Reliance Nippon Life Immediate Annuity Plan and Policy
Reliance Nippon Life Immediate Annuity Plan and Policy - Reliance life insurance is among the country's top private life insurance providers. It has an extensive distribution channel with over 800 branches across the nation. It follows a customer centric approach and has a claim settlement ratio of 91% with over 10 million policies in force. The Reliance Immediate Annuity plan helps you invest your money by converting a lump sum or a corpus into a fixed regular income enabling you to live life to its fullest. It offers a variety of annuity options and depending on the type of annuity and payout frequency chosen you start receiving regular annuity income.
Key Features - Reliance Nippon Life Immediate Annuity Plan and Policy
Below are the key features of the reliance Immediate Annuity Plan:
- The Reliance Immediate Annuity plan is a non-participating non linked plan that helps you in investing your hard earned money.
- The Reliance Immediate Annuity Plan gives you a regular income for the future and helps you secure yourself financially post retirement.
- The Policy offers 3 options for Annuity Payout. Life Annuity, Life Annuity with return of purchase price and Life Annuity guaranteed for 5, 10 or 15 years and payable for life thereafter.
- The Reliance Immediate Annuity Plan does not offer death or maturity benefits.
- There are no Riders available in this policy.
- This policy does not offer any surrender benefits. The policy has no surrender value and cannot be surrendered.
- This policy once undertaken does not allow for partial or complete withdrawal.
- Annuity rates at the time of purchasing the plan remain the same thereafter.
Benefits - Reliance Nippon Life Immediate Annuity Plan and Policy
The benefits of Reliance Immediate Annuity Plan are below:
- Hassle free enrollment: The Reliance Immediate Annuity Plan has a smooth enrollment process with minimal paperwork required. It also can be acquired without having to go through various medical tests.
- It provides tax benefits on the premium you pay and the benefits you receive as per applicable income tax laws.
- It has a one time payment of premium. Policyholder is required to make a one time premium payment in the form of the desired lump sum or corpus.
- The policy is flexible. It offers 3 options from which you can choose your annuity payout. They are life annuity, life annuity guaranteed for 5, 10 or 15 years and payable for life thereafter.
- It offers a variety of annuity payout frequencies. You can choose to have your annuity paid out annually, half-yearly, quarterly or monthly.
- The policy guarantees whole life income or annuity.
Eligibility - Reliance Nippon Life Immediate Annuity Plan and Policy
Below are the criteria for eligibility for Reliance Immediate Annuity Plan:
Criteria |
Minimum |
Maximum |
Age at Entry |
Minimum age of entry is 20 years as at last birthday |
Maximum age of entry is 80 years as at last birthday |
Purchase Price |
RS 1,00,000 is the minimum purchase price |
There is no limit on the maximum purchase price |
Annuity Installment |
RS 1000 is the minimum Annuity Installment |
There is no maximum Annuity Installment |
The Annuity Payout modes are monthly, quarterly, half-yearly and yearly. The payout is a minimum of RS 1000 regardless of any mode chosen.
Reliance Retirement 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 |