IndusInd Nippon Life Prosperity Plus Plan

Eligibility Criteria for the IndusInd Nippon Life Prosperity Plus Plan

Features of the IndusInd Nippon Life Prosperity Plus Plan

Some of the key features of the IndusInd Nippon Life Prosperity Plus Plan include:

• Life Insurance until Age 75: The plan provides up to 75 years of life insurance coverage, and this coverage will guarantee your family's financial security over a long period of time.
• Guaranteed Monthly Income: This is one of the best aspects of this plan. Once the premium payment term finishes, the policy begins to pay an amount of money regularly.
• Lump Sum Maturity Benefit: A lump sum maturity benefit is given at the expiry of the policy term. The money can be invested to achieve long-term financial objectives, such as a retirement plan, children's education, or any other significant milestone in life.
• Adaptable High Payment Term: The plan lets you choose a premium payment term that aligns with your financial capacity and objectives. You get to choose the time period during which you wish to pay the premiums; hence, you have more control over how well you plan your finances.
• Adjustable Payout Pay Period of Income: To decide how long you want to take the monthly income, you are allowed to choose that period. This is flexible so you can adjust the plan as per your future requirements, whether you want income over a shorter or longer period.
• Additional Coverage on Increased Protection: The plan offers optional riders that can be added at an additional fee to increase coverage.

If you want to explore more options from the same insurer, you can check other plans offered under Reliance Life Investment Plans to compare features and benefits.

Benefits of the IndusInd Nippon Life Prosperity Plus Plan

The IndusInd Nippon Life Prosperity Plus Plan has both savings and protection benefits, hence it is appropriate in cases of long-term financial objectives.

• Maturity Benefit: The total fund value with any applicable additions is paid out at the end of the policy term.
• Death Benefit: The nominee will obtain the maximum of: In the event of the death of the policyholder during the term, the nominee will obtain:
  • Sum Assured
  • Fund Value
  • 105% of total premiums paid
• Wealth Creation: Market-linked investments provide the potential for higher returns over the long-term.
• Liquidity Option: Partial withdrawals and systematic withdrawal options allow you to access funds when needed.
• Tax Benefits: The benefits received and payments used in paying premiums, can receive tax advantages according to the applicable laws.

Riders Under the IndusInd Nippon Life Prosperity Plus Plan

The IndusInd Nippon Life Prosperity Plus Plan has optional riders to increase your protection:

• Critical Illness Rider that provides a lump sum benefit on diagnosis of covered illnesses
• Additional rider options may be available as per policy terms

Policy Details of the IndusInd Nippon Life Prosperity Plus Plan

It is important to understand the policy details before investing, as they help you make informed decisions.

• Grace Period: A grace period of 30 days (15 days in monthly mode) is allowed to cover the payment of the premiums without lapse of the policy.
• Revival: The policy can be revived in 3 years from the date of the first unpaid premium by paying all the outstanding premiums.
• Free Look Period: You will have 30 days to examine the conditions of the policy and withdraw it in case you are not satisfied.
• Surrender: The policy can be surrendered, but full benefits are available only after the 5-year lock-in period.
• Fund Switching: You are permitted to switch between available funds throughout the policy term, and the number of free switches is specified.

You can also review the investment plans available in the market to choose one that aligns with your long-term financial goals.

Exclusions Under the IndusInd Nippon Life Prosperity Plus Plan

Suicidal Clause: If death occurs due to suicide within 12 months from policy commencement or revival, the benefit will be payable as per policy terms.