Reliance Future Income Plan

Death Benefit

Upon death of the life insured, provided all due premiums have been paid & the policy is in-force, the nominee/claimant will receive the death benefit. If death occurs during the premium paying term, sum assured on death plus vested simple reversionary bonus and terminal bonus is payable. If death occurs after completion of the premium paying term, sum assured on death plus vested simple reversionary bonus and terminal bonus less reversionary bonus already paid as income benefit is payable.
 

Death Benefit is payable to a minimum of 105% of all the premiums paid. Sum Assured on Death is higher of Base Sum Assured, Annualized Premium * Death Benefit Multiple, Guaranteed Sum Assured on Maturity. Death Benefit Multiple is 10 for age at entry less than or equal to 50 years & it is 7 for age more than 50 years.

Maturity Benefit

On survival of the life insured at the end of the policy term, Last installment of Income Benefit plus Terminal Bonus is payable as maturity benefit.

Income Benefit

If the life insured survives at the end of the premium payment term, the life insured will receive Income Benefit at the end of each policy year after completion of premium payment term.
 

Income Benefit is equal to (Base Sum Assured + vested Simple Reversionary Bonus) * Income Benefit factor.

Bonus

Bonus is payable by the company, as applicable.

Loan Benefit

Loan facility can be availed up to 80% of the Surrender Value, provided the policy has acquired a surrender value.

Surrender Value

Surrender Value can be acquired on payment of two/three full years’ premium, if the premium payment term is less than 10 years/premium payment term is 10 years or more, respectively. Surrender Value payable is higher of Guaranteed Surrender Value or Special Surrender Value under the policy.

Tax Benefit

Premiums paid under the policy and policy proceeds are eligible for tax benefit under section 80C & 10 (10D) of the Income Tax Act, respectively.

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

Age of Life Insured: 30 years        

Profession: Salaried employee

Nikhil (life insured) is married and having 5 year old daughter. Nikhil chooses to buy Reliance Future Income with policy term of 20 years and sum assured of Rs 3,00,000 with annual premium of Rs 28,302 for 10 years.

Scenario A: If Nikhil survives through the term of the policy, he receives following benefits.
 

Scenario B: In the event of death of Nikhil at the end of the 8^th policy year, following benefits are payable.
 

Scenario C: In the event of death of Nikhil during the 13^th policy year, following benefits are payable. In that case, Nikhil will receive two installment of income benefit.
 

The benefit payable on death after completion of premium paying term, are shown below.