Investment Plans 372 views December 1, 2020

Reliance Nippon Life Smart Cash Plus Plan

To deal with life’s uncertainties and to protect your family’s future, it is essential to have a life insurance policy that can secure your family in case something unforeseeable happens. But what if we tell you that with Reliance Nippon Life Smart Cash Plus Plan, you can achieve both long term savings with the benefit of liquidity along with securing your family’s future. Yes, you can ensure the same with this non-linked, participating, non-variable money back insurance plan. As you can see from its name that you will get your money back in the form of guaranteed lump sums at regular intervals.

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So, this plan could be a gift to you for the future from which you can get periodic money back on your investment. You can utilize this money for different avenues such as Home Renovation, Overseas Vacation with your family, Lifestyle Upgradation, etc. So when you choose to invest in Reliance Nippon Life Smart Cash Plus Plan, you are investing both for your family and for your business or other finances. 

What are some of the key features of this plan that you should understand? Here, in this article, we are going to tell the same. Also, you can look at some of the other important information such as Benefits, Eligibility, etc. 

What are the Key Benefits of Reliance Nippon Life Smart Cash Plus Plan?

Before finalizing any life insurance plan, it’s important to know its key benefits so that you can enhance them accordingly. We are showing them below. Please check!

  1. With the Reliance Nippon Life Smart Cash Plus Plan,  you will receive a maturity benefit equal to the sum assured, the high sum assured additions (if any), or vested bonuses (if any) at the maturity of your policy.
  2. Your family will get a life cover of an amount that will be at least 10 times the Annualized Premium for the overall policy term. 
  3. After the 4th Policy year of your policy term, you will start to get guaranteed money back benefits every 3 years. This money back benefit will be a percentage of the basic sum assured and may vary according to the policy term chosen by you. 
  4. One of the best things about this plan is that these money back benefits increase with every payout (every three years). 
  5. Reliance Nippon provides the policy term options of 10, 13, 16, 19, and 22 years from which policyholders can choose according to their convenience. Remember policy terms cannot be changed after the commencement of the policy. 
  6. With Reliance Nippon Life Smart Cash Plus Plan, you can also enjoy tax benefits up to INR 1,50,000 under Section 80C and 10(10D) of the Income Tax Act, 1961.
  7. In an emergency, you can also opt for a Loan against your Policy up to 80% of the surrender value of the base plan. The interest on this loan facility will be 10.50% per annum. 

Let’s Understand the Benefits of Reliance Nippon Life Smart Cash Plus Plan in Detail

We are showing all the benefits of the Reliance Nippon Life Smart Cash Plus Plan in detail so that you can choose accordingly. Have a look!

Maturity Benefits

At the time of maturity of your policy (depending on the policy term chosen), you will get a few maturity benefits such as Sum Assured and High Sum Assured Addition. Remember your policy should be in force to get these benefits. We are showing them below. Do check!

  1. Individuals will receive a Sum Assured amount equaling the base sum assured amount on maturity. 
  2. Compound Reversionary Bonus will be added to your Policy benefits as a part of Sum Assured. 
  3. High Sum Assured addition will be a percentage of sum assured. To know more about it, you can check the below table.
Sum Assured/ Policy Term High Sum Assured Addition Percentage
1013161922
Less than INR 2.5 lakhNil
INR 2.5 lakh and above but less than INR 5 lakh4681012
INR 5 lakh and above812162024

Money Back Benefits

As we told you above, the individual will get money back benefits as a definite percentage of the sum assured on the survival of the life assured. Policyholders will start to receive these benefits at the end of the 4th Policy Year. To know more about it, you can check the below table. 

Policy Term or Policy Duration (in Years) Money Back Benefits (% of Sum Assured Amount)
4710131619
1010%15%
1310%15%20%
1610%15%20%25%
1910%15%20%25%30%
2210%15%20%25%30%35%

Death Benefits

If the policyholder dies during the policy term, the nominee will receive the benefit amount as a death benefit, which can be the higher of these two below-mentioned amounts.

  1. Maximum of 10 times the annualized premium sum assured, the sum assured plus additions (if any) plus vested bonuses (if any)
  2. 105% of all the premium paid towards the policy as on the date of death

Reliance Nippon Life Smart Cash Plus Plan Eligibility Criteria 

Before choosing the Reliance Nippon Life Smart Cash Plus Plan, you should know the conditions you need to fulfill. We are showing them below. Do check!

  1. The age at entry ranges from 14 years to 55 years. 
  2. The minimum age at maturity should be 24 for any individual, while it can go up to as high as 70 years.
  3. The minimum sum assured amount stands at INR 1,00,000. However, there is no upper limit for it. 
  4. Reliance Nippon provides several options when it comes to choosing the policy term. These options are 10, 13, 16, 19, and 22.
  5. You can choose premium payment modes from Monthly, Quarterly, Half-yearly, and Yearly according to your convenience.

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