Reliance Nippon Life Guaranteed Money Back Plan

Reliance Life Guaranteed Money Back Plan offers financial security without the hassle of market fluctuations. It ensures a steady stream of income with guaranteed money back at regular intervals. Additionally, it provides protection against accidental death and waives premiums in case of your unfortunate demise, helping you prepare financially for life's milestones.

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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

Eligibility Criteria  Details
Entry Age
  • 15 Years PT: 18 – 60 years;
  • 20 Years PT: 18 – 55 years.
Maturity Age 33 – 75 years
Premium Payment Term (PPT)
  • 5/ 7/ 10/ 15/ 20 years;
  • Age-based conditions for PPT:
  • 18 – 50 years of age: PPT is the same as PT;
  • 51 – 55 years of age: PT minus (–) 5 years;
  • 56 – 60 years of age: 5 years.
Policy Term (PT) 15/ 20 years
Premium Payment Frequency Monthly, Quarterly, Half-Yearly, Annually
Premium Amount Annual: ₹2,00,000 - No Limit;
Semi-Annual: ₹1,00,000 - No Limit;
Monthly: ₹20,000 - No Limit;
Sum Assured (SA) ₹50,000 – No Limit

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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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Invest ₹10K/Month YOU GET ₹1 Crores* For Your Child View Plans
Invest ₹8K/Month YOU GET ₹80 Lakhs* For Your Child View Plans
Invest ₹5K/Month YOU GET ₹50 Lakhs* For Your Child View Plans
Standard T&C Apply *

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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.

FAQs

  • What is the Reliance Nippon Life Guaranteed Money Back Plan?

    Reliance Nippon Life Guaranteed Money Back Plan is a non-linked, non-participating life insurance plan that provides guaranteed payouts during the policy term and a maturity benefit.
  • What are the benefits of the Reliance Nippon Life Guaranteed Money Back Plan?

    The Reliance Nippon Life Guaranteed Money Back Plan offers you with the following benefits:
    • Guaranteed Survival Benefits in the last 5 years of the policy term.

    • Guaranteed Loyalty Additions up to 40% of the sum assured on maturity.

    • Guaranteed Maturity Addition of up to 20% of the sum assured.

    • The death benefit is the highest of the Sum Assured on Death (10 times the annualized premium or Base Sum Assured) and 105% of total premiums paid.

    • Waiver of premium benefit on death (future premiums waived off).

    • Optional riders like Family Income Benefit Rider for additional income in case of death or disability.

  • What is the minimum sum assured for this plan?

    The minimum sum assured in the Reliance Nippon Life Guaranteed Money Back Plan is Rs. 50,000.
  • Is there a maximum limit on the sum assured?

    No, there is no maximum limit on the sum assured in the Reliance Nippon Life Guaranteed Money Back Plan.
  • Can I change the sum assured or policy term after the Reliance Nippon Life Guaranteed Money Back Plan is active?

    No, once the policy is active, the sum assured and policy term cannot be changed.
  • Is there a free look period for Reliance Nippon Life Guaranteed Money Back Plan?

    Yes, there is a free look period of 15 days for policies bought manually and 30 days for online purchases. You can review the policy terms of the Reliance Nippon Life Guaranteed Money Back Plan and surrender it within this period for a full refund.
  • What are the surrender options available?

    The Reliance Nippon Life Guaranteed Money Back Plan offers Guaranteed Surrender Value (after the first premium payment) and Special Surrender Value (based on paid-up sum assured and loyalty additions).

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
*Tax benefit is subject to changes in tax laws
^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.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.

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Reliance Life Child Plans Reviews & Ratings

4.1 / 5 (Based on 23 Reviews)
(Showing Newest 10 reviews)
Karan
Dhampur, July 26, 2016
Reliance child plan
The child insurance policy which i have buy for my son is very good with many benefits. Reliance life insurance provides the best services which is fast and on time. Perfect claiming process and coverage is high approx. 90%.
Taranpreet
Bhramgiri, July 12, 2016
Child Policy
Child insurance policy is very important and useful insurance for child secured future. Policy coverage is good and maximum expenditure is given by the insurer. Claiming is easy because of fast service provided by the company.
Navneet
Ahmedabad, June 29, 2016
Good Plan
My child's insurance policy is very good with some good benefits. The premium is less. Service facilitate by the company members. Internet service is also good and easy to access and anybody can use it. Good future security for my son and the policy fulfill my son's dream.
Deepshikha
Bengaluru, April 21, 2016
Average
I own reliance life child insurance policy plan which is an average one. The service is fast and the policy coverage is approx. 76%. The claims are okay but the claiming process is bit lengthy. Executives and staff members are doing great work with good response. Okay policy and good for tax saving. Good for middle class person.
Kunal
Delhi, April 21, 2016
Awesome Policy
The best child policy plan i bought from reliance life insurance and the policy plan is awesome. The policy coverage is 93% and the claims are 44 L after policy get mature. The investment is low and the returns are high. Good future plan with tax protection. Service you provided is very quick and on time till now.
Pariniti
Palwal, April 21, 2016
Great Deal
I had reliance life child policy plan for my child. The policy is nice, Good policy coverage ~93% and claiming amount is Rs.44 L after policy get mature. But the service is bit slow, please improve it. And the behaviour of the executives and staff members are nice. Good future investment with saving tax too.
Shashank
Panipat, April 21, 2016
Satisfactory Plan
I found awesome child policy plan from reliance life insurance. The claim is high and the policy coverage is 88%. Service you provided is fast and very quick. Daily updates are mail and texted to me. The policy is good for future investment and it saves taxes also.
Faisal
Thrissur, April 21, 2016
Nice Child Plan
I purchase child policy plan by reliance life insurance. Policy coverage is 92% and the claims are high. Premium is low and the services are fast and with great response from executives and staff members of the company. Good future investment and it saves taxes too. I'm happy with my policy plan.
Dev
Nawada, April 21, 2016
I Like The Policy
I buy a child policy plan for my child from reliance life insurance. Policy coverage is high 93% but the premium is low. Claims are easy to get because of the fast service provided by the executives and staff members. Daily updates are also mailed to me time to time. Fine policy good work. Good future investment and it save tax also. Like the policy.
Apoorva
Purwa, April 21, 2016
Superb Policy
The best child policy plan i bought from reliance life insurance and the policy plan is awesome. The policy coverage is 93% and the claims are 39 L after policy get mature. The investment is low and the returns are high. Good future plan with tax protection. Service you provided is very quick and on time till now.
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