Reliance Life Highest NAV Advantage Plan

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Highest NAV Advantage Plan from Reliance Life Insurance

 

Reliance Life Highest NAV Advantage Plan is a unit linked insurance plan (ULIP) where the highest NAV attained during the tenure, is provided to the policyholder at Maturity. However, if the Life Insured dies, within the policy tenure, the entire Sum Assured PLUS the Fund Value will be paid as Death Benefit.

 


Key Features of Reliance Life Highest NAV Advantage Plan

 

  • Double Death Benefit is paid - Sum Assured Plus Fund Value
  • Highest NAV is guaranteed at maturity while paying out Maturity Benefit
  • There are additional benefits through riders
  • Under this plan, an additional amount equivalent to base sum assured is payable on account of accidental death
  • Option to avail policy loan after two years

 

 

Benefits you get from Reliance Life Highest NAV Advantage Plan

 

Death Benefit – In case of death of the Life Insured, the nominee would get Sum Assured plus Fund Value.

 

Maturity Benefit – On maturity, the Fund Value is paid to the policyholder according to the highest NAV achieved till date.

 

Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C

 

 

Eligibility conditions in Reliance Life Highest NAV Advantage Plan

 

 

Minimum

Maximum

Sum Assured (in Rs.) in Regular Premium

Higher of

7 X Annual Premium

or

0.25 X Policy Term X Annual Premium

For age 7-11 years: Rs 5 lac

For age 12-40 years: 30XAP

For age 41-45 years: 20XAP

For age 46-50 years: 15XAP

For age 51 and above: 10XAP

Sum Assured (in Rs.) in Limited Premium

1.25 X Annual Premium

6 X Single premium

Policy Term (in years)

15

Premium Payment Term (in years)

Single

Equal to Policy Term

Entry Age of Policyholder

7

60

Age at Maturity

22

75

Regular Pay premium (in Rs.)

20,000 p.a.

No Limit

Limited Pay premium (in Rs.)

50,000 p.a.

No Limit

Payment modes

Single, Yearly, Half-Yearly, Quarterly and Monthly

 

 

Additional Features and Benefits of Reliance Life Highest NAV Advantage Plan

 

Riders – There are 3 riders available in this policy

1.       Reliance New Major Surgical Benefit Rider

2.       Reliance New Critical Conditions (25) Rider

3.       Reliance Term Life Insurance Benefit Rider

 

Investment Fund Options - The money would be invested in the Highest NAV Advantage Fund.

 

Top-up - Unlimited Top Up is allowed except in the last 5 years of the policy.

Minimum Top Up premium is Rs 5,000. Each top up premium has a lock in of 5 years.

Each Top Up premium is accompanied by Sum Assured according to the multiplier

·         Less than 45 years- SA is 1.25 times

·         Greater than or equal to 45 years- SA is 1.10 times

 

Switching - Switching is not allowed in this plan.

 

Partial Withdrawal - You are allowed to make partial withdrawals in this policy after 5 complete policy years or the life assured is 18 years old, whichever is later. The minimum amount of partial withdrawal should be Rs. 5,000 such that at least 125% of annual premium or 50% of single premium should be maintained after Partial Withdrawal. The maximum amount of partial withdrawal should not exceed 20% of the base fund value at the time of withdrawal. The Highest NAV Guarantee is applicable only on maturity and is not available for the amount partially withdrawn.

 

 

What happens if?

 

You stop paying the premium before 5 years - If the policy holder stops paying the premium, the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.

 

You stop paying the premium after 5 years - If the policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be paid to the policy holder and the policy will terminate immediately.

 

You want a loan against your policy - The total loan that can be availed at any point of time during the policy term shall not exceed 40% of the surrender value.

 

 

Alternate ULIPs from different insurance companies

 

Aegon Religare iMaximize Plan

Future Generali NAV Insure Plan

Aviva Lifesaver Advantage

Max New York Subh Invest

 

 

Other ULIPs from Reliance Life Insurance

 

Reliance Life Insurance Pay Five Plan

Reliance Life Insurance Classic Plan – Limited premium

Reliance Life Insurance Classic Plan

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