Reliance ULIP Plan is an attractive investment plan that seamlessly combines the benefits of insurance and investment under one comprehensive product. These investment options are offered by Reliance Life Insurance, which is a trusted name in the financial sector. The Reliance ULIP Plans offer a unique opportunity to grow your wealth while providing financial security.
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Reliance ULIP Plan is an investment product offered by Reliance Life Insurance that combines life insurance coverage with investment options.
ULIP stands for Unit Linked Insurance Plan, where a portion of the premium is allocated towards life coverage, and the remaining is invested in market-linked funds. This plan allows you to grow your wealth while ensuring financial protection potentially.
The returns from the investment are subject to market performance, making it a dynamic and risk-involved financial instrument.
There are four types of Reliance ULIP plans available for you to invest:
Reliance Nippon Life Prosperity Plus
Reliance Nippon Life Smart Savings Insurance Plan
Reliance Nippon Life Premier Wealth Insurance Plan
Reliance Nippon Life Classic Plan II
| Reliance Life ULIP Plan | Entry Age | Maximum Maturity Age | Premium Payment Term (PPT) | Policy Term (PT) | Minimum Premium (in Rs.) | Tax Benefits under the Income Tax Act, 1961 |
| Reliance Nippon Life Prosperity Plus | 1 - 60 years | 18 - 70 years | Limited Pay: 5/ 10/ 15 years; Regular Pay: Same as PT; Single Pay |
Regular: 10/ 15 to 20 years; Limited: 6/ 10/ 15 years; Single: 10/ 15 to 20 years |
Regular/ Limited: Rs. 1 lakh; Single: Rs. 5 lakhs | Section 80C and Section 10(10D) |
| Reliance Nippon Life Smart Savings Insurance Plan | 1 - 60 years | 18 - 70 years | Regular: Same as PT; Limited: 5/ 7/ 10 years |
10/ 15 to 30 years | Rs. 48,000 per annum | Section 80C and Section 10(10D) |
| Reliance Nippon Life Premier Wealth Insurance Plan | 3- days - 60 years | 18 - 70 years | Limited: 5/ 7/ 10 years; Regular: Same as PT; Single |
Limited: 5/ 10 - 30 years; Regular: 10 - 30 years; Single: 10 - 30 years |
Limited/ Regular: Rs. 2 lakhs; Single: Rs. 5 lakhs |
Section 80C and Section 10(10D) |
| Reliance Nippon Life Classic Plan II | 7 - 60 years | 22 - 75 years | Regular: Same as PT; Single |
15 - 30 years | Singel: Rs. 75,000; Regular: Rs. 20,000 per annum |
Section 80C and Section 10(10D) |
In the following sections, you will learn the key features of different types of Reliance ULIP Plans in detail.
A Unit-Linked, Non-Participating, Individual Life Insurance Plan that provides secure life coverage throughout the policy term. You can select investment strategies aligned with financial goals, and enjoy rewards through Loyalty & Maturity Additions for staying invested.
Ensure your family's financial security throughout the policy term with a customizable life insurance cover.
Systematic Transfer Plan (STP): The STP feature allows you to handle volatility in the equity market.
Systematic Withdrawal Option: You can access accumulated wealth as needed to meet your financial requirements.
Loyalty Additions (after 6th Policy year): Boosts your fund by staying invested for longer.
Return of Policy Administration Charges at Maturity: The plan returns the total Policy Administration Charges deducted during the term.
A Unit-Linked, Non-Participating investment plan where securing your family's future is paramount. The plan provides you with a pre-set fund allocation that aligns with your life stage. You also earn rewards along with active investment management.
Self-Managed Option: Allows you to directly control and manage your investments.
Auto-Managed Option: It automatically manages your investments with two options:
Target Maturity: It provides tailor-made solutions with automatic asset allocation based on your goal's time frame.
Life-Stage: You can balance equity and debt through systematic allocation tied to your life stage.
High Rewards:
You can enjoy reduced charges on higher premium amounts.
Provides you rewards for opting to pay for a longer term through loyalty additions.
Enhances your fund value by staying invested longer with wealth boosters.
People also read: What is ULIP
An innovative Unit-Linked, Non-Participating, Individual Life Insurance Plan. The plan offers you optimal wealth management experience, seamless investment style switching, and exclusive rewards for staying invested. You can enjoy tax benefits on investment and maturity amounts under the Income Tax Act, 1961.
Self-Managed Option: You can directly control and manage your investments.
Auto-Managed Option: This option automatically handles your investments with two choices:
Target Maturity: Provides tailor-made solutions with automatic asset allocation between equity and debt based on your goal timeline.
Life-Stage: It balances equity and debt through systematic asset allocation tied to your life-stage.
Wealth Boosters: The plan provides you with Wealth Boosters annually starting from the eighth Policy year.
A Unit-Linked, Non-Participating, Individual Life Insurance Plan that allows you to take charge of your investments, secure them with a life cover, switch funds at will and pay flexibly. The plan offers you tax benefits under the Income Tax Act, 1961.
Investment Options: You can choose from 7 funds (4 Equity-oriented funds, 1 Balanced fund, 2 Debt-oriented funds) based on your risk appetite.
Free Fund Switching: The plan offers you the benefit of 52 free switches among the 7 investment funds.
Market Volatility Management: You can opt for a Systematic Transfer Plan (STP) to navigate equity market fluctuations
Premium Redirection: The plan offers you the Premium Redirection feature to modify future premium investment patterns.
People also read: ULIP Calculator
You can follow the steps mentioned below to start investing in Reliance ULIP Plan:
Step 1: Visit the Reliance Nippon Life Insurance website and go to the 'Buy Online' section.
Step 2: Select the 'ULIP' option from the 'Life Insurance Plans' menu. The website will direct you to a page that lists all of Reliance Nippon Life Insurance's ULIP plans.
Step 3: Choose the plan that best suits your needs. Click on the 'Get a Quote' button on the plan page.
Step 4: Enter your personal information, such as your name, date of birth, and contact details. Also, select your desired policy term, sum assured, and premium payment frequency.
Step 5: Choose your investment fund options. Reliance Nippon Life Insurance offers a variety of funds with different risk profiles.
Step 6: Review your quote and click on the 'Buy Now' button. You will be directed to a secure payment gateway where you can make your payment.
Step 7: Once your payment is processed, your Reliance ULIP policy will be issued and you will receive a policy document electronically.
*All savings are provided by the insurer as per the IRDAI approved insurance
plan. Standard T&C Apply
Tax benefit is subject to changes in tax laws
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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