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Reliance Nippon Life Insurance

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Reliance Nippon Life Insurance

Overview
Reliance Nippon Life Insurance Company is one of India’s biggest private life insurance entities and has a customer base exceeding 10 million+ policyholders. The company has more than 700 branches across India in tandem with an advisor network that exceeds 75, 000 people as of 31st March, 2017. The claim settlement ratio for the company stands at a healthy 95.21% as well.

The company offers a bouquet of insurance plans to clients including retirement, investment and savings, child, health and protection plans. The company is a division of Reliance Capital and Japan’s Nippon Life Insurance is also a major shareholder.

Reliance Nippon Life Insurance at a glance
  • One of the biggest private life insurance companies in India
  • Customer base of 10 million+ policyholders
  • Network of more than 700 branches and 75, 000 advisors as of the 31st of March, 2017.
  • Claim settlement ratio of 95.21% as of 31st March, 2017.

Reliance Life Insurance Co. Limited Pension Plans
There are several pension plans offered by Reliance Nippon Life Insurance Company. The retirement plans help in building up a corpus for regular pension post retirement. Some of the plans include the Reliance Pension Builder and Immediate Annuity. With these plans, a nest egg can be built up for retirement in tandem with getting regular income.

Documentation needed to apply for Reliance Nippon Life Insurance
  • Age proof - (Any One)
    Driving License, Passport, Voter ID Card, Birth Certificate, etc
  • Identity proof – (Any One)
    Driving License, Passport, Voter ID card, PAN Card, Aadhar Card, or any document which proves citizenship
  • Income proof
  • Address proof – (Any One)
    Driving License, Passport and Utility Bill should clearly mention the permanent address
  • Income proof – (Any One)
    Salary Slip, Form 16, ITR
  • Recent passport size photograph

Reliance Nippon Life Pension Plans
  • Reliance Nippon Life Pension Builder: A retirement plan offering retirement corpus through paying premium for five years, seven years, ten years or throughout the policy term
  • Reliance Nippon Life Smart Pension Plan: Offers an option to save systematically and build a lump sum and ensure a regular income after your retirement.
  • Reliance Nippon Life Immediate Annuity Plan: Offers guaranteed whole life income with a onetime premium payment with no additional medical test requirements.

1: Reliance Nippon Life Pension Builder: A non-linked, participating, deferred pension plan. The plan is tailor made for your retirement planning and offers flexibility to choose your policy term based on when you want to retire.

Advantages and Benefits
  • Flexibility to choose your policy term.
  • Savings boost by addition of regular simple reversionary bonus and terminal bonus.
  • Guaranteed regular income for whole of life post retirement.
Features Description
Age at entry (Years) 25-65 years
Vesting age (Years) 45-75 years
Sum Assured Min: Rs. 2,00,000
Annual Premium Regular Pay: Rs. 25,000
Limited Pay 10: Rs. 25,000
Limited Pay 5-7 Years: Rs. 35,000
Premium Payment Term Limited Pay: 5,7,10 years
Regular: As per policy term
Policy Term Regular : 10-40 years
Limited Pay 5,7 years: 10-20 years
Limited Pay 10 years: 15-20 years
Premium payment Mode Yearly, Half-yearly, Quarterly or monthly mode 

2: Reliance Nippon Life Smart Pension Plan: Reliance Nippon Life Smart Pension Plan is a unit linked, non-participating, pension plan allows you to save systematically and build a regular income after your working years. The plan offers a minimum guaranteed amount, based on the total premiums paid in case of any eventuality.

Advantages and Benefits
  • Choose a Policy Term from 10 to 30 years, as per your convenience
  • Get equity participation along with the comfort of capital guarantee
  • Enhance your retirement corpus through loyalty additions
  • Increase your retirement fund with any extra lump sum as top-ups
Features Description
Age at entry (Years) 18-65 years
Vesting age (Years) 45-75 years
Sum Assured Min: Rs. 50,000
Annual Premium Regular Pay:
PPT 10-14: NA
PPT 15-19: Rs. 36,000
PPT 20+: Rs. 20,000
Limited Pay:
PPT 10-14: Rs. 48,000
PPT 15-19: Rs. 48,000
PPT 20+: Rs. 24,000
Premium Payment Term 10-30 years
Policy Term Single: 10 years
Regular: 15 years
Premium payment Mode Yearly, Half-yearly, Quarterly or monthly mode 

3: Reliance Nippon Life Immediate Annuity Plan: A non linked, non participating annuity plan offering annuity as per individual requirements. Being a single premium plan, Reliance Nippon Life Immediate Annuity Plan guarantees a whole life income post retirement.

Advantages and Benefits
  • Option to choose annuity from 3 different annuity payout options.
  • Option to choose annuity payout frequency - monthly, quarterly, half yearly or annually.
  • Life Annuity guaranteed for 5, 10 or 15 years and payable for life thereafter.
  • No medical tests mandatory.
Features Description
Age at entry (Years) 20-80 years
Purchase Price Min: Rs. 1,00,000
Annuity installment Min: Rs. 1000
Annuity Payouts monthly, quarterly, half yearly or annually