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.
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.
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.
|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|
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.
The grace period is 15 days for monthly mode of premium and 30 days for other premium paying frequencies.
Premiums can be paid annually, half-yearly, quarterly or monthly.
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|
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.
The plan acquires a Surrender Value only if the first 3 years’ premiums have been paid.