I don t have time to think about my investment. My investment should think about me.

Transcription

1 Reliance Nippon Life Smart Savings Insurance Plan A unit linked, non-participating, endowment life insurance plan IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. The Linked Insurance Products do not offer any liquidity during e first five years of e contract. The Policyholder will not be able to surrender/widraw e monies invested in Linked Insurance Products completely or partially till e end of e fif year. We dream big but save small. And wi time, we let go of our big dreams because our finances limit em from becoming a reality. We wish for an investment plan at can do e inking for us, at invests in e right funds, grows weal at a healy rate and also keeps our future secure. More importantly it should have e flexibility to suit our needs. A good weal plan should be like a tailor made suit, it should fit you well. Reliance Nippon Life Smart Savings Insurance Plan makes sure your savings are enough to realise your big dreams. Wi a flexible auto-allocator designed to meet your life goals at every stage, e plan also offers you comprehensive protection. So, all you have to do is sit back, relax and watch your dreams become a reality. Wi Reliance Nippon Life Smart Savings Insurance Plan Get adequate life cover to ensure protection for your family Preset your fund allocation as per your life-stage or outstanding term to maturity Actively manage your investments depending on e market conditions Get rewarded for staying invested for a longer period Get access to liquidity in case of emergencies Key benefits Choice of investment options Select an investment option of your choice from Self-Managed Option: Manage and control your investments directly Auto-Managed Option: Manage your investment automatically. Under Auto-Managed Option you can choose between: Target Maturity Option - Get a tailor-made solution rough automatic asset allocation between equity and debt based on when you want to achieve your goal Life-Stage Option - Create a balance between equity and debt rough a systematic asset allocation strategy based on your life-stage I don t have time to ink about my investment. My investment should ink about me. Reliance Nippon Life Smart Savings Insurance Plan A unit linked, non-participating, endowment life insurance plan at automatically changes your investment profile wi changing life-stage. High rewards Get e benefit of reduced charges on investing higher premium amount Get rewarded for choosing to pay for longer term rough Loyalty Additions Enhance your Fund Value by staying invested for longer term rough weal boosters Pay as you like Customise your premium payment options - pay premiums for 5, 7, 10 years or for e entire Policy Term. Adequate protection Safeguard your family, in e event of your unfortunate dea, roughout e Policy Term wi a life insurance cover of at least ten times e Annualised Premium. Liquidity Meet emergency fund requirements rough partial widrawals, anytime after five Policy Years.

2 How does e plan work? Decide your premium amount, Policy Term and e premium payment term The plan provides a life insurance cover depending upon e age at entry of e Life Assured and chosen Policy Term and Annualised Premium Choose an investment option based on your financial needs On maturity of your Policy, receive your maturity benefit as a lump sum or as a structured payout rough settlement option to meet your financial goals In case of your unfortunate dea during e Policy Term your nominee will receive e dea benefit Let s take an example Mahesh, aged 30 years, opts for Reliance Nippon Life Smart Savings Insurance Plan wi annual premium of `1,00,000 under regular pay option wi a Policy Term of 30 years along wi a life insurance cover of `15,00,000 (For entry age less an 45 years, calculated as higher of (i) 10 times of Annualised Premium or (ii) (Policy Term divided by 2) times e Annualised Premium. Mahesh is aware of e benefits of investing over e long term, he chooses Self-Managed Option wi 100% allocation in Life Equity Fund 3. He knows his investments in Reliance Nippon Life Smart Savings Insurance Plan will be enhanced rough Weal Boosters from as early as end of six year since he is in Band 2 and investing for a longer term. His investments will furer be enhanced rough Loyalty Additions every five years, which is a percentage of his premiums paid, starting from e end 10 Policy Year. The addition to Mahesh s Fund Value, by way of Weal Boosters & Loyalty Additions is explained in e illustration below: Scenario II In e unfortunate event of Mahesh s demise, his wife, who is his nominee, receives e Dea Benefit which