LIC Premium and Maturity Calculator

Reliance Nippon Life Pension Builder Plan and Policy

Reliance Nippon Life Pension Builder Plan and Policy - Reliance Nippon Life Pension Builder Plan is a non-linked, participating and deferred pension plan that helps you save money regularly at present, so that you can live a secured retired life. This plan offers guaranteed income to the customers throughout their retirement. The company through this plan provides customized retirement plans and customers can select when they wish to start their pension. Apart from this, the plan offers various pension options to the customers.

Eligibility - Reliance Nippon Life Pension Builder Plan and Policy

Customers have to meet the following eligibility criteria, if they want to apply for the Reliance Nippon Life Pension Builder Plan:

Particulars Minimum Maximum
Age at Entry 25 years 65 years
Vesting Age 45 years 75 years

Key Features - Reliance Nippon Life Pension Builder Plan and Policy

Some of the features of Reliance Nippon Life Pension Builder Plan are as follows:

Type of plan Non-linked, participating and deferred pension plan.
Modes of Premium payment
Yearly, half yearly, quarterly and monthly payments via electronic payment modes such as ECS. In case of monthly mode, the premium for the first 2 months will be collected in advance by the company at the time of issuing the policy.
Free look period
15 days (30 days for Distance Marketing channel).
Grace period
  • 15 days for monthly premium payment.
  • 30 days for other premium payments.
  • No grace period is applicable for Single Premium payment.
Policy Revival
Within 2 years from the date of the 1st unpaid premium instalment, but before policy vesting. You can do so by paying all the outstanding premiums along with the interest. The interest for revival will be set by the company.
Nominations can be made as per the policy terms and conditions.
Sum Assured
Minimum – Rs.2,00,000 Maximum – No Limit
Annual Premium Minimum:
  • For Regular Pay – Rs.25,000
  • For Limited Pay of 10 years – Rs.25,000
  • For Limited Pay of 5 years and 7 years – Rs.35,000
Maximum – No Limit
Premium Payment Term There are 2 types of Premium Payment Terms. They are:
  • Regular Pay – It is equal to the policy term
  • Limited Pay – 5 years, 7 years and 10 years
Policy Term
  • For Regular Pay – 10 years to 40 years
  • For Limited Pay of 5 years and 7 years – 10 years to 20 years.
  • For Limited Pay of 10 years – 15 years to 20 years.

Benefits/Advantages - Reliance Nippon Life Pension Builder Plan and Policy

Mentioned below are some of the benefits offered by Reliance Nippon Life Pension Builder Plan:

  • Flexible Tenures – Reliance Nippon Life Pension Builder Policyholders can choose the term of their Policy based on when they plan to retire.
  • Increase Retirement Savings – Policyholders can increase their retirement savings with Terminal Bonus and regular Simple Reversionary Bonus, if any. The Simple Reversionary Bonus is a percentage of the base Sum Assured and will be accrued every year, starting from the 1st year of the policy until the end of the term. Terminal bonus will be paid on maturity or death from the 10th year and will be acknowledged as a percentage of Vested Reversionary Bonus.
  • Protect Loved Ones – Policyholders can use the guaranteed income or the lump sum amount that they will receive from the policy to protect their family in case of any unfortunate event.
  • Guaranteed Income – They will receive guaranteed income regularly after they retire.
  • Tax Benefits – Policyholders can avail tax benefits on returns, investments, etc., as per the present Income Tax Law.
  • Vesting Benefit – If policyholders survives till the end of the policy term, they will receive Vesting Benefits, which is the Sum Assured plus Terminal Bonus and Vested Simple Reversionary Bonus, if any, on the vesting date. The Vesting benefit will be at least 105% of the total paid premiums (excluding taxes and cess). This benefit can be used to:
    • Commute to the extent allowed by the present IT Laws and the balance can be used to buy Immediate Annuity from the Company at the current Annuity Rates, or
    • To buy a Single Premium deferred pension plan from the Company, or
    • Extend the deferment or accumulation period under the same plan, provided the age of the policyholder is below 55 years and maximum age at vesting is not above 75 years.
  • Death Benefit – In case the policyholder passes away during this Life Insurance Policy Term, then his/her nominee will receive the following:
    • 105% of the all the premiums that have been paid (excluding taxes and cess) on the date of death, plus
    • Terminal Bonus and Vested Simple Reversionary Bonus, if any, on the date of the policyholder’s death.

The nominee can choose to withdraw the entire benefit proceeds or use the benefit partly or fully for buying an Immediate Annuity from the Company.

  • High Sum Assured Discount – If eligible, policyholders will receive High Sum Assured Discount.
Base Sum Assured Per 1000 of Base Sum Assured
Below Rs.3 Lakhs Nil
Rs.3,00,001 to Rs.4,49,999 Rs.1
Rs.4,50,000 to Rs.5,99,999 Rs.1.65
Rs.6,00,000 to Rs.7,99,999 Rs.2.25
Rs.8,00,000 to Rs.9,99,999 Rs.2.65
Rs.10 Lakhs and above Rs.3

Reliance Retirement Life Insurance Plans and Policy