Reliance Nippon Life Milestone Plan

What is the Reliance Nippon Life Milestone Plan?

Reliance Nippon Life Milestone Plan is a straightforward, participatory life insurance-based investment option. With this investment plan, you can build your savings securely while ensuring your loved ones are protected financially. It offers a lump sum payout at maturity and a comprehensive life insurance cover for your family's peace of mind.

Features of Reliance Nippon Life Milestone Plan

• Family Protection: Secure your family with life insurance coverage throughout the policy term.

• Savings Goal: Save with a lump sum benefit payable at maturity, helping you achieve financial goals.

• Flexible Settlement: Convert your maturity payout into regular income for 5, 10, or 15 years with the settlement option.

• Life Plus Option (Optional): This option provides a waiver of premium benefits. In case of the policyholder's death during the premium payment term, all future premiums are waived, and the policy continues with the benefits intact.

• Bonus Boost: Boost your savings with accrued bonuses starting from the first year.

• Flexible Premium Payment: Customise premium payment terms of 5, 7, 10, or 15 years to match your financial goals, with the added benefit of a premium waiver.

• Enhanced Protection: Enhance protection with additional rider benefits for life's uncertainties.

• Settlement Option: At maturity, you can choose to receive the maturity benefit as a lump sum amount or convert it into a regular income stream.

• Tax Advantages: You can enjoy tax benefits on premium paid and maturity benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

Eligibility Criteria

Investment

Secure

Secure your child’s future with or without you

Start Investing

₹10,000/Month

& Get

₹1 Crore^*

VIEW PLANS

*Standard T & C Apply

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Benefits of Reliance Nippon Life Milestone Plan

1. Bonus:

   • Annually, the Reliance Nippon Life Insurance Company will declare Compounded Reversionary Bonuses, calculated as a percentage of the Base Sum Assured and any accrued Reversionary Bonuses.

   • Once declared, the Compounded Reversionary Bonus will be added to your policy, provided it is active and not in lapse or paid-up status.

2. Maturity Benefit:

   • If you survive till the end of the Policy Term with all premiums paid, you'll receive:

     • Sum Assured on Maturity

     • Accrued Compounded Reversionary Bonus (if any)

     • Terminal Bonus (if any)

   • The Sum Assured on Maturity equals the Base Sum Assured. Here, the policy ends upon receiving the maturity benefit.

3. Settlement Option:

   • You can opt to convert some or all of your maturity benefits into periodic payments, subject to specific terms. The policy ends upon the final instalment.

4. Death Benefit:

   • In case of the Life Assured's demise during the Policy Term with an active policy, the nominee will receive:

     • Sum Assured on Death plus Accrued Compounded Reversionary Bonus and Terminal Bonus (if any), OR

     • 105% of all premiums paid, excluding certain additional premiums, as on the date of death.

   • The policy terminates upon the payment of the death benefit.

5. Policy Loan:

   • You can avail of a loan of up to 80% of the surrender value until the policy matures. The interest rate is subject to change and is currently at 9% per annum.

6. Premium Rate Discount:

   • Premium rates receive a discount based on the annualised premium band, as outlined in the provided table.

7. Tax Advantages:

   • You can lower your taxable income by deducting premiums paid (up to ₹1.5 lakh) under Section 80C. 

   • Additionally, get tax-free payouts on maturity amount if you paid annual premiums of less than ₹2.5 lakh under Section 10(10D).

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Rider Benefits of Reliance Nippon Life Milestone Plan

To protect against unexpected events, the insurer offers additional options with the Reliance Nippon Life Milestone Plan at a low cost:

• Reliance Nippon Life Accidental Death Benefit Rider: Gives a lump sum if the insured dies due to an accident.

• Reliance Nippon Life Accidental Death and Disability Rider: Provides a lump sum for accidental death. Also pays out the sum assured in equal annual instalments over 10 years for total and permanent disability.

• Reliance Nippon Life Accidental Death and Disability Plus Rider: Like the previous rider, it also includes a waiver of future premiums under the base policy for disability.

• Reliance Nippon Life Critical Conditions Rider: Offers a lump sum for 25 critical conditions such as cancer, heart attack, and major organ transplant.

Please Note:

• You can choose only one of the first three accidental riders.

• The Life Plus Option does not include the Reliance Nippon Life Accidental Death and Disability Plus Rider.

Policy Details of Reliance Nippon Life Milestone Plan

• Grace Period for Premium Payment: If you cannot pay your premium on time, you have 30 days (15 days for monthly payments) as a grace period. During this time, your policy stays active, and you are still covered, but any claims will have the overdue premium deducted.

• Premium Discontinuance and Lapse: Your policy builds surrender value after paying premiums for at least two full years (if the payment term is less than 10 years) or three full years (if it is 10 years or more). If you stop paying before this, your policy lapses after the grace period. In this case, no benefits are paid, and bonuses do not accumulate.

• Accidental Riders: You can attach one of the first three accidental riders to your policy. Life Plus option excludes the Accidental Death and Disability Plus Rider.

• Critical Conditions Rider: This rider provides a lump sum for 25 critical conditions like cancer, heart attack, and paralysis.

• Reduced Paid-Up Basis: If your policy has a surrender value and you stop paying premiums, you can continue it on a reduced paid-up basis, with reduced death and maturity benefits.

• Surrender Value: If you surrender your policy with a value, you will receive either the guaranteed surrender value or the special surrender value, whichever is higher.

• Revival: You can revive a lapsed/paid-up policy within two years from the due date of the first unpaid premium by paying all outstanding premiums with interest.

• Policy on Minor Lives: Minor lives are covered from the start with 100% of the Sum Assured on Death. Ownership transfers to the minor upon turning 18.

• Alterations: You cannot change the Base Sum Assured, Policy Term, Premium Payment Term, or Plan option after the policy starts.

• Free Look Period: If you disagree with the policy terms, you can cancel within 15 days (30 days for distance sales) for a refund, minus a proportionate risk premium and incurred expenses.

• Nomination and Assignment: You can nominate and assign the policy as per the Insurance Act 1938.

• Online Buying Option: The policy is available for purchase through the company's website and other online portals.

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How Does the Reliance Nippon Life Milestone Plan Work

Step 1- Choose the life-insured person as yourself or someone else you have a financial interest in.

Step 2- Select the following information to personalise your investment plan:

• Amount of premium

• Duration for paying premiums (Premium Payment Term)

• Overall length of the policy (Policy Term)

The "Base Sum Assured" will be calculated based on your selections.

Step 3- Upon maturity of the policy, you will receive the "Base Sum Assured" plus any accrued bonus.

Step 4- Choose whether to receive the maturity benefit all at once or as regular income through the Settlement Option.

Step 5- If the Life Assured passes away during the policy term, the nominee will receive a lump sum benefit.

Step 6- You can opt for one of two plan options: Life Option or Life Plus Option. The Life Plus Option involves a Proposer other than the Life Assured who pays the premiums.

Step 7- With the Life Plus Option, if the person paying the premiums (Proposer) passes away during the premium payment term, all future premiums are waived, and the policy continues with its benefits intact.

NOTE:

• Remember, you must select your plan option when you start the policy, and you cannot change it later.

• When discussing age, it is based on the last birthday.

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Suicide Exclusion

If the Life Assured passes away within 12 months of the policy's start date due to suicide, whether they were sane or not, the nominee or beneficiary will receive 80% of the premiums paid if the policy is active. If the policy has been revived, the nominee or beneficiary will receive either 80% of the premiums paid until the date of death or the Surrender Value, whichever is higher, as long as the policy is active at the time of death.