We all are living in the uncertain world and in midst of this, it becomes even more important to make sure we provide financial protection to our family. Reliance Nippon Life Term Plans are there to help you do the same. These are the following plans which comes under this category which are there to provide peach of mind to your family.
Types of Reliance Life Term Plans:
Reliance offers three major Term plans to the individuals under Reliance Protection Plans Section. They are: –
- Reliance Nippon Life Term Plan
- Reliance Nippon Life Online Term Plan
- Reliance Nippon Life Online Income Protect
These Term Life Insurance Plans are limited period plans; the insurer is provided with a good range of life insurance plans to support his/her financial needs in future while at the same time, these term plans secures financial needs of the family when the insurer is not around. These plans are within the paying capacity of most individuals. According to one’s financial needs, one can one can choose a sum assured. There are other benefits attached to these plans. Reliance Nippon Life Term Plan
Overview
Are you as an individual prepared to deal with unforeseen emergencies life may throw at you? Reliance Nippon Life Term Plan steps in here to give your family a protection against unforeseen events even in your absence.
Features
- Easy and in financial reach of an individual
- Provides sufficient cover depending upon liabilities of an individual
- Secures family of the insurer against unknown circumstances
- Comes with modes of premium Payments, thus, providing flexibility to choose fromAn insurer can avail tax benefits according to the Income Tax Act of India, 1961
Benefits of the Plan:
- The insurer is provided with Riders, attaching them to the base plan enhances the protection cover
- An insurer enjoys tax benefits applicable under Indian Income Tax laws
- The plan provides death benefits as well as rider benefits
- The insurer is provided with disability rider to support in time of need
- The insurer is provided with death benefit rider to support the family after his/her death
Details of Benefit provided under the plan:
Maturity Benefit – The plan carries no maturity benefit. If the insurer or policyholder survives the policy period, he/she shall not get any maturity amount as all benefits are terminated after policy period ends.
Death Benefit – The single lump sum amount or the sum assured will be given to the nominee if the policy holder dies within the term plan in-force. Afterwards, the policy will terminate.
Details of Riders under the plan:
These riders can be bought at a nominal cost and helps the insured and its family to be safeguard against certain unfortunate events.
Reliance Nippon Life Major Surgical Benefit Rider – This rider provides surgical expenses for 33 types of surgeries including kidney transplant, heart surgery and many more.
Reliance Nippon Life Critical Conditions – Provides lump sum amount to take care of twenty-five (25) critical conditions like cancer, paralysis, etc and many more are covered under this rider.
Reliance Nippon Life Family Income Benefit – This policy will provide 1 per cent of the sum assured to the family in the event of permanent disability or deathtill the end of the rider or 10 years whichever is later. Apart from these above –mentioned riders, Reliance Nippon Life Term Plan also have Accidental Death Benefit Rider, Accidental Death and Disability Rider, Accidental Death and Disability Plus Rider which provides lump sum amount equal to rider sum assured in case of death or accident of the life assured.
| Parameters | Minimum | Maximum | |
| Reliance Nippon Life Term Plan
|
|||
| Entry Age for the plan
(in years) |
21 | 60 | |
| Maturity age of the plan
(in years) |
26 | 65 | |
| Policy Term Period
(in years) |
5 | 30 | |
| The term for Premium Payment | It is equal to the policy term | ||
| Premium | 2,000 | No limit | |
| Sum Assured in the base plan | 5,00,000 | No limit | |
| Mode for premium payment | Annual | ||
Reliance Nippon Life Online Term Plan
Overview
Reliance Nippon Life Online Term Insurance plan is perfect for those individuals who want to make sure their family doesn’t have to deal with pending liabilities even in their absence. It is an ideal plan for today’s generation which provides insurance coverage at a nominal rate.
Features:
- It provides comprehensive wide-range cover supporting the insurer at various stages of life.
- This plan offers the facility to have a medical test at home
- The plan offers annual premium payment mode only
Details of Benefits provided for the insurer under the plan:
Death Benefit: –
In an unfortunate event if the policyholder passes away in between the policy term period, the nominee of the policyholder shall receive the following benefits:
- The total sum assured mentioned in the policy at the time of inception
- The nominee shall also get 10 times of annual premium amount the policyholder has paid during the policy term period till his death
- 105% of the paid premiums excluding underwriting extra premiums.
