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Reliance Nippon Life Term Plan

Reliance Nippon Life Term Plan is a non-linked, non-participating, term insurance product that provides protection to the family of the life assured against unforeseen events in life. The life assured can choose adequate cover based on his/her liabilities. The plan can also be enhanced through optional riders that are offered by the insurer at a nominal cost. The policyholder can enjoy tax benefits on the payouts received from the plan. The Reliance Nippon Life Term Plan is an affordable insurance product as well.

Eligibility - Who is the Reliance Nippon Life Term Plan for?

A customer who wishes to purchase the Reliance Nippon Life Term Plan should fulfill certain eligibility criteria with respect to his/her age and the amount of insurance he/she would like to buy. These eligibility conditions are listed in the table below:

Parameter Eligibility
Minimum Entry Age 21 years
Maximum Entry Age 60 years
Minimum Maturity Age 26 years
Maximum Maturity Age 65 years
Minimum Policy Term 5 years
Maximum Policy Term 30 years
Premium Payment Term Equal to policy term

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

Sum Assured:

The Reliance Nippon Life Term Plan is a pure term insurance product that does not offer any maturity benefit. The plan provides a death benefit that is equal to the sum assured under the policy. The minimum sum assured is equal to Rs.5 lakh, while there is no limit on the maximum sum assured.

Premium:

The policyholder can pay premiums towards the policy at yearly, half-yearly, or quarterly frequencies. It is possible to alter the mode of premium payment on the policy anniversary.

Parameter Yearly Half-yearly Quarterly Monthly
Minimum Premium Rs. 2,000 (This is the minimum installment amount)
Maximum Premium No limit

Premiums can be paid in any of the following ways:

  • As a demand draft or cheque
  • In the form of cash at the branch office of the insurer
  • ECS/Direct Debit/Salary Deduction Scheme
  • Through internet banking
  • Through credit or debit cards

Plan coverage - What the Reliance Nippon Life Term Plan covers

The coverage of the Reliance Nippon Life Term Plan is as detailed below:

Death Benefit If the life assured dies during the policy term, an amount equal to the sum assured is paid to the nominee as death benefit. The payout is made in the form of a lump sum amount. After the death benefit is paid, the policy terminates with no other benefits.
Maturity Benefit There is no maturity benefit under the plan. If the life assured survives till the end of the policy tenure, all benefits under the plan will cease and the policy terminates.

Exclusions - What the Reliance Nippon Life Term Plan doesn’t cover

Suicide Exclusion - If the life assured commits suicide within 12 months from the date of commencement or revival of the policy, the nominee will be paid an amount equal to 80% of the paid premiums. No additional benefits are payable under the plan. This holds true irrespective of the mental health of the life assured.

Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

The salient features of the Reliance Nippon Life Term Plan are described below:

Policy fee A policy fee is added to the installment premium based on the mode of premium payment.
  • When the premium payment mode is yearly, the policy fee added is Rs.500
  • When the premium payment mode is half-yearly, the policy fee added is Rs.260
  • When the premium payment mode is quarterly, the policy fee added is Rs.130
Grace Period If the policyholder is unable to pay premiums within the due date, he/she will be provided a grace period of 30 days. The policyholder is expected to pay all due premiums within this period in order to retain the policy benefits. The policy will continue with complete coverage during the grace period.
Discontinuance of premiums If the policyholder fails to pay due premiums within the grace period, the policy will lapse.
Policy revival A policyholder can revive a paid-up or lapsed policy and the associated riders within 2 years from the due date of the unpaid premium, and before the maturity of the policy. He/she is required to pay all outstanding premiums along with the interest for the same. As long as the policy is with arrears up to 6 months, it will be revived when the life assured submits satisfactory declaration of good health. If the policy is being revived after 6 months of arrears, it will be underwritten as per approved guidelines. If a lapsed policy is not revived within the revival period, it will be terminated without any benefits. Once a policy is terminated, it cannot be reinstated.
Surrender of policy The Reliance Nippon Life Term Plan does not acquire any surrender value.
Riders The Reliance Nippon Life Term Plan can be enhanced through the use of the following riders:
  • Reliance Nippon Life Major Surgical Benefit Rider - This rider provides a lump sum amount to cover the expenses incurred for any of the 33 predefined surgeries that the life assured undergoes.
  • Reliance Nippon Life Critical Conditions (25) Rider - This rider offers protection against 25 predefined critical illnesses, including paralysis, cancer, and heart attack.
  • Reliance Nippon Life Family Income Benefit Rider - This add-on plan offers a maturity benefit of 1% of the sum assured on a monthly basis. So, totally the beneficiary receives 12% of the sum assured per annum. The benefit is paid starting from the death of the life assured till the end of the rider policy term or 10 years.
Rider sum assured The rider benefits can be selected when the policy commences or at any policy anniversary. The sum assured under the rider cannot be higher than the Sum Assured at Death under the base plan. At lapsation, surrender, or forfeiture of the base plan, the rider attached to it will cease.
Change in the policy term or the base sum assured The policy term and the base sum assured of the plan cannot be changed after the policy commences.
Loan It is not possible to avail a loan under the plan.
Free-look period If the policyholder disagrees with any of the terms and conditions in the policy documentation, he/she can return the policy back to the insurer within 15 days. The free-look period for policies that were bought through an online channel, SMS, or telephone is 30 days. The insurer will then pay the life assured an amount that is equal to the total paid premiums minus the expenses incurred on medical examination and stamp duty.

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

Premiums paid under the Reliance Nippon Life Term Plan and associated riders will be eligible for tax deductions. The customer is requested to seek the advice of a tax consultant to understand the details.

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

Reliance Nippon Life Term Plan offers a customer the following additional benefits:

Customer service team The insurer has a competent customer care team that can be contacted for resolution of issues or clarification of queries.
Receive a callback The Reliance Nippon Life Insurance website enables you to request for a customer care representative to contact you through telephone.
Email communication It is possible to contact the insurance company through the email address, rnlife.customerservice@relianceada.com
Group insurance concerns The Reliance Nippon Life Insurance website allows group policyholders to raise concerns regarding their policies through an online form.
Online insurance plans The insurer also provides insurance plans that can be bought online through the website. Payments for the same can be done through credit, debits cards, e-Wallets, or Net Banking.

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

Reliance Nippon Life Insurance Company is one of the leading private sector insurers in India, with respect to individual Weighted Received Premium (WRP) and new business WRP. The company has over 10 million policyholders and a robust distribution network of more than 800 branches and above 1 lakh insurance advisors across the country.

Reliance Nippon Life Insurance Company was also rated as one of the Top 3 Most Trusted Life Insurance Service Brands by the ‘Most Trusted Brands Survey’ from Brand Equity in 2015. The company offers life insurance solutions that span across 5 segments, namely, retirement, child, health, savings, and investment. The company provides both individual plans and group insurance solutions to customers.

The insurer also has one of the best claim settlement ratios in the Indian insurance domain which stands at 95.01% as on 31st March, 2016. The company has also been honoured with several accolades for its user-friendly website, digital marketing initiatives, and coverage options in the non-urban regions of the country.