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Reliance Nippon Life Increasing Income Insurance Plan

What is the Plan all About?

Reliance Nippon Life Increasing Income Insurance Plan is a non-linked, non-participating, life insurance plan that provides increasing guaranteed income in future that ensures there is no roadblock in achieving you & your family’s dreams. This plan also provides life cover through the entire policy term.

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What are the Key Features?

  • Increasing monthly income every year
  • Income with maturity or Income only benefit
  • Guaranteed monthly income
  • Lumpsum payout at maturity
  • Cover against rising expenses
  • Flexibility to choose policy terms
  • Choose rider(s) to enhance coverage

What are the Plan Benefits?

Death Benefit

    In case of death of the life assured during the term of the policy, the nominee/claimant will receive the death benefit.
     

    Death benefit option 10X: Death benefit is higher of 105% of the premiums paid or Sum Assured on Death. Sum Assured on Death is higher of Base Sum Assured, 10 times of Annualized Premium or Guaranteed Sum Assured on Maturity.
     

    Death benefit option 7X: Death benefit is higher of Sum Assured on Death or 105% of the premiums paid. Sum Assured on Death is higher of Base Sum Assured, 7 times of Annualized Premium or Guaranteed Sum Assured on Maturity.

Increasing Income Benefit

    Income with Maturity Benefit: Under this option, monthly income is 1% of the base sum assured for the first payout year and it then further increases by 0.25% at a simple rate in the following years.
     

    Only Income Benefit: Under this option, monthly income is 2% of the base sum assured during the first payout year and it then increases by 0.50% at a simple rate in subsequent years.

Maturity Benefit

    Maturity Benefit is payable only under ‘Income with Maturity Benefit’ option. In this scenario, upon survival of the life insured up to maturity of the policy term, he/she will receive the Guaranteed Sum Assured on Maturity.

Loan Benefit

    The maximum loan amount can be availed up to 80% of surrender value, once the surrender value has been acquired under the policy.

Surrender Value

    Surrender Value is available on payment of 2/3 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

    Premiums paid and policy benefits under this policy are eligible for tax exemptions under section 80C & 10 (10D) of the IT Act, respectively, subject to prevailing tax laws.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 14 Years 60 Years
Age at Maturity 26 Years 80 Years
Policy Tenure 12/16/20 Years 24 Years
Premium Paying Term Half Of The Policy Term -
Premium Paying Mode Annually, Semi Annually, Quarterly & Monthly -
Premium Amount Rs 15000 (annual) No Limit
Sum Assured Rs 60,000 (age Of Entry Is Up To 44 Years), Rs 1 Lac (age Of Entry Is 45 Years & Above) 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 Online -

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 Major Surgical Benefit Rider,
  • Reliance Nippon Life Critical Conditions (25) Rider,
  • Reliance Nippon Life Family Income 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: 30 years
 

Rajeev (life insured) opts for Reliance Nippon Life Increasing Income Insurance Plan having policy term 25 years with base sum assured of Rs 1 Lac and annual premium of Rs 22,966. He opts for income with maturity benefit option, under the policy.
 

Scenario I: If Rajeev survives throughout the policy term, following benefit is payable.
 

Reliance Nippon Life Increasing Income Insurance Plan


Scenario II: In case of demise of Rajeev during the 6th policy year, the nominee receives a benefit of Rs 2,29,660 as lumpsum, and the policy then terminates.