Reliance Nippon Life Bluechip Saving Insurance Plan is a non-linked, non-participating life insurance plan that helps take care of your lifestyle at different life stages such as marriage, education, car purchase, house, purchase, etc. Under this plan, you can choose an appropriate life cover for your family. With this Reliance Nippon Life Insurance, you will get Savings, Tax benefits, Liquidity and Protection for your family. Read this page below and know about Reliance Nippon Life Insurance Bluechip Saving Insurance Plan in detail.
Reliance Nippon Life Bluechip Saving Insurance Plan Benefits
You can claim your life insurance benefits at maturity, or your nominee can claim the benefits if you die during the policy term. Have a look at the below-mentioned Reliance Nippon Life Bluechip Saving Insurance Plan Benefits.
- Payable upon the survival to the life assured
- The policy should be in force and all due premiums must have been paid if you want to avail of this benefit.
- Guaranteed Sum Assured on Maturity Plus Accrued Reversionary Bonus Plus Terminal Bonus, if any, will be payable to the life assured.
- Guaranteed Sum Assured on Maturity = Base Sum Assured + All Guaranteed Additions.
- Simple Reversionary Bonus declared during the policy term, from the 1st policy year onward.
- Terminal Bonus will be payable at maturity from the 10th policy year onward.
- Payable to the nominee upon the death of the life assured
- Higher of: Sum Assured on Death + Accrued Reversionary Bonus + Terminal Bonus if any, and 105% Total Paid Premiums Paid till the date of death, will be payable to the claimant
- Sum Assured on Death is highest of the following: Annualised Premium X Death Benefit Multiple, Base Sum Assured and Guaranteed Sum Assured.
- At inception, the life assured can choose his/her Death Benefit Multiple, which is 7X or 11X based on their age at entry, premium payment term and policy term.
Features of Reliance Nippon Life Bluechip Saving Insurance Plan
If you buy this Reliance Nippon Life Insurance Plan, you will be eligible for the following:
- A loan can be borrowed against the policy for up to 80% of the surrender value.
- Protect yourself and your family under Reliance Nippon Life Bluechip Saving Insurance Plan using the following riders.
- Reliance Nippon Life Accidental Death – Comes as a lump sum in case of death of the life assured due to accident.
- Reliance Nippon Life Accidental Death and Disability – A lump sum is payable in case the life assured dies or has a total and permanent disability due to an accident.
- Reliance Nippon Life Accidental Death and Disability Plus – A lump sum is payable in case the life assured dies or has a total and permanent disability due to an accident. With this, the future premiums get waived off.
Reliance Nippon Life Bluechip Saving Insurance Plan Eligibility
- Flexible premium payments with yearly, half-yearly, quarterly and monthly frequencies.
- If you don’t pay your premium by the due date, you will get a grace period of 30 days (15 days for monthly payments). Your policy will be in force during the grace period, if any claim arises, the same is payable subject to a deduction of the unpaid premium for the policy year.
- In the case of Reliance Nippon Life Bluechip Saving Insurance Plan premium non-payment, either the policy will lapse or convert into paid-up (if the policy has acquired a surrender value).
- Reliance Nippon Life Bluechip Saving Insurance Plan can acquire a surrender value if the last 2 years’ premium has been paid in full.
- A revival period of 5 years is provided to the life assured from the date of the first unpaid premium.
Reliance Nippon Life Bluechip Saving Insurance Plan Terms and Conditions
While buying this Reliance Nippon Life Insurance plan, do check the following terms and conditions before.
- Your base sum assured, premium payment term, policy term and death benefit cannot be altered after the policy commencement.
- As per the prevailing income tax laws, you can claim a tax deduction on your Reliance Nippon Life Bluechip Saving Insurance Plan premium payment and benefits.
- If the life assured dies due to suicide within twelve months from the date of policy commencement or revival, the nominee will get either 80% of the paid premiums or the policy surrender value.
- Free Look period of 15 days from the date of the policy document receipt. Or this can be up to 30 days if the policy has been sourced via distance marketing mode.