Investment Plans 1609 views December 2, 2020

Reliance Nippon Life Fixed Money Back Plan

You need funds to meet your various goals such as retirement planning, vacation, child education, and much more. Reliance Nippon Life Fixed Money Back Plan can help meet all these goals. This Reliance insurance plan protects your family with the 2 option benefits. By using these options, your family can continue receiving survival and maturity benefits even if you die. And the Fixed Money Back and Maturity Benefit provides you a lump sum for your future financial goal. Read this post to know more about Reliance Nippon Life Fixed Money Back Plan.

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Fixed Money Back Benefits

Your Money back benefits for this policy will be dependent on your chosen option. Have a look at the below-mentioned benefits of the policy:

  1. Option A – If you have chosen option A, the fixed benefits are payable on survival till the end of the policy years, provided the policy is in force and all due premiums have been paid in full.
  2. Option B – Those who are interested in option B will get the fixed benefit irrespective of death or survival, provided the policy is in force and all due premiums have been paid in full.

Maturity Benefit

When the life assured has survived till the end of the policy term, he/she will get a maturity benefit, which is as follows:

  1. Option A – At the end of the Policy Term, you will receive the Maturity Benefit, which is 40% of Base Sum Assured Plus a Fixed Loyalty Addition = 3% of Base Sum Assured. It is payable on survival till the end of the policy term provided the policy is in force and all due premiums have been paid in full.
  2. Option B – At the end of the Policy Term, you will receive the Maturity Benefit which is 40% of Base Sum Assured Plus a Fixed Loyalty Addition = 3% of Base Sum Assured. It is payable irrespective of death or survival till the end of the policy term, provided the policy is in force and all due premiums have been paid in full.

Death Benefit

Unfortunately, if the Life Assured dies during the Policy Term, provided the policy is in force and all due premiums have been paid as of the date of death, your nominee shall receive the following benefits:

  1. Option A – Sum Assured on Death or 105% of Total Paid Premiums (whichever is higher) And after the death benefit payment, the policy will terminate.
  2. Option B -Sum Assured on Death or 105% of Total Paid Premiums (whichever is higher). The policy will continue and the future premiums will be waived under the policy and your nominee can receive the future unpaid Fixed Money Back Benefits (if any) and Maturity Benefit.

Sum Assured on Death

  1. Annualized premium x Death Benefit (as per the Death Benefit option)
  2. Base Sum Assured

The higher of these two will be given

Reliance Nippon Life Fixed Money Back Plan Important Notes

  1. Premium Payment Term: 5, 7, or 10 years
  2. Premium Payment Mode: Yearly, Half-yearly, Quarterly or Monthly
  3. Riders: You can customize your policy by adding riders of your choice as and when they are approved by the IRDAI.
  4. Policy Loan: You can borrow a loan against your Reliance Nippon Life Fixed Money Back Plan, where you can get up to 80% of your policy’s surrender value (base plan only).
  5. High Sum Assured Rebate: If your Base Sum Assured is greater than or equal to INR 5,00,000, a high sum assured rebate of 1% will apply to your base policy premium rates.
  6. Suicide Exclusion: If the life assured dies to suicide within 12 months from the date of policy commencement or revival, the nominee will get 80% of the Total Paid Premiums or the policy surrender value available (whichever is higher, as on the date of death), provided the policy is in force.
  7. Grace Period: You will get 30 days to pay your due premium. In a monthly mode premium payment, the grace period will be 15 days only starting from the due date of your first unpaid premium.
  8. Free Look Period: You have about 15 days from the receipt of the policy document to return the same if you don’t agree to its terms and conditions. For such cancellation, the company will offer you a refund after deducting the proportionate risk premium, medical examination fee, and stamp duty charges (if any). If Reliance Nippon Life Fixed Money Back Plan is sourced through distance marketing mode, the free look period will be extended to as long as 30 days from the date of policy document receipt.
  9. Tax Benefits: The life assured can claim a tax deduction annually for the premium they pay. Such benefits are subject to change from time to time, so it is better to take advice from an expert.

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