Reliance Nippon Life Insurance Company offers the Reliance Bluechip Savings Insurance Plan to help its customers accumulate their savings and meet their financial goals at different stages in life. This non-linked, participating endowment life insurance policy offers the flexibility to choose a suitable life cover to protect their dear ones against various uncertainties in life. This insurance plan safeguards the savings to achieve growing needs, such as better education for children, a bigger house and car and overall a quality lifestyle.
Reliance Nippon Life Bluechip Savings Insurance Plan Details
Eligibility
Here are the eligibility and other important details of the Reliance Nippon Life Bluechip Savings Insurance Plan:
| Particulars | Minimum | Maximum | ||||
| Policy Term | 10 years | 15 years | ||||
| Entry Age | 8 years | 60 years | ||||
| Maturity Age | 18 years | 75 years | ||||
| Base Sum Assured | Rs. 77,905 | No upper limit | ||||
| Death Benefit | 10 times and 7 times | |||||
| Premium Payment Term | 5, 7 and 10 years | |||||
| Premium Amount | Premium Payment Term | Policy Term | Age at Entry | No upper limit | ||
| 8-45 years | 46-54 years | 55-60 years | ||||
| 5 years | 10-12 years | Rs. 35,000 | Rs. 40,000 | NA | ||
| 13-15 years | Rs. 20,000 | Rs. 30,000 | Rs. 50,000 | |||
| 7 years | 10-12 years | Rs. 25,000 | Rs. 30,000 | Rs. 50,000 | ||
| 13-15 years | Rs. 20,000 | Rs. 30,000 | Rs. 35,000 | |||
| 10 years | 12 years | Rs. 25,000 | Rs. 30,000 | NA | ||
| 13-15 years | Rs. 15,000 | Rs. 20,000 | Rs. 25,000 | |||
| Premium Payment Frequency | Monthly, quarterly, half-yearly and yearly | |||||
Features of Plan
Some key reasons why an individual must consider Reliance Nippon Bluechip Savings Insurance Plan are the features of the plan. Let us understand them.
- Save for Future: One can secure their and their loved ones future by opting for Reliance Nippon Bluechip Savings Plan. The savings will grow throughout the policy term to help the policy owner build some corpus for a financially secure future.
- Choose Your Preferred Premium Payment Mode or Frequency: One can choose the premium payment frequency and pay as per the convenience. The policy owner can pay the premiums monthly, quarterly, half-yearly or annually. This particular feature allows the customers to plan their finances well along with life insurance cover. The modal loading applicable for premium payment frequency on monthly, quarterly, half-yearly and yearly premiums are 4%, 2%, 1% and 0% respectively.
- Enhanced Life Cover with Riders: Riders are designed to provide the customers enhanced life insurance cover with their existing insurance plan. The riders one can add to their in-force Reliance Nippon Bluechip Savings Insurance Plan are
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- Reliance Nippon Life Term Life Insurance Benefit Rider
- Reliance Nippon Life Major Surgical Benefit Rider
- Reliance Nippon Life Critical Conditions (25) Rider
- Reliance Nippon Life Family Income Benefit Rider
- Reliance Nippon Life Accidental Death Benefit Rider
- Reliance Nippon Life Accidental Death and Disability Rider
- Reliance Nippon Life Accidental Death and Disability Plus Rider
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- Additional Time to Pay Due Premiums: This extra time to pay the premiums is called grace period. This time period is provided if an individual is unable to pay the premiums by the due date. Reliance Nippon Life provides 15 days of grace period for monthly premiums and 30 days for rest of the frequencies. During this period, the insurance plan shall be in-force along with other benefits and claim. However, benefits shall be payable after certain deductions.
- Grace Period for Payment of Premiums: In case you failed to pay your premium by the due date for some reason, you get a grace period of 30 days to make the payment. The grace period is 15 days for policies where the premium is paid monthly. One can enjoy all the benefits during the grace period. One can also make claims during this duration though it shall be payable after deduction of the unpaid due premium.
Documents
Policyholders need to submit the claim form along with address proof and identity proof with accurate details. In some of the cases, medical examination may be required based on the sum assured and the age of the person.
Revival of Reliance Nippon Bluechip Saving Insurance Plan
For some reason, if your policy lapsed and you could not even use the grace period, you still can revive your lapsed policy. You can revive the plan within 2 years from the due date of the first unpaid premium but before policy maturity. This can be done by paying all outstanding premiums in one go along with the applicable interest.
The current rate of interest is 10.50% p.a. However, this might change from time to time, depending on various factors. One might have to follow certain conditions for the revival of the policy and riders, such as undergoing medical tests, financial underwriting, etc.
Surrender Value for Reliance Nippon Bluechip Saving Insurance Plan
In case you plan to surrender your policy, you can avail the Surrender Value, which is higher of the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV) of the Policy. However, the policy will cease once it is surrendered and cannot be reinstated.
