Podcast
Questions and Answers
Which of the following best describes the primary purpose of the Reliance Nippon Life Milestone Plan?
Which of the following best describes the primary purpose of the Reliance Nippon Life Milestone Plan?
- To serve solely as a life insurance cover without any savings or maturity benefits.
- To provide immediate tax benefits without any long-term financial planning.
- To provide short-term investment opportunities with high-risk, high-reward potential.
- To offer a combination of savings accumulation and life insurance protection for long-term financial goals. (correct)
What happens to the Reliance Nippon Life Milestone Plan if the policyholder passes away during the policy term?
What happens to the Reliance Nippon Life Milestone Plan if the policyholder passes away during the policy term?
- The beneficiary receives a lump sum life insurance cover to help meet financial needs. (correct)
- The policy is immediately terminated, and no benefits are paid out.
- The policy continues with the beneficiary required to pay the remaining premiums.
- The accumulated savings are transferred to another policy in the name of the beneficiary.
What type of returns does the Reliance Nippon Life Milestone Plan offer, according to the advertisement?
What type of returns does the Reliance Nippon Life Milestone Plan offer, according to the advertisement?
- Returns that are taxed at a reduced rate compared to other investment options.
- Returns linked to the stock market with variable interest rates.
- Fixed returns subject to prevailing market conditions.
- Tax-free returns as per prevailing tax laws. (correct)
The Reliance Nippon Life Milestone Plan is described as a 'non-linked, participating, non-variable, endowment insurance plan'. What does 'non-linked' mean in this context?
The Reliance Nippon Life Milestone Plan is described as a 'non-linked, participating, non-variable, endowment insurance plan'. What does 'non-linked' mean in this context?
According to the advertisement, which feature helps protect a family even in the policyholder's absence?
According to the advertisement, which feature helps protect a family even in the policyholder's absence?
If a policyholder opts for the settlement option, what does this entail?
If a policyholder opts for the settlement option, what does this entail?
What is the primary advantage of the 'Life Plus Option' in the event of the proposer's unfortunate demise during the premium payment term?
What is the primary advantage of the 'Life Plus Option' in the event of the proposer's unfortunate demise during the premium payment term?
Which of the following is NOT a listed premium payment mode for the Reliance Nippon Life Milestone Plan?
Which of the following is NOT a listed premium payment mode for the Reliance Nippon Life Milestone Plan?
A 42-year-old individual is interested in the Life Plus Option with a 7-year premium payment term. Are they eligible, and if so, what is the latest year they can have the policy mature?
A 42-year-old individual is interested in the Life Plus Option with a 7-year premium payment term. Are they eligible, and if so, what is the latest year they can have the policy mature?
An individual wants to purchase a policy on the life of another person. What condition must they fulfill to do so?
An individual wants to purchase a policy on the life of another person. What condition must they fulfill to do so?
What happens to the accrued bonus in the Reliance Nippon Life Milestone Plan?
What happens to the accrued bonus in the Reliance Nippon Life Milestone Plan?
If a policyholder chooses a shorter premium payment term, how might this influence the base sum assured?
If a policyholder chooses a shorter premium payment term, how might this influence the base sum assured?
Which of the following statements is most accurate regarding the tax benefits associated with the Reliance Nippon Life Milestone Plan?
Which of the following statements is most accurate regarding the tax benefits associated with the Reliance Nippon Life Milestone Plan?
Arun has a life insurance policy. If he dies during the premium payment term, what happens to the policy according to Scenario II?
Arun has a life insurance policy. If he dies during the premium payment term, what happens to the policy according to Scenario II?
What is the minimum age at entry for a proposer under the Life Plus Option with a 10-year premium payment term?
What is the minimum age at entry for a proposer under the Life Plus Option with a 10-year premium payment term?
Under the illustrated scenarios, what is the range of possible total benefits at maturity for the Life Assured, considering both the 8% and 4% assumed investment returns?
Under the illustrated scenarios, what is the range of possible total benefits at maturity for the Life Assured, considering both the 8% and 4% assumed investment returns?
What component is included in the total benefits at maturity, besides the sum assured?
