Reliance Nippon Life Increasing Income

About Reliance Nippon Life Increasing Income

The Reliance Nippon Life Increasing Income plan is a non-participating life insurance plan that pays your money back in monthly installments. The monthly income can be a maximum of 2% of the base sum assured and the increase of 0.50% (maximum) is intended to help the policyholder with all of his/her life goals. The pay-outs are payable until the insured lives.

Let’s understand this plan in brief before getting into its details:

How Does the Plan Work?

Firstly, an individual is required to select one of the two variants of the plan from the following:

• Income Benefit with Maturity Benefit: The insured is paid a monthly income that increases annually, apart from a lump sum pay-out of a maturity benefit. Guaranteed monthly income is 1% of sum assured and increase is 0.25% p.a.  
• Only Income: The insured is paid a monthly income that increases every year. Guaranteed monthly income is 2% of sum assured and increase is 0.5% p.a.

A policy term is to be selected from 12, 16, 20, or 24 years and payments have to be made for the premium-payment term (half of the policy term). A sum assured is to be selected.

Note: Annual premium has to be a minimum of INR 15,000.

Death Benefits

In case of the untimely demise of the insured, the nominee receives a sum assured that is the highest of the following:

• 105% of total premiums paid
• 10 times of the annualized premium
• Base sum assured or guaranteed sum assured on maturity

The details mentioned above are for the 10X option. For the 7X option, the sum assured will be 7 times of the annualized premium instead of 10 times.

Riders

This plan comes with the following optional riders:

• Reliance Term Life Insurance Benefit rider: This rider provides an additional death benefit.
• Reliance Major Surgical Benefit rider: This rider provides lump sum payments for a list of 33 surgeries, including open heart surgery, kidney transplant, cornea transplant, and more.
• Reliance Critical Conditions (25) rider: This rider provides lump sum payments for 25 critical illnesses, including heart attack, paralysis, major organ transplant, and more.
• Reliance Family Income Benefit rider: This rider provides a monthly benefit of 1% of the sum assured every month.
• Reliance Accidental Death and Total and Permanent Disability rider: This rider provides an additional benefit if death or disability occurs due to an accident. This is available for both regular and limited premium modes.

Why Should I Buy This Plan?

In addition to the benefits mentioned earlier, here are some more reasons to consider buying the Reliance Nippon Life Increasing Income plan:

• The plan’s premiums can be paid off in limited years
• The premium-payment term is half the policy term
• The plan has a variety of riders to suit any need
• The monthly income is payable until a person lives, irrespective of the amount paid in premiums

Who Should Buy This Plan?

The plan can be purchased by citizens of India with a minimum age of 14 and maximum age of 60. The plan is a perfect investment option with a death cover that extends beyond the maturity period along with provisions of regular income.

Claim Process

Know claim process of Reliance Life Care For You Advantage Plan

Claim Process