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Reliance Nippon Life Insurance Super Endowment Plan is a savings 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 investment 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.
|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|