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Reliance Nippon Super Endowment plan is a non-linked non-participating endowment plan created for those who like to ensure there is enough corpse saved for their future while at the same time be able to provide life cover to their family. This non-variable and non-linked life insurance plan is designed to ensure that the policyholder can save for their future along with the benefits of life cover and financial support. This insurance plan offers opportunities to secure the savings of the policyholder through guaranteed returns. It does so by letting the policyholder decide how much amount they would like to set aside as the sum assured based on their current financial position and expected future expenses.
About Reliance Nippon Life Insurance
Reliance Nippon Life Insurance Company is a part of Reliance Capital. The insurance company is one of the leading private sector insurance service providers at present. Rated among the ‘top 3 most trusted insurance brand,’ they provide a number of insurance plans in five different categories. These include – retirement, protection, savings and investment, child and health insurance plans for individuals, groups and business entities.
Benefits of Reliance Nippon Super Endowment Insurance Plan
The insurance plan comes with a number of benefits. Some of them are listed below:
- Maturity Benefit: The insurance plan provides the policyholder with guaranteed sum assured at the end of the policy term or on maturity. This benefit is only provided to in-force and for the policies that have no outstanding premiums. The Policy afterwards will terminate after paying the maturity benefit.
- Death Benefit/ Life Cover Benefit: In case of an unforeseen event such as death of the policyholder during the policy tenure, the beneficiary will get the death sum assured. This benefit will be the highest of 10 times of the annualised premiums, 105% of the total paid premiums or guaranteed sum assured. The Policy afterwards will terminate after paying the maturity benefit.
- Rider Benefits: If the policyholder have chosen rider, then S/he will be eligible for the rider benefits mentioned as below.
- Reliance Term Life Insurance Benefit Rider: – Provides additional death benefit depending on the sum assured selected under the rider. However, it can never be higher than the sum assured under the base plan and shouldn’t exceed 30% of the premiums paid under the base plan
- Reliance New Major Surgical Benefit Rider: – Provides lump sum amount to cover surgical expenses of open heart surgery, kidney transplant, and many more.
- Reliance New Critical Conditions Benefit Rider: – Provides lump sum amount to take care of 25 critical conditions including cancer, heart attack and many more.
- Reliance Life Insurance Family Income Benefit Rider: – Provides a monthly benefit of 1% of sum assured every month. The benefit is payable from the date of death till end of the rider policy term or 10 years whichever is later.
- Reliance Accidental Death and Total and Permanent Disablement Rider: – Provides additional death or disability benefit if occurred due to accident. Along with it, all the future premiums will be waived off.
- Tax Benefit: The insurance plan also provides the policy owners with tax benefits. As per the extant income tax laws, the policyholder will get the tax benefits on the premiums paid. Since income tax laws are subject to changes and amendments from time to time, tax benefits may change. It is suggested that the customers consult their tax advisor or Reliance Life’s nearest branch to know about the benefits.
Eligibility of Reliance Super Endowment Insurance Plan
Refer to the following table to get the details of eligibility criterion of Reliance Nippon Super Endowment Insurance Plan:
| Particular | Details |
| Entry Age | 8-60 years |
| Maturity Age | 22-75 years |
| Policy Term | 14 and 20 years |
| Premium Paying Term | 7/10 |
| Premium Payment Options | Limited pay |
| Premium Payment Modes | Monthly, quarterly, half-yearly, |
| Sum Assured | Rs. 1 lakh to no upper limit |
Features Reliance Super Endowment Insurance Plan
This insurance plan is designed to provide life insurance cover along with financial stability and guaranteed returns to the life insured and their family. Some key features of this insurance plan have been explained here:
Wide Range Of Riders Options: Reliance Nippon Life offers several rider options to its customers so that they can enhance the coverage and expand the benefits of their insurance plan. This plan has the following options:
One can opt for any of these above-listed riders to safeguard their loved ones against various uncertainties in life.
