Reliance Nippon Life Guaranteed Money Back Plan

What is Reliance Nippon Life Guaranteed Money Back Plan?

Reliance Nippon Life Guaranteed Money Back Plan is a non-linked, non-participating money-back insurance plan offered by Reliance Nippon Life Insurance. This investment plan focuses on providing guaranteed returns and survival benefits along with a death benefit.

Features of Reliance Nippon Life Guaranteed Money Back Plan

The key features of this best investment option offered by Reliance Nippon Life Insurance are mentioned below:

• Guaranteed Money Back Benefits: Receive yearly payouts of guaranteed money-back benefits during the last five policy years.

• Guaranteed Loyalty Additions: Enjoy loyalty additions of up to 40% of the base sum assured, guaranteed.

• Guaranteed Maturity Addition: Benefit from a guaranteed maturity addition of up to 20% of the base sum assured.

• Death Benefits: Upon death, the nominee receives:

  • 100% of the base sum assured.

  • Money back benefits.

  • Maturity benefits are outlined in the contract at specific intervals.

• Additional Sum Assured for Accidental Death: Get an additional sum assured of up to ` 50 Lacs in the event of accidental death.

• Optional Rider Benefits: Choose from a range of optional rider benefits to enhance your protection cover.

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Eligibility Criteria

Investment

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Secure your child’s future with or without you

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₹10,000/Month

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₹1 Crore^*

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Benefits of Reliance Nippon Life Guaranteed Money Back Plan

1. Life Cover Benefit:

   • If you pass away during the policy term while the policy is active, a lump sum benefit will be paid.

   • If the death is non-accidental, the Sum Assured is paid, regardless of any previous payouts.

   • In case of accidental death before age 65, an additional amount equal to the base sum assured will be paid, up to a maximum of ₹50 lakhs.

2. Money Back Benefit:

   • Regular money-back benefits, as a percentage of the base sum assured, will be paid on specific policy anniversaries, regardless of the insured's survival.

3. Maturity Benefit:

   • At the end of the policy term, if the policy is active and not paid up, the insured will receive:

     • Accrued Guaranteed Loyalty Additions

     • Guaranteed Maturity Additions

   • The policy concludes upon payment of the maturity benefit.

4. Guaranteed Loyalty Addition:

   • Each year, a loyalty bonus of 2% of the base sum assured or the paid-up sum assured will be added, given that the policy remains in force without surrendering or lapsing.

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Rider Benefits of Reliance Nippon Life Guaranteed Money Back Plan

Optional riders are available with the Reliance Nippon Life Guaranteed Money Back Plan only during the premium payment term, with an additional premium, if conditions (entry age, policy term, sum assured) are met.

These riders can be chosen when starting the policy or on any policy anniversary.

• Reliance New Major Surgical Benefit Rider: Offers a lump sum to cover surgical expenses for 33 listed surgeries, such as Open Heart surgery, Kidney Transplant, Cornea transplantation, and more. The benefit varies depending on the policy term.

• Reliance New Critical Conditions (25) Rider: Provides a lump sum for 25 critical conditions like Cancer, Heart Attack, Paralysis, and Major Organ transplant.

• Reliance Term Life Insurance Benefit Rider: Gives additional death benefit based on the chosen sum assured.

• Reliance Life Insurance Family Income Benefit Rider: Provides a monthly benefit of 1% of the sum assured in case of death or total and permanent disablement of the life assured, lasting until the end of the rider policy term or 10 years, whichever is later, before the policy matures. The sum assured under the rider cannot exceed that of the basic plan, and the total rider premiums must not surpass 30% of the basic plan premiums.

If the basic plan lapses, surrenders, or is forfeited, the attached rider will also terminate immediately.

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Policy Details of Reliance Nippon Life Guaranteed Money Back Plan

1. Premium Payment Grace Period:

   • You have 30 days after the due date to pay regular premiums. For monthly payments, the grace period is 15 days.

2. Discontinuing the Policy:

   • If you want to stop the policy, you can get a surrender value after paying premiums for at least three years. The surrender value depends on factors like surrender year, policy term, and chosen premium payment term.

3. Discontinuation Consequences:

   • If you stop paying premiums:

     • The policy will lapse if not fully paid for the first three years, and all benefits cease immediately.

     • The policy can be revived within a certain period; otherwise, it's terminated.

     • If premiums are paid for three years, the policy becomes paid-up, with reduced benefits.

4. Reviving a Lapsed or Paid-Up Policy:

   • You can revive a lapsed or paid-up policy within a revival period by paying overdue premiums with interest. Rider benefits can also be revived by paying overdue premiums with interest.

5. 15-Day Free Look Period:

   • If you disagree with the policy terms, you can return it within 15 days for cancellation. You will get a refund of the premium paid minus a proportionate risk premium and incurred expenses.

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How Does the Reliance Nippon Life Guaranteed Money Back Plan Work

Step 1- Premium Payment:

• Pay premium yearly during the chosen premium paying term.

• Premium paying terms depend on the policyholder's age, sum assured, policy term, and chosen premium paying term.

Step 2- Money Back Benefits:

• Receive money-back benefits annually during the last five years of the policy term.

• Benefits are paid regardless of the life assured's survival.

Step 3- Death Benefit:

• Upon the death of the life assured, the sum assured is paid immediately.

• The nominee receives the sum assured regardless of the periodic lump sum benefits already paid.

• The nominee also receives money-back benefits and maturity benefits as per the contract terms.

Step 4- Death Due to Accident:

• In the case of death due to an accident, an additional amount equal to the base sum assured is paid.

Step 5- Maturity Benefit:

• Upon maturity, receive an amount equal to Accrued Guaranteed Loyalty Additions plus Guaranteed Maturity Additions.

• This is in addition to the Money Back Benefit.

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Suicide Exclusion

If the insured person takes their own life within 12 months of starting or reinstating this policy, regardless of their mental state, the death benefit will only be the cash surrender value of the policy, if available. The insurance company will not provide any other benefits in this case.