Child Insurance Plans - Reliance Nippon Life Insurance
Updated On Jul 09, 2022
Table of Contents
Reliance Life has a wide range of plans that are stitched together perfectly to fit your child’s needs. With over 700 branches and more than 65,000 advisor’s, this company is not only efficient in its services but also extremely trustworthy. It has a claim settlement ratio of 95.17% as of March 31,2018.
Reliance Nippon Life Child Plans are one of a kind. They provide security towards your child’s future. It gives you the leverage to save up methodically for your child’s future, while allowing you to enjoy each moment with your child to the fullest. It is every parent’s prayer that their child receives everything he or she wishes for and is safeguarded at every stage of life. With reliance Life Child Plans you can be stress-free and assured that your child is safely secured financially. Your child will receive guaranteed benefits at every important crossroad of his life.
Benefits of Reliance Nippon Life Insurance Plans
Tax benefits under Section 80C and Section 10 (10D) of the Income Tax Act, 1961.
Plans offered at affordable premium rates.
Convenient and flexible in premium payments.
Wide range of plans.
Exceptionally efficient customer service.
Types of Child Plans offered by Reliance Nippon Life
Reliance Life offers two child plans that are unique and effective. Protect your child’s future by purchasing child plans from Reliance Nippon Life to receive maximum advantages.
Reliance Nippon Life Child Plan
Product benefits:
Participating child plan
High sum assured additions.
Policy will continue until the end term, even if the policy holder dies. In this case, the premiums will be waived off by the inbuilt Waiver of Premium rider.
Tax benefits applicable under Section 80C and Section 10 (10D) of the Income Tax Act, 1961.
In Non-negative capital guarantee, the profits paid on maturity is rarely below the total premium paid. In cases wherein it is lesser that the total premium paid, the company supplies for the indebtedness.
3 years prior to the maturity date, 25% of the sum assured is paid each year as Guaranteed
Periodic Benefits:
The minimum sum assured that is paid upon the death of the policy holder is either 7 to 10 times the annual premium depending upon age of the insured.
On maturity of the policy, the company pays the beneficiary 25% of the sum assured + Non-negative Capital Guarantee Additions + high sum assured additional benefit + bonus.
In case of death of the policy holder, the sum assured and bonuses to be paid, depends upon minimum 105% of premiums being paid. Company waives off the entirefuture premiums and the Guaranteed Periodic Benefits and Maturity Benefit will continue to be paid as scheduled.
Eligibility details
Age: Minimum 20 years and maximum 60 years of age.
Maturity age: From 30 years upto 70 years.
Term of policy: Between 10 years to 20 years.
Annual premium: Directly depends on the age, sum assured and other factors.
Premium payment term: Equivalent to the term of the policy.
Frequency of premium payment: Yearly, half-yearly, quarterly and monthly.
Sum assured: Begins from Rs. 25,000 and maximum has no limit.
Reliance Nippon Life Education Plan
Product benefits
Non-participating child plan.
Guaranteed maturity benefits.
Tax benefits as per Section 80C and Section 10 (10D).
If the parent dies within the tenure of the policy, future premiums will be waived off.
Four maturity payout alternatives to choose from, according to your child’s needs- a lump sum for your child’s education, post-graduation degree with two yearly payments, professional degree with 4 yearly payments and 5 yearly payouts for your child’s higher education and a career booster.
Provides the facility of taking a loan.
Flexibility in choosing your premium payment option. Securing your child’s future even after your death.
Option of receiving lump sum after the policy holder’s death or receiving 50% lump sum and remaining as yearly income for the coming ten years.
Increases coverage by adding riders. Initial sum assured + guaranteed additions + guaranteed maturity additions are paid at the end of the policy term, regardless of the insured being alive or not.
Eligibility
Age: Minimum 20 years and maximum 50 years for the parent. Minimum 0 years and maximum 18 years for the child.
Maturity age: Minimum 29 years and maximum 65 years for the parent. For the child, minimum 9 years and maximum 30 years.
Term of policy: minimum 9/12 years and maximum 20 years.
Premium: Minimum starts from Rs. 20,000 depending on the tenure of the policy and maximum has no limit.
Premium payment frequency: Yearly, semi-yearly, quarterly and monthly.
Sum assured: Minimum Rs. 50,000 and maximum is limitless.
How to apply for Reliance Life Child Plans?
Online
Choose the child plan.
Provide accurate details.
Pay using debit card, credit card, net banking.
Offline
You can also apply for Reliance Life Child Plans by visiting the nearest company branch. You can fill up the concerned forms and submit all the required documents.
Conclusion
It is very important that we buy an insurance plan from a reputable insurance provider. Reliance Nippon Life Insurance Company is one of the leading private sector insurance companies in India. According to the Brand Equity‘s Most Trusted Brands Survey 2015, Reliance Nippon Life Insurance Company is one among the top 3 most trusted life insurance service brands in the country. The company has set its feet in five distinct sectors, namely protection, insurance for children, retirement plans, saving and investment, and Health. Most of their plans are offered to both individuals as well as groups. If you are looking to set a strong financial portfolio, Reliance Nippon Life Child Plan will be the perfect fit.
Also Read: Life Insurance - Secure Children's Future - HDFC Bank
