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Reliance Nippon Life Super Money Back Plan

What is the Plan all About?

Reliance Nippon Life Super Money Back Plan provides you the guaranteed monthly income plus guaranteed periodic lump sum enables you to fulfill the family’s goals. With the life insurance benefit, this plan ensures family’s financial protection even in your absence.

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What are the Key Features?

  • Get Maturity Addition
  • Loyalty addition
  • Money back benefits
  • Life cover
  • Flexible policy term
  • High Sum Assured Rebate
  • Loan facility against the policy
  • Avail tax benefits

What are the Plan Benefits?

Death Benefit

    In the event of death of the life insured, the Death Benefit payable is higher of Sum Assured, multiple of Annualized Premium, or 105% of all the premiums paid. Here multiple is 10 times & 7 times, under option I & option II respectively. Upon payment of death benefit, the policy gets terminated.

    Option I is available for all entry ages and Option II is available only for entry ages equal to 45 years or more.

Maturity Benefit

    On survival of the life insured till end of the policy term, Guaranteed Maturity Addition, which is equal to 1% of Sum Assured or Paid-up Sum Assured * Policy Term is payable, provided the policy being in-force.

Money Back Benefits

    Guaranteed Money Back Benefits as a percentage of Sum Assured or Paid-up Sum Assured is payable at the end of every five policy years till maturity. This benefit is payable on survival of the life insured, provided the policy being in-force.

Regular Monthly Payouts

    Regular Monthly Payouts are 1% of Sum Assured or Paid-up Sum Assured for the first payout year and it increases by 0.25% in the following years, at a simple rate. This monthly payout starts after completion of the premium payment term till the end of the policy term or death, whichever is earlier.

Guaranteed Loyalty Additions

    On survival of the life insured till completion of the premium payment term, Guaranteed Loyalty Additions, which is equal to 1% of Sum Assured * Premium payment term is payable, provided the policy being in-force.

Loan Benefit

    Loan can be availed up to a maximum of 80% of surrender value under Reliance Nippon Life Super Money Back Plan.

Surrender Value

    The policy can acquire a Surrender Value after payment of all due premiums for at least first full policy year. The surrender value is payable only after completion of three policy years. In the event of death of the life insured before completion of 3 Policy Years, the applicable Surrender Value is paid. The Surrender Value payable is higher of Special Surrender Value and Guaranteed Surrender Value.

Tax Benefit

    This policy provides tax benefits as applicable under the Income Tax Act, subject to amendments from time to time.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 18 Years 55 Years
Age at Maturity 28 Years 80 Years
Policy Tenure 10/20/30/40 Years 50 Years
Premium Paying Term Half Of The Chosen Policy Term -
Premium Paying Mode Annually, Semi Annually, Quarterly & Monthly -
Sum Assured Rs 1 Lac 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?

No riders can be opted under this plan.

How the Plan Works?

Raman at 30 years, wants to buy Reliance Nippon Life Super Money Back Plan to get regular money backs along with life protection. He opts the plan with the policy term of 20 years, Sum Assured is Rs 1,20,000 with annual premium of Rs 30,000.

Scenario I: Raman Survives the Policy Term

If Mr. Raman survives till the maturity of the policy term, Guaranteed Maturity Addition is payable.

Reliance Nippon Life Super Money Back Plan

Scenario II: Raman dies during the Term of the Policy

In the event of death of Mr. Raman during 6th policy year, the nominee will receive a lump sum amount of Rs 3,00,000.