Investment Plans 129 views December 2, 2020

Reliance Nippon Life Bal Nivesh One Time

Every parent wants to protect their child’s future in both situations when they are around or when they are not due to some unforeseen circumstances. And with the Reliance Nippon Life Bal Nivesh One Time, you can plan the future of your loved ones by not only saving the principal amount but also let it grow with time. One of the best things about this plan from Reliance Nippon is you just need to pay a single premium, as you can see from the ‘One time’ attached to its name.

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With this single premium, you can enjoy guaranteed returns on your investment with a guaranteed sum assured payable at the maturity of your Reliance Nippon Life Bal Nivesh One Time Policy. This non-linked, non-participating, single premium plan provides assured benefits to you at the end of your policy term. With this plan from Reliance Nippon, you can bring in an extra layer of protection to your child’s life. One of the best things with this plan is that you don’t need to track your premium every year; pay it once, and you’re all set!

So, what are some of the other necessary things about this plan from Reliance Nippon Life Insurance that you should know? In this article, we will be talking about the same along with its benefits, eligibility, etc. Read on to know more!

Highlights of Reliance Nippon Life Bal Nivesh One Time Plan

When you know the key features of any life insurance plan, you can maximize your benefits and choose the policy term accordingly. That’s why we are showing the highlights of Reliance Nippon Life Bal Nivesh One Time Plan below. Please have a look!

  1. Individuals only need to pay a single premium amount for the policy term of 15 years, and that’s it. They will not need to track the premium for their policy.
  2. With this insurance plan, individuals can get higher insurance protection as Reliance Nippon offers a life cover of 10 times of single premium amount towards your policy.
  3. As told earlier, you will get guaranteed returns on your investment with a guaranteed sum assured on the maturity of your policy.
  4. Under Section 39 of the Insurance Act, 1938, individuals can also enjoy a nomination facility. Apart from this, Reliance Nippon also provides an Assignment facility.
  5. Apart from these benefits, you can also enjoy tax benefits under Section 80C and section 10(10D) of the Income Tax Act, 1961. These benefits will be up to INR 1,50,000 on the premium amount and maturity payout.
  6. You can also return your policy within a free look period of 15 days in case you are dissatisfied with the terms of the policy.

Detailed Benefits of Reliance Nippon Life Bal Nivesh One Time Plan

Now that you know some of the key features of the Reliance Nippon Life Bal Nivesh One Time Plan, you should also know the benefits of this plan in detail. Let’s have a look!

Maturity Benefit

If the policy is in force and you have paid all the premiums, you will receive the guaranteed sum assured on maturity. This benefit is also subject to you surviving till the end of the policy term.

Death Benefit

If the policyholder dies during the policy term, and the policy is active as on the date of death, the nominee will receive the sum assured with this Reliance Nippon Life Bal Nivesh One Time plan. The sum assured amount can be the highest of the following.

  1. 10 times the Single Premium Amount toward your policy
  2. Absolute Amount assured to be paid on death by the company (this will be equal to the basic sum assured amount)
  3. Guaranteed sum Assured on Maturity
  4. Death Benefit will be 125% of the Single Premium paid (excluding any extra premiums and taxes)

Remember that your policy will terminate when the company pays the death benefit payment.

Rebate Benefits on Higher Sum Assured

If you choose to opt for a higher sum assured for your Reliance Nippon Life Bal Nivesh One Time Plan, you will get a high sum assured rebate per INR 1,000 of basic sum assured. To know more, have a look below.

Basic Sum Assured High Sum Assured Rebate per INR 1,000 (in INR)
Less than INR 2,00,000Nil
INR 2,00,000 to less than INR 5,00,00012
INR 5,00,000 to less than INR 10,00,00018
INR 10,00,000 and above21

Eligibility Criteria

What are the conditions you need to fulfill before choosing the Reliance Nippon Life Bal Nivesh One Time? Well, we are showing the eligibility criteria of this plan below. Do check!

  1. Individuals between the age of 3 years and 35 years can opt for this policy.
  2. The minimum age at maturity can be 18 years, while it can go as high as 50 years, which means an individual cannot be more than 50 years of age at the time of maturity.
  3. Reliance Nippon has fixed the basic sum assured is INR 1,00,000, while there is no upper limit for this.
  4. Must be thinking about a one-time premium for your policy? Well, the minimum amount for basic premium stands at INR 49,146. However, there is no upper limit and can be increased in the multiple of INR 10,000.
  5. For this policy, Reliance Nippon provides a policy term of 15 years.

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