Reliance Nippon Life Lifelong Savings Plan

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Reliance Nippon Life Lifelong Savings Plan is an individual, non-linked, and participating savings plan. The plan comes with 2 different cover options namely Standard Cover and Extended Cover, wherein the latter provides you life cover for your whole life. The plan provides guaranteed additions during the first 5 policy years along with reversionary bonuses and a terminal bonus to ensure substantial increments to your savings corpus. 

Moreover, the plan provides a discount on policies featuring a sum assured of more than INR 1.5 Lakh. The plan also allows you to avail a loan of up to 80% of the surrender value to meet unplanned financial requirements.

Best Features of Reliance Nippon Life Lifelong Savings Plan

Reliance Nippon Life Lifelong Savings Plan comes with the below-mentioned key features:

  • Flexible Cover Options- The plan provides 2 different coverage options namely Standard Cover and Extended Cover to match varying life cover requirements. 
  • Guaranteed Additions- Guaranteed Additions equivalent to 4% of the base sum assured are made to your savings during the first 5 policy years.
  • Bonuses- Simple reversionary bonus are accrued every year starting from the 6th Policy year till the end of the policy term. A terminal bonus is also payable on death of the life assured or maturity of the policy from the 9th policy year onwards.
  • High Sum Assured Discount- High Sum Assured discount equivalent to up to INR 4 per INR 1,000 base sum assured is applicable for policies with sum assured of more than INR 1.5 Lakh.
  • Policy Loan- You can avail a loan of up to 80% of the surrender value of the policy once you have paid the premium for at least 2 years. The loan is available at an interest rate which currently stands at 9% p.a.

Benefits of Reliance Nippon Life Lifelong Savings Plan

The benefits offered by Reliance Nippon Life Lifelong Savings Plan are as follows - 

1. Maturity Benefit

In case of the survival of the life assured till the end of the maturity of the policy, a maturity benefit is payable as an aggregate of the following - 

  • Sum assured on maturity equivalent to the sum of the base sum assured and guaranteed additions plus
  • Vested reversionary bonuses and terminal bonus

Under the standard cover option, the policy terminates at the end of the policy term with the payment of the maturity benefit. However, in case of the extended cover option, the policy continues to exist even after the payment of the maturity till the date of death of the life assured.

2. Death Benefit

In case of an untimely demise of the life assured, the payout of the death benefit depends upon the cover option chose at the inception of the policy and the time of death -  

  • Death During The Policy Term (For Both Cover Options) 

The death benefit is equivalent to the sum assured on death along with vested reversionary bonus and  terminal bonus. The sum assured payable is equivalent to the highest of the below mentioned benefits, subject to a minimum of 105% of the total premiums paid till the date of death -

Standard Cover OptionExtended Cover Option
 For Entry Ages Up To 50 YearsFor Entry Age 51 Years And Above
11 times of the annualised premium or11 times of the annualised premium or7 times of the annualised premium or
Sum assured on maturity orSum assured on maturity orSum assured on maturity or
Base sum assuredBase sum assuredBase sum assured
  •  After the Policy Term (Applicable Only For Extended Life Cover Option)

The death benefit equivalent to the higher of the base sum assured or 105% of the total premiums paid till the date of the death of the life assured is paid to the nominee.

Reliance Nippon Life Lifelong Savings Plan Eligibility

Reliance Nippon Life Lifelong Savings Plan comes with the following eligibility conditions- 

Eligibility Criteria For Reliance Nippon Life Lifelong Savings Plan
Minimum Age at Entry7 years
Maximum Age at Entry55 years
Minimum Age at Maturity22 years
Maximum Age at Maturity70 years
Policy Term 15-30 years
Premium Payment Term

Option 

Entry Age 7-50 years

Entry Age 51-55 years

Regular Pay

15-30 years

Not Applicable

Limited Pay

10 years

Premium Payment FrequencyYearly, Half-yearly, Quarterly, and Monthly
Minimum Annual Premium Amount INR 12,000
Maximum Annual  Premium AmountNo Limit, subject to underwriting
Minimum Base Sum AssuredINR 80,000
Maximum Base Sum AssuredNo Limit, subject to underwriting

Reliance Nippon Life Lifelong Savings Plan Review

Reliance Nippon Life Lifelong Savings Plan is a savings cum life insurance plan which provides the option of extended life cover, where you get extended life cover for whole of life even after the maturity of the policy. The plan enhances your hard-earned savings via guaranteed additions and regular bonuses.

Further, the plan provides liquidity through a policy loan facility where loans can be availed for up to 80% of the surrender value. The plan also allows you customise it by opting for riders at the time of policy inception. Reliance Nippon Life Lifelong Savings Plan is a suitable plan for individuals looking for whole life cover along with guaranteed increments to their savings. 

Reliance Nippon Life Lifelong Savings Plan FAQs

  • 1. What is the grace period under the plan?

    The plan offers you a grace period of 30 days for modes other than monthly mode and 15 days for the monthly mode of premium payment to pay all the due premiums from the date of the first unpaid premium.

  • 2. How much discount is available under the plan?

    The plan provides discount for high sum assured policies in the following manner- 

    Base Sum AssuredPer 1000 of Base Sum Assured
    INR 1,50,000 to INR 4,99,999INR 3.00
    INR 5,00,000 to INR 9,99,999INR 3.50
    INR 10,00,000 and aboveINR 4.00

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