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Reliance Nippon Life Whole Life Income Plan

What is the Plan all About?

Reliance Nippon Life Whole Life Income is a non-linked, participating, whole life plan which provides you the assured regular income till you reached 85 years. This plan also provides you the life cover till this age, which provides a financial guard for your family against any unforeseen eventuality.

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What are the Key Features?

  • Life coverage till 85 years
  • Get Guaranteed Sum Assured on Maturity
  • Assured income till 85 years
  • Avail cash bonuses
  • Limited premium payment term
  • Loan facility is available within the policy term
  • Tax benefits are applicable

What are the Plan Benefits?

Death Benefit

    In the event of death of the life insured during the policy term, the Sum Assured on Death is payable to the claimant. The death benefit is payable, subject to policy is in-force and all due premiums have been paid. Sum Assured on Death is higher of Base sum assured, Guaranteed sum assured on maturity, or Annualized Premium x Death Benefit Multiple. The Death Benefit Multiple is 10 for entry age less than 45 years and it is 7 for entry age 45 years & above.

    The death benefit payable is at least 105% of all the premiums paid, till the date of death. The death benefit is payable regardless of the survival benefits already paid.

Survival Benefit

    On survival of the life insured provided the policy being in-force and all due premiums have been paid, following are the benefits payable till the age of 85 years.

    • Guaranteed Income: Guaranteed income starts from the beginning of the 10th policy year and it is payable every year as a percentage of the base sum assured. Guaranteed income is 6%/6.5%/6.75% for base sum assured less than Rs 2,50,000/Rs 2,50,000 to Rs 4,99,999/Rs 5,00,000 & above, respectively.
    • Cash Bonuses: Cash Bonuses start from the beginning of the 6th policy year and it is payable every year as a percentage of the base sum assured.

Maturity Benefit

    In case of survival of the life insured on attaining age 85 years provided all due premiums have been paid, Guaranteed Sum Assured on Maturity (equal to the Base Sum Assured) is payable.

Bonus

    Cash bonuses are payable. It is non-guaranteed and depends on the future performance of the participating fund.

Loan Benefit

    You can avail the maximum loan amount up to 80% of the Surrender Value.

Surrender Value

    This policy acquires Surrender Value after payment all due premiums for at least three full policy years. Upon surrendering the policy, the higher of Guaranteed Surrender Value or Special Surrender Value is payable.

Tax Benefit

    The premiums paid under the policy and the benefits received can avail tax benefits under the Income Tax Act. The income tax benefits applicable may vary, subject to prevailing tax laws.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 0 Year 55 Years
Age at Maturity - 85 Years
Policy Tenure 85 Minus Entry Age -
Premium Paying Term (PPT) 10 & 15 Years -
Premium Paying Mode Annually, Semi Annually, Quarterly & Monthly -
Premium Amount Rs 16,328 (annually) No Limit
Basic Sum Assured Rs 1,00,000 No Limit
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?

Following are the riders that can be attached to this plan, on payment of additional rider premium:

  • 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 Premium)

How the Plan Works?

Arvind at 30 years, is looking to get an assured regular income along with the life cover. He decides to buy Reliance Nippon Life Whole Life Income with the policy term of 55 years, premium paying term of 15 years, Base Sum Assured of Rs 2,00,000 with the annual premium of Rs 35,496.

Scenario A: Arvind Survives till maturity

If Arvind survives till the maturity of the policy term (up to 85 years of age), Guaranteed Income and Cash Bonuses are payable as survival benefit during the policy term. At maturity, Guaranteed Sum Assured on Maturity is payable.
 

Reliance Nippon Life Whole Life Income Scenario 1

Scenario B: Arvind dies at 85 years

In the event of the demise of Arvind at 85 years of age, the Sum Assured on Death is payable to the claimant. During the policy term, Guaranteed Income and Cash Bonuses are also payable.
 

Reliance Nippon Life Whole Life Income Scenario 2