Reliance Nippon Life Protection Plus Plan
Reliance Nippon Life Insurance
Our Verdict
Reliance Nippon Life Protection Plus is ideal for first-time buyers seeking affordable, high-coverage term insurance with flexible options. While customizable, it lacks maturity benefits, making it purely a risk-cover plan.
About the Plan
Reliance Nippon Life Protection Plus is a customizable term plan offering high coverage at affordable rates, with lower premiums for non-smokers. It provides four coverage options: Level Cover, Increasing Cover (5% yearly increase), Level Cover Plus Income, and Whole Life Cover (up to 85 years). Policyholders can choose flexible premium payment modes and receive tax benefits. Ideal for first-time buyers, this plan ensures financial security for loved ones while allowing coverage adjustments to meet evolving needs.
About the Plan
Eligibility
• Entry Age :
18 to 60 years
• Policy Term :
10 to 40 years.
• Premium Payment Term :
Equal to the policy term.
• Sum Assured :
Minimum of ₹25 lakhs; no specified maximum limit.
Eligibility
Features of the Product
Terminal Illness
If the policyholder is diagnosed with a terminal illness, the plan provides a lump sum payout to help manage medical expenses and secure financial stability for their family.
Zero Cost Option
Under this option, if the policyholder survives the entire policy term without any claims, they may be eligible for a refund of premiums paid, making the policy cost-effective.
Total Permanent Disability Payout
In case of total and permanent disability due to an accident or illness, the policy provides financial assistance, ensuring continued income support and coverage.
Inflation Protection Coverage
The Increasing Cover Plan ensures that the sum assured grows by 5% annually, protecting the policyholder’s family against rising inflation and increasing financial needs.
Premium Payment Customizations
The plan offers multiple premium payment options such as single pay, limited pay, or regular pay, allowing policyholders to choose a payment method that suits their financial planning.
Exclusions
If the policyholder dies by suicide within 12 months from the policy commencement or revival date, the nominee will receive 80% of the total premiums paid or the surrender value, whichever is higher.
Claims may be denied if the policyholder fails to disclose relevant medical or personal information at the time of policy purchase.
Death due to intentional self-harm, whether sane or insane, may not be covered.
Death resulting from adventure sports, racing, or hazardous activities may be excluded unless explicitly covered.
Death occurring due to involvement in illegal or criminal activities may not be covered.
Death due to alcohol or drug abuse may be excluded.
Exclusions
Accidental Death - If the policyholder dies due to an accident, the nominee receives an additional payout over and above the base sum assured, ensuring enhanced financial security.
Critical Illness - The plan includes optional riders that provide a lump sum benefit upon diagnosis of specified critical illnesses, helping policyholders manage high medical costs.
Add-ons
If you smoke
Premium calculations differentiate between tobacco and non-tobacco consumers, meaning smokers pay higher premiums due to increased health risks.
Note :
Suicide Clause: If the policyholder commits suicide within 12 months from the policy's commencement or revival date, the nominee is entitled to 80% of the total premiums paid up to the date of death, or the surrender value as of the date of death, whichever is higher.
Free Look Period: Policyholders have a 30-day free look period from the date of receipt of the policy document to review its terms and conditions. If they find the policy unsuitable, they can cancel it within this period and receive a refund of the premium paid, subject to deductions for proportionate risk premium, medical examination costs, and stamp duty charges.
Grace Period: A grace period is provided for premium payments:
Monthly Premium Frequency: 15 days.
Other Premium Frequencies: 30 days.
If a premium remains unpaid after the grace period and the policy hasn't acquired a surrender value, the policy lapses, and benefits cease immediately.
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About the Company
Reliance Nippon Life Insurance Company (RNLIC), established as a private sector life insurance provider in India, is part of the global financial conglomerate. The organisation, which has its headquarters in India, specialises in offering a range of insurance plans that offer complete financial security.
Reliance Nippon Life Insurance offers a range of life insurance products tailored to meet the needs of individuals, families, and businesses. Their offerings include term plans, investment plans, health plans, and retirement solutions. The company emphasizes customer-centric services and innovation, aiming to enhance financial security and provide wealth-building options. With a vast distribution network, they aim to make insurance accessible to all segments of society.