Reliance Nippon Life Premier Wealth Insurance Plan

investment

Reliance Nippon Life Premier Wealth Insurance Plan is a Unit-Linked Investment Plan (ULIP) that aims to provide market-linked returns along with the benefits of life insurance. The plan offers 7 fund options and 2 investment strategies namely a Self-Managed Option and an Auto-Managed Option to help you invest as per your preferred investment style. The offered fund options can be switched as many as 52 times free of cost in a policy year. 

The plan rewards you for staying invested in it by way of wealth boosters which are added to your fund every year from the end of the 8th policy year. For your liquidity requirements, the plan allows 2 free-cost partial withdrawals in a policy year to help you meet immediate financial requirements. 

Best Features of Reliance Nippon Life Premier Wealth Insurance Plan

The best features of Reliance Nippon Life Premier Wealth Insurance Plan are as follows:

  • Fund Options-  The plan offers 7 distinctive fund options namely Life Large Cap Equity, Life Equity Fund, Life Pure Equity Fund, Make in India Fund, Life Balanced Fund,  Life Corporate Bond Fund, and Life Money Market Fund.
  • Fund Switching-  The plan allows you to switch the fund options 52 times in a policy year without any additional charge.
  • Investment Strategies - There are 2 investment strategies namely Self-Managed Option Manage and Auto-Managed Option available with this plan. Under the Auto-Managed Strategy, you can further choose between Target Maturity Option and Life Stage Option.
  •  Wealth Boosters- The plan provides you an additional percentage of your fund value at the end of the 8th policy year and every policy anniversary thereafter to help you boost your earnings.
  • Partial Withdrawals: Partial withdrawals are allowed only after the end of the lock-in period of 5 years. Up to 2 withdrawals can be made in a policy year without any additional charge, further withdrawal costs INR 100 per withdrawal.
  • Top-up Option-  You can choose to invest your additional earnings by way of a top-up premium anytime during the policy term except for the last 5 years of the plan. The minimum top-up amount is INR 10,000.

Benefits of Reliance Nippon Life Premier Wealth Insurance Plan

The benefits available under Reliance Nippon Life Premier Wealth Insurance Plan are as follows: 

  1. Death Benefit

In case of unfortunate death of the life assured, the highest of the following is paid to the nominee as the death benefit - 

  • Base sum assured less partial withdrawals made in the preceding 2 years from the date of death 
  • Base fund value 
  • 105% of all the premiums paid till the date of death minus partial withdrawals in the immediately preceding 2 years.

 In addition to the above benefit, the highest of the following is also paid to the nominee - 

  •  Top-up sum assured
  •  Top-up fund value 
  •  105% of the total top-up premiums paid up to the date of death.

        2. Maturity Benefit

In case of survival of the life assured till the end of the policy term, total fund value along with the top-up premium fund value is paid as the maturity benefit. The benefit can be received as a lump sum or by way of monthly, quarterly, semi-yearly, or yearly installments.

         3. Wealth Boosters

Wealth boosters in the form of additional units are added to your fund value every year starting from the 8th policy year. The wealth booster is 0.30% of average fund value for regular or limited pay policies and 0.50% of average fund value for single pay policies.

Reliance Nippon Life Premier Wealth Insurance Plan Eligibility

The following are the eligibility conditions for becoming an investor of the Reliance Nippon Life Premier Wealth Insurance Plan:

Eligibility Criteria For Reliance Nippon Life Premier Wealth Insurance Plan

Minimum Age at Entry


 

30 Days

Maximum Age at Entry


 

60 years

Minimum Age at Entry

18 years

Maximum Age at Maturity

70 years

Policy Term

Regular Pay- 10 to 30 years

Limited Pay of 5 & 7 years- 10 to 30 years

 Limited Pay of 10 years- 15 to 30 years

Single Pay-  10 to 30 years

Premium Payment Term (PPT)

Regular Pay – same as Policy Term 

Limited Pay – 5,7,10 years

Single Pay- One-time payment

Premium Payment Frequency

Yearly, half-yearly, quarterly, and monthly

Minimum Premium Amount

Regular Pay – INR 2 Lakh

Limited Pay – INR 2 Lakh

Single Pay- INR 5 Lakh

Maximum Premium Amount

No limit, subject to underwriting

Minimum Sum Assured

Limited and Regular Pay- 7 x Annualised Premium

            Single Pay- 1.25 x Annualised Premium


 