What component is included in the total benefits at maturity, besides the sum assured?
A person aged 53 wants to take the life option with a 15 year premium payment term, what is the latest age they can have the policy mature?
A person aged 53 wants to take the life option with a 15 year premium payment term, what is the latest age they can have the policy mature?
What details about the death benefit are available on page 8?
What details about the death benefit are available on page 8?
Arun pays premiums for the first 5 years of a 10-year policy. If the assumed investment return is 4%, what is the sum assured on maturity?
Arun pays premiums for the first 5 years of a 10-year policy. If the assumed investment return is 4%, what is the sum assured on maturity?
Assuming an 8% investment return, calculate the approximate percentage of the 'Total Benefits' that the 'Terminal Bonus' represents.
Assuming an 8% investment return, calculate the approximate percentage of the 'Total Benefits' that the 'Terminal Bonus' represents.
What is the difference between the accrued CRB at 8% and 4%?
What is the difference between the accrued CRB at 8% and 4%?
Under what circumstance are the values shown in the benefits illustration not guaranteed?
Under what circumstance are the values shown in the benefits illustration not guaranteed?
Based on the provided illustration, how does the death benefit affect the policy's future premiums?
Based on the provided illustration, how does the death benefit affect the policy's future premiums?
What primary purpose do the illustrated values at 8% and 4% serve in the context of the policy?
What primary purpose do the illustrated values at 8% and 4% serve in the context of the policy?
If the 'Accrued CRB' is compounded and payable each year, what is the most likely meaning of 'CRB' in this context?
If the 'Accrued CRB' is compounded and payable each year, what is the most likely meaning of 'CRB' in this context?
How do the terminal bonus and compound reversionary bonus differ in the context of this policy illustration?
How do the terminal bonus and compound reversionary bonus differ in the context of this policy illustration?
What remains constant between the 4% and 8% scenarios for 'Sum Assured on Maturity'?
What remains constant between the 4% and 8% scenarios for 'Sum Assured on Maturity'?
What can be inferred about the 'Total Benefits' at 8% compared to 4%?
What can be inferred about the 'Total Benefits' at 8% compared to 4%?
What is a key difference between the 'Accrued CRB' and the 'Terminal Bonus'?
What is a key difference between the 'Accrued CRB' and the 'Terminal Bonus'?
Which factor primarily dictates the difference in 'Total Benefits' between the 4% and 8% illustrated scenarios?
Which factor primarily dictates the difference in 'Total Benefits' between the 4% and 8% illustrated scenarios?
An individual wants a settlement benefit of Rs 5,00,000 with a 10-year settlement period. If the prevailing 10-year G-Sec rate is 6.25%, what annual installment amount can they expect, according to the provided data?
An individual wants a settlement benefit of Rs 5,00,000 with a 10-year settlement period. If the prevailing 10-year G-Sec rate is 6.25%, what annual installment amount can they expect, according to the provided data?
For a settlement benefit of Rs 5,00,000 and a 5-year settlement period, how much more would the annual installment be if the prevailing 10-year G-Sec rate is between 8.76% - 8.99% compared to if it were between 4.16% - 4.40%?
For a settlement benefit of Rs 5,00,000 and a 5-year settlement period, how much more would the annual installment be if the prevailing 10-year G-Sec rate is between 8.76% - 8.99% compared to if it were between 4.16% - 4.40%?
An investor opts for a 15-year settlement period. Which of the following 10-year G-Sec rate ranges would result in the highest annual installment amount?
An investor opts for a 15-year settlement period. Which of the following 10-year G-Sec rate ranges would result in the highest annual installment amount?
If the prevailing 10-year G-Sec rate is 7.70%, what is the difference in the annual installment amount between a 5-year and a 10-year settlement period for a settlement benefit of Rs 5,00,000?
If the prevailing 10-year G-Sec rate is 7.70%, what is the difference in the annual installment amount between a 5-year and a 10-year settlement period for a settlement benefit of Rs 5,00,000?
Assuming a constant 10-year G-Sec rate, how does increasing the settlement period from 5 years to 15 years affect the annual installment amount for the Rs 5,00,000 settlement benefit?
