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 |