is highest of e Base Sum Assured or Base Fund Value or 105% of e premiums paid. Below is an example for dea benefits in different year: **The values shown above are for illustration purpose only, based on assumed investment returns of 8% & 4%. These are not guaranteed returns and are not e upper or lower limit of what one might get in is policy. The Fund Value denoted above is e expected Fund Value of Life Equity Fund 3 at e end of e year (before payment of next year s premium); is might be different depending on exact date of dea of Life Assured. Fund Value will be calculated as per e prevailing NAV as on e date of dea. Reliance Nippon Life Smart Savings Insurance Plan at a glance Maturity Benefit** Fund 8%: `98,15,319 Fund 4%: `48,36,883 Total Loyalty Additions during e Policy Term `55,000 Loyalty Addition (% of annual premium) `9,500 `10,250 `11,000 `11,750 `12,500 Weal Booster** (% of avg Fund Value) Total Weal Boosters during e Policy 8%: `8,86,171 Total Weal Boosters during e Policy 4%: `5,25,107 ** ** Premium Payment **The values shown above are for illustration purpose only, based on assumed investment returns of 8% & 4%. These are not guaranteed returns and are not e upper or lower limit of what one might get in is policy. Let s look at e scenarios after Mahesh invests in is policy Scenario I Year Mahesh likes to take control and us opts for e Self-Managed Option. He decides to invest in Life Equity Fund 3, since he believes e equity markets will be bullish in e coming years. He stays invested till maturity of e Policy. The expected benefit received by Mahesh is as follows: **The values shown above are for illustration purpose only, based on assumed investment returns of 8% & 4%. These are not guaranteed returns and are not e upper or lower limit of what one might get in is policy. Note: All e references to age are based on age last birday. Your premiums are categorised in bands as below: Investment Options Reliance Nippon Life Smart Savings Insurance Plan offers you two investment strategies to manage your funds. At inception you have to choose between Self-Managed Option and Auto-Managed Option. Self-Managed Option This option enables you to manage your investments actively. Under is investment strategy, you manage your investments by choosing amongst e six investment funds in proportions of your choice. You have e option of switching amongst ese funds and may choose premium redirection for your future premiums depending up on your changing risk appetite and market conditions. Page 1 Page 2

3 The details of e various investment funds are given in e table below: i) Target Maturity option When you plan for long term goals, it may be beneficial to initially invest a higher proportion in equity to enjoy higher potential returns. However, as you approach e date of fulfillment of your goal, you may want to ensure safety of your investments rough a higher allocation to debt. How does Target Maturity Option work? Allocation based on term of your Policy Under is option, your investments will be allocated between Life Equity Fund 3 and Life Corporate Bond Fund 1. During e first five Policy Years, 100% of e allocation will be in Life Equity Fund 3. From e six Policy Year, any renewal premium or Top-up at you invest will be allocated between Life Equity Fund 3 and Life Corporate Bond Fund 1 based on e allocation schedule for at Policy Year. From e six Policy Year, e allocation of your investments in Life Equity Fund 3 shall be based on e below formula (rounded down to 2 decimal places) Allocation in Life Outstanding Policy Term 1 = Equity Fund 3 Policy Term 5 The balance shall be allocated in e Life Corporate Bond Fund 1. Example: For Policy Term 10 years and 15 years, e allocation between Life Equity Fund 3 and Life Corporate Bond Fund 1 shall be as below: Auto-Managed Option This option is suitable for you if you want automated options to manage your investments. Under Auto-Managed Option you can choose between Target Maturity Option and Life-Stage Option. You can opt for ese options at policy inception or anytime during e Policy Term. Rebalancing from 6 Policy Year Avoid e hassle of switching your funds and actively managing your investments, is strategy rebalances e equity and debt ratio automatically, wiout any manual intervention. As e Policy nears maturity we will re-distribute your investments at e start of each Policy Year in a fixed ratio which depends upon e years to e maturity of e Policy. Starting from six Policy Year your Fund Value shall be rebalanced as necessary based on e allocation for at year as defined in e above formula. Thereafter, e proportion of your investment in Life Equity Fund 3 will reduce in