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• Reliance Nippon Life Future Income Plan and Policy

Reliance Nippon Life Future Income Plan and Policy

Reliance Nippon Life Future Income Plan and Policy - The Future Income insurance plan offered by Reliance Life Insurance helps to secure the future by allowing additional income. Along with coverage for life, the Reliance Nippon Life Future Income scheme offers great flexibility while choosing the term for investment and payment mode. The policyholder can select the options as per his/her convenience. The premiums that accumulate every year are given as payouts to the policy holder’s family for helping them with their growing financial requirements.

Eligibility - Reliance Nippon Life Future Income Plan and Policy

In order to be eligible for the Reliance Nippon Life Future Income, one must meet certain criteria. These are mentioned below:

Key features - Reliance Nippon Life Future Income Plan and Policy

The Reliance Nippon Life Future Income plan comes with several features. These features are as follows:

Benefits - Reliance Nippon Life Future Income Plan and Policy

The Reliance Nippon Life Future Income comes with a myriad of benefits. These benefits are as follows:

• Maturity Benefit – If the insured individual survives till the end of the policy term and the policy is still in force, then the insured will receive terminal bonus and last installment of the income benefit.
• Death Benefit – In the event of demise of the life insured, provided the policy is still in force and all premium payments have been cleared, the nominee will get the assured sum along with reversionary bonus as on the death date. The nominee will also receive the terminal bonus, if any. These are applicable if the death of the assured happens during premium payment term. In case death of the insured happens after premium payment term, then the nominee gets the assured sum along with reversionary bonus as on the death date. The nominee will also receive the terminal bonus, if any. The Death Benefit is subject to 105% of the premiums paid. However, this is excluding the taxes and extra premium.
• Loan – Once the Surrender Value has been acquired, the insured can get a loan against this policy. The maximum amount that can be availed as loan is 80% of the Surrender Value. The rates of interest associated with this loan will be as per current market standards.
• Grace period for Premium Payment – In case the insured is not able to make payments for the premiums by the due date, a certain grace period will be offered to him/her. This grace period is a span of 30 days and the policy stays in force during this time. The policy is cancelled if the premiums are not paid even after the end of the grace period.
• Surrender – In case this life insurance policy has a surrender value but the insured decides to discontinue the policy, he/she will get the Surrender Value. This is more than the SSV (Special Surrender Value) and GSV (Guaranteed Surrender Value).
• Revival - A policy which has lapsed for not paying the premiums within grace period can be revived within a time span of two years from the date of first unpaid premium. In case it is not revived, then the Surrender Value will be cleared and the policy will be terminated.

Riders - Reliance Nippon Life Future Income Plan and Policy

The following riders are offered by Reliance to safeguard the insured and his/her loved ones:

• Reliance Accidental Death Benefit and TPD Rider
• Reliance Major Surgical Benefit Rider
• Reliance Critical Conditions Rider
• Reliance Term Life Insurance Benefit Rider