Reliance Nippon Life Increasing Income Insurance Plan and Policy
Reliance Nippon Life Increasing Income Insurance Plan and Policy - The Reliance Increasing Income Insurance plan is a non-linked and non-participating life insurance plan. The plan provides guaranteed monthly income which increases every year so that you can meet your growing financial needs. With the help of this plan, you can provide enhanced protection to you and your family, protect yourself against rising cost and fulfill your dreams.
Key Features - Reliance Nippon Life Increasing Income Insurance Plan and Policy
The Reliance Increasing Income Insurance plan comes with the following key features:
- It is a non-linked and non-participating life insurance plan.
- You can take loan against this policy. The policy offers loans up to 80% of the surrender value. Interest on the loan will be charged as per the existing rate of interest.
- Riders are available under this policy.
- The policy offers flexible premium paying terms. You can pay your premiums on monthly, quarterly, half-yearly and yearly basis.
- The policy enables you to change your policy term, death benefits and income options as per your convenience.
- You can get a free-look period of 15days, if the policy is purchased manually. If your policy is bought online, the same period is extended to 30 days.
- Nomination is allowed under the Reliance Increasing Income Insurance plan.
- The policy can be revived within the revival period which is 2 years from the date of first unpaid premium.
- The policy offers a grace period of 30 days.
- The policy will lapse at the end of grace period provide you fail to clear to your pending dues and you will not receive death and rider benefits.
- You can surrender the policy as an when you want to do so.
- Policy terms include - 12, 16, 20, 24.
- There is no maximum limit on the basic sum assured.
- Minimum sum assured is Rs. 60,000 for policies bought within the age of 44 years. The same is Rs. 1, 00,000 for policies bought at an age of 45 and above.
- Minimum premium accepted by the policy is Rs. 15,000.
- There is no limit on the maximum premium accepted.
- Premium paying term is half of the select policy tenure.
- Premium paying modes include – half-yearly, yearly, quarterly and, monthly.
Benefits - Reliance Nippon Life Increasing Income Insurance Plan and Policy
The Reliance Increasing Income Insurance plan comes with the following major benefits:
- It offers higher and regular monthly incomes which grows every year. Also, you can get a lump-sum amount at maturity.
- Get guaranteed monthly income at the end of your premium paying term following the survival of the life assured.
- At maturity, the policy offers maturity benefits, provided the policy is in force and the life assured is alive. The maturity benefit offered by the policy is equal to 2 times of the basic sum assured.
- In case, the policyholder dies, the designated nominee will receive the death benefits, provided all premiums are cleared and the policy is active
Eligibility - Reliance Nippon Life Increasing Income Insurance Plan and Policy
Entry age |
Minimum: 14 Maximum: 60 |
Maturity age |
Minimum: 60 Maximum: 80 |
How the Reliance Increasing Income Insurance plan works?
In order to understand how the plan works, let’s take an example. Mr. Anjan opts for a Reliance Increasing Income Insurance Plan and he is 30 years old. And he selects the option of “Income with Maturity Benefit”. The policy term chosen by him is 24 years and the total sum assured is Rs. 1, 00,000. Assuming that he is in good health, he pays an annual premium of Rs. 22,966 per year. Then, Mr. Anjan will receive the following benefits, provided he survives till maturity:
Maturity benefits |
Rs. 2,00,000 ( 2 times of the basic sum assured) |
Increasing Income benefit |
Rs. 12,000 in the 13th policy year which increases by 3% in the succeeding years. |
In case, Mr. Anjan dies within the policy tenure, his nominee will receive a receives a lump sum amount of Rs. 2, 29,660 and the policy gets closed.
Premium Payment - Reliance Nippon Life Increasing Income Insurance Plan and Policy
Annual premium |
Minimum: Rs.15,000. Maximum: No limit. |
Premium paying terms(PPT) |
Half of the chosen policy tenure. |
Premium paying modes |
Monthly, quarterly, half-yearly and yearly basis. |
Riders - Reliance Nippon Life Increasing Income Insurance Plan and Policy
The Reliance Increasing Income Insurance plan offers the following riders:
Riders |
Benefits |
Reliance Term Life Insurance Benefit Rider (UIN: 121B009V02): |
It provides additional death benefits. |
Reliance Major Surgical benefit Rider (UIN: 121B014V02) : |
It provides a lump sum amount to cover surgical expenses. You can choose from a list of 33 surgeries. |
Reliance Major Surgical benefit Rider (UIN: 121B014V02) : Reliance Critical Conditions (25) Rider (UIN: 121B012V02) : |
With this rider, you can take care of 25 critical conditions such as heart attack, cancer etc. |
Reliance Family Income Benefit Rider (UIN: 121B015V02): |
It offers a monthly benefit of 1% of the total sum assured. |
Reliance Accidental Death and Total and Permanent Disablement Rider (Regular Premium) (UIN: 121B001V02): |
It offers additional death benefits, provided death is caused by an accident. You can also enjoy premium waiver benefits under this rider. |
Reliance Accidental Death and Total and Permanent Disablement Rider (Limited Premium) (UIN: 121B002V02): |
It provides additional death benefits, in case death is caused by an ancient. This rider comes with premium waiver benefits. |
The Reliance Increasing Income Insurance Plan can be your best companion to meet you and your family’s emergency financial needs and save for your future needs.
Reliance Saving & Investment Life Insurance Plans and Policy |
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| Reliance Protection Plans |
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| Reliance Nippon Life Online Income Protect |
| Reliance Retirement Plans |
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| Reliance Nippon Life Pension Builder |
| Reliance Nippon Life Immediate Annuity Plan |
| Reliance Nippon Life Smart Pension Plan |
| Reliance ULIP Plans |
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| Reliance Nippon Life Premier Wealth Insurance Plan |
| Reliance Nippon Life Smart Savings Insurance Plan |
| Reliance Nippon Life Classic Plan II |
| Reliance Child Insurance Plans |
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| Reliance Nippon Life Education Plan |