Maximum Sum Assured

              Limited and Regular Pay-


 

Entry Age (last birthday)

Maximum Base Sum Assured

Up to 30 years

30 x Annualised Premium

31 to 40 years

20 x Annualised Premium

41 to 50 years

15 x Annualised Premium

51 to 55 years

12 x Annualised Premium

56 to 60 years

10 x Annualised Premium


 

  • For Single Pay- 1.25 x Annualised Premium

Reliance Nippon Life Premier Wealth Insurance Plan Fund Options

The plan offers the following 7 fund options to match your investment style and risk appetite: 

Fund Name

Asset Class


 

 


 

Equity and Equity                             Debt Instruments                                      Money                                                                                                     Related Securities                                                                                             Market                                                                             


 

Fund Composition

Risk  Rating

Life Large Cap Equity Fund

60%-100%

0%-10%

0%-40%

High Risk

Life Equity Fund 3

75%-100%

-

0%-25%

High Risk

Life Pure Equity Fund 2

60%-100%

-

0%-40%

High Risk

Make in India Fund

60%-100%

0%-20%

0%-20%

High Risk

Life Balanced Fund 1

0%-40%

60%-100%

0%-25%

Low to Moderate Risk

Life Corporate Bond Fund 1

 

75%-100%

0%-25%

Low to Moderate Risk

Life Money Market Fund 1 

-

-

100%

Low Risk

The plan offers 2 investment strategy options to manage your wealth in a customized manner:

  1. Self-Managed Option

The self-managed option gives you full autonomy to actively manage your premiums in the above-mentioned 7 fund options. Moreover, you can switch the fund options and can also opt for premium redirection in accordance to your risk appetite.

           2. Auto-Managed Option

Under this option, the company provides automated management of your investment by further offering you the following 2 options to invest your premium:

           3. Target Maturity Option

Target Maturity Option allows you to fulfill your predetermined goals by initially investing a higher proportion in an equity-oriented Life Equity Fund 3 to provide you relatively higher returns and as the goal set by you is achieved, the insurer transfers your fund to a safer debt-oriented Life Corporate Bond Fund 1 starting from the 6th policy year.

        4. Life Stage Option  

Under Life Stage Option Strategy, the premium is allocated on the basis of the age of the life assured. The premium is distributed between 2 funds namely Life Equity Fund 3 and Life Corporate Bond Fund 1 in the following proportions:       

Attained Age of Life Assured

Life Equity Fund 3 

Life Corporate Bond Fund 1

0-10

90%

10%

11-20

80%

20%

21-25

75%

25%

26-30

70%

30%

31-35

65%

35%

36-40

60%

40%

41-45

55%

45%

46-50

50%

50%

51-55

45%

55%

56-60

40%

60%

61-65

35%

65%

66-70

30%

70%

                           

The re-balancing of fund units is done on the last day of each policy quarter. The above percentages are applicable till the last 10 quarters of the policy term.

You can choose to switch between these 2 strategies up to 2 times a policy year.

Reliance Nippon Life Premier Wealth Insurance Plan Review

Reliance Nippon Life Premier Wealth Insurance Plan is an investment plan which offers 7 fund options and 2 investment strategies.  The plan also offers 52 free fund switches to give you the flexibility to change the allocation of the funds as per market conditions and your varying financial goals. One of the notable features of the plan is the top-up option which invests your surplus funds in between the policy term to ensure wealth maximisation at its full potential. 

The plan further boosts your fund value through wealth boosters which are provided starting the 8th policy year and every year thereafter. Reliance Nippon Life Premier Wealth Insurance Plan takes care of your liquidity requirements by providing 2 partial withdrawals free of charge in a policy year. This plan can be considered as an investment solution by individuals seeking a ULIP that can provide wealth appreciation without manual intervention but with substantial liquidity and customisable features.

Reliance Nippon Life Premier Wealth Insurance Plan FAQs
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  • Paytm Insurance Broking Private Limited. Address: 136, 1st Floor, Devika Tower, Nehru Place, NEW DELHI, South Delhi, Delhi, India, 110019
  • Registration No. 700. Valid till 16/02/2023
  • CIN - U66000DL2019PTC355671