Reliance Nippon Life Pension Plans

Reliance Nippon Life Insurance Company Limited is a leading private life insurance company in India. Formed in 2010 through a joint venture between Reliance Capital and Nippon Life Insurance of Japan, it boasts a strong financial background and a reputation for customer service. The best Reliance Nippon Life Pension Plan for you depends on your retirement goals, risk appetite, and investment horizon. Consider factors like your desired retirement income, investment experience, and time until retirement.

Read more
  • Peaceful Post-Retirement Life

  • Tax Free Regular Income

  • Wealth Generation to beat Inflation

Invest ₹6,000/month & Get Tax Free Monthly Pension of ₹60,000
Get the best returns & make the most of your Golden years
+91
Secure
We don’t spam
Please wait. We Are Processing..
Your personal information is secure with us
Plans available only for people of Indian origin By clicking on "View Plans" you agree to our Privacy Policy and Terms of use #For a 55 year on investment of 20Lacs
Get Updates on WhatsApp
We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold

What are Pension Plans?

Pension plans are financial tools designed to help you achieve a financially secure retirement. They work by allowing you to save money gradually over your working years, which is then invested and grows to provide you with income after you stop working. When you retire, you can access the accumulated funds to provide you with a steady income stream. 

Reliance Life Pension Plans

Let us take a look at the types of Reliance pension plans offered by the company and the features and benefits of each of these Reliance retirement plans. 

Reliance Nippon Life Immediate Annuity Plan

Reliance Nippon Life Immediate Annuity Plan is a non-linked, non-participating plan. It's a single premium plan. You invest a lump sum amount upfront, and then you get to choose how you want to receive your income. There are several Annuity Options available. You can choose to receive income for your entire life (Life Annuity) for a guaranteed period of 5, 10, or 15 years, followed by lifetime income, or you can even get a return of your purchase price along with the annuity payments.

Features and Benefits of the plan: 

  • Single premium payment: You pay a lump sum amount upfront and then start receiving annuity payouts.

  • Flexible annuity options: Choose how you want to receive your payouts:

  • Life Annuity: Receive income for your entire lifetime.

  • Annuity with return of purchase price: Get your initial investment amount back along with regular income payments.

  • Guaranteed annuity for 5/10/15 years and then for life: Receive guaranteed income for a chosen period (5, 10, or 15 years) and then continue to get payouts for the rest of your life.

  • Tax benefits: You may get tax benefits on the premiums paid and the annuity income received (as per prevailing tax laws).

  • Financial security: Guaranteed income throughout your life provides financial stability and peace of mind.

  • Regular income: You'll receive a steady stream of income to meet your living expenses.

Eligibility Details of Reliance Nippon Life Immediate Annuity Plan

  Minimum Maximum
Entry Age 20 years 80 years
Annual Instalment Amount Rs.1000 No limit
Purchase Price Rs.1 lakh No limit
Annuity Payout Frequency Yearly, half-yearly, quarterly or monthly

Reliance Nippon Life Smart Pension Plan

Reliance Nippon Life Smart Pension Plan is a unit-linked, non-participating individual pension plan. This plan allows you to save systematically throughout your working years. The accumulated funds are then invested in market-linked instruments, with the potential for growth over time. This helps you build a substantial corpus that can provide you with a regular income after retirement.

Features and Benefits of the plan:

  • Build a Substantial Retirement Corpus: Choose a policy term that suits you, ranging from 10 to 30 years. The plan offers a combination of equity participation for potential growth and a capital guarantee to safeguard your invested amount. Additionally, loyalty additions and the option for top-up premiums can further boost your retirement savings.

  • Decide Your Retirement Age: With a flexible vesting age between 45 and 75 years, you can decide when you want to start receiving your pension. You also have the option to extend your retirement age if needed.

  • Enjoy Regular Income: Upon reaching your chosen vesting age, you can opt for a guaranteed regular income through an annuity plan. The plan offers various annuity options to suit your needs.

  • Partial Withdrawal Flexibility: Reliance Smart Pension Plan allows you to withdraw up to 60% of the accumulated corpus at maturity/vesting, providing extra liquidity if needed.

  • Family Protection: In case of your unfortunate demise, your family will receive a minimum guaranteed amount based on the total premiums paid.

  • Tax Benefits: The plan offers potential tax benefits on your investments and returns, subject to applicable income tax laws.