Assuming a constant 10-year G-Sec rate, how does increasing the settlement period from 5 years to 15 years affect the annual installment amount for the Rs 5,00,000 settlement benefit?
An individual is considering a 10-year settlement period with a prevailing G-Sec rate between 5.87% - 6.10%. How much less will their annual installment be compared to someone with the same settlement period but a G-Sec rate between 9.00% - 9.23%?
An individual is considering a 10-year settlement period with a prevailing G-Sec rate between 5.87% - 6.10%. How much less will their annual installment be compared to someone with the same settlement period but a G-Sec rate between 9.00% - 9.23%?
An investor chooses a 5-year settlement period when the prevailing 10-year G-Sec rate falls between 6.60% - 6.83%. If the G-Sec rate then shifts to the 6.84% - 7.07% range, what is the increase in their annual installment amount?
An investor chooses a 5-year settlement period when the prevailing 10-year G-Sec rate falls between 6.60% - 6.83%. If the G-Sec rate then shifts to the 6.84% - 7.07% range, what is the increase in their annual installment amount?
A policyholder dies during the policy term. What is the minimum death benefit the nominee will receive, assuming the policy is in force and excluding extra premiums, rider premiums, and modal premiums?
A policyholder dies during the policy term. What is the minimum death benefit the nominee will receive, assuming the policy is in force and excluding extra premiums, rider premiums, and modal premiums?
What happens to the policy and its benefits upon payment of the death benefit to the nominee?
What happens to the policy and its benefits upon payment of the death benefit to the nominee?
If a policyholder pays premiums of Rs 4,50,000 over the policy term and then dies, what is the minimum death benefit his nominee will receive, disregarding any bonuses and extra charges?
If a policyholder pays premiums of Rs 4,50,000 over the policy term and then dies, what is the minimum death benefit his nominee will receive, disregarding any bonuses and extra charges?
For a Life Option plan with a base sum assured of `5,00,000 and a policy term of 10 years, how does the annual premium change as the life assured's age increases from 30 to 40, assuming a premium payment term of 5 years?
For a Life Option plan with a base sum assured of `5,00,000 and a policy term of 10 years, how does the annual premium change as the life assured's age increases from 30 to 40, assuming a premium payment term of 5 years?
In the Life Plus Option, with a proposer aged 50 and a base sum assured of `10,00,000, which premium payment term results in the lowest annual premium for a life assured aged 40?
In the Life Plus Option, with a proposer aged 50 and a base sum assured of `10,00,000, which premium payment term results in the lowest annual premium for a life assured aged 40?
Consider a Life Option plan. How does increasing the premium payment term from 5 to 10 years affect the annual premium for a life assured aged 35 with a base sum assured of `5,00,000?
Consider a Life Option plan. How does increasing the premium payment term from 5 to 10 years affect the annual premium for a life assured aged 35 with a base sum assured of `5,00,000?
If a 30-year-old life assured chooses the Life Plus Option with a 10-year policy term and a 5-year premium payment term, how does the base sum assured affect the maturity benefit at an assumed 8% return?
If a 30-year-old life assured chooses the Life Plus Option with a 10-year policy term and a 5-year premium payment term, how does the base sum assured affect the maturity benefit at an assumed 8% return?
For a life assured aged 40 opting for the Life Option with a premium payment term of 7 years, what effect does doubling the base sum assured from 5,00,000 to 10,00,000 have on the annual premium?
For a life assured aged 40 opting for the Life Option with a premium payment term of 7 years, what effect does doubling the base sum assured from 5,00,000 to 10,00,000 have on the annual premium?
Under the Life Plus option, with the proposer aged 50, how does increasing the policy term from 10 to 15 years affect the base sum assured if the annual premium is kept constant at approximately `1,12,000 for a life assured aged 30 with a 5 year premium payment term?
Under the Life Plus option, with the proposer aged 50, how does increasing the policy term from 10 to 15 years affect the base sum assured if the annual premium is kept constant at approximately `1,12,000 for a life assured aged 30 with a 5 year premium payment term?