equal proportion and get transferred to Life Corporate Bond Fund 1 to ensure systematic transfer of your investments to a safer asset as you approach e maturity of e Policy. This strategy systematically reduces your allocation in equity as your Policy nears maturity. This will help you to mitigate any downside risk in e equity market later in e Policy Term. ii) Life-Stage Option Your financial needs evolve over time and keep changing wi your life-stage. For instance, your goals will change post marriage as responsibilities increase or your goals may be very different when you are nearing retirement. Hence, it is important at your Policy adapts itself to your changing needs. If you need a systematic approach based to financial planning which adjusts your investments based on your age, you can opt for e Life-Stage Option. Page 3 Page 4

4 How does e Life-Stage Option work? Age based management At e inception of your Policy, your investments will be distributed between two funds, Life Equity Fund 3 and Life Corporate Bond Fund 1, based on attained age. As you move from one age band to anoer, e renewal premiums and Top-up premiums will be allocated based on attained age. The age-based allocation distribution is shown in e table below: Weal Boosters Weal Boosters in e form of additional units will be added to your Policy every year, starting from e end of e six Policy Year (11 Policy Year for Band 1) till e end of e Policy Term. Each Weal Booster will be a percentage of e average of daily Fund Value of e preceding 12 mons of e base policy. Weal Boosters for different premium bands are as below: Rebalancing On a quarterly basis, units shall be rebalanced as necessary to achieve e above proportions of e Fund Value in e Life Equity Fund 3 and Life Corporate Bond Fund 1. The rebalancing of units shall be done on e last day of each policy quarter. The above proportions shall apply until e last ten quarters of e Policy are remaining. Safety towards e end of your Policy Term As your Policy nears its maturity date, it is important at short term market volatility does not affect your accumulated savings. In order to achieve is, your investments will be systematically transferred to Life Money Market Fund 1 in ten installments in e last ten quarters of your Policy. You may change e Investment Option twice during every Policy Year. You can choose to move from Self-Managed Option to Auto-Managed Option and vice-versa. Furer, you will have e flexibility to change your allocations wiin Auto-Managed Option from Target Maturity Option to Life-Stage Option and vice-versa. This facility is provided free of cost, any unutilised change cannot be carried forward to e next Policy Year. Benefits in detail Maturity Benefit On survival of e Life Assured till e end of e Policy Term, total Fund Value, which is e sum of Base Fund Value and Top-up Fund Value, will be paid. Dea Benefit In unfortunate event of dea of e Life Assured, while e Policy is in-force and e funds are not in Discontinued Policy Fund, we will pay to e nominee e highest of Base Sum Assured or e Base Fund Value or 105% of e premiums paid. In addition we will also pay e highest of all Top-up Sum Assured or Top-up Fund Value or 105% of e all total Top-up premiums paid. Where Base Sum Assured is automatically determined as your Annualised Premium multiplied by The higher of 10 or Policy Term divided by 2, for entry ages below 45 years The higher of 10 or Policy Term divided by 4, for entry ages 45 years and above And e Top-up Sum Assured is automatically determined as your Top-up Premium multiplied by 125% if e attained age is below 45 years; or 110% if e attained age is 45 years and above On e dea of e Life Assured while e funds are in Discontinued Policy Fund, e Dea Benefit will be e Discontinued Policy Fund Value. Weal Boosters will be paid only if e Policy is in-force and all due premiums till date have been paid. These will be allocated among e funds in e same proportion as e value of total units held in each fund at e time of allocation. Weal Boosters are not applicable to Top-up Fund Value, once Weal Boosters are credited in e fund, e same cannot be taken back by e Company. Loyalty Additions Loyalty Additions in e form of additional units will be added to e Policy, starting from e end of e 10 Policy Year and every five years ereafter. Each Loyalty Addition will be percentage of e Base Premiums paid in e last 60 mons. Loyalty Additions will be applicable only on e Base Premiums paid and not on Top-up premiums. Loyalty Additions in different years based on different premium bands is as below: Loyalty Additions will be added to e fund only if e Policy is in-force and all due premiums till date