be availed.
Surrender benefit No surrender value is acquired by the Reliance Nippon Life Online Term policy.

Riders/Add-on plans – Additional coverage under the Reliance Nippon Life Online Term plan

No riders are available under the Reliance Nippon Life Online Term plan.

Exclusions – What the Reliance Nippon Life Online Term plan does not cover

In case the life insured commits suicide, whether insane or sane, within a period of 12 months from the commencement date of the Reliance Nippon Life Online Term plan, 80% of the premiums till the date of demise will be paid to the nominee and the policy will be terminated. Taxes and extra premiums will also be deducted from the payout. None of the benefits will be payable in this case.

Other Key Features

Flexibility You can choose your protection cover as per your needs and requirements.
Financial Protection Enjoy financial protection at a cost that is affordable for you.
Lower Premiums Enjoy rewards for maintaining a healthy lifestyle through low premiums.
Simple Process The application process is simple and hassle free.
Convenience The medical examination procedure is very simple.
Grace period You can avail a grace period of 30 days in case you are not able to pay the premium amount by the due date.
Revival of policy The policy can be revived within a period of 2 years from the date of first unpaid premium. All outstanding premiums and the interest on them must be cleared by you if you wish to revive the Reliance Nippon Life Online Term plan.
Free look period In case you do not like the terms and conditions of the Reliance Nippon Life Online Term plan, you can return the policy within a period of 15 days. However, you must state your objections and the reasons for it. Reliance Nippon will refund the amount paid by you as premiums after deducting a certain risk premium for the cover period that was offered. Deductions will also happen for the medical tests that were carried out at the company’s expense. Free look period of 30 days is given for Distance Marketing.
Annualised Premium The Reliance Nippon Life Online Term plan offers only one premium payment mode – annual. The annual premium must be paid for availing all the benefits listed under the base plan. However, this excludes loading for premiums, extra premiums and the applicable taxes. Individuals with pre-medical conditions and impairments will have to pay extra premiums as per the norms of the policy.

Tax benefits – How you can save with the Reliance Nippon Life Online Term plan

The premiums that you pay to keep the Reliance Nippon Life Online Term plan active are eligible for tax deductions under the prevalent Income Tax laws. The IT laws are subject to amendments and can change from time to time. Consulting a tax expert is highly advisable.

Why you should buy the Reliance Nippon Life Online Term plan from Reliance Nippon?

Reliance Nippon Life Insurance Company is one of the leading insurance providers in India. The insurance policies offered by this company comes with a lot of flexibility and innovation. The Reliance Nippon Life Online Term plan is ideal for the people of this generation. Nowadays, people love to experience better things, be it a fancy car or a big house. This can result in higher liabilities and the car or the house does not stay an asset anymore. The Reliance Nippon Life Online Term plan offers a good cover at a rate that is affordable. If you wish to purchase this plan, you can easily do it online. The medical tests that are required for the Reliance Nippon Life Online Term plan can be done at your house.