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Reliance Nippon Life Whole Life Income Plan



A non-linked, participating, whole life plan with assured regular income.

In life, we generally have two main financial needs- how to live a comfortable life and how to take care of our loved ones in case of any unfortunate event. This is a plan which would take care of your regular income needed to lead a comfortable life and also lets you leave behind a legacy for your next generations. In other words, you live through the benefits and also leave enough for the next generation. Reliance Nippon Life Whole Life Income provides you with a regular income that will continue till you have reached 85 years of age along with a life cover to protect your family from any financial uncertainties arising from any unforeseen eventuality.

5 Reasons to Buy

  • Gift yourself an income for your whole life
  • Prepare for your expenses post retirement
  • Secure a good lifestyle for your family
  • Avail tax benefits, as per applicable tax laws
  • Leave behind a legacy for your family
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Benefits

Get assured income for a lifetime (up to 85 years of age)

  • Guaranteed Income every year, from the start of the 10th Policy Year, as mentioned below


Base Sum Assured Guaranteed Income (as a % of Base Sum Assured)
Less than Rs 2,50,0006.00%
2,50,000 and above, but less then 5,00,0006.50%
5,00,000 and above6.75%


  • Cash Bonuses every year, from the start of the 6th Policy Year

Maturity Benefit

  • Get the Guaranteed Sum Assured on Maturity.

Pay as you like

  • Choose how long you want to pay – 10 or 15 years
  • Choose your premium payment frequency – Yearly, Half-yearly, Quarterly or Monthly

Protection for your family

  • Get life cover till the age of 85 years.

Liquidity

  • Avail of loan facility during the Policy Term to meet unforeseen needs.

Tax Benefits

  • Avail of tax benefits on the premiums paid and benefits received, as per applicable Income Tax laws.

Benefits in Detail

Income Benefit

On survival of the Life Assured, provided the Policy is in-force and all due premiums have been paid, the following benefits will be payable up to the age of 85 years

Guaranteed Income

You will receive Guaranteed Income, payable every year as a percentage of Base Sum Assured, starting from the beginning of the 10th Policy Year, as mentioned below:

Base Sum Assured Guaranteed Income (as a % of Base Sum Assured)
Less than Rs 2,50,0006.00%
2,50,000 and above, but less then 5,00,0006.50%
5,00,000 and above6.75%

Cash Bonuses

Additionally, you will receive Cash Bonuses, payable every year as a percentage of Base Sum Assured, starting from the beginning of the 6th Policy Year. These Cash Bonuses are not guaranteed and will depend on future performance of the participating fund for investments under this product.

Maturity Benefit

On survival of the Life Assured till the age of 85 years, provided the Policy is in-force and all due premiums have been paid, you will receive the Guaranteed Sum Assured on Maturity (which is equal to the Base Sum Assured).

Death Benefit

In case of unfortunate demise of the Life Assured during the Policy Term, provided the Policy is in-force and all due premiums have been paid in full as on the date of death, the claimant(s) shall receive the Sum Assured on Death as a Death Benefit. The Death Benefit is subject to a minimum of 105% of all the premiums paid (excluding extra premiums) as on the date of death.
Where Sum Assured on Death is the highest of:

  • Annualised Premium x Death Benefit Multiple; Or
  • Base Sum Assured; Or
  • Guaranteed Sum Assured on Maturity


The Death Benefit Multiple is 10 for entry age less than 45 years and 7 for entry age 45 years & above.

The above death benefit is payable irrespective of any survival benefits already paid. The Policy will be terminated on payment of death benefit.

Other Features

Loan

Base Sum Assured Guaranteed Income (as a % of Base Sum Assured)
Less than Rs 2,50,0006.00%
2,50,000 and above, but less then 5,00,0006.50%
5,00,000 and above6.75%

You may take a loan against your Policy once it has acquired a Surrender Value. The maximum loan that can be availed is 80% of the Surrender Value under the Base Plan T&C. The interest on loans will be charged at market-related rates set by the Company from time to time. Please contact us to know the prevailing rate of interest on loans.

Riders

To safeguard yourself and your family members against certain unfortunate events, we offer the following riders with this plan at a nominal cost.