have been paid. These will be allocated among e funds in e same proportion as e value of total units held in each fund at e time of allocation. Once Loyalty Additions are credited in e fund, e same cannot be taken back by e Company and shall be payable on e partial widrawal, surrender, dea or maturity. Oer features Top-ups Top-ups can be accepted only where e due Base Premiums are Paid-up to date. The minimum Top-up premium at any time is `10,000. The total Top-up premiums at any point in time shall not exceed 100% of e total Base Premiums paid till at time. Top-up premium is not allowed during e last five years of e Policy Term. Partial widrawals from Top-up Fund Value can be made after e completion of five Policy Years or on attainment of 18 years of age, whichever is later, except in case of complete surrender of e Policy. Partial Widrawals from e Base Policy and Top-ups You can make partial widrawals after e completion of five Policy Years (five years from e date of payment of each Top-up) or on attainment of age 18 by e Life Assured, whichever is later. The minimum amount of partial widrawal is `10,000 and e maximum partial widrawal in a Policy Year shall not exceed 25% of e total Fund Value (including Top-up) at e beginning of e Policy Year. However, at any point of time during e Policy Term, e minimum fund balance after e partial widrawal under e base policy should be at least equal to 125% of Annualised Premium. Partial Widrawals will be made first from e Top-up Fund Value, as long as it supports e partial widrawal and en from e Fund Value built up from e Base Premiums. Top-up Sum Assured shall not be reduced due to partial widrawals made from Top-up Fund Value. Page 5 Page 6

5 Partial Widrawals from e Base Fund Value will have e following effect on e Base Sum Assured: Switching If dea of e Life Assured occurs before attaining age 60 years last birday, Base Sum Assured will be reduced to e extent of partial widrawals made in e two years immediately preceding e date of dea If dea of e Life Assured occurs after attaining age 60 years last birday, Base Sum Assured will be reduced to e extent of all partial widrawals made after attaining age 58 years last birday If you choose e Self-Managed Option en you can switch amongst e six funds anytime during e Policy Term, depending on your financial priorities and investment outlook. You are entitled for 52 free switches each Policy Year. Any unused free switches cannot be carried forward to a following year. Premium Redirection This facility is available only if you have opted for e Self-Managed Option. You can choose to redirect your premiums in which case your future premiums will be allocated to e investment fund(s) of your choice, wiout changing your existing fund allocation. Settlement Option You will have e option to receive e Maturity Benefit as a lump sum or as a structured payout using settlement option: Wi settlement option, you can opt to get payments on a Yearly, Half-yearly, Quarterly or Monly (rough ECS/NACH) basis, over a period of one to five years only, post maturity During e settlement period e units will be redeemed systematically in equal proportions based on e settlement period and e frequency of payouts At any time during e settlement period, you have e option to widraw e entire Fund Value During e settlement period, e investment risk in e investment portfolio is borne by you Only e Fund Management Charge would be levied during e settlement period Weal Boosters or Loyalty Additions will not be added during is period Life insurance benefits will cease on e date of maturity Partial widrawals and switches are not allowed during e settlement period In e event of dea of e Insured during settlement period e Fund Value as on e date of intimation of dea at e office will be paid to e nominee. Non-Negative Claw-back Addition The Company may make non-negative claw-back additions to e unit Fund Value at various intervals of time, after e first five years of e contract, to comply wi e prevailing reduction in yield criteria. Surrender Surrender Value is acquired immediately on payment of e Base Premium or Top-up premium. During e first five Policy Years, on receipt of intimation at you wish to surrender e Policy, e Fund Value, including Top-up Fund Value, if any, after deduction of applicable Discontinuance Charge, shall be transferred to e Discontinued Policy Fund. The Policy proceeds from is will be payable to you on e date corresponding to your fif policy anniversary. If e Life Assured dies before e payment of e surrender benefit, we will pay e Policy proceeds from Discontinued Policy Fund immediately and terminate e contract. On surrender after completion of e fif