Reliance Nippon Life Insurance has earned a name in the industry with its services and products. There are numerous Reliance Nippon Life Insurance benefits under different plans. To understand them in detail, it is essential to know the types of plans. This will allow the customer to discern better what policy is relevant to his needs.Read more
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This article explains the different policies and benefits offered by Reliance Nippon to its customers.
Life insurance policies offered by Reliance Nippon can be broadly classified into the following categories:
Term Insurance Plans
Savings and Investment Plans
Child Insurance Plans
Unit Linked Investment Policies
Group Insurance Plans
These are long-term investment plans with the primary purpose to secure the family of the policyholder after his death. A pure term insurance plan will offer only a death benefit and not a maturity benefit. However, there is term insurance with return of premium plans available at Reliance Nippon too. Reliance Nippon Life Protection Plus and Reliance Nippon Life Saral Jeevan Bima are examples of the company's term insurance plans.
Reliance Nippon Life Insurance benefits with term insurance plans are:
The plans are flexible and can be converted into other forms if the need be.
Tax benefits are available to the policyholder under Section 80C.
The policyholder may pay an additional premium and increase the life cover for himself if he wishes. This gives him more control over the policy.
These plans offer a reduction in the premium for non-smokers and others following healthier lifestyles.
These plans provide life cover as well as a saving option to the policyholder. The policyholder can use the corpus accumulated during the course of this policy to realize the financial goals of his family like education of a child, purchasing a house, etc. Reliance Nippon Life Milestone Plans and Reliance Nippon Life Super Bachat Plus Suraksha are examples of the company's savings plans.
Reliance Nippon Life Insurance benefits with savings and investment plans are:
These plans offer the dual advantage of providing life cover to the policyholder along with saving and investment options.
The Sum Assured will keep increasing as the policy advances. The returns on these plans can also be further enhanced by opting for additional riders.
The policyholder can avail attractive tax benefits on purchasing these plans.
They assist the policyholder in planning for his future and setting aside finances for the various milestones in his life.
The policyholder is provided with guaranteed benefits, e.g., there is a guaranteed loyalty addition to the policy every 5th
Reliance Nippon offers retirement plans for those who want to secure their financial future for times of need. By investing in these annuity schemes, the policyholder can obtain a monthly pension and stay financially independent even after retirement. Reliance Nippon Life Immediate Annuity Plan and Reliance Nippon Life Smart Pension Plan are comprehensive retirement plans.
Reliance Nippon Life Insurance benefits with retirement plans are:
The premiums for annuity benefits may be paid as a lump sum at one time while the benefits are lifelong. The customer enjoys a guaranteed monthly pension for the rest of this life.
The plans also allow for flexibility as the customer can decide the frequency of annuity he wishes. For example, the policyholder may claim the annuity on a monthly, quarterly, or yearly basis.
The customer does not need to undergo any medical examination to invest in these policies.
ULIP plan allows investment and protection options to the customer along with life cover. They also allow for a return on investment according to the market situation. Reliance Nippon Life Smart Savings Insurance Plan and Reliance Nippon Life Prosperity Plus are comprehensive ULIP plans offered by the company.
Reliance Nippon Life Insurance benefits with ULIP plans are:
The customer has the flexibility to choose between funds and the mode of payment of premiums.
The plan may be liquidized if the customer wishes.
The customer can choose between self-management and auto management of his policy at the time of purchasing it.
These plans offer high rewards as they are linked to the market. The customer may also accumulate loyalty benefits and wealth boosters.
Child Insurance Plans are an excellent means offered by Reliance Nippon to invest in the future of children. By early investment in children, parents may reap significant rewards in the future that can be used towards fulfilling their children’s goals.
Reliance Nippon Life Insurance benefits with child insurance plans are:
It provides the opportunity for systematic investment in the future of the child.
It inculcates the habit of regular investment.
Tax benefits can also be availed under these plans.
Group Insurance is when a large number of persons are covered under a single plan. Companies usually use these to provide financial assistance and security to their employees. RNL Group Employee Benefits Plan and RNL Group Term Assurance Plans are examples of group insurance plans.
Reliance Nippon Life Insurance benefits with group insurance plans are:
A large number of persons can be covered under a single master plan.
The insurance provider may avail of tax benefits under Section 80C by investing in such plans.
Some plans offered by the company provide life cover along with gratuity or pension benefits.
Reliance Nippon has a vast portfolio in investment and insurance. It becomes the responsibility of the customer to choose the plan that best fits their needs. It must be noted that the customer should carry out their research before investing in any plan.