Reliance Life Insurance: Reliance Nippon Online Term Plan Review

By | April 23, 2017
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Reliance Nippon Life Online Term Plan is an ideal term insurance plan that provides a large cover at an affordable cost.  You can buy it online in just a few clicks. Reliance Nippon Life Online Term Plan provides life cover of 1 Crore for just Rs. 15 per day*. Online term life insurance is a simplest term life insurance plan in India with a large coverage for a fixed period of time. This policy is a cost-effective way to avail significant death benefit to secure your family’s future financial needs.

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Key Features of this plan.

  1. Get comprehensive life protection at an affordable cost.
  2. Get adequate life cover based on your life stage and liabilities.
  3. Protect your family’s future against unforeseen circumstances.
  4. Experience a simple online application process.
  5. Get medical tests done at your doorstep.

Key Benefits of this Plan.

  1. Flexibility: It gives flexibility to decide protection cover based on your needs and requirements:
  • Option I : Death Benefit is equal to the sum assured
  • Option II:
    A) In the event of death of the policy holder: Death benefit is equal to the sum assured.
    B) In the vent of death of the policy holder due to an accident: An accidental amount is equal to sum assured.
  1. Financial Protection: It gives complete financial protection at very low costs.
  2. Lower Premiums: It provides rewards for healthy lifestyle through lower premiums.
  3. Simple process: It has a simple and hassle free application process.
  4. Tax Benefits: You can avail tax benefits as per applicable tax laws.
  5. Convenience: Simplified medical process at your door step.

Benefits in Detail

  • Death Benefit: In case of death of the policy holder during the policy term, the nominee will receive the maximum of:
  • Sum Assured; or
  • 10 times of Annualized premium; or
  • 105 % of the premiums paid as on death, excluding underwriting extra premiums, if any

The policy will be terminated once the death benefit is paid.

  • Maturity Benefit: Under this plan no maturity benefit is paid. If the policy holder survive till the end of the policy term, no amount is payable.
  • Flexibility in premium payment: Under this plan you need to pay the premiums regularly. This plan allows annual premium payment only.

    Premiums can be paid by electronic mode only.

You can pay your premiums by any of the following modes:

  1. a) Internet banking.
  2. b) Debit/Credit cards of the Life Assured.
  • Grace period for premium payments: This plan has a grace period of 30 days from the premium due date.
  • Premium Discontinuance: In case the premium is not paid within the stipulated grace period, the policy will lapse. And all the insurance benefits will be ceased.
  • Revival: Policy can be reviving for its full coverage by paying all outstanding premiums along the interest within 2 years from the due date of first unpaid premium. The current rate of interest is 9% p.a. and is subject to change from time to time.
  • Surrender: This policy does not acquire any Surrender Value.

Eligibility:

Eligibility of this plan is mentioned below.

Parameters Minimum Limit Maximum Limit
Entry Age 18 years 55 years
Maturity Age 28 years 75 years
Policy Term (Years) 10 | 15 | 20 | 25 | 30 | 35
Premium Payment Term Equal to Policy Term
Sum Assured (R) 25,00,000 No limit
Premium 3,500 No limit
Premium Payment Mode Annual


Frequently asked questions:

  1. Policy Term can be altered?

The policy term and sum assured cannot be changed after the policy commencement.

  1. Loan Facility?

Under this plan no loan facility is available.

  1. Can Tax benefit avail?

Premiums paid under this plan are eligible for tax benefit, subject to the applicable tax laws under income tax.

  1. What is not covered?

Suicide Exclusion: If the policy holder commits suicide within 12 months from the date of commencement of the policy. The nominee will receive 80% of the premiums paid till date of death.

  1. What will be the free look period?

In case, if you are not agreeing with any of the terms and conditions of this policy, you may cancel the policy by returning the policy documents to the company within 15 days of receiving it.

  1. Who will get the benefits?

You need to nominate a person who will entitle to the death benefits of the policy holder. The Nomination shall be in accordance with the section 39 of the Insurance Act, 1938.

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