Policy Year, you will be entitled to e Fund Value including Top-up Fund Value, if any. Once a policy is surrendered in full, it cannot be reinstated. Premium Discontinuance Date of Discontinuance of e Policy is e date on which e Company receives intimation from you about discontinuance of e Policy or surrender of e Policy, or on e expiry of e notice period, whichever is earlier. Premium discontinuance during e first five Policy Years If e due premium is not received wiin e Grace Period, e Company shall send a notice wiin a period of fifteen days from e date of expiry of Grace Period. You shall have a period of 30 days from e receipt of e aforementioned notice ( Notice Period ) to exercise one of e options as described below: # For treatment ereafter, please refer to e section Treatment of e Policy while e funds are in e Discontinued Policy Fund and policy revival. Premium discontinuance after e first five Policy Years If e due premium is not received wiin e Grace Period, e Company shall send a notice wiin a period of fifteen days from e date of expiry of Grace Period. You shall have a period of 30 days from e receipt of e aforementioned notice ( Notice Period ) to exercise one of e options as described below: Page 7 Page 8

6 Treatment of e Policy while e funds are in e Discontinued Policy Fund While e funds are in e Discontinued Policy Fund: A Fund Management Charge of 0.50% p.a. of e Discontinued Policy Fund will be made. No oer charges will apply From e date funds enter e Discontinued Policy Fund till e date ey leave e Discontinued Policy Fund, a minimum guaranteed interest rate declared by IRDAI from time to time will apply. The current minimum guaranteed interest rate applicable to e Discontinued Policy Fund is 4% p.a. A revival period of two years from e Date of Discontinuance of e Policy applies The excess income earned in e Discontinued Policy Fund over and above e minimum guaranteed interest rate shall also be apportioned to e Discontinued Policy Fund If e two year revival period is complete before e end of e fif Policy Year and e Policy has not been revived, you will be entitled to e Discontinued Policy Fund Value at e end of e fif Policy Year. If e two year revival period is not complete before e end of e fif Policy Year and e Policy has not been revived, e Company shall request you to choose from e following options: Policy Administration Charge and Premium Allocation Charge, which were not collected while funds were in e Discontinued Policy Fund, shall be levied On revival, e Policy will continue wi e risk cover, benefits and charges, as per e terms and conditions of e Policy? Fund Value Details Computation of NAV The NAV will be computed as per IRDAI (Linked Insurance Products) Regulations, The NAV for a particular fund shall be computed as: Market Value of investment held by e fund plus e value of current assets less e value of current liabilities and provisions, if any. This gives e Net Asset Value of e fund. Dividing by e number of units existing at e valuation date (before creation/redemption of units), gives e unit price of e fund under consideration. In case e valuation day falls on a holiday/non business day, en e exercise will be done on e following working day. We reserve e right to value less frequently an daily in extreme circumstances, where e value of e assets may be too uncertain. In such circumstances Company may defer valuation of assets for up to 30 days until e Company feels at e certainty as to e value of assets has been resumed. The deferment of e valuation of assets will be wi prior consultation wi IRDAI. Allocation of units The Company applies premiums to allocate units in one or more of e unit linked funds in e proportions which e Policyholder specifies. The allotment of units to e Policyholders will be done only after e receipt of premium proceeds as stated below; In case of New Business, units shall only be allocated on e day e proposal is completed and results into a policy by e application of money towards premium. In e case of renewal premiums, e premium will be adjusted on e due date, wheer or not it has been received in advance. (This assumes at e full stipulated premium is received on e due date.) Renewal premiums received in advance will be kept in e deposit account and will not earn any returns until e renewal premium due date on which e same will be applied to e unit funds. Redemptions In respect of valid applications received (e.g. surrender, maturity claim, switch out etc.) up to 3.00 p.m. by e Company, e same day s closing unit price shall be applicable. In case of a holiday or non-business day e closing unit price of e next business day shall be applicable. In respect of valid