Reliance Nippon Life Insurance Money Back Plan is an insurance policy that also helps in saving money. The extra financial security cover offered to your loved ones in the form of periodic payouts is the specialty of the plan. The payouts from the insurance policy help in meeting various financial requirements of life.
Table of Contents:
Types of Reliance Nippon Life Insurance Money Back Plans
There are 4 types of money back insurance plans offered by Reliance Nippon:
- Reliance Nippon Life’s Guaranteed Money Back Plan
- Reliance Nippon Life Fixed Money Back Plan
- Reliance Nippon Life Increasing Money Back Plan
- Reliance Nippon Life Super Money Back Plan
Eligibility Criteria
The table given below shows the general eligibility condition to avail Reliance Nippon Life Money Back Plans:
| Particulars | Details |
| Entry Age | 15-58 years |
| Sum Assured | Rs. 50,000-No Limit |
| Maximum Maturity Age | 80 years |
Documents Required to Purchase Plans
Customers are required to submit below mentioned lists of documents to buy the insurance plans:
- Age Proof (Voter ID, Passport, Driving License, Birth Certificate, etc.)
- Address Proof (Ration Card, Utility Bills, Passport, etc.)
- Photo Identity Proof (Aadhaar, PAN, Driving License, etc.)
- Income Proof (Form 16, Salary Slip, etc.)
- Bank Account Proof (Cancelled Cheque, Bank Account Statement)
- Medical Reports
Reliance Nippon Life Money Back Insurance Plans
1. Guaranteed Money Back Plan: The plan comes with guaranteed money back benefits in the last 5 years of the policy so that the family’s financial needs are fulfilled. All future premiums are waived off, in case of the unfortunate death of the insured.
|
Particulars |
Details |
|
Entry Age |
18-58 years |
|
Sum Assured |
Rs.50,000- No Limit |
|
Minimum Premium |
Depends on sum assured |
|
Features |
Guaranteed Loyalty Addition up to 40% of sum assured Guaranteed Maturity Addition up to 20% of the sum assured Life cover of at least 10 times the annualized premium |
2. Fixed Money Back Plan: Under this plan, customers can avail money back facility during the last 5 years in order to to meet various Also, this plan offers life cover to safeguard your family in case of any unforeseen events.
|
Particulars |
Details |
|
Entry Age |
18-55 years |
|
Sum Assured |
Rs. 1 lakh- No Limit |
|
Minimum Premium |
Based on sum assured opted |
|
Features |
Availability of loan Funds for child’s higher education Life cover during entire policy term Choose between two plan options Fixed loyalty additions of 3% of sum assured |
3. Increasing Money Back Plan: Under this plan, a policyholder receives death and maturity benefits that guarantee security to the The plan also offers periodic money-back payouts to meet financial needs.
|
Particulars |
Details |
|
Entry Age |
15-55 years |
|
Sum Assured |
Rs.1 lakh- No Limit |
|
Minimum Premium |
Rs.18,000 |
|
Features |
Death benefits Maturity benefits Money back benefits Availability of loan Rider benefits |
4. Super Money Back Plan: Under this plan, regular monthly income is provided to the family which increases every year along with guaranteed periodic lump sums. This allows the policyholder to invest in business or fulfill family’s financial
|
Particulars |
Details |
|
Entry Age |
18-55 years |
|
Sum Assured |
Rs. 1 lakh- No Limit |
|
Minimum Premium |
Based on sum assured opted |
|
Features |
Loyalty additions Maturity additions Life cover of at least 10 times annualized premium Increasing regular monthly income payouts |
Claim Process
Policyholders can register claims by simply visiting the nearest Reliance Nippon Life Insurance Corporation branch office and submitting the relevant documents along with the claim form.
