LIC Premium and Maturity Calculator

Reliance Nippon Life Lifelong Savings Plan and Policy

Reliance Nippon Life Lifelong Savings Plan and Policy - The Reliance Lifelong Savings plans is a non-linked, participating endowment assurance plan that helps you save and enjoy whole life cover benefits. You can work towards your financial milestones such as securing your children’s education, buying a house, going on a dream vacation, and living comfortably in your retirement with thisLife insurance plan.

Eligibility - Reliance Nippon Life Lifelong Savings Plan and Policy

Minimum Entry Age 7 years
Maximum Entry Age 55 years
Minimum Maturity Age 22 years
Maximum Maturity Age 70 years

Policy Terms - Reliance Nippon Life Lifelong Savings Plan and Policy

The policy term options offered are:

Regular Pay 15 - 30 years
Limited Pay 10 years

Premium Payments - Reliance Nippon Life Lifelong Savings Plan and Policy

Minimum Premium Rs.12,000
Maximum Premium No limit
Minimum sum assured Rs.80,000
Maximum sum assured No limit

Key Features - Reliance Nippon Life Lifelong Savings Plan and Policy

Type of Plan
Non-linked, participating, endowment plus whole life insurance plan.
Premium Payment options
Yearly, Half – Yearly, Quarterly, Monthly
Free look period
15 days from the date you received the policy. If the policy has been purchased through distance marketing, then the free look period is 30 days.
Grace period
If you are unable to pay the premium on or before the due date, you get 30 days grace period to make the payment. The grace period for monthly mode is 15 days.
Revival
A policy that has been discontinued can be revived within 2 years from the due date of the first unpaid premium.
Surrender benefit
You are entitled to Surrender Value. If you have Extended Cover Option, surrender facility will be made available after the policy term. If the policy has been surrendered you cannot reinstate it.
Riders
You get the following riders with this plan at a nominal cost:
  • Reliance Term Life Insurance Benefit Rider
  • Reliance Major Surgical Benefit Rider
  • Reliance Critical Conditions (25) Rider
  • Reliance Family Income Benefit Rider
  • Reliance Accidental Death Benefit and Total and Permanent Disablement Rider

What you need to know about Reliance Lifelong Savings Plans:

  • You get standard as well as extended cover.
  • You can choose to pay for 10 years or for the entire term of the policy.

Payment Options - Reliance Nippon Life Lifelong Savings Plan and Policy

This Reliance Life Insurance Investment & savings plan policyholder can pay the premiums regularly using the following options –

  • Yearly
  • Half – Yearly
  • Quarterly
  • Monthly

Advantages and Benefits - Reliance Nippon Life Lifelong Savings Plan and Policy

The Reliance Lifelong Savings plans provides the following key benefits:

  • Maturity or vesting benefits:

If you survive till the end of the policy term you will get base sum assured multiplied by the paid up factor along with the accrued guaranteed additions and vested reversionary bonus.

  • Death benefits:

In case you die during the policy term, your dependants will get the base sum assured multiplied by the paid up factor along with the accrued guaranteed additions and vested reversionary bonus.

In case you die after the policy term but in the extended period, your dependants will get the base sum assured multiplied by the paid up factor.

  • Surrender benefits:

You are entitled to Surrender Value. If you have Extended Cover Option, surrender facility will be made available after the policy term. If the policy has been surrendered you cannot reinstate it.

  • Tax benefits:

You get tax benefits under Section 80C and Section 10(10A) of the Income Tax Act, 1961.

  • Guaranteed additions:

Guaranteed additions will accrue at 4% per annum of the base sum assured at the end of every policy year for the first 5 policy years. The additions will accrue provided that the premiums are being paid and the policy is in force at the time.

  • Bonuses:

Simple reversionary bonus will start to accrue every year starting from the 6th policy year. The bonuses will accrue till the end of the policy term. If there is any terminal bonus, it will be paid on death or on maturity from the 9th policy year provided the policy is in force. The terminal bonus will be declared as a percentage of vested reversionary bonus.

Exclusions - Reliance Nippon Life Lifelong Savings Plan and Policy

In the event the policyholder commits suicide within 12 months of the date of commencement of risk or from the date of revival, nominee will get higher of 80% of the premiums paid or surrender value as on the date of death.

Revival

The policy will lapse if the premium is not paid within the days of grace. A policy that has been discontinued can be revived within 2 years from the due date of the first unpaid premium.

Loan

Loan can be availed with this plan.

Assignment

Assignment is allowed under this plan.

Reliance Saving & Investment Life Insurance Plans and Policy

Reliance Saving & Investment Plans
Reliance Nippon Life's Guaranteed Money Back Plan
Reliance Nippon Life Fixed Savings
Reliance Nippon Life Bluechip Savings Insurance Plan
Reliance Nippon Life Increasing Income Insurance Plan
Reliance Nippon Life Fixed Money Back Plan
Reliance Nippon Life Lifelong Savings Plan
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
Reliance Retirement Plans
Reliance Nippon Life Pension Builder
Reliance Nippon Life Immediate Annuity Plan
Reliance Nippon Life Smart Pension Plan
Reliance ULIP Plans
Reliance Nippon Life Premier Wealth Insurance Plan
Reliance Nippon Life Smart Savings Insurance Plan
Reliance Nippon Life Classic Plan II

Reliance Child Insurance Plans
Reliance Nippon Life Education Plan
Reliance Nippon Life Child Plan
Reliance Child Insurance Plans
Reliance Groups Insurance Plans
Reliance Employers Liability Solutions
Reliance Employee Protection Solutions
Reliance Group Saving Solutions