Reliance Nippon Life Whole Life Income

5 reasons to buy

We constantly think about the well-being of our family. And that concern does not come with a time stamp. We wish to take care of their every need, said and unsaid.

Reliance Nippon Life Whole Life Income provides you with a regular income that will continue till you have reached 85 years of age along with a life cover to protect your family from any financial uncertainties arising from any unforeseen eventuality.

  • 1 Gift yourself an income for whole of life
  • 2 Prepare for your expenses post retirement
  • 3 Secure a good lifestyle for your family
  • 4 Avail tax benefits, as per applicable tax laws
  • 5 Leave behind a legacy for your family

Benefits

  • Get assured income for a life time(up to 85 years of age):

Guaranteed Income every year, from the start of the  10thpolicy year, as mentioned below:

Base Sum Assured Guaranteed Income

 

(as a % of Base Sum Assured)

Less than Rs. 2,50,000  6.00%
2,50,000 and above but less than 5,00,000  6.50%
5,00,000 and above  6.75%
  • Cash Bonuses every year, from the start of the  6thpolicy year
  • Maturity Benefit: Get the Guaranteed Sum Assured on Maturity
  • Protection for your family: Get life cover till the age of 85 years
  • Pay as you like:
    • Choose how long you want to pay – 10 or  15 years
    • Choose your premium payment frequency – Yearly, Half-yearly, Quarterly or Monthly

 

  • Liquidity:  Avail loan facility during the policy term to meet unforeseen needs

 

  • Tax benefits:Avail tax benefits on the premiums paid  and benefits received, as per applicable income tax laws

 

How this plan works

Let’s take an example:

  • Arvind, aged 30 years, opts for Reliance Nippon Life Whole Life Income and selects a premium payment term of 15 years along with a Sum Assured amount of Rs. 2,00,000.
Premium payment term Policy term

 

( up to age 85 years)

Base Sum Assured (Rs.)
15 years 55 years 2,00,000

 

  • Pays an annual premium of Rs.35,496 p.a. (exclusive of applicable taxes), assuming that he is in good health
  • In this case the premium rate is Rs 177.48 per Rs. 1000 of Base Sum Assured. Hence, the Base Sum Assured for this policy is (1000 x 35,496) / 177.48 = Rs. 2,00,000
  • Gets Guaranteed Income, from the start of the 10thPolicy year @ 6% of Base Sum Assured i.e. Rs.12,000 every year
  • Gets non-guaranteed Cash Bonuses every year, from the start of the 6thPolicy year

 

Scenario I: Arvind, i.e. theLife Assured, survives till maturity, i.e. up to age 85 years

Benefit Summary:

Total Premiums paid (Rs) 5,32,440
Rate of return @8% @4%
Total Guaranteed Income (Rs.) 5,52,000 5,52,000
Total Cash Bonus (Rs) 5,80,000 1,00,000
Maturity Benefit (Rs) 2,00,000 2,00,000
Total Benefit Received (Rs) 13,32,000 8,52,000

 

Scenario II: In case of unfortunate demise of Arvind at age 85:

Benefit Summary:

Total Premiums paid (Rs) 5,32,440
Rate of return @8% @4%
Total Guaranteed Income (Rs.) up to age 85 years 5,52,000 5,52,000
Total Cash Bonus (Rs) up to age 85 years 5,80,000 1,00,000
Death Benefit (Rs) received by his nominee 5,59,062 5,59,062
Total Benefit Received (Rs) 16,91,062 12,11,062