Eligibility Details of Reliance Nippon Life Smart Pension Plan

  Minimum Maximum
Entry Age 18 years 65 years
Vesting Age 45 years 75 years
Policy Term Single Pay – 10 years
Regular or Limited Pay – 15 years
30 years
Premium Payment Term 10 years 30 years
Premium Paying Frequency Yearly, half-yearly, quarterly or monthly
Single Pay  Rs. 50,000 No Limit 

Invest More Get More
Invest ₹10K/Month YOU GET ₹1.5 LAKHS* MONTHLY PENSION View Plans
Invest ₹7K/Month YOU GET ₹1 LAKHS* MONTHLY PENSION View Plans
Invest ₹5K/Month YOU GET ₹75 THOUSAND* MONTHLY PENSION View Plans
standard T&C Apply *

Reliance Life Saral Pension Plan

The Reliance Nippon Life Saral Pension Plan is a single-premium, non-linked, non-participating individual immediate annuity plan designed to do just that. This plan helps you convert your retirement savings into a guaranteed stream of income for your entire life.

Features and Benefits of Reliance Nippon Life Saral Pension Plan:

  • Flexible Annuity Options:  The plan offers you the flexibility to choose how you receive your pension payments. You can opt for monthly, quarterly, half-yearly, or yearly payouts to best suit your needs.

  • Customised Annuity Choices:  The Saral Pension Plan provides two annuity options to cater to your specific requirements:

    • Life Annuity with Return of 100% Purchase Price (ROP): This option ensures a lifetime guaranteed income for you. Upon your death, the purchase price you initially paid is returned to your nominee.

    • Joint Life Last Survivor Annuity with Return of 100% Purchase Price (ROP) on death of last survivor:  This option is ideal for couples. It provides a guaranteed income for as long as either you or your spouse is alive.  Similar to the first option, the purchase price is returned to your nominee after the death of the last surviving spouse.

  • Enhanced Security:  The plan offers the option to surrender your policy if you are diagnosed with any of the specified critical illnesses. This can provide you with a much-needed financial cushion during a difficult time.

  • Loan Availability:  The Saral Pension Plan allows you to avail a loan against your policy after six months from the commencement date. This feature can help you meet unexpected financial needs without impacting your long-term retirement goals.

  • Tax Benefits: The plan may offer tax benefits on premiums paid and the income received, subject to prevailing income tax laws.  Be sure to consult with a tax advisor to understand the specific tax implications for your situation.

Eligibility Details of Reliance Nippon Life Saral Pension Plan

  Minimum Maximum
Entry Age 40 years 80 years
Policy Term  Whole Life 
Purchase Price Rs.1 lakh No limit
Annuity Installment Monthly: ₹1,000
Quarterly: ₹3,000
Half-Yearly: ₹6,000
Yearly: ₹12,000
No Limit 
Annuity Payout Frequency Yearly, half-yearly, quarterly or monthly

How to Apply for a Pension Plan From The Company?

  1. Online

    The company offers specific reliance pension schemes, which are available online only. The customer only needs to log into the company’s website, choose the required Reliance retirement plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through a credit card, debit card, or net banking facility, and the policy will be issued.

  2. Intermediaries

    Some Reliance plans may not be available for online application. In such cases, you can opt to apply through intermediaries like:

    • Agents: Licensed agents can guide you through the application process, answer your questions, and help you choose the right plan.

    • Brokers: Brokers work with various insurance companies, including Reliance, and can offer you a wider range of plan options.

    • Banks: Certain banks may partner with Reliance to offer their retirement plans. You can inquire with your bank about available options and apply through them.

Why Should You Invest in Pension or Retirement Plans, and When is the Right Time?

Here's why you should invest in a retirement plan and why there's no better time to start than now:

  • Financial Freedom: A retirement plan helps you accumulate funds to maintain your desired lifestyle after you stop working. You won't be dependent on others and can pursue your dreams without financial constraints.

  • The Power of Compounding: Starting early allows you to leverage the magic of compound interest. Even small contributions grow significantly over time, thanks to interest earned on your interest. The longer your money grows, the bigger your nest egg.

  • Tax Advantages: Many retirement plans offer tax benefits. You may get tax deductions for your contributions, reducing your current tax burden. 

  • Peace of Mind: Knowing you're financially prepared for retirement reduces stress and allows you to focus on enjoying your later years.

The best time to invest in a retirement plan is as soon as possible. Here's why:

  • The earlier you start, the more time your money has to grow through compounding.

  • Even small amounts can make a big difference over decades.

Conclusion

Reliance Nippon Life Pension Plans offer multiple options to secure your financial future. With various plan options, flexibility, and the backing of a reputed company, these plans can help you achieve your retirement goals. Whether you seek guaranteed returns or the potential for market-linked growth, Reliance Nippon Life has a plan to suit your needs.

