Compare Reliance Nippon Life’s Super Endowment Plan

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Reliance Nippon Life’s Super Endowment Plan

Reliance Nippon Life’s Super Endowment Plan is a savings oriented insurance plan which provides life insurance coverage as well as guaranteed returns. Thus, the plan helps the policyholder to create a savings corpus by paying premiums only for a limited tenure.

Key features of the plan

  • Premiums are payable only for half of the plan term.
  • Premium rebates are allowed if the chosen Sum Assured is Rs.2.5 lakhs and above.

How does the plan work?

Step 1 – the policyholder chooses the Sum Assured, the plan term and the premium paying frequency. Based on the insured’s age and the above factors, the premiums are calculated.

Step 2 – if the insured survives the plan tenure, the maturity benefit is paid which is the Sum Assured.

Step 3 – if the insured dies during the plan tenure, higher of the Sum Assured, 10 times the annual premium or 105% of premiums paid is paid as death benefit.

Example

Ali, aged 40 years buys the plan for a term of 14 years. The Sum Assured selected is Rs.4 lakhs and premiums are paid for 7 years annually.

Option 1 – if Ali dies during the plan term, higher of the Sum Assured or 10 times the annual premium or 105% of premiums paid till death is paid as death benefit.

Option 2 – if Ali survives the plan term, the Sum Assured of Rs.5 lakhs is paid.

Plan benefits

  • Death benefit – if the life insured dies during the term of the plan, and all premiums have been paid, the death benefit is paid. The death benefit is higher of the guaranteed Sum Assured, 10 times the annual premium or 105% of all premiums paid till death.
  • Maturity Benefit – when the chosen tenure of the plan comes to an end, and all premiums have been paid, the Sum Assured is paid which is a guaranteed benefit.
  • Loan – the policyholder can take up to 80% of the acquired Surrender Value as policy loan.

Eligibility

  Minimum Maximum
Age at entry (in completed years) 8 years 60 years
Age at maturity (in completed years) 22 years 75 years
Term of the plan 14 and 20 years
Premium paying options Limited pay
Premium Paying term Half of the policy term, i.e. 7 and 10 years
Premium amount Depends on the Sum Assured, policy term, premium payment term and frequency and age of the life insured.
Sum Assured Rs.1 lakh No limit

What is not covered in the policy?

  • In case of suicide committed within 12 months of inception, 80% of the premiums paid are refunded.
  • If suicide is committed within 12 months of revival, higher of 80% of the premiums paid or the surrender value under the plan is paid.

Premium Illustration

Below are the sample rates of premium payable by a non-tobacco user male for a combination of different ages, term and Sum Assured. The premiums are including taxes and are assumed to be paid annually for half of the plan term.

Reliance-Nippon-Life’s-Super-Endowment-Plan

FAQs

What is the grace period under the plan?

The grace period is 15 days for monthly mode of premium and 30 days for other premium paying frequencies.

What are the premium paying frequencies?

Premiums can be paid annually, half-yearly, quarterly or monthly.

What is the premium discount available?

Premium discounts are available if the chosen Sum Assured is Rs.2.5 lakhs and above. The discount is as follows:


Sum Assured range
Discount per Rs.1000 of Sum Assured
More than Rs.2.5 lakhs but below Rs.5 lakhs Rs.3
More than Rs.5 lakhs but below Rs.10 lakhs Rs.4
More than Rs.10 lakhs Rs.5

Are there any other discounts?

Yes, discounts are available if premiums are paid yearly or half-yearly. The discount allowed is 2.5% for annual premium modes and 1.25% for semi-annual premium modes.

When does the plan acquire Surrender Value?

The plan acquires a Surrender Value only if the first 3 years’ premiums have been paid.

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