Reliance Nippon Life Smart Pension Plan

Reliance Nippon Immediate Annuity Plan

Reliance Nippon Immediate Annuity Plan permits the policyholder to transform a singular amount sum into a normal progression of pay for the lifetime. The policyholder will get ordinary pay in light of the annuity choice that he/she has decided on and the payout recurrence that he/she has chosen.

Features and Benefits of Reliance Immediate Annuity Plan

  • The policyholder begins getting the annuities immediately subsequent to making the installment of a solitary premium.

  • The protected is given three unique decisions for annuity payout under reliance immediate annuity plan.
  • Lifetime annuity
  • Lifetime annuity with return of strategy price tag on death of protected.
  • Life annuity which is ensured for 5,10 or 15 years, and then, at that point, payable for a lifetime.
  • No clinical examination is expected prior to going into Reliance Nippon Immediate Annuity Plan.

  • Single premium paid under this arrangement is excluded from the duty under Section 80CCC of The Income Tax Act.

Eligibility- Who is the Reliance Nippon Smart Pension Plan for?

To be equipped for the Reliance Nippon Life Smart Pension Plan, clients need to satisfy explicit guidelines.

Entry AgeMinimum: 18 years Maximum: 65 years
Maturity AgeMinimum: 45 years Maximum: 75 years
Premium paying yearsMinimum: 10 years Maximum: 30 years
Policy TermMinimum: 10 years Maximum: 30 years

* The minimum policy term for an 18-year-old customer will be 27 years

SUM Assured and Premium Range – What you Get and What it Cost

Sum Assured -The sum assured depends on the premium, the policy’s term, and assuming any top-ups on the retirement corpus.
Premium-Subscribers of the Reliance Nippon Life Smart Pension Plan have the choice of paying a Regular Premium, a Single Premium, or a Limited Premium. The installment can be made either yearly, half-yearly, quarterly, or on a monthly basis.

Premium AmountPremium Payment Term 10 to 14 years Premium Payment Term 15 to 19 yearsPremium Payment Term 20 years and aboveMaximum
Regular Pay (Rs.)Annual ModeNA 36,00020,000No limit
Half-yearly Mode 18,00010,000
Quarterly Mode 9,0005,000
Monthly Mode 3,0002,000
Limited Pay (Rs.)Annual Mode48,000 48,00024,000No limit
Half-yearly Mode24,000 24,00012,000
Quarterly Mode12,000 12,0006,000
Monthly Mode4,000 4,0003,000
Single Pay (Rs.) 50,000No limit
Top-up (Rs.) 50,000No limit
Premium Frequency Annual, Half-yearly, Quarterly, Monthly

Plan and Coverage – What the Reliance Nippon life Pension Plan Cover

The Reliance Nippon Life Smart Pension Plan offers policyholders death benefits for the chosen candidate and development benefits toward the end of the policy

1)Death Benefits: In an instance of the unfortunate demise of the policyholder, the chosen one will be at risk to the higher unit of the complete equilibriums in a particular team or 105% of the all-out expenses paid. The chosen one can likewise structure an annuity plan with the equilibrium or can make a total withdrawal of the retirement corpus.

2)Maturity Benefits: On the development of the strategy term, the policyholder can:

Make an incomplete withdrawal (33%) of the all-out retirement corpus that is tax exempt.

Broaden the strategy aggregation period, given he/she is under 55 years old and the term has not yet surpassed 30 years (maximum policy term).

Use part of the retirement corpus to purchase a solitary premium conceded pension item.

Exclusion – What the Reliance Nippon Life Smart Pension Plan doesn’t cover

Assuming that the policyholder commits suicide within a year, i.e., 12 months of starting or renewing the plan, then, in that case, the policyholder’s nominee is qualified for 80% of the premium paid till that point. In the case of suicide, no death benefits are applicable.

Other Key Feature – Free Look Period Surrendered Values Period Etc

The Reliance Nippon Life Smart Pension Plan accompanies various key highlights, which are recorded beneath:

  • Surrender benefits: The Policyholder can surrender the policy solely after completing five years starting from the beginning of the Reliance Nippon Life Smart Pension Plan. On surrendering the policy, the policyholder can –
  • Guarantee the absolute Fund esteem over the base plan.
  • He/she can likewise structure an annuity plan.
  • Or, on the other hand,he/ she can utilize the retirement corpus to purchase a solitary premium conceded pension item.
  • When the policy has been surrendered, it can’t be restored.
  • Loyalty Addition Benefits: From the beginning of the sixth year onwards, the policyholder is responsible for loyalty benefits which are material like clockwork till the finish of the policy term. The loyalty additions will be added to the base asset.

  • Policy Extension: The Policyholder can broaden the term of amassing of the retirement corpus even after the place of development, given that he/she is under the age of 55 and the policy term doesn’t surpass 30 years. The base extension of the policy is for a period of 5 years.

  • Change of premium mode: The Policyholder can change the premium mode toward the beginning of each and every term year.

