Reliance Nippon Life Milestone Plan

Reliance Nippon Life Milestone Plan is a life insurance policy offered by Reliance Nippon Life Insurance that provides a lump sum benefit at maturity and a death benefit for your family in case of unforeseen circumstances.

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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

Eligibility Criteria  Details
Life Option - Entry Age Premium Payment Term (PPT) Annual Mode Non – Annual Mode
5 Pay PPT 8 – 52 years 8 – 45 years
7 Pay PPT 8 – 55 years 8 – 50 years
10 Pay PPT 8 – 60 years 8 – 55 years
15 Pay PPT 8 – 55 years 8 – 55 years
Maturity Age 18 – 75 years
Life Plus Option - Entry Age (for Life Assured) Premium Payment Term (PPT) Annual Mode Non – Annual Mode
5 Pay PPT 8 – 45 years 8 – 40 years
7, 10, 15 Pay PPT 8 – 45 years 8 – 45 years
Maturity Age 18 – 65 years
Life Plus Option - Entry Age (for Proposer) Premium Payment Term (PPT) Annual Mode Non – Annual Mode
5 Pay PPT 18 – 65 years 8 – 64 years
7, 10, 15 Pay PPT 18 – 55 years 18 – 55 years
Maturity Age 28 – 75 years
Premium Payment Term (PPT)
  • 5/ 7/ 10/ 15 years;
Policy Term (PT) 10/ 12/ 15/ 20 years
Premium Payment Frequency Monthly, Quarterly, Half-Yearly, Annually
Premium Amount ₹50,000 - No Limit

Investment Investment
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₹10,000/Month
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*Standard T & C Apply

People also read: Reliance Life Child Plans

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).

Invest More Get More
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 *

People also read: Child Education Plan

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.

People also read: Government Schemes for Girl Child

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.

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. 

FAQs

  • Is Reliance Nippon Life Insurance a good investment?

    Reliance Nippon Life Insurance is a reputable company with a good claim settlement ratio. However, whether it is a good investment depends on your individual needs and financial goals. Here is what to consider:
    • Type of policy: Reliance Nippon offers various plans like term life, ULIPs, and money-back plans. Each caters to different goals (protection, wealth creation, etc.).

    • Financial health: Research Reliance Nippon's financial stability and ratings from independent agencies.

    • Alternatives: Compare Reliance Nippon's plans with those from other insurers. Consider factors like premiums, coverage, and features.

  • What is Reliance Nippon Life Guaranteed Money Back Plan?

    Reliance Nippon Life Guaranteed Money Back Plan offers a combination of protection and savings. You pay premiums for a set term and receive guaranteed payouts at predefined intervals throughout the policy term.
  • What is the Reliance Golden Years Plan?

    The Reliance Golden Years Plan was a retirement plan offered by Reliance Nippon Life Insurance that is no longer available. It was designed to help you save money systematically over time in order to build a nest egg for your retirement.
  • How can I check my Reliance Nippon policy?

    There are a few ways to check your Reliance Nippon policy:
    • Online: Reliance Nippon offers an online customer portal where you can log in and access your policy details. You will need your policy number to register.

    • Customer Care: Call Reliance Nippon's customer care number and speak with a representative.

    • Branch Visit: Visit a Reliance Nippon branch with your policy documents for assistance.

*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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