Consider two scenarios under the Life Option: In scenario 1, a 30-year-old pays a premium for 5 years. In scenario 2, a 40-year-old pays a premium for 10 years. Both have a base sum assured of `5,00,000. Which statement accurately compares their total premium payments?
Consider two scenarios under the Life Option: In scenario 1, a 30-year-old pays a premium for 5 years. In scenario 2, a 40-year-old pays a premium for 10 years. Both have a base sum assured of `5,00,000. Which statement accurately compares their total premium payments?
If a customer prioritizes maximizing their maturity benefit at an 8% return with a 15-year policy term, should they generally opt for a Life Option or Life Plus Option, assuming all other factors (age, premium payment term) are constant?
If a customer prioritizes maximizing their maturity benefit at an 8% return with a 15-year policy term, should they generally opt for a Life Option or Life Plus Option, assuming all other factors (age, premium payment term) are constant?
How does the rate of return (4% vs. 8%) affect the difference between the maturity benefit and the base sum assured in the Life Option, assuming a 15-year policy term, 5 year premium payment term and a proposer age of 50?
How does the rate of return (4% vs. 8%) affect the difference between the maturity benefit and the base sum assured in the Life Option, assuming a 15-year policy term, 5 year premium payment term and a proposer age of 50?
For the Life Plus Option, consider two individuals, both aged 30, purchasing policies with a 10-year term and a 5-year premium payment term. One has a proposer aged 50, and the other has a proposer aged 55. How does the proposer's age affect the base sum assured, assuming the annual premium is approximately `1,12,000?
For the Life Plus Option, consider two individuals, both aged 30, purchasing policies with a 10-year term and a 5-year premium payment term. One has a proposer aged 50, and the other has a proposer aged 55. How does the proposer's age affect the base sum assured, assuming the annual premium is approximately `1,12,000?
Flashcards
Reliance Nippon Life Milestone Plan
Reliance Nippon Life Milestone Plan
A plan that helps you save for financial goals while providing life insurance protection.
Life Insurance Cover
Life Insurance Cover
Financial security for your family in case of unforeseen events during the policy term.
Lump Sum Benefit at Maturity
Lump Sum Benefit at Maturity
A single payment received at the end of the policy term to fulfill financial objectives.
Waiver of Premium Benefit
Waiver of Premium Benefit
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Financial Goals
Financial Goals
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Prevailing 10-year G-Sec Rate Range
Prevailing 10-year G-Sec Rate Range
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Regular Income (Settlement Benefit)
Regular Income (Settlement Benefit)
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Settlement Period
Settlement Period
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Settlement Benefit Amount
Settlement Benefit Amount
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Annual Instalment Amount
Annual Instalment Amount
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Death Benefit
Death Benefit
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Death Benefit Calculation
Death Benefit Calculation
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Sum Assured on Death with Bonuses
Sum Assured on Death with Bonuses
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105% of Premiums Paid
105% of Premiums Paid
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Underwriting Extra Premiums
Underwriting Extra Premiums
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Terminal Bonus
Terminal Bonus
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Sum Assured on Maturity
Sum Assured on Maturity
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Maturity Benefit
Maturity Benefit
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Total Benefits at Maturity
Total Benefits at Maturity
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Policy Continuation on Death
Policy Continuation on Death
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Future Premiums Waived
Future Premiums Waived
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Maturity Benefit to Beneficiary
Maturity Benefit to Beneficiary
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Accrued Reversionary Bonus
Accrued Reversionary Bonus
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Settlement Option
Settlement Option
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Bonus Feature
Bonus Feature
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Flexible Premium Payment
Flexible Premium Payment
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Rider Benefits
Rider Benefits
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Tax Benefits
Tax Benefits
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Base Sum Assured
Base Sum Assured
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Maturity Benefit Options
Maturity Benefit Options
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Premium Waiver (Life Plus)
Premium Waiver (Life Plus)
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Entry Age (Life Option)
Entry Age (Life Option)
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Policy Term Options
Policy Term Options
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Compounded Reversionary Bonus
Compounded Reversionary Bonus
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Waiver of Premium
Waiver of Premium
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Accrued CRB
Accrued CRB
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Death During Premium Payment
Death During Premium Payment
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Total Policy Benefits
Total Policy Benefits
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CRB (Compounded Reversionary Bonus)
CRB (Compounded Reversionary Bonus)
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TB (Terminal Bonus)
TB (Terminal Bonus)
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Age of Life Assured
Age of Life Assured
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Premium Payment Term (PPT)
Premium Payment Term (PPT)
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Policy Term
Policy Term
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Base Sum Assured (BSA)
Base Sum Assured (BSA)
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Life Option
Life Option
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Life Plus Option
Life Plus Option
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Proposer
Proposer
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Study Notes
- Reliance Nippon Life Insurance Milestone Plan is a non-linked, participating, limited premium pay, endowment life insurance plan.
