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Reliance Nippon Life Whole Life Income Plan and Policy

Reliance Nippon Life Whole Life Income Plan and Policy - In general, all human beings have two major financial needs – how to take care of the family and how to lead a comfortable life. The Reliance Whole Life Income Plan is designed to take care of the regular income that is needed by an individual to lead a happy and smooth life. This particular plan also allows the policyholder to leave something as a legacy for the next generation. The Reliance Whole Life Income Plan provides the policyholder with regular income till the age of 85 years and also takes care of his/her family’s financial needs arising from an unfortunate event.

Eligibility - Reliance Nippon Life Whole Life Income Plan and Policy

In order to be eligible for the Reliance Nippon Life Whole Life Income, one must meet certain criteria. These are mentioned below:

Minimum age at entry 0 years
Maximum age at entry 55 years
Minimum age at the time of maturity 85 years
Maximum age at the time of maturity 85 years
Policy term 85 – Age at entry
Premium Payment Term 10 & 15
Minimum Annual Premium Rs.16,328
Maximum Annual Premium No limit

Key features - Reliance Nippon Life Whole Life Income Plan and Policy

The Reliance Whole Life Income plan comes with several features. These features are as follows:

Modes of premium payment Monthly, Quarterly, Half Yearly and Annually
Base assured sum Rs.1,00,000
Maximum assured sum There is no limit
Tax benefits Avail tax benefit on premiums and the benefits listed under this policy according to the current Income Tax Laws

Benefits - Reliance Nippon Life Whole Life Income Plan and Policy

The Reliance Whole Life Income plan comes with a myriad of benefits. These benefits are as follows:

  • Income Benefit – If the policyholder survives till the age of 85 years and the policy still remains in force with all premium payments cleared, following benefits will be paid:
    • Guaranteed Income – The policy holder will be able to avail guaranteed income which is payable as a percentage of the Base Assured Sum. This would start from the 10th Policy year.
Base Assured Sum Guaranteed Income (% of Base Assured Sum)
Rs.5,00,000 and above 6.75%
Rs.2,50,000 or more but lower than Rs.5,00,000 6.50%
Lower than Rs.2,50,000 6.00%
  • Cash Bonuses – Additionally, the policyholder will receive cash bonuses which is payable every year. This is also a percentage of the Base Assured Sum that starts from the beginning of 6th Policy year. These cash bonuses are not guaranteed and they depend on how the participating fund or investment performs under this particular product.
  • Death Benefit - In the event of demise of the life insured, provided the policy is still in force and all premium payments have been cleared, the nominee will get the assured sum as on the death date. The Death Benefit is subject to 105% of the premiums paid. However, this is excluding the taxes and extra premium.
  • Loan – Once the Surrender Value has been acquired, the insured can get a loan against this policy. The maximum amount that can be availed as loan is 80% of the Surrender Value. The rates of interest associated with this loan will be as per current market standards.
  • Grace period for Premium Payment – In case the insured is not able to make payments for the premiums by the due date, a certain grace period will be offered to him/her. This grace period is a span of 30 days and the policy stays in force during this time. The policy is cancelled if the premiums are not paid even after the end of the grace period.
  • Surrender – In case the policy has a surrender value but the insured decides to discontinue the policy, he/she will get the Surrender Value. This is more than the SSV (Special Surrender Value) and GSV (Guaranteed Surrender Value).
  • Revival - A policy which has lapsed for not paying the premiums within grace period can be revived within a time span of two years from the date of first unpaid premium. In case it is not revived, then the Surrender Value will be cleared and this Life Insurance policy will be terminated.

Riders - Reliance Nippon Life Whole Life Income Plan and Policy

The following riders are offered by Reliance Life Insurance to safeguard the insured and his/her loved ones:

  • Reliance Accidental Death Benefit and TPD Rider
  • Reliance Major Surgical Benefit Rider
  • Reliance Critical Conditions Rider
  • Reliance Term Life Insurance Benefit Rider

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