Reliance Nippon Life Insurance, part of Reliance Capital, has launched its new offer the ‘Increasing Money Back Plan’.

Increasing Money Back Plan is a non-linked, non-participating Life Insurance plan that provides periodic, guaranteed and incremental money back payouts along with a life cover for the entire policy term. “Reliance Nippon Life’s Increasing Money Back Plan is designed to help policyholders get a guaranteed income at regular interval and insured financial security for the family.

The increasing guaranteed pay out provides the additional support to match the increasing expenses and to fulfil the goals for the family”, said Mr Manoranjan Sahoo Chief Agency Officer, Reliance Nippon Life Insurance. The unique plan offers guaranteed increasing money back benefits to policyholders every three years from the commencement of the policy.

The percentage payout increases from 10 per cent to 20 per cent to 30 per cent to 50 per cent and 100 per cent of the base sum assured for the consecutive three years till end of the policy term. Therefore, the total benefit payout is upto 210 per cent of the base sum assured at maturity.

This new plan is available for customers in the age group 15-55 years with a minimum base sum assured of Rs. 1,00,000 and minimum premium of Rs 18000. The policy offers Regular Pay & Limited Premium payment options that allow payment for 7 years or full policy term depending on policyholders preference. However, the policy term is fixed for 15 years in both cases.

In addition, the plan also allows upto 80 per cent of Surrender Value as loan in case of an emergency ensuring liquidity in case of any eventuality.

In the unfortunate event of death of a policyholder during the policy term, the nominee would receive full death benefit, irrespective of survival benefits payout already received. The death benefit amount payable will be highest of either 10 times of annualized premium, guaranteed sum assured on maturity or 105 per cent of total premiums paid.

The policy comes with tax benefits on the premiums paid and benefits received, as per applicable income tax laws.

“Reliance Nippon Life Increasing Money Back Plan’ is ideal for people who want to limit their premium payment commitment period but would like to upgrade family’s lifestyle along with life protection in a planned manner. The incremental income in every three years helps to do financial planning for the family in achieving crucial and varied life goals,” Mr Sahoo added.