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Reliance Nippon Life Pension Builder Plan

What is the Plan all About?

Reliance Nippon Life Immediate Annuity Plan is a non-linked & non-participating Annuity Plan that provides regular income post retirement for your entire life. Under this plan, you need to pay premiums only once as a lump sum and you can choose suitable Annuity Option, as per your requirements. Depending on the annuity option and the payout frequency chosen, you will start receiving regular annuity income for your entire life.

What are the Key Features?

  • One-time premium payment
  • Guaranteed whole life annuity income
  • Legacy for your family
  • Multiple annuity payout options
  • Flexible annuity payout frequency
  • No medical tests required
  • Enjoy tax benefits

What are the Plan Benefits?

Death Benefit

    If the policyholder has opted for plan option – Life Annuity with Return of Purchase Price, on the unfortunate demise of the policyholder, the Purchase Price is paid to the nominee. No death benefit is payable for other Annuity options.

    Change of Annuity option is not allowed.

Income Benefit

    Fixed annuity amounts are payable on the survival of the policyholder, based on the Annuity option chosen and as mentioned under the policy schedule. The Annuity option once chosen cannot be altered.

Annuity Payout Options

    There are 3 different annuity payout options.

    Life Annuity: Annuity is payable through the entire life of the policyholder. On the demise of the policyholder, policy gets terminated and no benefit is payable thereafter.

    Life Annuity with Return of Purchase Price: Annuity is payable throughout the life of the policyholder. On the unfortunate demise of the policyholder, the Purchase Price is paid to the nominee of the policyholder and the policy is terminated.

    Life Annuity guaranteed for 5, 10 or 15 years: Annuity is payable to the policyholder for a guaranteed period of 5, 10 or 15 years and thereafter, the entire life of the policyholder. In case of death of the policyholder during the guaranteed payout period, annuity is payable to the nominee.

Bonus

    No bonuses are payable, as it is a non-participating annuity plan.

Loan Benefit

    No loan facility is available under this policy.

Surrender Value

    No Surrender Value can be acquired Under this plan.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 20 Years 80 Years
Purchase Price Rs 1,00,000 No Limit
Annuity Installment Rs 1,000 No Limit
Annuity Payout Modes Annually, Semi Annually, Quarterly & Monthly -
Premium Paying Term Single Premium -
Premium Paying Mode Single Pay -
Freelook Period 15 Days/ 30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period Nil -
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 and benefits received under this policy are eligible for tax benefits, subject to prevailing tax laws.

How the Plan Works?

Mr. Mohan aged at 60 years buys Reliance Nippon Life Immediate Annuity Plan, chooses ‘Life Annuity with return of purchase price’ annuity option. He pays a one-time premium of Rs 5,00,000.

Scenario A: Mohan Survives the Policy Term

The guaranteed income of Rs 2,371 per month (Rs 28,455 p.a.) is payable as long as Mohan survives.

Scenario B: Mohan dies during the Term of the Policy

In the event of the demise of Mohan at the age of 80 years, his nominee will receive the Purchase Price of Rs 5 Lacs as lump sum death benefit.