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Reliance Nippon Life Classic Plan II

What is the Plan all About?

Reliance Nippon Life Classic Plan II is a non-participating unit linked insurance plan that allows you to invest in a choice of multiple funds, so you can easily meet your long term goals. This plan also provides life insurance coverage that ensures financial protection for the family.

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What are the Key Features?

  • Option to choose from 5 investment fund options
  • Flexibility to choose premium payment mode
  • Enhance your investments through Top-ups
  • Systematic Transfer Plan to mitigate market risk
  • Receive Fund Value as maturity benefit
  • Access cash through partial withdrawals
  • Life insurance cover
  • Get additional protection against accidental death
  • Switches available
  • Hassle-free procedure to buy plan online
  • Enjoy tax benefits

What are the Fund Investment Options?

This policy offers following 5 investment funds and you have the option to invest in any one or combination of fund options.

  • Life Equity Fund 3
  • Life Corporate Bond Fund 1
  • Life Money Market Fund 1
  • Life Pure Equity Fund 2
  • Life Balanced Fund 1

What are the Plan Benefits?

Death Benefit

    In the event of death of the life assured while the policy is in-force, the Death Benefit payable is Sum Assured or Fund Value whichever is higher, plus higher of Top-up Sum Assured or the Top-up Fund Value. The minimum death benefit is 105% of the total premiums paid.

    In case of accidental death, an additional benefit equal to the Sum Assured is payable.

Maturity Benefit

    On survival of the life insured till the end of the policy term, the Fund Value including claw-back additions, under the base policy and under Top-ups is payable.

Settlement Option

    On maturity, you can opt to receive your money in installments over a maximum period of 5 years, after the date of maturity. You need to give the notice to the insurer at least 30 days prior the date of maturity. No life cover is applicable during this settlement period. You can withdraw the complete maturity amount at any time during the settlement period.

Exchange Option

    This option is available for existing policyholder after completion of five policy years from the date of commencement. This option provides the policyholder an option to transfer policy benefits to another plan. This option needs to be exercised at least 30 days before receipt of benefit under the policy.

Systematic Transfer Plan (STP)

    STP helps in mitigating the risk arising due to volatile equity markets by averaging out your cost of purchase of units.

Non-Zero Claw Back Addition

    Non-Zero Claw Back Addition is added to the Fund Value in order to comply with the criteria of prevailing reduction in yield from the 5th policy anniversary onwards.

Top-Ups

    Facility for Top-up Premium is available through the entire policy term, except during the last five years of the policy. The minimum top-up premium allowed is Rs 5,000. Payment of top-ups would result in increase in sum assured by 125% of the top up premium paid, in case the age of the life assured is less than 45 years and 110% of the top up premium paid, in case the age of the life assured is 45 years or above.

    The total Top-up Premiums shall not exceed 100% of the total Regular Premiums paid at any point of time. In case of Single Premium policies, the total Top-up Premiums shall not exceed 100% of the Single Premium paid.

Switching

    You can switch among 5 available fund options to suit your changing investment needs.

Premium Re-direction

    Premium Re-direction facility is available to alter future premium allocation and it will apply to your subsequent premiums.

Partial Withdrawal

    Partial Withdrawal is allowed from 6th policy year onwards (in case of minor lives, life assured attains 18 years). The minimum partial withdrawal amount allowed is Rs 5,000. The maximum partial withdrawal amount allowed shall not exceed 20% of the total fund value, provided the fund balance post such withdrawal should be at least equal to 125% of annualized premium (regular premium policies) or 50% of Single Premium (for Single Premium policies).

    For top-up, The maximum partial withdrawal amount allowed shall not exceed 20% of the fund value, provided the fund balance post such withdrawal should be at least equal to 50% of the top-up premiums paid.

Bonus

    The plan is not eligible for the bonuses, as is a non-participating insurance plan.

Loan Benefit

    No loan benefit can be availed under this plan.

Revival

    You can revive a policy by payment of the due premiums at any time within a period of 30 days from the date of receipt of the revival notice but before the maturity date of the policy. You can revive a discontinued policy within 2 consecutive years from the discontinuance of the policy but before the expiry date of the Policy Term, on payment of all due and unpaid premiums.

Surrender Value

    Upon surrendering the policy with-in the lock-in period of 5 years, the Fund Value (including top-up fund value) less applicable discontinuance charges is credited to the ‘Discontinued Policy Fund’ and it is refunded upon completion of the lock-in period. The proceeds of Discontinued Policy Fund is payable after the end of the lock-in period.

