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Investment Plans 954 views December 2, 2020
We all dream of a better future, but sometimes due to unexpected events, we find it hard to meet them. In such situations, our savings are exhausted and our future gets compromised to an extent. But don’t worry, with the Reliance Nippon Life Lifelong Saving Plan, you can tide over such uncertainties and achieve your goals easily. Reliance Nippon Life Lifelong Saving Plan is a Non-Linked, Participating, Individual, Savings Life Insurance Plan that helps an individual plan for his/her family’s future whether it is retirement, child education, marriage, etc. Under Reliance Nippon Life Lifelong Saving Plan, you will have two options – either you can choose a standard plan or an extended plan. On a standard cover, the insured will get a lump sum amount on maturity and get financial cover for his/her family in case he/she dies during the Policy Term. On the other hand, if you have chosen the extended cover, you will get a lump sum amount on maturity and can have financial cover for families even after the Policy Term. Read this post to collect more information on this policy.
Table of Contents
If your all due premiums paid in full and the policy is in force, you will receive the
Sum Assured on Maturity + Vested Reversionary Bonuses and Terminal Bonus (if any)
Your Sum Assured on Maturity is equal to the Base Sum Assured plus all the payable Guaranteed Additions.
If you have the Standard Cover Option, the policy will terminate after the payment of the maturity benefit. Under an Extended Cover Option, the maturity benefit will be payable at the end of the policy term. After the expiry of the policy term, no maturity benefit will be payable. Only the death benefit is active in the extended period, which the nominee will receive.
If the Life Assured dies during the policy term, provided that the policy is in force on the date of death and all due premiums paid in full, your nominee will get the following benefits based on the cover option of the Life Assured:
Death Benefits = Sum Assured on Death + Vested Reversionary Bonus + Terminal Bonus (if any)
Death Benefit = Base Sum Assured.
This extended cover option Death Benefit is subject to a minimum of 105% of Total Paid Premiums till the date of death. And the policy will terminate after the Death Benefit payment.
Under Reliance Nippon Life Lifelong Saving Plan, the Life Assured gets Guaranteed Additions. And it is calculated at a simple rate of 4% p.a. of the Base Sum Assured at the end of each Policy year. This benefit is provided during the first five policy years if the policy is in force and all due premiums paid till that point of time.
A simple reversionary bonus will accrue on Reliance Nippon Life Lifelong Saving Plan every year, starting from the sixth policy year till the end of the term if the policy is in force and all due premiums paid. The terminal bonus on Reliance Nippon Life Lifelong Saving Plan, if any, will be payable on death or maturity starting from the ninth policy year if the policy is in force and all due premiums are paid.
Note – Reliance Nippon Life Lifelong Saving Plan Terminal bonus declared as a percentage of the Vested Reversionary Bonus.
Points to Remember