Induslnd Nippon Guaranteed Advantage Income Plan

Eligibility Criteria for the Induslnd Nippon Guaranteed Advantage Income Plan

Features of the Induslnd Nippon Guaranteed Advantage Income Plan

Some of the key features of the Induslnd Nippon Guaranteed Advantage Income Plan include:

• Instant Cashback Benefit: The plan offers an Instant Cashback benefit that provides instant liquidity at the start of the policy. Policyholders may receive up to 50% of their annualised premium as cashback after the payment of the first premium, subject to policy conditions.
• Guaranteed Annual Income: The policy provides guaranteed annual income starting from the second policy year. This income continues until the end of the policy term, helping policyholders create a predictable stream of funds.
• Lump Sum Maturity Benefit: At the end of the policy term, the plan pays a guaranteed lump sum maturity benefit if the policy remains active. This amount can be used for major financial goals such as retirement or future family expenses.
• Flexi Wallet Facility: The plan includes a Flexi Wallet feature that allows policyholders to accumulate their income payouts or withdraw them whenever required. This provides additional flexibility in managing funds.
• Life Insurance Protection: In addition to income benefits, the plan provides life insurance cover throughout the policy term. This ensures financial protection for the policyholder’s family in case of an unfortunate event.
• Tax Benefits: Premiums paid and benefits received under the policy may be eligible for tax benefits as per applicable tax laws.

You can explore other options under Reliance Life Investment Plans to find policies designed for long-term savings and protection.

Benefits of the Induslnd Nippon Guaranteed Advantage Income Plan

The plan offers a combination of savings and protection benefits, making it suitable for individuals looking for a stable income and financial security.

• Instant Cashback Benefit: The benefit can be awarded to policyholders who successfully pay the first premium, after which they can get instant Cashback within the 7 working days following the release of the premium or issuance of the policy, whichever is later. This offers instant liquidity during the commencement of the policy.
• Guaranteed Income Benefit: The plan provides guaranteed income from the second policy year until the end of the policy term. Depending on the variant selected, policyholders may receive early income followed by regular income payouts.
• Maturity Benefit: When the policyholder outlives the expiry date of the period the policy is being effected, then the policyholder receives a sum of money in the form of a lump sum as a maturity benefit. This payment could be utilised in providing for the long term financial requirements, such as retirement funds or child schooling.
• Death Benefit: This is paid to the nominee in case of the occurrence of the death of the life assured during the policy term. The family is insured by the predetermined death benefit as per the terms of the policy.
• Tax Benefits: Premium payments and benefits received may be eligible for tax benefits, as per the applicable provisions of income tax laws.

You may also compare different investment plans to choose a policy that supports both wealth creation and life cover.

Policy Details of the Induslnd Nippon Guaranteed Advantage Income Plan

Understanding the policy conditions helps policyholders make better decisions when selecting a savings plan for long-term financial planning.

1. Grace Period

   A grace period is provided if the policyholder misses the premium due date. During this period, the premium can still be paid without losing policy benefits.

2. Revival

   If the policy lapses due to failure to pay the premiums, it can be revived within the revival period by payment of all outstanding premiums, including applicable charges, as per the policy terms.

3. Free Look Period

   Policyholders are given a 15-day free look period to review the policy document after receiving it. In policies that are bought under distance marketing, then it has a free look period of 30 days.

4. Surrender

   The policy may be surrendered after paying the required minimum premiums. The surrender value will be paid according to the policy conditions.

5. Fund Switching

   Fund switching is not available under this plan because it is a traditional non-linked savings plan.

6. Loan

   Once the policy has a surrender value, the policyholder may be eligible to take a loan against it, subject to the insurer’s terms and conditions.

Exclusions Under the Induslnd Nippon Guaranteed Advantage Income Plan

Suicidal cover

This is a benefit which is paid as per the policy terms in the event that the life assured commits suicide, whether through self-infliction or otherwise, within the 12 months of commencement or revival of the policy.