Reliance Nippon Life's Money Multiplier Plan and Policy
Reliance Nippon Life's Money Multiplier Plan and Policy - Reliance Life insurance has always followed a customer centric approach with insurance policies and financial planning services designed to cater to the needs of the customer. The Reliance Money Multiplier is one such financial service that allows a policyholder to secure their future financially and protect their family and loved ones against any unforeseen eventualities. The Reliance Money Multiplier has a long policy term options that enables you to secure a lump sum to meet any financial requirements that may arise in the future allowing you to live life to the fullest.
Key Features - Reliance Nippon Life's Money Multiplier Plan and Policy
Below are the key features of the Reliance Money Multiplier Plan:
- The plan allows for you to acquire a lump sum through guaranteed maturity benefits.
- The plan also acts as a life insurance and upon death of the policyholder the nominee will receive the death benefit as a lump sum.
- The plan provides guaranteed loyalty additions which accrue at the end of every policy year and is paid on maturity of the policy
- The plan allows for loan facility of up to 80% of the surrender value at an interest of 10.50% p.a.
- The plan has a grace period policy which allows you to make any payment missed on a date within 15 working days if the premium payment is monthly and 30 working days if the premium payment is quarterly, half yearly or yearly.
- If the policyholder stops making payments after the end of the 3rd policy year they can still avail paid up value benefit at maturity or the nominee will receive paid up value death benefit.
- Policyholders can revive a lapsed policy provided they pay the arrears with an interest of 9% p.a within 2 years of the last missed date of premium payment and are eligible for future guaranteed loyalty additions and guaranteed maturity additions.
Benefits - Reliance Nippon Life's Money Multiplier Plan and Policy
The benefits of Reliance Money Multiplier Plan are below:
- The policy offers maturity benefits that are equal to the sum assured
- The policy upon maturity also offers guaranteed loyalty additions. Loyalty additions are credited at the end of every policy year and is added on to the sum assured. Loyalty additions are calculated on the following formula:Guaranteed loyalty additions (in year X) = 1% X Sum Assured (year X corresponds to the years for which annualised premium has been paid in full.
- The plan also provides a guaranteed maturity benefit which is calculated as:Guaranteed Maturity Benefit = 1% X Policy Term X Sum Assured.
- The plan provides for death benefit where the nominee will receive a lump sum equal to 200% the sum assured plus accrued loyalty additions if any upon death of the life assured provided the policy is still in effect.
- The money paid as premiums toward Reliance Money Multiplier Plus are applicable for tax deductions.
- If the first annualised premium is completely paid in full and the policy is surrendered before the completion of 3 policy years, the policyholder is eligible to receive surrender benefits that will be paid out after the completion of the 3 policy years.
Eligibility - Reliance Nippon Life's Money Multiplier Plan and Policy
Below are the criteria for eligibility for Reliance Money Multiplier Plan:
Criteria |
Minimum |
Maximum |
Age to acquire the policy |
The minimum age for entry is 18 years as at last birthday |
The maximum age for entry is 55 years as at last birthday |
Age at when policy reaches maturity |
The policy should reach maturity when policyholder acquires minimum age of 24 years as at last birthday |
The policy should reach maturity when policyholder acquires maximum age of 75 years as at last birthday |
Sum Assured |
RS 60,000 is the minimum sum assured |
There is no limit on the maximum sum assured |
The other criteria are as follows:
- The term of the policy can be 10 years, 15 years or 20 years.
- The premium payment is regular and the term of premium payment is equal to the policy term.
- The modes of premium payment are monthly, quarterly half yearly and yearly.
Reliance Saving & Investment Life Insurance Plans and Policy |
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| Reliance Protection Plans |
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| Reliance Nippon Life Online Income Protect |
| Reliance Retirement Plans |
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| Reliance Nippon Life Pension Builder |
| Reliance Nippon Life Immediate Annuity Plan |
| Reliance Nippon Life Smart Pension Plan |
| Reliance ULIP Plans |
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| Reliance Nippon Life Premier Wealth Insurance Plan |
| Reliance Nippon Life Smart Savings Insurance Plan |
| Reliance Nippon Life Classic Plan II |
| Reliance Child Insurance Plans |
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| Reliance Nippon Life Education Plan |