Reliance Nippon Life Fixed Savings Plan

Death Benefit

In case of demise of the insured during the policy term, the nominee will receive the maximum of 105% of all the premiums paid (till the date of death), Sum Assured on death plus Accrued Fixed Regular Additions (till the time of death).
 

Here, Sum Assured on death is highest of Guaranteed Sum Assured on maturity or Annualized Premium * death benefit multiple. Death benefit multiple depends on the death benefit option chosen at the inception of the policy.

Maturity Benefit

On survival of the life insured at maturity of the policy, Guaranteed Sum Assured on Maturity which is equal to sum of Fixed Maturity Addition = Maturity Factor * Annualized Premium and Annualized Premium * Premium Payment Term.

Fixed Regular Additions

In case the life insured survives till commencement of the last policy year, Accrued Fixed Regular Additions are paid on first day of the last policy year. For 1^st policy year, Fixed Regular Additions is 8% of annualized premium, for 2^nd policy year, Fixed Regular Additions is 9% of annualized premium, & from 3^rd policy year onwards, Fixed Regular Additions is 10% of annualized premium.

Loan Benefit

Loan facility cannot be availed under this policy.

Surrender Value

Surrender Value can be acquired on payment of 2/3 full policy years premium, when the premium payment term is 5 & 7 years/premium payment term is 10 years, respectively. Surrender Value is higher of Guaranteed Surrender Value or Special Surrender Value.

Tax Benefit

This policy provides tax benefits under section 80C and 10 (10D) of the Income Tax Act, subject to amendments.

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

Mithilesh aged 30 years opts for Reliance Nippon Life Fixed Savings. He chooses policy term of 20 years, premium payment term of 7 years with yearly premium of Rs 50,000.
 

Scenario I: If Mithilesh survives till maturity of the policy term, following benefit is payable.
 

Scenario II: In case of unfortunate death of Mithilesh, his nominee receives death benefit as a lump sum amount.