A SAVINGS PLUS PROTECTION PLAN WITH INCREASING BENEFITS
Kolkata, April 14, 2023 : Reliance Nippon Life Insurance Company Limited, one of India’s most trusted and leading private life insurers, announced the launch of their brand-new plan, Reliance Nippon Life Nishchit Bhavishya, a non-linked, non-participating, individual, savings life insurance plan which offers, guaranteed tax-free returns# with an increasing income benefit.
Key highlights of ‘Nishchit Bhavishya’ Plan:
Guaranteed benefit on survival and maturity.
Increasing income benefit to overcome increasing cost of living.
High death cover (11-37X of Annual Premium) during premium payment term with protection benefits for the entire policy term.
Life Cover from early ages to near-retirement stages – entry from ages 5 to 50 years.
Option to enhance protection through choice of riders.
Option to choose between two plan variants according to your growing needs.
Tax Benefits as per prevailing tax laws
This product structure finds its origins in the company’s internal research that highlights a heightened understanding of inflation amongst households. The income design responds well to this sentiment and solves the need for long-term increasing income. This solution serves diverse needs of various segments, including those looking to plan for retirement, small business owners, and young salaried customers seeking a steady income stream to overcome the volatility in business incomes or employment cycles.
The plan offers regular income growing at a simple rate of 5% in two variants.
Variant 1: Offers a higher regular income after completion of the Premium Payment Term. This variant is ideal for those looking for guaranteed additional income to fulfil life’s key milestones such as retirement, child's education, and/or marriage. In this variant, regular income starts at the end of one year of completion of Premium Payment Term and culminates with a lump sum payout at maturity.
Variant 2: Offers two moneyback payouts at the 4th and 8th year before the income benefit starts at the end of the 12th year. The moneyback payouts in this variant make it ideal for those wanting to balance long term and short-term goals. Here, the income benefit starts at the end of 12th policy year and culminates with a lump sum benefit at maturity.
Commenting on the launch of Nishchit Bhavishya, Mr. Ashish Vohra, ED & CEO, Reliance Nippon Life Insurance said, “It gives us immense pleasure to announce the launch of Nishchit Bhavishya, a unique addition to our roster of innovative products. This plan is specifically designed to act as a safety net against inflation owing to its increasing income benefit. It also provides the customer with financial protection to overcome unforeseen circumstances. At Reliance Nippon Life, our endeavours are centered around making our customers feel confident in their pursuits. Nishchit Bhavishya provides tax free# and fully guaranteed benefits, necessary to meet long term goals of salaried, self-employed as well as business owners.”
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