One of the top priorities of any individual’s life is to protect his or her family’s future in case something unfortunate happens to them. For this purpose, individuals choose the Life Insurance Plan from different insurance companies. But do you know that a few plans can help you save for the future to meet your goals while also providing you that much-needed protection? Well, this is possible with Reliance Nippon Life Money Multiplier Plan. This is a non-linked, non-participating, non-variable endowment plan that helps you and your family to achieve future goals even when you are not around.
This plan from Reliance Nippon Life Insurance could be a good choice for you if you want to protect your family’s future along with a lump sum amount that you will get. This lump sum amount can be utilized accordingly such as paying off the home loan (if any) or funding your child’s wedding or education, etc. Reliance Nippon Life Money Multiplier Plan also provides additional riders that can enhance your protection.
So, what are its key features that you should know? Well, we will tell the same in this article along with some other important information such as its features, eligibility, etc. Keep reading to know more!
What are the Key Benefits of Reliance Nippon Life Money Multiplier Plan?
If you know the key features of a Life Insurance Plan, you can enhance your benefits accordingly. We are showing some of them below. Check them out and help yourself!
- One of the key benefits of the Reliance Nippon Life Money Multiplier Plan is that you can enjoy one of the three guaranteed benefits at maturity. These benefits will be Sum Assured Amount, Guarantee Loyalty Additions (accumulated at the end of each policy year), or Guaranteed Maturity Addition.
- Each time you pay a premium towards your policy and decide to remain invested in the plan, your guaranteed loyalty additions and guaranteed maturity addition will increase each year. For this, your policy should be in force, and you must have paid all the due premiums.
- Reliance Nippon provides you with the much-needed flexibility to choose the policy term according to your convenience. The policy term options are 10, 15, and 20 years.
- With this plan, you don’t need to worry about the life cover amount for your family in the case of an unforeseen emergency. Reliance Nippon provides at least 10 times the Annual Premiums for the entire policy term as Life Cover amount.
- Under Section 80C and Section 10(10D) of the Income Tax Act, 1961, you can enjoy tax benefits on your investment as well as on returns up to INR 1,50,000 per year.
- Policyholders can also opt for a loan amount up to 80% of the Surrender Value of your policy in case they are in urgent need of money. The interest rate on this loan will be at the prevailing rate of interest.
Let’s understand the Benefits of Reliance Nippon Life Money Multiplier Plan in Detail
Want to know the benefits of the Reliance Nippon Life Money Multiplier Plan in detail? Well, we are showing the same below. Please check!
As we said earlier on the maturity of the policy, the insured person will receive three benefits. We are mentioning them below. Have a look!
- Sum Assured amount guaranteed by the company at the time of policy maturity
- The second benefit you will receive is the Guaranteed Loyalty Additions. This amount will accumulate at the end of each policy year and will be added to the Sum Assured amount. Hence, this amount increases every year. The company will pay this amount on the death of the life insured, surrender, or maturity of the policy (whichever is earlier).
- The third and last maturity benefit will be the Guaranteed Maturity Addition. This is a percentage of the sum assured and depends on the policy term you choose. You can look at the table to know more about it!
|Policy Term (years)
||Guaranteed Maturity Addition (as a percentage of sum assured)
If the policy is in force and the insured person meets with something unfortunate like Death during the policy term, the nominee will receive a few benefits. We are showing them below. Do remember that as soon the company pays the death benefits, Reliance Nippon Life Money Multiplier Plan will terminate.
- The highest of the Double the Sum Assured or 10 Times Annualized Premium Amount or 105% of the overall premium paid as on the date of death
- Accumulated Guaranteed Loyalty Additions
Rebate on Choosing a Higher Sum Assured
Individuals can also get a discount for per INR 1,000 of Sum Assured if they choose a higher sum assured. To know more, check the below table.
|Sum Assured Amount
||Rebate per INR 1,000 on Sum Assured
|Less than 1,00,000
|1,00,000 and above but less than 2,50,00
|2,50,00 and above but less than 5,00,000
|5,00,000 and above but less than 10,00,000
|10,00,000 and above
Reliance Nippon Life Money Multiplier Plan Eligibility Criteria
What are those conditions that an individual should fulfill if he/she wants to choose Reliance Nippon Life Money Multiplier Plan? Check them out below!
- The age of entry can be as low as 18 years and it can go up to 55 years.
- The age at maturity can be 28 years, while an individual can be a maximum of 75 years at the time of maturity.
- Policyholders can choose the policy term according to their convenience from 10, 15, and 20 years. The premium payment term will be the same as the policy term chosen by a policyholder.
- The minimum sum assured stands at INR 60,000. However, there is no maximum limit on the sum assured amount.
- Reliance Nippon Life Insurance provides a Regular Pay option when it comes to the premium payment options, while you can choose the frequency of premium payments from Yearly, Half-yearly, Quarterly and Monthly.