Reliance Life Child Plans

Reliance Life offers two child plans that are unique and effective. Protect your child’s future by purchasing child plans from Reliance Nippon Life to receive maximum advantages.

Reliance Nippon Life Child Plan

Product benefits:

• Participating child plan
• High sum assured additions.
• Policy will continue until the end term, even if the policy holder dies. In this case, the premiums will be waived off by the inbuilt Waiver of Premium rider.
• Tax benefits applicable under Section 80C and Section 10 (10D) of the Income Tax Act, 1961.
• In Non-negative capital guarantee, the profits paid on maturity is rarely below the total premium paid. In cases wherein it is lesser that the total premium paid, the company supplies for the indebtedness.
• 3 years prior to the maturity date, 25% of the sum assured is paid each year as Guaranteed Periodic Benefits.
• The minimum sum assured that is paid upon the death of the policy holder is either 7 to 10 times the annual premium depending upon age of the insured.
• On maturity of the policy, the company pays the beneficiary 25% of the sum assured + Non-negative Capital Guarantee Additions + high sum assured additional benefit + bonus.
• In case of death of the policy holder, the sum assured and bonuses to be paid, depends upon minimum 105% of premiums being paid. Company waives off the entirefuture premiums and the Guaranteed Periodic Benefits and Maturity Benefit will continue to be paid as scheduled.

Eligibility details

• Age: Minimum 20 years and maximum 60 years of age.
• Maturity age: From 30 years upto 70 years.
• Term of policy: Between 10 years to 20 years.
• Annual premium: Directly depends on the age, sum assured and other factors.
• Premium payment term: Equivalent to the term of the policy.
• Frequency of premium payment: Yearly, half-yearly, quarterly and monthly.
• Sum assured: Begins from Rs. 25,000 and maximum has no limit.

How the plan works?

Mayur is 35 years of age and he purchases a Reliance Nippon Child Plan for premium of Rs. 30,000. The sum assured is Rs.405,405. The guaranteed periodic benefit he will receive before maturity is Rs. 304,682. Whereas, the guaranteed benefit received after maturity is Rs. 101,554. Benefits payable @ 4% or 8%, that he willreceive is Rs. 97,297 or Rs. 194,594 respectively.

Reliance Nippon Life Education Plan

Product benefits

• Non-participating child plan.
• Guaranteed maturity benefits.
• Tax benefits as per Section 80C and Section 10 (10D).
• If the parent dies within the tenure of the policy, future premiums will be waived off.
• Four maturity payout alternatives to choose from, according to your child’s needs- a lump sum for your child’s education, post-graduation degree with two yearly payments, professional degree with 4 yearly payments and 5 yearly payouts for your child’s higher education and a career booster.
• Provides the facility of taking a loan.
• Flexibility in choosing your premium payment option. Securing your child’s future even after your death.
• Option of receiving lump sum after the policy holder’s death or receiving 50% lump sum and remaining as yearly income for the coming ten years.
• Increases coverage by adding riders. Initial sum assured + guaranteed additions + guaranteed maturity additions are paid at the end of the policy term, regardless of the insured being alive or not.

Eligibility

• Age: Minimum 20 years and maximum 50 years for the parent. Minimum 0 years and maximum 18 years for the child.
• Maturity age: Minimum 29 years and maximum 65 years for the parent. For the child, minimum 9 years and maximum 30 years.
• Term of policy: minimum 9/12 years and maximum 20 years.
• Premium: Minimum starts from Rs. 20,000 depending on the tenure of the policy and maximum has no limit.
• Premium payment frequency: Yearly, semi-yearly, quarterly and monthly.
• Sum assured: Minimum Rs. 50,000 and maximum is limitless.

How plan works?

Rajesh is 30 years old. He purchases a Reliance Nippon Life Educational Policy with the term of policy of 18 years and a premium payment for 7 years. Sum assured is Rs. 2,49,270. Yearly premium is Rs. 35,000.If he chooses death benefit as option II and payout option as career starter, and if he dies say during the 5th year of the policy, then the death benefit becomes Rs. 4,28,744. Lump sum of 50% of the death benefit and the remaining 50% as an annual income for the coming ten years.