  • Reliance Nippon Life Term Life Insurance Benefit Rider (UIN: 121B009V02): Provides an additional Death Benefit depending on the Sum Assured selected under the rider
  • Reliance Nippon Life Major Surgical Benefit Rider (UIN: 121B014V02): Provides a lump sum amount to cover surgical expenses from a list of 33 surgeries including open heart surgery, kidney transplant, cornea transplantation, transplant of lungs and many more
  • Reliance Nippon Life Critical Conditions (25) Rider (UIN: 121B012V02): Provides a lump sum amount to take care of 25 critical conditions including cancer, heart attack, paralysis, major organ transplant and many more
  • Reliance Nippon Life Family Income Benefit Rider (UIN: 121B015V02): Provides a monthly benefit of 1% of Sum Assured every month (i.e.12% per annum). The benefit is payable from the date of death till the end of the rider Policy Term or 10 years whichever is later, in the event of death/total and permanent disablement due to accident or sickness, before the maturity of the policy
  • Reliance Nippon Life Accidental Death Benefit and Total and Permanent Disablement Rider (Regular Premium) (UIN: 121B002V02): Provides an additional death/disability benefit if death/disability occurs directly as a result of an accident. Also, the waiver of premium benefit under the rider continues in the plan in case of disability

For further details on all the conditions, exclusions related to the insurance riders, please read the rider terms and conditions and rider sales brochure carefully or contact your insurance advisor.

Flexible Premium Payment Modes

You have an option to pay premiums Yearly, Half-yearly, Quarterly or Monthly. Quarterly and monthly modes are allowed only if the premiums are paid electronically, such as ECS. For monthly mode, first two months premiums will be collected in advance at the time of issuance of the policy.

Mode Yearly Half – Yearly Quarterly Monthly
Modal Loading ( as a % of Annualised Premium) Nil 1% 2% 4%

The Policy holder may request to change the mode and frequency of payment of Regular Premiums on any Policy Anniversary date during the Premium Payment Term.

Indicative Premium Rates

Sample premium rates per Rs.1000 of Base Sum Assured for a healthy male are as below:

Premium Payment
– Term (Years)/Age
(Years).		 0 5 10 15 20 25 30 35 40 45 50 55
10 250.37 244.46 243.10 242.94 242.79 242.35 242.05 241.66 240.02 231.83 228.62 224.18
15 182.18 179.11 178.53 178.34 178.14 177.94 177.48 176.45 174.55 169.30 166.40 163.28

Grace Period for Payment of Premiums

If you are unable to pay your premium by the due date, you will be given a grace period of 30 days (15 days for monthly mode). During the grace period the Policy shall continue to remain in-force along with all benefits under this Policy and claim, if any, shall be payable subject to deduction of the unpaid due premium.

Premium Discontinuance

The Policy shall acquire Surrender Value if at least three Annualised Premiums have been paid in full. If you discontinue the payment of premiums before your Policy has acquired a Surrender Value, your Policy will lapse at the end of the grace period and the death Benefit and rider benefits, if any, will cease immediately and no benefits will be paid when the Policy is in a lapsed status. If the Policy has acquired a Surrender Value and no future premiums are paid, you may choose to continue your Policy on Paid-up basis. On your Policy becoming Paid-up the benefits under the plan will be reduced as given below.

Benefits Payout
Death Benefit during the Policy Term Paid-up Sum Assured on Death, where
Paid-up Sum Assured on Death = Sum Assured on Death x Paid-up
Factor*
Survival Benefit Guaranteed Income as a percentage of Paid-up Sum Assured, Where
Paid-up Sum Assured = Base Sum Assured x Paid-up Factor*
Paid-up Sum Assured on Maturity will be payable, where
Guaranteed Sum Assured on Maturity x Paid-up Factor*
Maturity Benefit

#Paid-up Factor = Number of premiums paid/Number of premiums payable All rider benefits will cease immediately and no Cash Bonuses shall be payable under the Policy, once the Policy acquires Paid-up status.

Surrender

If your Policy has acquired a Surrender Value, as explained in the premium discontinuance section, and you choose to discontinue your Policy, you will be entitled to the Surrender Value, which is higher of the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV) of the Policy. The details of GSV and SSV are provided in the Policy document. The Policy will be terminated once it is surrendered and cannot be reinstated.

Revival

You can revive your lapsed/Paid-up policy and the riders for its full coverage within two years from the due date of the first unpaid premium but before Policy maturity, by paying all outstanding premiums together with the interest, as applicable. The interest for revival of the Policy will be charged at market related rates set by the Company from time to time. Please contact us to know the prevailing rate of interest for revival of policies. Revival of the Policy and riders, if any, is subject to Board approved underwriting policy, i.e. the Life Assured may have to undergo medical tests, financial underwriting etc.


Source: Reliance Nippon Life Insurance Company Limited Website
Reliance Securities is a distributor of Mutual Funds, Portfolio Management Services(PMS), Corporate Fixed Deposits, Bonds/NCDs, Insurance, IPOs, Structured Products and Loans.