Investment Plans 514 views December 2, 2020

Reliance Nippon Life Bluechip Savings Insurance Plan

Reliance Nippon Life Bluechip Savings Insurance Plan helps you accumulate savings without compromising even a bit regarding your family’s protection in case something unforeseeable like a death happens. It is a non-linked, participating, non-variable, endowment insurance plan with which you can receive up to 7% guaranteed additions during your premium payment term along with the bonuses. With the return amount on maturity, you can be free of any worry about your future as you can do different things like prepaying your home loan (if any) or planning your retirement or funding your long-due dream vacation, etc.

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You must be curious to know about the key benefits of the Reliance Nippon Life Bluechip Savings Insurance Plan. In this article, we will be telling the same along with other relevant details. Keep reading to know the same!

Key Benefits of Reliance Nippon Life Bluechip Savings Insurance Plan that you can Enjoy

Looking to opt for Reliance Nippon Life Bluechip Savings Insurance Plan? Before doing so, you should know its key benefits so you can enhance your benefits and choose your policy term accordingly. Take a look at such benefits!

  1. Individuals can get a lump sum amount at the maturity of their policy. This amount will be equal to the sum of Basic Sum Assured, Guaranteed Additions ( 7% of the Base Sum Assured every year during the premium payment term), and Vested Reversionary Bonuses & terminal bonuses (if any). 
  2. You can choose from 5, 7, or 10 years as your policy term according to your convenience. 
  3. Not only the policy term, but you can also choose the frequency at which you want to pay the premium amount. These options are Yearly, Half-yearly, Quarterly, or Monthly. 
  4. On choosing this plan, your family will be protected throughout the policy term with the facility of life cover to them.
  5. If at any time during your policy term, any unforeseen need arises, you can apply for a loan amount up to 80% of the overall surrender value of your policy at an interest rate of 10.50% per annum. 
  6. Reliance Nippon also offers a few additional riders that you can choose from by paying a nominal cost. These riders can help you enhance your protection. Some of them are Term Life Insurance Benefit Rider, Major Surgical Benefit Rider, Life Critical Conditions, Accidental Death Benefit Rider, etc. 
  7. Apart from all these benefits, you can also enjoy tax benefits up to INR 1,50,000 as per the applicable income tax laws. 

Let’s Understand Different Benefits of Reliance Nippon Life Bluechip Savings Insurance Plan 

After features, it’s time we read the benefits of Reliance Nippon Life Bluechip Savings Insurance Plan. They are presented below. Take a look!

Maturity Benefits

As we told you earlier that you will get a lump sum amount at the maturity of your policy. However, to get this benefit, your policy should be active, and there should not be any due premiums left. On maturity, you will receive a sum of these below-mentioned benefits.

  1. Guaranteed Sum Promised on Maturity (Base Sum Assured plus Guaranteed Additions) 
  2. Vested Reversionary Bonuses and Terminal Bonuses (if any) 

The guaranteed additions will be 7% of the Basic Sum assured calculated every year of your policy year till the premium payment term. On the other hand, the terminal bonus will only be paid on death or maturity from the 10th Policy year. 

Death Benefits

In case the policyholder meets with an unfortunate death during the policy term, Reliance Nippon Life Bluechip Savings Insurance Plan provides two options as mentioned below.

Death Benefit OptionDeath Benefit Multiple
10x10
7x7

On the death of the policyholder, Reliance Nippon will provide an amount to the nominee, which will be higher than the following amounts.

  1. Sum Promised on Death + Vested Reversionary Bonus and Terminal Bonus 
  2. 105% of all the premiums paid (it will not include the extra premiums as on the date of death)

Please note that Sum Assured on Death will be the highest of the following amounts.

  1. Annual Premium x Death Benefit Multiple (as chosen by the policyholder)
  2. Base Sum Assured
  3. Guaranteed Sum Assured on maturity

Reliance Nippon Life Bluechip Savings Insurance Plan Eligibility Criteria

Every individual who is going to choose Reliance Nippon Life Bluechip Savings Insurance Plan should know its eligibility criteria. Let’s check the criteria below.

  1. The policy term usually ranges from 10 years to a maximum of 15 years. It means you can opt for this policy for at most 15 years.
  2. Any individual with an age of 8 years can enter into the policy, while the maximum entry age can be as high as 60 years
  3. The age at maturity ranges from 18 years to 75 years 
  4. The basic sum assured can be as low as INR 77,905, while there is no limit on the maximum basic sum assured amount
  5. Reliance Nippon provides two death benefit options – 7x and 10x.
  6. The premium payment term can be 5, 7 or 10 years 
  7. The minimum premium amount is fixed at INR 15,000. But you should also remember that it changes according to the premium payment term, policy term, and age. However, there is no maximum limit.

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