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Investment Plans 1918 views April 13, 2020
Reliance money back guarantee plan is a money back insurance plan offered by Reliance Nippon Life Insurance Company. As the name suggests the plan is designed to provide money back benefit to the life insured at regular intervals. The plan offers guaranteed returns along with insurance coverage during the policy tenure. The Guaranteed Money Back Plan from Reliance Nippon Insurance company is non-participating and non-market linked insurance plan designed to return the money which can be utilized to pay off debts, create a corpus for children education, plan for child marriage, etc.
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In the event of the death of the life assured, the nominee is eligible to receive the entire sum insured plus accrued bonus. Additionally, in case of the death due to accident, the additional death benefit is paid as the plan consist of inbuilt Accidental Death Benefit Rider.
In case of survival of the life insured, he/she is eligible to receive survival benefit as under:
For 15 years of Policy Tenure | For 20 Years of Policy Tenure | Sum Assured (Percentage) |
---|---|---|
Received in 11th year | Received in 16th year | 15% of SA |
Received in 12th year | Received in 17th year | 15% of SA |
Received in 13th year | Received in 18th year | 15% of SA |
Received in 14th year | Received in 19th year | 15% of SA |
Received in 15th year | Received in 20th year | 40% of SA |
In the event of survival of the life insured till the end of the policy tenure, the insured is eligible to receive a sizeable amount plus accrued guaranteed loyalty additions plus guaranteed maturity additions.
The life insured can avail income tax benefit on all the premium paid during the policy tenure under section 80C of the Income Tax Act.
To avail the Reliance Nippon money-back guarantee plan one needs to satisfy the following eligibility criteria
Particulars | Criteria |
---|---|
Sum Assured | Minimum: 50000 Maximum: No Limit |
Policy Tenure | Minimum: 15 Years Maximum: 20 Years |
Premium Paying Term | Minimum: 5 years Maximum: 20 Years (PPT options 5 years, 7 years, 10 years, 15 years or 20 Years) |
Age at Entry | Minimum: 18 Years Maximum: 55 Years for 20 years of Policy Tenure & 60 years for 15 years of Policy Tenure |
Age at Maturity | Minimum: 33 Years Maximum: 75 Years |
Premium Payment Mode | Yearly, Half-Yearly, Quarterly and Monthly |
Riders | Built-in Rider: Accidental Death Benefit Rider Add-on Rider: New Major Surgical Rider, New Critical Condition (25) Rider, Term Life Insurance Benefit Rider and Family Income Benefit Rider |
The Money Back Guaranteed Plan is a comprehensive insurance solution for all your needs. The plan offers insurance protection and money back guarantee. The plan has a built-in rider facility to make it more robust, one can opt for additional add-on riders to widen the scope of protection.