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Reliance Nippon Life Online Income Protect and Policy

Reliance Nippon Life Online Income Protect and Policy - Having a backup in case of an eventuality (physical disability or death) is always a must to ensure the welfare of your family or loved ones. The Reliance Nippon Life Online Income Protect offers coverage (for liabilities) and financial security to the family of the policyholder in the case of an untimely death. This insurance plan offers the family a lump sum payout in case of an eventuality to make ends meet, and in addition gives the family the benefit of a regular income. Offered at an affordable rate - with the minimum premium at Rs.3,500, the Reliance Nippon Life Online Income Protect can be purchased by anyone in a matter of a few clicks.

Eligibility - Reliance Nippon Life Online Income Protect and Policy

To be eligible for the Reliance Nippon Life Online Income Protect, policyholders need to meet certain criteria:

Parameter Details
Entry Age Minimum: 18 years Maximum: 55 years
Age at maturity Minimum: 28 years Maximum: 75 years
Premium payment mode Annual
Policy terms 10 years, 15 years, 20 years, 25 years, 30 years, 35 years
Sum assured Minimum: Rs. 35 lakh (for 10 year plan) Maximum: No limit
Annual premium Minimum: Rs.3,500 Maximum: No limit

Sum Assured and Premium Range - Reliance Nippon Life Online Income Protect and Policy

Sum Assured: Depending on the premium the policyholder has chosen, the base sum is 10 times the annual premium paid in case of an eventuality or untimely death.

Premium: The minimum premium for the Reliance Nippon Life Online Income Protect is Rs.3,500. The premium varies if the individual is a smoker or non-smoker, and depends on the sum assured and monthly income chosen by the policyholder. The premium is paid annually and can be done so via internet banking, credit card, debit card,etc.

Plan coverage - Reliance Nippon Life Online Income Protect and Policy

With the Reliance Nippon Life Online Income Protect specifically designed for families and loved ones to make ends meet in case of untimely death of the policyholder, this insurance product comes with a death benefit that includes a lump sum payout as well a monthly income benefit.

Death Benefit In case of untimely death of the policyholder, the nominee or legal heir of the individual is assured a sum 10 times of the premium paid or the base sum assured chosen by the policyholder when initiating the plan.
Maturity Benefits There are no applicable maturity benefits with this scheme.

Exclusions - Reliance Nippon Life Online Income Protect and Policy

If in case the policyholder commits suicide within 12 months of initiating the plan or reviving the plan, the nominee of the policyholder is entitled to 80% of the premium paid till that point. No death benefits are applicable in the case of suicide.

Other Key Features - Reliance Nippon Life Online Income Protect and Policy

The Reliance Nippon Life Online Income Protect comes with a number of key features which are listed below:

Healthy lifestyle rewards
Policyholders that are non-smokers and have chosen a sum assured of Rs.1 crore or more are eligible for lower premium rates.
Grace period
Policyholders are given a grace period of 30 days to pay premiums past the due date. During the grace period, all benefits are applicable in case of an eventuality, minus the unpaid premium.
Discontinuance of premiums
All benefits will cease if the policyholder fails to pay the premium even during the grace period.
Surrender value
The Reliance Nippon Life Online Income Protect does not have any surrender value.
Policy revival
Policyholders can revive their policy within two years of the first unpaid premium. To revive the policy and be eligible for all the benefits, the policyholder is required to pay all the pending premiums as well as the interest rate added on the premiums. The interest rate depends on the current market value.
Free look period
Policyholders are granted a free look period for a period of 15 days. If the policyholder disagrees with any of the terms and conditions of the policy, he/she can return the policy within 15 days of commencing the policy. If one returns the policy, he/she will receive a refund of the premium paid. Stamp duty and cancellation charges will be applicable.
Nomination
Policyholders can make nominations as per Section 39 of the Insurance Act, 1938.
Transfer/Assignment
A policyholder can transfer the policy as per Section 38 of the Insurance Act, 1938.
Alterations
No alteration to the sum assured, premiums and the policy term can be made after the commencement of the plan.
Service Tax
Service tax is applicable over the base premium - depending on the tax rates set by the Government of India.

Tax benefits - Reliance Nippon Life Online Income Protect and Policy

Policyholder enrolled with the Reliance Nippon Life Online Income Protect plan are liable to tax benefits under the Income Tax Act of 1961. They can avail benefits under:

  • Section 80C of the Income Tax Act, 1961, for contributions (premium) made towards the scheme.
  • Section 10 (10D) of the Income Tax Act, 1961, for proceeds from death benefits.

Other benefits - Reliance Nippon Life Online Income Protect and Policy

The Reliance Nippon Life Online Income Protect comes with a number of benefits, some of them are mentioned below:

  • The Reliance Nippon Life Online Income Protect offers double protection to the policyholder:
    • In case of untimely death of the policyholder, a lump sum payout is granted to cover liabilities - such as pending loans, debts, etc.
    • Protecting the welfare of the family, the Reliance Nippon Life Online Income Protect grants the family of the deceased with a monthly income to take care of their needs.
  • The Reliance Nippon Life Online Income Protect can be purchased online by following three simple steps - in a matter of minutes to be precise. Policyholders can purchase the plan through their net banking account or via credit card, debit card, e-wallet, etc.
  • The Reliance Nippon Life Online Income Protect offers rewards for living a healthy lifestyle.
  • Reliance Nippon Life Insurance has a claim settlement ratio of 95%.

Reliance Protection Life Insurance Plans and Policy

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Reliance Nippon Life Fixed Money Back Plan
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Reliance Nippon Life Future Income
Reliance Nippon Life Whole Life Income
Reliance Nippon Life Increasing Money Back Plan
Reliance Nippon Life Bal Nivesh One Time
Reliance Nippon Life Super Money Back Plan
Reliance Nippon Life Smart Cash Plus Plan
Reliance Nippon Life's Money Multiplier Plan
Reliance Nippon Life Endowment Plan
Reliance Nippon Life's Super Endowment Plan
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Reliance Nippon Life Immediate Annuity Plan
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Reliance Nippon Life Premier Wealth Insurance Plan
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