FAQs

  • What are the different types of Reliance Nippon Life Pension Plans?

    Reliance Nippon Life offers two main types of pension plans:
    • Unit-linked plans: These plans invest your premiums in the market, and the returns depend on the performance of the chosen investment fund. An example is the Smart Pension Plan.

    • Guaranteed benefit plans: These plans offer a fixed annuity income after retirement. You receive a guaranteed payout regardless of market performance. An example is the Saral Pension Plan.

  • What are the benefits of investing in a Reliance Nippon Life Pension Plan?

    • Financial security in retirement: These plans help you build a retirement corpus and ensure a steady income stream after you stop working.

    • Tax benefits: You can avail of tax deductions on premiums paid and potentially receive tax-free income at maturity (subject to prevailing tax laws).

    • Investment flexibility: Choose between market-linked and guaranteed plans based on your risk appetite.

    • Peace of mind: Reliance Nippon Life's strong financial backing ensures the security of your retirement savings.

  • What factors should I consider when choosing a Reliance Nippon Life Pension Plan?

    • Your retirement goals: How much income do you need after retirement?

    • Investment horizon: How long until you retire?

    • Risk tolerance: Are you comfortable with market fluctuations?

    • Desired investment style: Do you prefer guaranteed returns or the potential for higher growth?

  • Can I make additional payments to my Reliance Nippon Life Pension Plan?

    Yes, some plans allow you to make top-up payments to increase your retirement corpus.
  • What happens if I die during the policy term?

    Reliance Nippon Life Pension Plans offer death benefits. Your nominee will receive a lump sum amount, which could be the higher of the fund value or a guaranteed sum based on your premiums.

*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

Secure Your Retirement Today
Start Investing ₹6,000/month
Get Pension ₹60,000/month+
Including Life Cover
View Plan
Pension Plans
+Standard T&A Applied
Pension Plan 1
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Pension Plan 2
Average Rating
(Based on 4 Reviews)
Pension Plan 3
Lic Pension Plan 4

Pension plans articles

Recent Articles
Popular Articles
How Can I Get a 3000 Pension?

01 May 2024

Securing a monthly pension of 3000 rupees is a goal that many
Read more
Pension Calculator

13 Feb 2024

Pension calculator helps you calculate the amount you could
Read more
NPS vs ULIP - Which One Is Better?

10 Oct 2023

NPS (National Pension System) and ULIP (Unit Linked Insurance
Read more
Best Mutual Funds for Retirement

21 Sep 2023

Planning for a secure and comfortable retirement is a financial
Read more
Mahila Samman Savings Certificate (MSSC)

04 Sep 2023

The Mahila Samman Savings Certificate (MSSC) or Mahila Samman
Read more
SBI Annuity Deposit Scheme Calculator 2024
SBI Annuity Deposit Scheme Calculator 2024 is an online tool that helps you figure out your fixed annuity
Read more
Top 15 Pension Plans in India
The Pension Plan, also known as a Retirement Plan is the best investment instrument allowing individuals to build
Read more
Sevarth Mahakosh
Sevarth Mahakosh Portal is a one-stop solution for all state government employees' financial transactions and
Read more
NPS Calculator 2024
NPS Pension Calculator is a financial tool that calculates potential returns on the National Pension Scheme, by
Read more
NPS Calculator for Government Employees
National Pension Scheme or National Pension System (NPS) is launched by the Government of India for all its
Read more

Reliance Life Pension Plans Reviews & Ratings

4.9 / 5 (Based on 4 Reviews)
(Showing Newest 4 reviews)
Ritesh
Dwarka, August 26, 2016
Retirement policy
The pension plan from reliance life insurance company ltd. is awesome with large number of benefits. Policy coverage is high ~90% and the claims are big. Service provided by you is fast which reduces waiting time. Updates are also mailed about insurance policy.
Bhasker
Raj_nagar, July 26, 2016
Pension Plan
Service is fantastic provided by you guys. I'm fully satisfied with your services and the plan is awesome i.e., reliance retirement fund. Policy coverage is high and claims are even better and easy to sanctioned. The policy covers maximum expenditures.
Abhishek
Bengaluru, July 26, 2016
Coverage Is Good
My future is secure with reliance retirement fund. The returns are very much high as compared to premiums. Good service facilitate by the company members. Updates are mailed daily to email address and renewals are done easily on online portal.
Umang
Manesar, May 16, 2016
Good Future Investment
I purchase reliance life pension plan. Really good policy which has low premiums. The policy coverage is high ~89% and the claims are even better. Claiming process is easy because service is given by the executives, very fast and on time. Good future investment and it saving my taxes too. I like the policy.
top
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL