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Reliance Pension Plans

Reliance Nippon Life Insurance Company

Reliance Nippon Life Insurance (Reliance Nippon Life) is one of the leading life insurance companies in the private sector in India. A joint venture between the renowned Reliance Capital and Japan’s Nippon Life Insurance Company, this life insurer has been serving 10 million customers, with the help of a powerful distribution network of over 800 branches and over 1,00,000 advisors. With more than 20 best-in-class products in its portfolio, it caters to the varied financial goals and protection requirements of its policyholders, and helps them to build a worry-free future for their entire family.

Reliance Nippon Pension Plans

It’s always great to receive a steady flow of income, even when you have stopped earning! This would ideally mean that you wouldn’t have to be financially dependent on others. Reliance Nippon Pension Plans offer you the opportunity to receive a guaranteed income for a lifetime. Further, they also provide the flexibility of deciding at what age you wish to retire, for how many years you wish to pay the premiums, and how you would want to utilize the annuity proceeds. Then there are other benefits on offer too, which add a boost to your savings, and induce you to save regularly, so that you have sufficient funds during the post-retirement phase of your life!

Pension Plans:

You must have surely planned for how you want to spend your golden years of life. To ensure that you can live a peaceful & relaxed post-retirement life you had always dreamt of, it is important that you plan your finances judiciously. To this effect, a pension plan turns out to be an ideal solution. These plans let you create a retirement corpus as well as provide you with a regular flow of income, so that there is no dearth of funds for pursuing your dreams or meeting your daily expenses.

Common Features of Reliance Nippon Pension Plans:

  • Multiple Annuity options to choose from
  • Guaranteed inflow of income throughout your life
  • Income Tax Benefits

List of Different Pension Plans Offered By Reliance Nippon Life Insurance Company, With Features, Benefits And Eligibility

Reliance Nippon Life Pension Builder

Features:

  • A Non-Linked Deferred Pension Plan
  • Option to choose your Policy Term depending upon when you wish to retire
  • Maximize your savings through Simple Reversionary Bonus and Terminal Bonus
  • In the event of unfortunate death, your nominee gets an option to either withdraw the lump sum amount or receive a guaranteed income, thereby enabling him/her to spend the life with dignity, even in your absence
  • Liberty to decide the tenure for paying the premiums – 5 /7/10/ or throughout the Policy Term
  • Choose from 3 options on how to utilize the vesting proceeds
  • At retirement, enjoy a guaranteed regular income for a lifetime
  • Pay your premiums as per your convenience - Yearly, Half-yearly, Quarterly, or Monthly
  • Enjoy discounts for choosing a High Sum Assured
  • Avail tax benefits on premium payments and benefits received

Benefits:

  • Simple Reversionary Bonus: Watch your retirement corpus grow with Simple Reversionary Bonus being credited to your policy every year, starting right from the first policy year till the end of the policy term. The amount of bonus is computed as a percentage of the Base Sum Assured, and is offered, provided the policy is active.
  • Terminal Bonus: Another boost to your retirement savings is provided by the Terminal Bonus, which is credited to the policy from the 10th policy year, and is payable on death or maturity. The amount is calculated as a percentage of the Vested Reversionary Bonus.
  • Vesting Benefit

    On survival till the end of the Policy Term, provided all the premiums have been paid in full, and the policy is active, you are entitled to receive the Vesting Benefit, which is an accumulation of:
    Sum Assured + Vested Simple Reversionary Bonus + Terminal Bonus, (if any), as on the date of vesting, subject to a minimum of 105% of total premiums paid (excluding Service Tax and cess, if any).

  • 3 Options to utilize the Vesting Benefit: On the vesting date, you have the option to utilize the Vesting Benefit in any of the following three ways:
    1. Commute to the extent allowed as per prevailing Income Tax Laws (currently 1/3 of the total vesting benefit can be commuted) and utilize the balance amount to purchase an Immediate Annuity from Reliance Nippon Life Insurance Company at the prevailing Annuity Rate
    2. Utilize the entire amount to invest in a Single Premium Deferred Pension Plan from Reliance Nippon Life Insurance Company
    3. Extend the accumulation/deferment period under the same plan, provided your current age is below 55 years and maximum age at vesting is not more than 75 years
  • Death Benefit: Provided the policy is still running, if the insured passes away during the policy term, the nominee gets eligible to receive a Death Benefit, which is a sum of:
  • 105% of all the premiums paid (excluding Service Tax and cess, if any) as on the date of death + Vested Simple Reversionary Bonus + Terminal Bonus, (if any), as on the date of death.

    Further, it is up to the discretion of the nominee to either withdraw the entire proceeds or to utilize the amount, in full or partly, for purchasing an Immediate Annuity from Reliance Nippon Life Insurance Company at the prevailing Annuity Rate and plan offered by the company.

Eligibility:

Entry Age (As on last birthday) Minimum - 25 years | Maximum – 65 years
Vesting Age Minimum - 45 years | Maximum – 75 years
Policy Term For Regular Pay : 10 to 40 years | For Limited Pay 5 & 7 years: 10 to 20 years; For Limited Pay 10 years: 15 to 20 years
Premium Payment Term For Regular Pay - Same as Policy Term | For Limited Pay - 5/ 7/10 years
Minimum Premium Amount For Regular Pay: Rs. 25,000 | For Limited Pay 10 years : Rs. 25,000 | For Limited Pay 5 & 7 years: Rs. 35,000
Maximum Premium Amount No Limit
Sum Assured Minimum: 2,00,000 | Maximum: No Limit
Premium Payment Mode Yearly, half-yearly, quarterly, or monthly

Riders:

Riders are not applicable under this plan.

Reliance Nippon Life Immediate Annuity plan

Features:

  • A Non-Linked Annuity Plan with Single Premium and offering guaranteed income for a lifetime
  • No need to undergo medical examination
  • 3 Annuity payout options to choose from, so that you can use your funds exactly the way you desire:
    1. Life Annuity:  On choosing this option, you can be assured of receiving annuity throughout your life. In the event of death, the policy ceases to exist, and no benefits are payable thereafter.
    2. Life Annuity with return of Purchase Price: When you select this payout option, you become entitled to receive annuity throughout your life. On death, the Purchase Price of the policy       (premium amount less Service Tax charges) is paid  to your Nominee, after which, the policy is terminated.
    3. Life Annuity guaranteed for 5, 10 or 15 years and payable for life thereafter: In this case, you receive the Annuity for a guaranteed period of 5, 10 or 15        years,  as opted by you at the time of taking the policy, followed by receipt of annuity throughout your life
  • Pick the best-suited annuity payout frequency from yearly, half-yearly, quarterly, or monthly, so that all your expenses can be taken care of   
  • Enjoy Income tax benefits

Benefits:

  • Income Benefit: When you survive the policy term, then, based on the annuity option chosen by you, you become entitled to receive the fixed annuity proceeds.
  • Death Benefit: For those who choose the option Life Annuity with Return of Purchase Price, the purchase price of the policy is paid out to the Nominee. For other annuity options, no death benefit is payable.

Eligibility:

Entry Age (As on last birthday) Minimum : 20 years | Maximum: 80 years
Purchase Price Minimum : Rs. 1,00,000 | Maximum: No Limit
Annuity Instalment Minimum : Rs.1000 | Maximum: No Limit
Premium Payment Term Single Premium
Annuity Payment Modes FMonthly, Quarterly, Half-yearly, or Annually

Riders:

  • Riders are not applicable under this plan.

Reliance Nippon Life Smart Pension Plan

Features:

  • A unit-linked Pension Plan
  • Enjoy the perks of equity participation as well as capital guarantee under one umbrella
  • Loyalty additions help you maximize your retirement fund
  • Whenever you have a lump sum available, invest it as Top-Up and increase your retirement corpus
  • Flexibility to select any Policy Term ranging from 10 years to 30 years
  • Avail income tax benefits on investment as well as returns
  • Pay-out of a minimum guaranteed amount, based on the total premiums paid, ensures the protection of your family in your absence
  • Opportunity to receive regular income for a lifetime, post retirement, according to the annuity option chosen by you
  • You get to choose the age you wish to retire – from 45 to 75 years
  • Facility to extend your retirement age, if need be
  • Post-retirement, avail immediate financial assistance during emergency situations, by tax-free withdrawal of 1/3rd of the accumulated corpus
  • Pension Smart Fund 1 ensures dynamic management of allocation of funds between equity and debt instruments, so that you can receive benefits at least equivalent to the guaranteed benefit. Your funds are invested in Money market instruments, Government Securities, and Equity, in 0-30%, 50-100% and 0-20% ranges respectively.
  • In scenarios where premiums have been discontinued, the fund value is transferred to the low-risk Pension Discontinued Policy Fund, which strives to maintain the capital value of the fund at all times, so that you can reap the minimum predetermined yield. Simultaneously, it also aims to maintain liquidity so as to make the pay outs. In this case, the funds are parked in Government Securities & Money market instruments in 0 – 40% & 60 – 100% respectively.

