Best Features About Reliance Nippon Child Plan

Every parent dreams of a wonderful and comfortable future for their child. This motivates to do better in life so that a better future could be made possible for the little ones. However, every responsibility does come with some worries. As a parent, you must surely be worried about the finances for your child’s future to fulfil all the dreams and desires your child might possess.

Reliance Nippon Life Insurance Child Plan brings some exciting policy features and benefits for you to enjoy a stress-free life while also gifting the best to your kid.

Reliance Child Plan

Reliance child plan is a participating plan to secure your child’s future. It is a non-linked, non-variable Child Insurance Plan where you can pay premiums regularly throughout the policy term.

Features of Reliance Child Plan

1. Guaranteed Surrender Value (GSV)

You will be able to avail the Guaranteed Surrender Value if your first three annualised premiums have been paid. This value will be as the percentage of the total premiums excluding the rider premiums and extra premiums.

2. Special Surrender Value (SSV)

This benefit will be available after you have paid for at least three consecutive years with Reliance Nippon Child Plan.

3. Premium Payment

Reliance child plan premium payment is to be done as per the schedule of the policy.

4. In-built Waiver

In case of death of the policyholder, the reliance life child plan allows future premiums to be waived off through in-built waiver of premium rider. However, the policy continues till the end of the policy term.

5. Non-negative Capital Guarantee

With this plan, a non-negative Capital guarantee and High SA additions. These are features that increase the corpus beside the bonus. With this feature, the policy benefit is paid on maturity and this benefit is never lesser than the total premium paid. If it is found to be less, the company will pay the deficit.

6. Assured Sum

With this plan, 25% of the assured sum is paid as Guaranteed Periodic Benefits in the previous 3 policy years before maturity. This is available even if the assured does not survive the term of the policy.

7. Maturity

On maturity, you will get 25% of SA+ Non-Negative Capital Guarantee Additions, High SA Addition Benefit and bonus.

8. Death Benefit

In case of death, the SA payable on death along with a bonus is paid. This subject to a minimum of 105% of total premiums paid. Remember that the SA payable on death is higher of 10 or 7 times annual premium.

9. Tax Benefits

You can avail tax benefits with this policy under Section 80C and 10(10D) of the income tax Act.

10. Loan Benefits

You can also avail a loan against this policy. The loan value is 80% of the Surrender Value in the first 3 years and 90% after that.

Eligibility Criteria

Reliance Nippon Life insurance offers some great benefits.

The eligibility criteria is mentioned below:

Grace Period and Termination

You can avail a grace period of 15 days with Reliance Child Plan. The 15-day grace period is for the monthly period and 30 days is for other premium payment mode. If you Fail to make the premium payment within these days, your policy will Lapse.

Another important aspect of the policy is the termination and surrender benefit. You can surrender the policy after the completion of 3 policy years. The surrender value will be higher than the Guaranteed Surrender Value or the Special Surrender Value.

Reliance Child Plan Customer Care Number

For plan related quires, you can contact from Monday to Saturday between 9 am to 6 pm @ 1800 102 1010.

Customers residing outside India - (+91) 022 4882 7000

For Claims related queries - 1800 102 3330

E-mail - rnlife.customerservice@relianceada.com

Conclusion

Reliance Nippon Child Plan is a great option to choose to secure your child’s education and career aspirations. Make sure to pay your premiums on time to enjoy the benefits in full. Read all policy-related documents carefully before applying.