Investment Plans 116 views December 1, 2020

Reliance Nippon Life Whole Life Income Plan

You love your family and being a family man means a lot of responsibility. If you want to protect your loved ones financially even in your absence, you should buy an insurance plan. And for this purpose, Reliance Nippon Life Whole Life Income Plan could be the best for you! This is a life insurance plan that provides long term coverage and unexpected benefits. With the Reliance Nippon Life Whole Life Income Plan, you will get protection for as long as 85 years of age, which you can extend to the age of 99 years if you want to. Under this insurance plan you get a flexible premium payment term, bonus additions, and a high Sum Assured rebate. Read this article and collect more information about the policy.

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Maturity Benefit

If you survive Reliance Nippon Life Whole Life Income Plan till the age of 85 years, you will get a sum assured plus the accumulated bonuses (if any).

Life Cover Benefit

If the life assured dies in an unfortunate event, the nominated beneficiary will receive the Sum Assured plus accumulated bonuses (if any till the date of the life assured death).

Riders

You have the option to add up to 2 riders to the policy. And the following are your options –

Reliance Accidental Death & Total and Permanent Disablement Rider:

An accident can happen at any time of your life and to get financial protection during such incidents, you can customize your policy by adding an Accidental Death Benefit and Total and Permanent Disablement Rider. This rider benefit is payable to the nominee if the life assured dies due to an accident within 90 days of its occurrence. Under this rider, you will get a benefit equal to the Rider Sum Assured. (Your minimum Sum Assured is INR 25,000 and maximum sum assured is INR 50,00,000)

The rider benefit is payable to the Life Assured if he/she becomes totally and permanently disabled due to an accident. Your Disablement Benefit is equal to the Basic Sum Assured and this will be paid in 10 EMIs. (In Total and Permanent Disablement loss of sight of both eyes, severance of two limbs, above the wrist, ankle, or total and irrecoverable loss of the sight of one eye for at least six months.

Reliance Critical Illness Rider:

A sudden major illness can cause worry to the life assured. But this won’t happen if you opt for a Reliance Critical Illness rider as it helps you get financial relief in such situations. For the following, the ten major illnesses the company will pay the Sum Assured upfront are:

  1. Cancer
  2. Coronary Artery Bypass Surgery
  3. Heart Attack
  4. Stroke
  5. Kidney Failure
  6. Aorta Surgery
  7. Coma
  8. Heart Valve Replacement
  9. Major Organ Transplant
  10. Paralysis

Note – The life assured can avail of this benefit only once against any one of the illnesses. And the company won’t pay the insured if the illness arises from deliberate self-injury or attempted suicide. Your disease must be confirmed by a Consultant Physician.

Reliance Life Insurance Family Income Benefit Rider:

This rider provides a benefit of 1% of the rider sum assured if the life assured is dead or suffering from total and permanent disablement. The beneficiary will get this benefit every month (i.e.12% per annum). It is payable from the date of the death or total and permanent disablement till the end of the rider policy term or 10 years (whichever is later).

Note – The sum of rider premiums may not exceed 30% of the paid premiums of the Basic Plan. And if your base plan lapses, surrendered or forfeited, your rider will also terminate immediately.

Rider Exclusions

The insurer is not going to pay any rider claim if it is caused due to the following reasons:

  1. Self-injury
  2. Any type of criminal or illegal act
  3. If you are under the influence of alcohol or drugs (unless it is advised by a medical practitioner)
  4. Participation in racing other than on foot
  5. Flying or attempt to fly in an aerial device other than as a fare-paying passenger
  6. Participation in a riot, strike, or civil commotion
  7. Serving in the military, naval, air force, police, or similar service.
  8. Injury due to war, invasion, the act of foreign enemies, hostilities, or war like operations
  9. Any Cervical Intraepithelial Neoplasia stage cancer
  10. Pre-malignant tumor
  11. Non-invasive cancer
  12. Prostate cancer stage 1
  13. All skin cancers
  14. Malignant tumor in the presence of Human Immunodeficiency Virus
  15. Non-ST-segment Elevation Myocardial Infarction with an elevation of Troponin I or T
  16. Any other acute Coronary Syndromes
  17. Transient Ischemic Attacks (TIA)
  18. Neurological symptoms
  19. Angioplasty and the other intra-arterial procedures
  20. Key-hole surgery
  21. Guillain-Barré Syndrome that has caused paralysis

Things to Know Before Purchasing Reliance Nippon Life Whole Life Income Plan!

  1. Policy Premium Payment Term: 5-40 years
  2. Entry Age: 20-60 years
  3. Maturity Age: 85 & 99 years
  4. Sum Assured: INR 25,000 to No Limit
  5. Grace Period: 30 days from the date of the first unpaid premium
  6. Premium Payment Modes: Yearly, Half-yearly, Quarterly, or Monthly
  7. Tax Benefits: As per the prevailing income tax laws, you will receive tax benefits on your premium payment amount. This may be subject to change, so consult your tax advisor.
  8. General Exclusion: If the insured dies due to suicide within 12 months of policy risk commencement or revival date, the company will not pay for such claims.
  9. Free Look Period: 15 days is provided to the policyholder where he/she can read the company terms and conditions and return the same if not satisfied with the same. In such cases, policyholders receive a refund of the paid premiums after a deduction of the proportionate risk premium, stamp duty charge, and medical examination fee (if any).

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