Reliance Life Insurance Company offers two types of Pension Plans. One Reliance retirement plan is a traditional annuity plan while the other is a Unit Linked Insurance Plan which builds a corpus through market participation.
Furthermore, how is surrender value of Reliance Life Insurance calculated?
The paid-up value is calculated as original sum assured multiplied by the quotient of the number of paid premiums and number of payable premiums. On discontinuing a policy, you get special surrender value, which is calculated as the sum of paid-up value and total bonus multiplied by surrender value factor.
Additionally, which is the best pension scheme?
Best Pension Plans in India 2021
| Pension Plans | Entry Age | Policy Term |
|---|---|---|
| LIC New Jeevan Akshay Pension Scheme | 30 years – 85 years | N/A |
| Max Life Forever Young Pension Plan | 30 years-65 years | 10 years-75 years |
| Max Life Online Savings Plan – | 50 years – 75 years | N/A |
| PNB Metlife Monthly Imcome Plan-10 pay | 18 years-55 years | 10 years |
What are the best pension plans in India?
Top 10 Pension Plans in India
- LIC Jeevan Akshay 6 Plan:
- LIC Jeevan Nidhi Plan:
- SBI Life Saral Pension plan:
- HDFC Life – Click2Retire:
- HDFC Life – Assured Pension Plan:
- ICICI Pru – Easy Retirement:
- Reliance – Smart Pension:
- Bajaj Allianz – Pension Guarantee:
How can I invest in LIC pension?
You can buy PMVVY pension scheme from Life Insurance Corporation of India (LIC) of India. You can purchase the scheme either offline or online. If you want to purchase it offline, you must visit the nearest LIC office.
What is the difference between surrender value and paid up value?
When one stops paying premiums after a certain period, the policy continues but with lower sum assured. This sum assured is called the paid up value. More the number of premiums paid, more is the surrender value. Surrender value factor is a percentage of paid up value plus bonus.
How much money will I get if I surrender my LIC policy?
On surrendering after two policy years, the insurance company will pay a guaranteed surrender value of minimum 30% of all premiums paid after deducting the first year’s premium. In case you opt for paid up option, the invested amount with return earned will be paid out on due maturity date.
What happens if I stop paying LIC premium after 3 years?
The money is all but lost. So if you have already paid 3 years’ premium, not paying any future premiums will convert the policy into a paid-up policy. You won’t get any money back in the year you turn it into a paid-up policy but will have to wait till the policy’s original maturity.
How can I claim my Reliance Life Insurance policy?
Call us at our Claims Care Number – 1800-102-1010 between 9.00AM to 6.00PM (Monday to Saturday) Visit your nearest RNLIC branch. Email us at [email protected]. To submit your bank details, reply to our BITLY SMS.
Who is the chairman of Reliance Nippon Life Insurance?
Anil Ambani, Chairman – Reliance Group, on Strategy, Corporate Development and New Growth Opportunities. Shri. Jhunjhunwala has been instrumental in setting up Reliance Group’s partnerships with Steven Spielberg and DreamWorks Studios, Bloomberg TV, Reuters and Nippon Life Insurance of Japan, amongst others.