- This plan helps you accumulate your savings and provides life insurance protection.
- The plan offers a lump sum benefit at maturity and a lump sum life insurance cover.
Key Benefits
- Protection for your family through life insurance cover for the entire policy term.
- Savings in the form of a lump sum benefit payable at maturity.
- Waiver of Premium Benefit protects your loved ones even in your absence.
- Settlement Option to convert maturity payout into regular income for 5, 10, or 15 years.
- Bonus: Get accrued bonus (if any) from the first year onwards.
- Flexibility to pay premiums for 5, 7, 10, or 15 years.
- Additional protection using riders by paying additional premium for rider benefits.
- Tax benefits that may be applicable as per applicable income tax laws.
How the Plan Works
- You can purchase this policy on your own life or on the life of any other individual with whom you have insurable interest.
- Choose the premium amount you want to pay.
- Choose the Premium Payment Term and the Policy Term from the available options.
- Your "Base Sum Assured" will be calculated accordingly.
- At maturity, receive the "Base Sum Assured" along with any vested bonus.
- Option to take the maturity benefit as a lump sum or convert it into regular income with the Settlement Option.
- In case of unfortunate demise of the Life Assured during the policy term, the nominee receives a lump sum benefit.
- The Life Plus Option waives future premiums and continues the policy with benefits intact in case of the Proposer's unfortunate demise during the premium payment term.
Plan Options
- The plan offers two options: Life Option and Life Plus Option
Life Option
- Premiums are paid by the life assured
- Age at entry for life assured varies based on premium payment term, with minimum age of 8 years
- Age at maturity for life assured is 18 years minimum and 75 years maximum
Life Plus Option
- The proposer is a person other than the life assured who is responsible for paying the premiums
- Age at entry for life assured varies based on premium payment term, with minimum age of 8 years
- Age at maturity for life assured is 18 years minimum and 65 years maximum
- Age at entry for proposer is 18 years minimum; age at maturity for proposer is 75 years maximum
All Options
- Premium Payment Terms of 5, 7, 10, or 15 years.
- Policy Terms of 10, 12, 15, or 20 years.
- The Minimum premium amount is ₹50,000; there is no limit on the maximum premium amount
- Premium Payment Modes: Annual, Semi-Annual, Quarterly, and Monthly.
Bonus
- Compounded Reversionary Bonus to be declared each year applies as a percentage of the Base Sum Assured and accrued Reversionary Bonus.
- Once declared, bonuses form part of the guaranteed benefits.
- Compounded Reversionary bonus once declared shall accrue to the Policy provided the Policy is not in lapse or paid-up status.
- Fully Paid Up policies get a Terminal Bonus (if any) if the policy is paid up
Maturity Benefit
- On survival of the Life Assured till the end of the Policy Term and if all premiums have been paid, the aggregate of the following benefits will be payable: Sum Assured on Maturity, Accrued Compounded Reversionary Bonus (if any), Terminal Bonus (if any).
- The sum assured on maturity is equal to the base sum assured for this policy.
- On payment of the maturity benefit, the policy shall terminate and no other benefits will be payable.
Settlement Option
- Option to convert part/whole of the Maturity Benefit into a level stream of payments.
- Payouts are subject to terms and conditions, and the policy terminates on payment of the final installment.
