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Reliance Nippon Life Bluechip Savings Insurance Plan

What is the Plan all About?

Reliance Nippon Life Bluechip Savings Insurance Plan is a non-linked, participating, & non-variable endowment insurance plan that helps accumulate the savings that helps fulfill financial needs at different stages of life. This plan also provides the life cover that secures your family, if something unfortunate happen to you.

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What are the Key Features?

  • Accumulate the savings to fulfill different financial obligations
  • Lump sum amount at maturity
  • Life cover under the policy
  • Choose 5/7/10 premium paying term
  • Avail loan benefit
  • Tax benefit available

What are the Plan Benefits?

Death Benefit

    The death benefit is payable on the unfortunate demise of the life insured, provided the policy is in-force and all premiums have been paid. Death benefit is higher of Sum Assured on Death plus Vested Reversionary Bonuses and Terminal Bonus or 105% of all premiums paid.
     

    Here, Sum Assured on Death is higher of Base Sum Assured, Guaranteed Sum Assured on Maturity, or Annualised Premium * Death Benefit Multiple. Death Benefit Multiple is 7 & 10 for death benefit 7x & 10x option, respectively.

Maturity Benefit

    In case the life insured survives till maturity of the policy, Maturity Benefit equal to the sum of the guaranteed sum assured on maturity plus vested reversionary bonus and terminal bonus is payable.

Bonus

    Simple Reversionary Bonus is declared during the policy term, which begins from the first policy year. This bonus is accrued at the end of every year. Terminal bonus is payable on death/maturity starting from the 10th policy year onwards.

Guaranteed Additions

    Guaranteed Additions are equal to the 7% of the base sum assured that accrue at the end of each policy year, till end of the premium payment term.

Loan Benefit

    The maximum loan amount available under this plan is up to 80% of the surrender value.

Surrender Value

    Surrender Value is acquired on payment of two/three full years premium, when the premium payment term is less than 10 years/premium payment term is 10 years or more, respectively. Surrender Value is higher of Guaranteed Surrender Value or Special Surrender Value.

Tax Benefit

    Under this policy, Premiums paid is eligible for tax benefit under section 80C and policy benefits also provide tax exemption under section 10 (10D) of the Income Tax Act, subject to modification in tax laws.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 8 Years 60 Years
Age at Maturity 18 Years 75 Years
Policy Tenure 10 Years 15 Years
Premium Paying Term 5/7/10 Years -
Premium Paying Mode Annually, Semi Annually, Quarterly & Monthly -
Premium Amount Rs 35000 (policy Term-10 To 12 Years, PPT-5 Years), 20000 (policy Term-13 To 15 Years, PPT-5 Years) Rs 25000 (policy Term-10 To 12 Years, PPT-7 Years), Rs 20000 (policy Term-13 To 15 Years, PPT-7 Years) Rs 25000 (policy Term-12 Years, PPT-10 Years), Rs 15000 (policy Term-13 To 15 Years, PPT-10 Years) No Limit
Sum Assured Rs 77,905 No Limit (subject To Underwriting)
Freelook Period 15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period 30 Days (15 Days For Monthly Mode) -
Plan Type Offline -

Is any Rider Available with this Plan?

The plan offers following riders on a payment of an additional rider premium can be opted under this plan.
 

  • Reliance Nippon Life Term Life Insurance Benefit Rider,
  • Reliance Nippon Life Critical Conditions (25) Rider,
  • Reliance Nippon Life Family Income Benefit Rider,
  • Reliance Nippon Life Major Surgical Benefit Rider,
  • Reliance Nippon Life Accidental Death Benefit and
  • Total and Permanent Disablement Rider (Regular/Limited Premium)

How the Plan Works?

Age of Life Insured: 35 years
 

Policy Term Chosen: 17 years with premium paying term of 7 years.
 

Rajesh opts for Reliance Nippon Life Bluechip Savings Insurance Plan with base sum assured of Rs 2,18,111 and an annual premium of Rs 50,000. He chooses death benefit 10x option.
 

Scenario A: Rajesh survives till maturity of the policy, the following benefit is payable.
 

Reliance Nippon Life Bluechip Savings Insurance Plan


Scenario B: In case of demise of Rajesh at the end of the 3rd policy year, the following benefit is payable.
 

Reliance Nippon Life Bluechip Savings Insurance Plan 1