Benefits of Reliance Nippon Life Bluechip Savings Insurance Plan
This is a non-linked, non-variable and participating endowment plan that offers a number of benefits to the policyholder. Some of them are:
Maturity Benefits: If the policyholder survives the policy term, he/she will enjoy maturity benefits. However, they are only paid when the policy is in-force and all the outstanding premiums have been paid by the policy owner. Maturity benefit is the sum of the below-listed benefits:
- Guaranteed maturity sum assured
- Vested reversionary bonuses (if any)
- Terminal bonus (in any)
Here guaranteed maturity sum assured is equal to the base sum assured amount plus all the guaranteed additions applicable at maturity. Guaranteed additions are equal to the 7% of the base sum assured accrued at the end of every policy term till the last premium paying term. However, the policy must be in-force and there is no outstanding premium to avail this benefit.
Simple reversionary bonuses are payable and usually declared by the insurer during the term of the policy and accrue at the end of the policy year. Terminal bonus (if any) is payable on maturity or death from the 10th year of the policy.
Death Benefit: The insurance plan also provides the policy’s nominee with death benefit in case of an unexpected demise of the life ind. Under this life insurance plan, the following death benefit options are available:
| Death Benefit Options | Death Benefit Multiples |
| 7x | 7 |
| 10x | 10 |
On the unfortunate demise of the policyholder during the policy term, the beneficiary of the insurance will get the higher of the following:
- 105% of all the premium paid*
- Sum assured on death along with vested and terminal bonuses (if any)
Here sum assured on death will always be the highest of:
- Base sum assured
- Death benefit multiple x Annualised premiums
- Guaranteed sum assured on maturity
While buying this insurance plan, the customer can choose the death benefit multiples on the basis of the entry age, policy term and premium payment term. Look at the following table to know more:
| Premium Payment Term | Policy Term | Entry Age | |||
| 8-45 | 46-50 | 51-55 | 56-60 | ||
| 5 | 10-12 | 10x | 7x | NA | NA |
| 13-15 | 7x and 10x | 7x | |||
| 7 | 10-11 | 7x | NA | ||
| 12-14 | 7x and 10x | 7x | |||
| 15 | 7x and 10x | 7x | |||
| 10 | 12-13 | 7x | NA | ||
| 14-15 | 7x and 10x | 7x | |||
Tax Benefit: The insurance plan also offers tax benefits under sections 80C and 10(10D) of the Income Tax Act, 1961. However, this benefit is a subject to the fulfilment of various terms and conditions those are prescribed therein. Consult your tax advisor to get details on the tax benefits.
Avail Policy Loan: Once this insurance plan gets its surrender value, the policyholder can avail policy loan. This loan can be the 80% of the surrender value (under base plan). The insurer will also charge the interest rate on the loan as per the extant market conditions. At present, the rate of interest payable on this loan is 10.5% per annum.
FAQs
Q1. How to surrender a Reliance Nippon Life insurance plan?
Policy can be surrendered anytime, but once the request processed, it cannot be reversed. After this, the benefits of a life insurance policy will be ceased by the insurer. It is advisable to evaluate all the options available including partial withdrawal before requesting for the policy surrender.
A policyholder can surrender the policy after the lock-period as mentioned in the policy document. After that, fill out Surrender Request Form and submit it along with the details of savings account, policy document, a cancelled cheque and self-attested copies of KYC documents i.e. address and ID proof at the nearest branch. The request will be fulfilled within 7 working days after the submission of applications and documents.
Q2. How to locate a branch of Reliance Nippon Life?
Finding a branch office of Reliance Nippon Life is quite easy with the online tool – branch locator. This handy tool is available on the official website of the company.
Here are some simple steps to use this online tool:
- Browse through the official website of Reliance Nippon Life
- Click on the ‘Branch Locator’ from the top band’s options
- A new page will open where you will have to provide your state and city name to get the details of branches near you
- After providing your state and city name, you will get the branch address along with contact numbers.
Q3. How to pay premiums online for Reliance Nippon Life Insurance plans?
There are multiple ways of paying premiums of a life insurance plan offered by Reliance Nippon Life. Look at the following to know more about the online method:
- Log into the LifeLine account with your customer ID and password
- Choose the insurance plan which is due for premium payment
- Select from several payment options –internet banking, credit card, debit card, mobile walled and eCard to make the premium payments quickly and securely.
Apart from this, customers can also pay their premiums through Bill Junction or Bill Desk with the following easy steps:
- Login to the website of Bill Junction or Bill Desk
- Register yourself first to make the payments
- Now, choose Reliance Nippon Life as a biller under the Insurance Category
- Enrol your insurance plan
- Authorise your payment