    Upon surrendering the policy after the lock-in period of 5 years, the Fund Value (including top-up fund value) as on the date of surrender is payable immediately.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 7 Years 60 Years
Age at Maturity 22 Years 75 Years
Policy Tenure 15 Years (regular Pay), 20 Years (single Pay) 30 Years
Premium Paying Term (PPT) Regular/Single -
Premium Paying Mode Single, Annually, Semi Annually, Quarterly & Monthly -
Annual Premium Amount Rs 15,000 (regular Pay), Rs 75,000 (single Pay) No Limit (subject To Sum Assured Limits
Top-Up Premium Rs 5,000 No Limit (the Total Of Top-up Shall Not Exceed 25% Of The Total Base Plan Premium Paid)
Sum Assured For Regular Policy: >45 Years- Higher Of 10 Times Of The Annualized Premium Or 0.5 * Policy Term *Annualized Premium =&<45 Years- Higher Of 7 Times Of The Annualized Premium Or 0.25 * Policy Term *Annualized Premium For Single Pay: >45 Years- 125% Of The Single Premium =&<45 Years - 110% Of The Single Premium For Top Up Premium: >45 Years- 125% Of The Top Up Premium =&<45 Years - 110% Of The Top Up Premium For Regular Policy: 20 To 30 Times The Annualized Premium, Depending On The Age At Entry For Single Pay: 2 To 6 Times The Single Premium, Depending On The Age At Entry
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?

Reliance Nippon Life Accidental Death and Total and Permanent Disablement Rider can be opted, on payment of additional rider premium.

What are the Plan Charges?

Premium Allocation Charges: This charge is deducted from the premiums paid and the balance amount is then allocated to funds chosen. The premium allocation charge is 8%/5.5%/5%/3% for 1st policy year/2nd to 5th policy year/6th to 9th policy year/10th policy year onwards, respectively. For Single Premium, it is 2% of the Single Premium amount and for Top-up, it is 2% of the Top-up amount.

Policy Administration Charge: The monthly Policy Administration Charge will be deducted by cancelling units at the beginning of each month. For Regular Premium Policy, the Policy Administration Charge is Rs 40 per month from Year 6 till the end of the Policy Term and for Single Premium Policy, it is Rs 40 per month for the entire Policy Term.

Mortality Charges: Mortality charge is deducted every month by cancellation of units from the fund value. It varies on the basis of age of the life insured, life insurance cover, occupation of life insured, health of the life insured & fund value.

Fund Management Charges: Fund management charge levied is a percentage of the Fund Value. It is 1.35% p.a for Life Equity Fund 3 & Life Pure Equity Fund 2, 1.25% p.a for Life Balanced Fund 1, Life Corporate Bond Fund 1, & Life Money Market Fund 1, 0.50% p.a for Discontinued Policy Fund.

Discontinuance Charge: This charge is levied, in case the policy is discontinued during the first 4 policy years. This charge is levied as applicable under the policy terms & conditions. For more details, please refer the policy brochure.

Accidental Death Benefit Charges: Annual Charge for Accidental Death Benefit up to age 65 is Rs 1 per 1000 Sum Assured and it is deducted on the monthly basis by cancellation of units.

Switching Charge: 52 free switches are available free of cost during a policy year. A charge of Rs 100 is levied when opted for subsequent switching in the same policy year. No option is there to carry forward the unused switches.

Partial Withdrawal: A charge of Rs 100 is levied when opted for partial withdrawal.

Systematic Transfer Plan Charges: No such charge is applicable for the first time you exercised this option. Thereafter, a fixed charge of Rs 100 will be levied every time the STP Option is selected.

Service Tax: The charges mentioned under this plan are subject to applicable tax and cess, as applicable.

Is the Plan, eligible for Tax Benefit?

Tax benefits can be availed under section 80C & 10(10D) under the Income Tax Act, subject to change in tax laws.

How the Plan Works?

Mr. Lokesh Sharma wants to achieve the financial goals and decides to buy Reliance Nippon Life Classic Plan II with the policy term of 20 years, single premium of Rs 2,50,000 and sum assured of Rs 5 Lacs.

Scenario A- Maturity Benefit: In case of his survival till maturity of the policy, the Fund Value including claw-back additions, under the base policy and under Top-ups is payable.

Scenario B- Death Benefit: In the unfortunate event of his death within the policy term, the Death Benefit payable is Sum Assured or Fund Value whichever is higher, plus Top-up Sum Assured or the Top-up Fund Value whichever is higher.