  • Discontinuance of the premium:┬áIf the Policyholder has neglected to pay the premium inside the grace period, he/she will get a revival notice in no less than 15 days of the expiry of the grace period. The policyholder then has 30 days from the notification to either totally stop the policy or restore it. If he/she decides to suspend, no insurance benefits will be further material, though mortality charges, organization charges, and appropriate taxes will be applied on the all-out store esteem.

  • Policy Revival: The Policyholder can renew the policy in no less than two years of the primary neglected premium. A notice will be sent to the Policyholder 45 days before the expiry of the revival period.

  • Free look Period: Policyholders are conceded a free look period for a period of 15 days. Assuming the policyholder contradicts any of the agreements of the policy, he/she can return the policy in no less than 15 days of starting the policy. On the off chance that one returns the policy, he/she will get a discount on the premium paid. Stamp obligation and retraction charges will be relevant.

  • Grace Period: Policyholders are given a grace period of 30 days for regular premiums and 15 days for a month-to-month mode of premium installments.

  • Nomination: Policyholders can make nominations according to Section 39 of the Insurance Act, 1938.

  • Service Tax: Service tax is relevant over the base premium – contingent upon the tax rates set by the Government of India.

  • Top-ups: A policyholder can make a single amount top-up towards the retirement corpus to expand one’s venture choices. The base top-up ought to be Rs.5,000, and policyholders are responsible forthe development and passing benefits, which incorporate the top-up aggregated total. A policyholder can make a top-up just when the premiums are settled cutting-edge.

Tax Benefits – How you can save with the Reliance Nippon Life Smart Pension Plan

Policyholders selected with the Reliance Nippon Life Smart Pension Plan are at risk of tax benefits under the Income Tax Act of 1961. They can profit benefits under:

  1. Section 80C of the Income Tax Act, 1961, for commitments (premium) made towards the plan.
  2. Section 10 (10D) of the Income Tax Act, 1961, for proceeds from death and maturity benefits.

Other Benefits – How can you save with Reliance Nippon Life Smart Pension Plan

The Reliance Nippon Life Smart Pension Plan accompanies various benefits, some of which are referenced beneath:

  • In the event of unfavorable passing of the policyholder, a special amount payout is conceded to the nominee. The nominee can likewise structure an annuity plan to profit from decent pay.
  • The Reliance Nippon Life Smart Pension Plan can be bought internet based by following a couple of straightforward advances. Policyholders can buy the plan through their net financial record or using Visa, check card, e-wallet, and so on.
  • Reliance Nippon Life Insurance has a case settlement proportion of 95%.

Why you Should Buy the Pension Plan from Reliance Nippon Life Insurance

Presently one of the biggest insurance organizations in the nation – holding a piece of the pie of 5%, Reliance Nippon Life Insurance right now has north of 7 million clients. The guarantor likewise has more than 1,200 branches spread the nation over and has north of 120,000 specialists working nonstop to carry Reliance Nippon insurance items to clients’ doorstep. Aside from the simple admittance to items on the web, Reliance Nippon Life Insurance offers items at reasonable premiums – focusing on people and groups with security plans, retirement plans, venture choices for youngsters, and so on. In 2011, Reliance Nippon Life Insurance positioned number 81 in the Global Fortune 500 firms. As of late, it was evaluated as one “Top 3 Most Trusted Service Brands in the Insurance Category” by Brand Equity’s “Most Trusted Brands Survey.”

How to Apply Reliance Nippon Life Pension Plan

  • One can apply for Reliance Nippon Life Pension Plans online as well as through middle people. Applying on the web: Reliance Nippon offers explicit pension plans which are accessible online as it were. The clients need to sign in to the company’s official site and pick the expected Reliance pension plan. Give subtleties, for example, individual subtleties and inclusion sum.
  • The framework will decide the superior utilizing the subtleties filled. The client then, at that point, requirements to make the superior installment online through check card, Visa or net financial offices. The approach will be given subsequent to making the installment effectively.
  • Applying through mediators: The Reliance Nippon pension plans that are not accessible online can be bought from approved specialists, intermediaries, and banks.

Document Required

  • Subscriber registration form
  • Photo ID proof
  • Proof of Date of Birth (DOB)
  • Proof of residence.


Which is best pension plan in Reliance Nippon Life Pension Plans?

Ans – There are two types of plans: Traditional and Unit Linked. You can choose as per yours.

Which is the best pension plan of Reliance Nippon Life Pension Plans 2022?

Ans – Traditional pension plan

Which is the best Reliance Nippon Life Pension Plan for the long term?

Ans – Reliance smart pension plan and Reliance immediate pension plan both are suitable plans for long term.

Why should I buy Reliance Nippon Life Pension Plan?

Ans – Because it also provides investment goals as well as port retirement security.

How to pay a premium? What are the modes of payment available?

Ans – Through Online as well as through agent.

How can I check policy status for Reliance Nippon Life Pension Plans?

Ans -Through their online website.