Read More: Reliance Nippon Fixed Savings Plan
Documents Required for Claim Process
Mentioned below are the documents required for filing claims:
- Claim Form A – to be filled by nominee/claimant
- Claim Form B – medical attendant certificate to be filled, signed and stamped by doctor
- Claim form C – certificate of identity to be filled by the person who knew the deceased other than Nominee / Claimant
- Original death certificate issued by local Municipal Corporation or Competent Authority
- Copy of all medical/hospital records
- Copy of discharge summary (in case of accidents)
- Copy of Medico-Legal Cause of Death certificate by the doctor confirming cause of death
- Original policy document
- KYC documents of nominee/claimant
- Bank details of nominee/claimant
Claim Settlement
Reliance Nippon Life offers 10-day Claims Settlement Guarantee to settle all the death claims for which all life policies where 4 or more annual premiums are paid. Also, insurer guarantees to pay interest of 6.5% per annum, if the claim is not settled within 10 days.
Policy Revival
Policyholders can revive a paid-up policy or lapsed policy within 2 years from the due date of the first unpaid premium. Also, policyholders should pay all the outstanding premiums to restore the policy.
Riders
Customers can opt for extra benefits in terms of riders to avail additional coverage offered by the insurer. Mentioned below are the riders offered by Reliance Nippon Life Insurance:
- Reliance Nippon Life Accidental Death Benefit Rider: This rider provides a lump sum equal to the sum assured in case of the death of the insured due to accident.
- Reliance Nippon Life Major Surgical Benefit Rider: Under this rider plan, lump sum amount is offered to cover the surgical expenses incurred during 33 surgeries listed in the policy.
- Reliance Nippon Life Family Income Benefit Rider: This rider offers 1% of sum assured every month in case of the death/total and permanent disability due to accident or sickness.
- Reliance Nippon Life Critical Conditions Rider: This rider provides lump sum amount to take care of 25 critical illnesses mentioned in the policy.
- Reliance Term Life Insurance Benefit Rider: Under this rider, additional death benefit is offered on the basis of sum assured selected under the rider.
Exclusions
The insurance company does not entertain claim requests for deaths that occur under certain situations. Let us look at them.
- In case of death due to suicide within a year from commencement of the policy, the nominee qualifies to get 80% of the premiums paid
- No benefits are given to the nominee if the death occurs due to participation in war, riots, adventure sports or other risky activities
Advantages of Buying Reliance Nippon Life Insurance Money Back Plans
- Maturity Benefit: If the insured survives the policy, and the policy is still active, he/she gets terminal reward and the last portion of the income benefit
- Death Benefit: In case of the death of the insured during the policy term, the nominee gets a guaranteed sum. The benefit is subject 105% of the premiums paid. However, this is barring the taxes and additional premium
- Loan: Once the surrender value has been procured, the insured can get a loan against this policy. The max sum that can be benefited as credit is 80% of the surrender value. The rate of interest will be according to market guidelines at that time
- Grace period: In case the insured can’t pay the premiums by the due date, a specific grace period helps in managing the situation
- Surrender: In case the insured chooses to discontinue the policy, which has attained a surrender value, he/she gets a surrender Value. This is more than the Special Surrender Value and Guaranteed Surrender Value
- Revival: A policy which has lapsed due to non-payment of premiums after the grace period can be restored within a period of 2 years from the date of first unpaid premium. In case the plan isn’t revived, the surrender value will be cleared and the policy will end
FAQs
Q1. How do I surrender a Reliance Nippon Life Insurance plan?
You can surrender a policy whenever you wish to. You can change the policy to a paid-up policy after it has obtained a surrender value. An application quoting the reason for surrender, along with the surrender or cancellation form, should be submitted at the nearest Reliance Nippon branch.
Q2. What are the premium payment modes?
Customers can pay premium through two different modes – online and offline. For online mode, customers can pay through credit card, debit card, net banking and ECS. On the other hand, offline mode requires cash payment by simply visiting the nearest branch office of the insurer.
Q3. Can I get loan under the policy?
You can get a loan against your policy once the policy has procured surrender value. The maximum amount you can get is 80% of the surrender value.
Q4. What is the grace period to pay premiums?
You get a grace time of 30 days if the premium is paid yearly and half-yearly. In case of monthly premium payment, the grace period is 15 days.