After paying the death benefit to the nominee, the maturity benefit will be terminated
Maturity Benefit:
The company does not offer any maturity benefit as this is a term plan.
Benefits provided under Riders:
Reliance Nippon Life Accidental Death Benefit Rider–Under the condition of policyholder’s death, the nominee shall get a lump sum amount equals to the rider sum assured
Reliance Nippon Life Accidental Death and Disability Rider–Apart from the rider sum assured on the incident of policyholder’s death, the policyholder shall get an amount that is equal to the rider sum assured on unfortunate permanent disability of the policyholder. This amount will be disbursed to the policyholder in equal instalments within a period of 10 years.
Reliance Nippon Life Accidental Death and Disability Plus Rider–Under this rider benefit, the policyholder shall receive the amount of rider benefit on permanent disability in equal instalments over 10 years’ period. The future premium amount if pending on the policyholder shall be waived off too.
Surrender Benefit: Under this plan, there is no surrender value for policy
| Parameters | Minimum | Maximum | |
| Reliance Nippon Life Online Term Plan
|
|||
| Entry Age for the plan
(in years) |
18 | 55 | |
| Maturity age of the plan
(in years) |
28 | 75 | |
| Policy Term Period
(in years) |
10, 15, 20, 25, 30, 35 | ||
| The term for Premium Payment | It is equal to the policy term | ||
| Sum Assured in the base plan | 25,00,000 | No limit | |
| Annual Premium
(In Rs.) |
3,500 | No limit | |
| Mode for premium payment | Annual | ||
Reliance Nippon Life Online Income Protect
Overview
This insurance plan is perfect for those individuals who are looking for comprehensive protection plan for their family. It will make sure your family gets a lump sum amount to meet immediate liabilities and regular income to help them maintain their standard of living.
Features:
- This plan offers income facility to the family of the policyholder if he dies during the policy term period
- This plan is designed in such a way so as to make the policyholder sure about the future responsibilities and worries will be fulfilled
- The interested individuals can enrol online for this plan following a simple and easy process
Benefits of the Reliance Nippon Life Online Income Protect
- Dual Protection:- It provides the policyholder with the lump sum assured amount that might help the policyholder in time of need to fulfil his/her liabilities in life as well as monthly income that will make sure your family daily needs are fullfilled .
- Tax Benefits:- The policyholder can avail tax benefits through the Income Tax Act of India, 1961.
- Lower Premium: – The premium amounts are nominal.
- Death Benefit :- Incase the life assured dies during the policy term provided the policy is still in force, the nominee will get the followingThe total sum assured mentioned in the policy documents at the time policy activation
- The nominee shall also get monthly income benefit.
Monthly income benefit that is offered under this plan is 0.5% of the sum assured in the base plan. The monthly income starts from the next month of the death of the policyholder. The insurance company shall pay this income to the nominee till 10 years. This time period is equal to 120 months.The death benefit shall not be less than 105% of the paid premiums in any case. The mortality premium, GST, and Cess if any, are excluded from this amount
| Parameters | Minimum | Maximum |
| Reliance Nippon Life Online Income Protect
|
||
| Entry Age for the plan
(in years) |
18 | 55 |
| Maturity age of the plan
(in years) |
28 | 75 |
| Policy Term Period
(in years) |
10, 15, 20, 25, 30, 35 | |
| The term for Premium Payment | It is equal to the policy term | |
| Sum Assured in the base plan | 35,00,000 | No limit |
| Annual Premium
(In Rs.) |
3,500 | No limit |
| Mode for premium payment | Annual | |
Frequently Asked Questions about Reliance Life Term Plans – Reliance Life Term Insurance Plans
What is a Grace period in the term plans?
The company provides the policyholder with a time-frame of 30 days to review the terms and conditions. This time frame is called grace period. During this period, the policyholder has to clear all the outstanding amount due to him/her.
Are the term plans eligible for getting tax rebates from the government?
Yes. Whether it is premium paid or claim received, the policyholder gets benefits in tax on both. The taxes are subject to Income Tax Act of India, 1961.
Can I get the plans online?
Yes. The interested individual can apply a few of the plans online on the official website of the company.The website also provides a lot of information about the plans. An individual should go through the brochures available on the website regarding further information about the plans.
Also Read: Reliance Nippon Smart Pension Plan