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Reliance Nippon Life Immediate Annuity Plan

What is the Plan all About?

After decades of working hard to fulfill your obligations, you deserve to enjoy your life after retirement. Reliance Nippon Life Pension Builder is a non-linked, participating, deferred pension plan helps you to save regularly, so you can secure your retirement with guaranteed income for the whole life.

What are the Key Features?

  • Guaranteed regular income after retirement
  • Boost retirement savings with bonuses
  • Financial protection for family
  • Flexibility to choose policy term
  • Flexible Premium Payment Modes
  • Limited or Regular premium payment term
  • High Sum Assured Discount
  • Avail tax benefits

What are the Plan Benefits?

Death Benefit

    In the event of demise of the life insured during the policy term, the nominee will receive 105% of all the premiums paid as on the date of death plus Vested Simple Reversionary Bonus and Terminal Bonus.

    The nominee can exercise the option to withdraw the entire death benefit or use the death benefit fully or partially for purchasing an Immediate Annuity at the prevailing annuity rate.

Vesting Benefits

    On survival of the life insured till end of the policy term provided the policy is in-force, the policyholder will receive Sum Assured plus vested Simple Reversionary Bonus and Terminal Bonus. The vesting benefit payable is subject to a minimum of 105% of the total premiums paid.

Commutation Benefit

    You have the option to take up to 1/3rd of the total vesting benefit, as per the current tax regulations and then utilize the balance amount to purchase immediate annuity at the prevailing annuity rate.

Bonus

    Simple Reversionary Bonus expressed as a percentage of the base sum assured is accrued every year, starting from the first policy year till end of the policy term. Terminal Bonus is also payable on maturity or death from 10th policy year onwards. It is declared as a percentage of the Vested Reversionary Bonus.

Loan Benefit

    No loan facility is available under this policy.

Surrender Value

    Surrender value can be acquired on payment of all due premiums for at least 2 full annualized premiums, if the premium payment term is less than 10 years. The surrender value is payable on payment of all due premiums for at least 3 full annualized years, if the premium payment term is equal to or more than 10 years.

    The Surrender Value payable is the higher of guaranteed surrender value or special surrender value.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 25 Years 65 Years
Vesting Age 45 Years 75 Years
Policy Tenure 10 To 40 Years 10 To 20 Years (5/7 Years Limited Pay) 15 To 20 Years (10 Years Limited Pay)
Premium Paying Term Limited Pay (5/7/10 Years), Equal To Policy Tenure -
Premium Paying Mode Annually, Semi Annually, Quarterly, Monthly -
Annualized Premium Limited Pay: Rs 35,000 (5/7 Years), Rs 25,000 (10 Years) Regular Pay: Rs 25,000 No Limit
Sum Assured Rs 2,00,000 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 rider can be attached under this plan.

Is the Plan, eligible for Tax Benefit?

The premiums paid are eligible for tax benefits under Section 80CCC of the Income Tax Act, 1961. Up to 1/3rd of the benefit can be taken as tax-free commuted value, as prescribed under section 10(10A) of the Income Tax Act, 1961.

How the Plan Works?

Kiran at 35 years of age buys Reliance Nippon Life Pension Builder with the policy term of 20 years, premium paying term of 10 years, annualized premium of Rs 51,695 and the sum assured is Rs 5,00,000.

Scenario A: Kiran Survives the Policy Term

If Kiran survives till vesting and utilizes the entire corpus to purchase Immediate Annuity Plan with Life Annuity with Return of Purchase price option.



Reliance Nippon Life Immediate Annuity Plan Scenario A

Scenario B: Kiran dies during the Term of the Policy

In the event of the demise of Kiran at the end of 8th policy year, her nominee will receive the following benefits.
 

Reliance Nippon Life Immediate Annuity Plan Scenario B