Investment Plans 439 views November 28, 2020

Reliance Nippon Life Super Endowment Plan

Everybody should have a Life Insurance to protect their family in case something unfortunate happens to them. But what if we tell you that an investment in life insurance can also help you accumulate a substantial amount for your future goals and retirement. Well, with the help of Reliance Nippon Life Super Endowment Plan, individuals can achieve the savings goal with the help of guaranteed returns. These returns can help accomplish goals such as retirement corpus, child’s education, marriage expenses, etc.

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Reliance Nippon Life Super Endowment Plan is a non-linked, non-participating, non-variable, endowment plan that offers the convenience and consistency to enjoy your passion even when you are retired from work. So, if you are looking for an insurance plan that can protect your family as well as give you guaranteed returns on maturity, this could be a good option for you!.

So, what are some other features of this life insurance option from Reliance Nippon? Well, we will be discussing all the features of this plan along with some other important information of this plan which is its benefits, eligibility criteria, etc. Keep reading!

What are the Key Features of Reliance Nippon Life Super Endowment Plan?

Knowing the policy features can help you enhance your benefits and choose a policy term wisely. So, let’s check out the features below and maximize.

  1. One of the key features of Reliance Nippon Life Super Endowment Plan is that individuals can choose the policy term according to their needs. For this plan, there are two options of 14 and 20 years.
  2. According to your chosen policy term, you only need to pay a limited premium amount for half the chosen policy term. Let’s say you choose a policy term of 14 years, you need to pay the premium for 7 years.
  3. You can get a life cover of at least 10 times the annualized premium for the entire policy term. Remember several factors affect your premium amount, such as Age, Policy Term, Basic Sum Assured, Premium Payment Term, etc.
  4. Individuals will receive a guaranteed return, which is an amount assured on the maturity (if the policy is in force and all due premiums have been paid).
  5. Under Section 80C and Section 10(10D), individuals can receive tax benefits up to INR 1,50,000 for the premium paid towards the policy and maturity payout.
  6. With Reliance Nippon Life’s Super Endowment Plan, you can enjoy the flexibility to pay the premiums according to your convenience. These modes are Yearly, Half-yearly, Quarterly, and Monthly. For each mode, you will get a fixed discount ranging from 0 to 2.5%.

Benefits of Reliance Nippon Life Super Endowment Plan

Now that you have known the key features of this plan from Reliance Nippon, it’s time to know the benefits that you should enjoy. Let’s check out such benefits below.

Maturity Benefits

At the end of the policy i.e. at the time of maturity, Reliance Nippon will provide a guaranteed sum assured on the maturity of the policy. However, there are a few important conditions one should meet. First, the policy should be active. Second, there should not have any due premiums left to pay.

Death Benefits

In case the insured person meets with something unfortunate like Death during the policy term, Reliance Nippon will provide a maximum guaranteed sum assured to the nominee as on the date of death. The maximum amount can be either of the following two things.

  1. 10 Times the Annual Premium paid towards Life Super Endowment Plan
  2. 105% of all the premiums paid as on the date of death (excluding the extra premiums)

Rider Benefits

Policyholders can enjoy additional rider benefits by paying a nominal amount. With these riders, you can protect yourself and your beloved ones financially in case any unfortunate event takes place. We are showing them below.

  1. Accidental Death Benefit Rider with which you can get a lump sum amount equal to the rider sum assured in case of death due to the accident of the insured person
  2. Accidental Death and Disability Rider
  3. Accidental Death and Disability Plus Rider

Rebate Benefits on High Sum Assured Amount

With Reliance Nippon Life Super Endowment Plan, you can enjoy a rebate if you pay premiums for a high sum assured amount. This rebate will be according to the sum assured chosen by you and applicable per INR 1,000 of the Sum Assured Amount. We are showing it in the table below.

Sum Assured Amount Rebate per INR 1,000 on Sum Assured
Less than 2,50,000 Nil
2,50,00 and above but less than 5,00,000 Nil
5,00,000 and above but less than 10,00,000 4
10,00,000 and above 5

Grace Period

Reliance Nippon provides a grace period of 30 days to review the terms and conditions of this policy if you have paid the premiums via Yearly, Half-yearly or Quarterly Mode. In case you have paid the premiums via a monthly mode, you will get a grace period of 15 days.

Get a Loan Against Policy

If you need urgent money, this policy from Reliance Nippon can help you get so. You can opt for a loan amount up to 80% of the overall Surrender Value of your policy. The interest on such loans will be 9% per annum. At any point during your loan tenure, if the sum of the loan amount and interest on the outstanding principal amount is more than 95% of the surrender value, the policy will be terminated. The company will recover the outstanding principal amount and interest amount. The balance amount (if any) will be paid to the policyholder.

Eligibility Criteria for Reliance Nippon Life Super Endowment Plan

What are the conditions you need to fulfill for getting Reliance Nippon Life Super Endowment Plan? Well, we are showing all of them below. Do check!

  1. The age of entry can go as minimum as 8 years, which can go up to 60 years
  2. The age at the maturity of the policy ranges from 22 to 75 years
  3. Individuals can choose the policy term from the two options of 14 and 20 years, while the premium payment terms will be half the policy term i.e. 7 and 10 years
  4. The minimum sum assured amount stands at INR 1,00,000, while there is no limit on the maximum sum assured amount
  5. Reliance Nippon Life Insurance Company provides limited pay options when it comes to the premium payment

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