Benefits:

Loyalty Addition Benefits : As the name suggests, these are the benefits, which you receive for being loyal to the insurer for a long time. From the end of the 6th Policy Year, you get entitled to receive Loyalty Additions, which are computed as a percentage of the annualized/single premium, and are added to your fund at the end of every 3rd Policy Year. Here’s a look at the Loyalty Addition chart:

Policy Year (End) Guaranteed Loyalty Additions
6 1%
9 2%
12 3%
15 4%
18 5%
21 6%
24 7%
27 8%
30 9%

Top-ups: Provided your due Base Regular Premiums or Limited Premiums are Paid-up to date, you can enhance your fund by making unlimited Top-Ups, subject to a minimum amount of Rs. 5,000. With the exception of the Top-ups made in the last 5 years before vesting, all other Top-Ups have a lock-in period of 5 years.

Maturity Benefit: At the time of maturity, the Life Assured gets eligible to receive a Maturity Benefit, provided the Policy is in force and all the due premiums have been paid. This amount is calculated as the higher of:

  • Total of balances in the unit account as on the Maturity/Vesting Date
  • 101% of the total premiums paid (including Top-ups, if any) up to the Maturity/Vesting Date
    This maturity benefit needs to be mandatorily used for any one of the following options:
  • To commute to the extent allowed under the Income Tax Act (0 to 33.33%) with the balance amount being invested to purchase an Immediate Annuity (guaranteed for life) from Reliance Nippon Life Insurance Company Ltd. at the then prevailing Annuity Rate.
  • To invest the entire/remaining proceeds to purchase a Single Premium Deferred Pension plan from Reliance Nippon Life Insurance Company Ltd.
  • To extend the accumulation period/deferment period under the same policy, provided the policyholder has not attained the age of 55 years and the base Policy Term plus extended deferment period is not less than or equal to 30 years. In this case, the minimum deferment period of the policy is 5 years.
    At the time of Maturity/ Vesting, the policyholder can select any of the following Annuity options:
  • A Life Annuity
  • A Life Annuity with return of purchase price on death
  • An Annuity guaranteed for 5, 10 or 15 years and payable for life thereafter

Death Benefit: On the death of the Life Assured, the nominee is entitled to receive the Death benefit, which is the higher of the following:

  • Total of balances in the unit account as on the date of intimation of death
  • 105% of the total premiums paid (including Top-ups, if any) till the date of intimation of death

After paying out the death benefit, the policy ceases to exist. The nominee has an option to utilize the death benefit in any of the following ways:

  • Utilize the proceeds of the policy or part thereof for purchasing an annuity at the then prevailing rate from Reliance Nippon Life Insurance Company Ltd., provided the nominee is eligible for purchasing the same as per the Company’s underwriting policy
  • Withdraw the entire proceeds of the policy

Surrender Benefit: After a period of five years from policy inception, the policyholder has an option to surrender the policy and receive a Surrender benefit, the amount of which is equivalent to the Fund Value under the base policy (including Top-ups) less applicable Discontinuance Charges (if any). These proceeds may be utilized in any one of the following options:

  • Commute to the extent allowed under the Income Tax Act (0 to 33.33%) and the balance used to purchase an Immediate Annuity (guaranteed for life) from Reliance Nippon Life Insurance Company Ltd. at the prevailing Annuity Rate
  • To utilize the proceeds to purchase a Single Premium deferred pension product of the same type from Reliance Nippon Life Insurance Company Ltd., if any

Eligibility:

Entry Age (As on last birthday) Minimum - 18 years | Maximum – 65 years
Vesting Age Minimum - 45 years | Maximum – 75 years
Policy Term For Single Premium: 10 to 30 years | For Limited/Regular Premium: 15 to 30 years
Premium Payment Term(PPT) Minimum: 10 years | Maximum: 30 years
Premium Payment Mode Yearly, half-yearly, quarterly, monthly, & single

Riders:

Riders are not applicable under this plan