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Investment Plans 856 views November 30, 2020
At every life stage, your responsibilities change and you need more money to support your family. Reliance Nippon Life Increasing Money Back Plan is just the right insurance product for you as it gives periodic payouts with a life insurance cover. So what are you waiting for? Ensure happiness and security for your family with Reliance Nippon Life Increasing Money Back Plan. Read the article below to have detailed information regarding this insurance plan.
Table of Contents
If the policy is in force and all due premiums are paid in full, on your survival, the insurer provides you money back benefits. It is the percentage of the Base Sum Assured that will be paid at regular intervals of 3 years starting from the end of the 3rd policy year.
If you have survived till the end of the policy term, provided the policy is in force and all due premiums are paid in full, a Guaranteed Sum Assured on Maturity will be provided. This amount is equal to the Base Sum Assured.
In an unfortunate demise of the Life Assured, a death benefit will be payable to the nominee or beneficiary, if the policy is in force and all due premiums are paid till the date of death. The higher of the following will be payable to the claimant:
The Sum Assured on Death is the highest of the following:
In the policy, riders will be allowed as and when it is approved by the IRDAI. You can select your riders at the inception of the policy or on the subsequent policy anniversary. Your Rider Sum Assured is not higher than the Base Policy Sum Assured on Death.
You can get a rider on your policy if the outstanding Premium Payment Term is for a minimum of 5 years. Premium Payment Term for riders cannot be more than the Premium Payment Term of the Base Policy. Your rider premium must be paid on the due date or within the Grace Period. The payment mode and frequency of the rider is the same as the mode and frequency of the base premium. Reliance Nippon Life Increasing Money Back Plan rider will terminate immediately when the Base Policy has lapsed, surrendered or forfeited.
High Sum Assured Discounts
The table below shows the discounts under ‘Limited Pay’ and ‘Regular Pay’ options for different base sum assured. Take a look!
Basic Sum Assured | High Sum Assured Rebate per INR 1,000 (in INR) |
---|---|
Less than INR 2,00,000 | Nil |
INR 2,00,000 to less than INR 5,00,000 | 12 |
INR 5,00,000 to less than INR 10,00,000 | 18 |
INR 10,00,000 and above | 21 |
If you die due to suicide within 12 months from the date of risk commencement or the date of revival, your nominee or beneficiary will entitle to at least 80% of the Total Paid Premiums or the surrender value (as on the date of death whichever is higher) if the policy is in force.
You will have a free look period of 15 days to cancel the policy by giving written notice to the company. This free look period can extend to 30 days if the policy is obtained through Distance Marketing. The following modes come under Distance Marketing:- Short Messaging services (SMS), e-mail, internet and interactive television (DTH), direct postal mail and newspaper & magazine inserts; and solicitation via communication other than in person.
On Reliance Nippon Life Increasing Money Back Plan cancellation, the company will refund the paid premium after deducting a proportionate risk premium, medical examination fees (if any), and stamp duty charges. If your policy is sourced through Insurance Repository (‘IR’), the Free Look Period will be from the date you receive the email of Policy credit from IR.
Your Reliance Nippon Life Increasing Money Back Plan premium payment for base and rider plan makes you eligible for income tax exemptions. These income tax benefits under the insurance shall be applicable as per the prevailing Income Tax Laws, which are subject to change from time to time.