Flexibility to Choose Premium Payment Modes: A policyholder has the option to choose their premium payment mode between monthly, quarterly, semi-annual and annual. Monthly and quarterly modes are available only for those who will pay the premiums electronically. An insured can also change their existing premium payment mode on the anniversary of their policy. Apart from this, discounts are also provided by the company on the premiums. Look at the table below to know more about the discounts:
| Particular | Details |
| Monthly | Nil |
| Quarterly | Nil |
| Semi-Annual | 1.25% |
| Annual | 2.50% |
Highest Sum Assured Rebates: The insurance policy also provides the policyholder with the highest sum assured rebates. The rebates offered under this life insurance plan as tabulated below:
| Sum Assured Amount | Rebates (per Rs. 1,000 Sum Assured) |
| Less than Rs. 2.50 lakh | Nil |
| Rs. 2.50 lakh, but less than Rs. 5 lakh | Rs. 3 |
| Rs. 5 lakh, but less than Rs. 10 lakh | Rs. 4 |
| Rs. 10 lakh and above | Rs. 5 |
Grace Period: Grace period is the time provided by the insurance company to their customers to pay the outstanding premiums after the due date. Under this policy, the grace period is of 30 days for quarterly, semi-annual and annual payment modes. For monthly modes, the grace period is of 15 days.
How does this plan work?
Consider the given example:
Mahesh is a 30-year old healthy IT professional. He opts for this plan and chooses 20 years as the policy term and a 10 years premium payment term with a sum assured of Rs. 5 lakh. For this, he will have to pay Rs. 23,607 in yearly premiums.
Now, there are two possible scenarios:
Scenario 1: If he survives till the maturity or end of the policy term, he will receive Rs. 5 lakh as maturity benefit.
Scenario 2: If he expires during the policy term 5th year of the policy, the lump of Rs. 5 lakh will be paid to the beneficiary.
Frequently Asked Questions
Q1. What is the process of assigning an insurance policy?
An insurance policy can be assigned even after the issuance by submitting a duly filled and signed ‘Assignment Form’ along with the notice of assignment, original documents of the policy and self-attested copies of KYC documents i.e. identity and ID proof of the assignee at the nearest Reliance Nippon Life branch office.
However, certain terms and conditions will be applicable to the process. It is advisable to refer to the policy document to ensure that the assignment is permitted in the insurance plan. The entire process will take 7 working days to be affected in the company’s records from the date of application submission.
Q2. Can a policyholder change the premium payment frequency of their in-force insurance plan?
Yes, they can change their frequency. The changes can be made on the anniversary date of their insurance policy (date on which the insurance plan was issued) by submitting a duly filled and signed request form. The company will review the application and change the frequency as requested. All the changes related to frequency will be updated in the company’s record within 2 working days after getting the request and completing the request. For frequency change, it is suggested to give notice at least 15 days prior to the anniversary date of the policy.
Q3. Is policy loan available under Reliance Nippon Super Endowment Plan?
Yes, the policyholder can avail loan against their insurance plan. They can avail up to 80% of their policy’s surrender value (under the base plan). The insurance company will ask you to pay an interest rate on the loan as per the extant interest rates. The current rate of interest on policy loan is 9% per annum. In case the loan exceeds the limit and reach up to 95% of the surrender value, the insurance company will terminate the policy for recovering the outstanding interest and the balance.
Q4. What if the life insured suicides? What is the exclusion for this?
If the policyholder whether it is insane or sane commits suicide within one year:
- From the date of their policy commencement, the beneficiary of the insurance policy shall be entitled to get 80% of the premiums paid.
- From the date of policy revival, the death benefit (80% of all the premiums paid till the date of the policyholder’s death) or the surrender value of the insurance plan (as available on the policy) will be paid to the legal heir.
Q5. What are the options available under Savings and Investment category apart from Reliance Nippon Life Super Endowment Insurance Plan?
The insurance company provides a number of options under this particular category. And these options are:
- Reliance Nippon Life’s Guaranteed Money Back Plan
- Reliance Nippon Life Fixed Savings
- Reliance Nippon Life Bluechip Savings Insurance Plan
- Reliance Nippon Life Increasing Income Insurance Plan
- Reliance Nippon Life Fixed Money Back Plan
- Reliance Nippon Life Lifelong Savings Plan
- Reliance Nippon Life Future Income
- Reliance Nippon Life Whole Life Income
- Reliance Nippon Life Increasing Money Back Plan
- Reliance Nippon Life Bal Nivesh One Time
- Reliance Nippon Life Super Money Back Plan
- Reliance Nippon Life Smart Cash Plus Plan
- Reliance Nippon Smart Pension Plan
- Reliance Nippon Life Money Multiplier Plan
- Reliance Nippon Life Endowment Plan