Reliance ULIP Plan

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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Introduction of Reliance ULIP Plan

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.

Types of Reliance ULIP Plan

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.

  1. Reliance Nippon Life Prosperity Plus

    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. 

    Features of Reliance Nippon Life Prosperity Plus:

    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.

    Invest more and Get more with ULIP Plan Invest more and Get more with ULIP Plan
  2. Reliance Nippon Life Smart Savings Insurance Plan

    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. 

    Features of Reliance Nippon Life Smart Savings Insurance Plan:

    • 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

  3. Reliance Nippon Life Premier Wealth Insurance Plan

    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.

    Features of Reliance Nippon Life Premier Wealth Insurance Plan:

    • 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.

    Invest in high growth ULIP Plans Invest in high growth ULIP Plans
  4. Reliance Nippon Life Classic Plan II

    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.

    Features of Reliance Nippon Life Classic Plan II:

    • 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

How to Buy Reliance ULIP Plan Online?

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.

Reliance Life ULIP Plans - FAQ

  • How can I check my Reliance ULIP policy status?

    There are three convenient ways to check your Reliance ULIP policy status:
    • Through the Reliance Nippon Life Insurance customer portal

    • By calling Reliance Nippon Life Insurance customer care

    • By visiting a Reliance Nippon Life Insurance branch

  • What is the return of Reliance ULIP plan in 10 years?

    The 10-year annualized returns of Reliance Nippon ULIP Plan range between 10% - 18% p.a.
  • Is Reliance ULIP plan good for 5 years?

    The decision of whether Reliance ULIP policy is good or not depends on your individual financial goals, risk tolerance, and investment preferences. The below mentioned advantages and disadvantages of a ULIP plan can help you in better decision making: 
    • Advantages of Reliance ULIP plan:

      • High returns through market-linked investments

      • Life insurance coverage

      • Tax benefits under Section 80C and 10(10D)

    • Disadvantages of Reliance ULIP plan:

      • Investment risk due to market fluctuations

      • Short-term liquidity is not available due to 5-year lock-in period

      • Levies charges and fees, like policy fees, fund management charges, mortality charges.

  • Can I withdraw Reliance ULIP policy after 5 years?

    Yes, you can withdraw Reliance ULIP plan after 5-year lock-in period under the following conditions:
    • Surrendering your policy

    • Partial withdrawals after 5 years

  • What is the new name of Reliance Life Insurance?

    The new name of Reliance Life Insurance is Reliance Nippon Life Insurance Company.
  • Can I trust Reliance Nippon Life Insurance?

    Yes, you can trust Reliance Nippon Life Insurance Company (RNLIC) due to the following factors:
    • Strong financial standing

    • Good Claim Settlement Ratio of 98.60% as of March 2023

    • Offers a wide range of financial products for protection, child education, retirement, savings, investment, and health

    • RNLIC is a well-recognised brand in India

    • RNLIC has a wide network of branches and advisors

  • How to pay premium? What are the modes of payment available?

    RELIANCE LIFE Insurance offers basic 4 modes of premium payment. They are as follows:
    • Online- Requires you to login through your client Id and password, select the online medium to pay the premium.
    • Pay at Suvidha Center- This helps to locate the nearest branch office wherein payment can be done via cheque or cash.
    • Bill Junction or Bill Desk option- This requires registering oneself in the site and clicking on the Pay Reliance Life Insurance option to authorize the payment.

    For online payment mode, the policyholder can pay via;

    • Credit Card
    • Debit Card
    • Netbanking facility

    One can also avail Electronic Clearance System ECS) for paying premium of renewed policies.

  • How can I check policy status for Reliance Life ULIP plans?

    For checking the policy you must register first on e-portal. After generating the password, login to your account. Then click on the ‘Policy Details’ tab to get the status of the desired policy number.
  • What is the policy renewal process for Reliance Life ULIP plans?

    Renewal of policy can be done by two modes:
    • Online
    • Electronic Clearance System(ECS)

    For Online renewal process, login to your account and click on the required renewal tab after selecting the payment mode. Payment can be done via cash, cheque or through net banking.

    For renewing the policies using Credit Card Mode, fill in the required mandatory form along with photocopy of Credit card. Within a period of 10 days, the credit card information will be registered for renewal process.

    ECS facility can be availed by filling in the desired form and submitting the required documents. The bank will process the information within 30 days of receipt of the same. In case the premium renewal date falls on a holiday, the amount will be debited on the next working day.

  • What is the company’s process to settle claim for Reliance Life ULIP plans?

    The company guarantees 12-day claims settlement policy. You must attach the correct documents with the claims form and send it to the nearest branch office in your city. To find the relevant documents for the particular claim, please visit the Claims Overview Section.

    After receiving the particular documents and completion of the verification process, the cheque will be dispatched to the nearest branch within 3 working days. From there one can collect the cheque after verifying the identity proof.

  • What is the policy cancellation process for Reliance Life ULIP plans?

    The policy cancellation process requires the customer to submit a duly filled surrender form along with relevant documents in any branch. Upon receiving and verification of the documents, the policy is deemed cancelled as per bank accounts record.

*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.

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