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% |
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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 |
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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 |