- Flexibility to decide the Settlement Benefit Amount in line with Proportion of your Maturity Benefit to be payable as Settlement Option.
- Subject to the condition that The Maturity Benefit less the chosen Settlement Benefit Amount will be payable as a lump sum at maturity of the Policy.
- Choice of Settlement Benefit Period of 5, 10 or 15 years, which cannot be altered later.
- Option to receive the Regular Income in annual, half-yearly, quarterly, or monthly frequencies, subject to a minimum Regular Income, and which cannot be altered later of ₹5000.
- Changes in the frequency of regular income allowed on subsequent anniversaries post commencementSettlement Option.
- Regular Income driven by Settlement Benefit Amount, Settlement Benefit Period, and other factors.
- The regular income will remain fixed throughout the settlement benefit period and no bonus will accrue.
Settlement Option Conditions
- The Settlement Option isn't available if the prevailing 10-Year Benchmark G-Sec yield is below 4.16% p.a.
- No life insurance cover during the Settlement Benefit Period
- Nominee may continue to receive Regular Income or discounted value upon the Policyholder's death.
- Policy loan not available during the Settlement Benefit Period
- Withdrawal of remaining Regular Income(s) can be requested at least three months before the next policy anniversary, subject to a discount rate equal to the revival interest rate.
- It is subject to the condition that the Settlement Option is not applicable for Surrendered policies
- The settlement benefit base rate will be rounded to nearest 25 bps before determining the regular income payable
- Instalment Frequency Factor will be 1 (Annual), 2 (Half-yearly), 4 (Quarterly) & 12 (Monthly)
Death Benefit (Life Option)
- It is subject to the condition that the policy is in force on date of death, the nominee will receive the higher of the following
- Sum Assured on Death plus Accrued Compounded Reversionary Bonus and Terminal Bonus, if any
- 105% of all premiums paid as of the date of death of Life Assured, excluding underwriting extra premiums, rider premiums and loadings for modal premiums, if any.
- The policy shall terminate upon payment of death benefit and no other benefits are applicable.
Death Benefit (Life Plus Option)
- Sum Assured on Death plus Accrued Compounded Reversionary Bonus and Terminal Bonus, if any
- 105% of all the premiums paid
- Additionally, future premiums are waived on Proposer's death if the policy is in force
Surrender
- On death of the proposer, the policy can only be surrendered when the life assured becomes a major
Other Features
- Loan available up to 80% of the surrender value until maturity; interest rate on loans (9% p.a. as of March 31, 2019) is subject to change
- Premium discounts will be applied for high annual premiums
- 0% discount for premiums less than ₹1,00,000.
- 2% discount for premiums from ₹1,00,000 to less than ₹3,00,000.
- 3% discount for premiums of ₹3,00,000 and above
- Several riders are available; you may only add 3 accidental riders for
- Reliance Nippon Life Accidental Death Benefit Rider
- Reliance Nippon Life Accidental Death and Disability Rider
- Reliance Nippon Life Accidental Death and Disability Plus Rider
- Flexible premium payment modes if you choose from annual, half-yearly, quarterly or monthly modes
Policy Loan
- Loan will be available under the policy for up to 80% of the surrender value until the maturity of the policy
- The interest on policy loan is payable at the prevailing rate of interest.
- The rate of interest on policy loans is 9% p.a. as on 31st March 2019 and is subject to change with prior approval of IRDAI.
- Prevailing interest shall be equal to 10 year G-sec benchmark interest rate as on last working day of previous financial year, rounded up to the nearest multiple of 25 basis points plus a margin of 150 basis points.
Terms and Conditions include
- Policy on minor lines
- Alterations
- Loan
- Tax Benefit
- Taxes
- Suicide exclusion
- Rider
- Annualized premium
- Free look Period
- Nomination
- Assignment and Transfer
- Online Buying Option
- Section 41 of the Insurance Act, 1938, as amended from time to time
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Description
This plan provides financial security and helps achieve milestones. It offers benefits like life cover and maturity benefits. The plan is a non-linked, participating, non-variable, endowment insurance plan designed to protect families.
