Reliance Nippon Life Bluechip Savings Insurance Plan

Death Benefit

The death benefit is payable on the unfortunate demise of the life insured, provided the policy is in-force and all premiums have been paid. Death benefit is higher of Sum Assured on Death plus Vested Reversionary Bonuses and Terminal Bonus or 105% of all premiums paid.
 

Here, Sum Assured on Death is higher of Base Sum Assured, Guaranteed Sum Assured on Maturity, or Annualised Premium * Death Benefit Multiple. Death Benefit Multiple is 7 & 10 for death benefit 7x & 10x option, respectively.

Maturity Benefit

In case the life insured survives till maturity of the policy, Maturity Benefit equal to the sum of the guaranteed sum assured on maturity plus vested reversionary bonus and terminal bonus is payable.

Bonus

Simple Reversionary Bonus is declared during the policy term, which begins from the first policy year. This bonus is accrued at the end of every year. Terminal bonus is payable on death/maturity starting from the 10^th policy year onwards.

Guaranteed Additions

Guaranteed Additions are equal to the 7% of the base sum assured that accrue at the end of each policy year, till end of the premium payment term.

Loan Benefit

The maximum loan amount available under this plan is up to 80% of the surrender value.

Surrender Value

Surrender Value is acquired on payment of two/three full years premium, when the premium payment term is less than 10 years/premium payment term is 10 years or more, respectively. Surrender Value is higher of Guaranteed Surrender Value or Special Surrender Value.

Tax Benefit

Under this policy, Premiums paid is eligible for tax benefit under section 80C and policy benefits also provide tax exemption under section 10 (10D) of the Income Tax Act, subject to modification in tax laws.

The plan offers following riders on a payment of an additional rider premium can be opted under this plan.
 

• Reliance Nippon Life Term Life Insurance Benefit Rider,
• Reliance Nippon Life Critical Conditions (25) Rider,
• Reliance Nippon Life Family Income Benefit Rider,
• Reliance Nippon Life Major Surgical Benefit Rider,
• Reliance Nippon Life Accidental Death Benefit and
• Total and Permanent Disablement Rider (Regular/Limited Premium)

Age of Life Insured: 35 years
 

Policy Term Chosen: 17 years with premium paying term of 7 years.
 

Rajesh opts for Reliance Nippon Life Bluechip Savings Insurance Plan with base sum assured of Rs 2,18,111 and an annual premium of Rs 50,000. He chooses death benefit 10x option.
 

Scenario A: Rajesh survives till maturity of the policy, the following benefit is payable.
 

Scenario B: In case of demise of Rajesh at the end of the 3^rd policy year, the following benefit is payable.