Reliance Life Highest NAV Advantage Plan
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
Benefits
In case of death of the Life Insured, the nominee would get Sum Assured plus Fund Value.
On maturity, the Fund Value is paid to the policyholder according to the highest NAV achieved till date.
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C
There are 3 riders available in this policy
- Reliance New Major Surgical Benefit Rider
- Reliance New Critical Conditions (25) Rider
- Reliance Term Life Insurance Benefit Rider
The money would be invested in the Highest NAV Advantage Fund.
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 is not allowed in this plan.
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 The Highest NAV Guarantee is applicable only on maturity and is not available for the amount partially withdrawn.
Eligibility
| 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 | |
FAQs
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.
What happens if 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.
What happens if 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.
