In life, everyone strives for prosperity and makes different financial plans to ensure the same. An ideal plan would be the one that can help you achieve your desired goals irrespective of any uncertainties in life, such as Death. Keeping this in mind, it’s important to have a Life Insurance Plan that can help in accumulating savings as well as protecting your future. Reliance Nippon Life Prosperity Plus Plan could be one of the right insurance plans for such a purpose as it provides the option of choosing the pre-investment strategies according to your risk appetite and financial goals.
This plan from Reliance Nippon is a unit-linked, non-participating, individual life insurance plan, and there is one important thing to keep in mind about this plan that policyholders will bear the investment risk in the investment portfolio. One of the best things about the Reliance Nippon Life Prosperity Plus Plan is that you will get rewards for staying invested longer with the help of Loyalty and Maturity additions from the insurance company. With this plan, your wealth will keep growing from the returns linked with the market.
Want to know some other key benefits of the Reliance Nippon Life Prosperity Plus Plan? Here, in this post, we will discuss the same. Other than this, we will also tell its eligibility and how this plan works. Let’s get started!
Key Benefits of Reliance Nippon Life Prosperity Plus Plan
Understanding the key features of any life insurance plan could make you enhance the benefits. That’s why we are showing the key benefits of the Reliance Nippon Life Prosperity Plus Plan so that you can decide better. Please check!
- With Reliance Nippon Life Prosperity Plus Plan, your family will keep getting protection throughout the policy term chosen by you. Other than this, you can also choose the Life Insurance Cover
- This plan allows individuals to choose investment options from – Self-managed, Auto-managed Option and Trigger Portfolio Option – according to their convenience
- With the systematic withdrawal option on your insurance plan, you can access your accumulated wealth according to your financial needs
- Individuals can choose the premium payment term options according to their convenience. You can pay the premium amount one-time or for 5, 10, 15 years, or for the entire policy term chosen by you.
- Individuals who will persist on their investment for a longer time will be rewarded with the Loyalty and Maturity Additions. The company will provide Loyalty Additions from the end of the 6th Policy year till one year before the maturity of your policy, while the maturity additions will be given at the end of the policy term.
- At maturity, policyholders will receive the total policy administration charges deducted during the term of the policy.
- You can also enjoy tax benefits up to INR 1,50,000 under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
- An individual can choose the frequencies of premium payment from yearly, half-yearly, quarterly and monthly options. The last two options can only be chosen if the payment is made via an electronic method.
Let’s Understand the Benefits of Reliance Nippon Life Prosperity Plus Plan in Detail!
It’s time to know all the benefits of the Reliance Nippon Life Prosperity Plus Plan in detail. We are showing them below. Have a look!
If the policyholder survives till the end of the policy term, Reliance Nippon life insurance will pay the maturity benefits. An individual will have the option to receive this amount as a lump sum amount or as regular installments with the Settlement Option. What will be this amount? Well, it will be the sum of the following things.
- Total Value of your Fund (which is the total of the base fund value and top-up fund value, if any)
- Maturity Additions (1.4% of the average daily base fund value of the preceding 12 months)
- Return of the Policy Administration Charges at the time of maturity
If the policy is in force, and the policyholder meets with an unfortunate event like death, the nominee will receive death benefits. After the payment of the death benefit, your policy will be terminated immediately, and you will not receive any benefits.
This amount will be the highest of the following amounts.
- Basic Sum Assured Net of all ‘Deductible Partial Withdrawals/ Deductible Payments under Systematic Withdrawal Option’ (if any from the base fund value)
- The base value of your fund
- 105% of the Total Premiums until the death of the assured
Reliance Nippon Life Prosperity Plus Plan Eligibility Criteria
A few important conditions related to Reliance Nippon Life Prosperity Plus Plan are given below that you should keep in mind. Do check!
- The minimum age at the time of entry into the policy can be as low as 1 year, while the maximum age can be 60 years.
- The minimum age at maturity should be 18 years, while an individual can be a maximum of 70 years at maturity.
- The minimum premium amount changes according to the premium payment mode you choose. On Regular/Limited Pay, this amount is INR 1,00,000. For the single payment mode, the minimum amount stands at INR 5,00,000. However, there is no maximum limit.
- The minimum top-up premium amount can be INR 25,000, while the maximum amount can be up to 100% of the Base Premiums paid.
- The premium payment term options for the limited payment mode are 5, 10, 15 years. For the regular payment mode, you will need to pay the premium for the same period.
- The Policy term, which changes according to the premium paying term, ranges from 10-20 years.