applications received (e.g. surrender, maturity claim, switch out etc.) after 3.00 p.m. by e Company, e closing unit price of e next business day shall be applicable. The unit price for each segregated fund provided under is product shall be made available to e public in e print media on a daily basis. The unit price will also be displayed in e web portal of e Company. Cancellation of units To meet fees and charges except Premium Allocation Charge and FMC and to pay benefits, e Company will cancel e units to meet e amount of e payments which are due. If units are held in more an one Unit Linked Fund, en e Company will cancel e units in each fund to meet e amount of e payment. The value of units cancelled in a particular fund will be in e same proportion as e value of units held in at fund is to e total value of units held across all funds. The units will be cancelled at e prevailing unit price. The FMC will be priced in e unit price of each fund on a daily basis. Policy Fund Value Policy Revival You have e option to revive a discontinued policy wiin two consecutive years from e date of Discontinuance of e Policy, subject to payment of all due and unpaid premiums and our underwriting policy. At e time of revival: Discontinuance Charge previously deducted will be added to e Discontinued Policy Fund Value Charges The value of your Policy fund at any time is e total value of units at at point of time in a segregated fund i.e. total number of units under a policy multiplied by e Net Asset Value (NAV) per unit of at fund. If you hold units in more an one Unit Linked Fund, en e value of e fund is e total value across all Unit Linked Funds. Note at all Fund Values including Top-up funds are aggregated. Premium Allocation Charges The Premium Allocation Charge as a percentage of e premium will be deducted from e premium amount at e time of premium payment and e units will be allocated in e chosen investment fund/s ereafter. Page 9 Page 10

7 The Premium Allocation Charges is as below: Premium Allocation Charge for Top-up will be 1% of e Top-up amount. Policy Administration Charges The Policy Administration Charges will be deducted by cancelling units proportionately from each segregated fund at e beginning of each mon. The charges as per different premium bands, subject to a maximum of `500 p.m. (`6,000 p.a.), is as shown below: The Company reserves e right to change e FMC in future, subject to IRDAI approval. However, e maximum FMC on any fund excluding Discontinued Policy Fund will be 1.35% p. a. and e maximum FMC on Life Discontinued Policy Fund will be 0.5% p. a. Partial Widrawal Charges Two partial widrawals in a Policy Year are free. A partial widrawal charge of `100 will be deducted from e fund widrawn on every extra partial widrawal. Any unutilised partial widrawal cannot be carried forward to anoer year. The Company reserves e right to revise Partial Widrawal Charge to a maximum of `500 in future, subject to IRDAI approval. Discontinuance Charges The Discontinuance Charges are as given below: Mortality Charges The Mortality Charges will vary depending on e amount of life insurance cover, attained age of Life Assured, occupation of e Life Assured, heal of e Life Assured and e Fund Value. The Mortality Charges will be deducted by cancellation of units at e prevailing NAV per unit (unit price) on a monly basis at e beginning of each policy mon using 1/12 of e mortality rates. Sample Mortality Charge per 1000 Sum at Risk: Fund Management Charges (FMC) FMC will be priced in e NAV per unit (unit price) of each Fund on a daily basis. Where AP is e Annualised Premium and FV is e Fund Value There is no Discontinuance Charge for Top-up Fund Value. Service Tax Service Tax and cess will be charged extra by redemption of units, as per e applicable rates as declared by e Government from time to time. The Service Tax Charge will be revised as and when notified by e Government. Switching Charges There are 52 free switches during any Policy Year. Subsequent switches if any will have a fixed charge of `100 per switch. This charge can be revised in future, subject to IRDAI approval, but will not exceed `500. Revision in Rate of Charges The Company reserves e right to change e rate of charges. The revision in charges if any (except e Service Tax Charge) will take place only after giving ree mons notice to e Policyholders and after obtaining prior approval of e IRDAI. The Service Tax Charge will be revised as and when notified by e Government. If e Policyholder does not agree wi e modified charges, ey shall be allowed to widraw e units in e plans at e en prevailing unit value after deduction of Discontinuance Charge, if any and terminate e Policy. The Premium Allocation Charge, Mortality Charge and Discontinuance Charge are guaranteed for e term of e Policy. (T&C) Terms and Conditions 1. Riders Currently riders are not offered under e plan. 2. Annualised Premium The Annualised Premium is e amount paid in a year. Substandard lives wi medical conditions, oer impairments or smokers will be charged appropriate extra mortality charges in accordance wi e underwriting norms. 3. Policy Alterations a. Change of Policy Term/Premium payment term/sum Assured Change in Policy Term/Premium payment term/sum Assured is not allowed. b. Change in Investment Option i. Policyholder may change e Investment Option twice during a Policy Year ii. This facility is provided free of cost iii. Any unutilised change cannot be carried forward to e next Policy Year Page 11 Page 12

8 4. Loan The loan facility is not available under e plan. 5. Tax Benefit Premiums paid under Reliance Nippon Life Smart Savings Insurance Plan are eligible for tax exemptions, subject to e applicable tax laws and conditions. Income Tax benefits under is plan shall be applicable as per e prevailing Income Tax Laws and are subject to amendments from time to time. Kindly consult a tax expert. 6. Service Tax The Service Tax and cess will be charged as per e applicable rates declared by e Government from time to time. 7. Taxes or charges levied by e Government in future In future, e Company shall pass on any additional taxes/charges levied by e Government or any statutory auority to you. Whenever e Company decides to pass on e additional taxes/charges to e Policyholder, e meod of collection of ese taxes shall be informed to em. 8. Suicide Exclusion In case of dea due to suicide wiin 12 mons from e date of commencement of risk or from e date of revival of e Policy, e nominee/claimant of e Policyholder shall be entitled to Fund Value, as on e date of dea and we will not pay any insured benefit. Any charges recovered subsequent to e date of dea will be paid-back to nominee or beneficiary along wi dea benefit. 9. Premium Payment Mode The available modes of premium payment are Yearly, Half-yearly, Quarterly and Monly. Quarterly and Monly modes are allowed only if e payment is made electronically. If e monly mode is chosen at e time of issuance, first two mons premium will be collected at e time of issuance of e Policy. Premium payment mode can be changed only on policy anniversaries. 10. Grace period for payment of premiums There is a grace period of 30 days from e due date for payment of premium. In case of monly mode, e grace period is of 15 days. 11. How safe is your investment? Unit Linked Life Insurance products are different from e traditional insurance products and are subject to e following risk factors. i. The premium paid in Unit Linked Life Insurance policies are subject to investment risk and oer risks associated wi capital markets and NAV per unit (unit price) may go up or down based on e performance of e fund and factors influencing e capital markets and e Policyholder is responsible for his/her decisions. ii. Reliance Nippon Life Insurance Company Limited is e name of e Company and Reliance Nippon Life Smart Savings Insurance Plan is only e name of e linked insurance policy and does not in any way indicate e quality of e Policy, its future prospects or returns. iii. The names of e Fund Option(s) do not in any manner indicate e quality of e Fund Option(s) or eir future prospects or returns. iv. Please understand e associated risks and applicable charges from your insurance advisor or e intermediary or policy document issued by Reliance Nippon Life Insurance Company Limited. v. Investment risk in investment portfolio is borne by e Policyholder. There is no assurance at e objectives of e Fund Option(s) shall be achieved. vi. NAV per unit (Unit Price) may fluctuate depending on factors and forces affecting e capital markets and e level of interest rates prevailing in e market. vii. Past performance of e Fund Options is not indicative of future performance of any of ose funds. viii. All benefits payable under is policy are subject to tax laws and oer fiscal enactments in effect from time to time. The Policyholder is recommended to consult his/her tax advisor. The Company reserves e right to suspend e Allocation, reallocation, cancellation of Units under extraordinary circumstances such as extreme volatility of assets, extended suspension of trading on stock exchange, natural calamities, riots and oer similar events or force majeure circumstances. 12. Free Look Period In e event, you disagree wi any of e terms and conditions of is policy, you may cancel is policy by returning e Policy document to e Company wiin 15 days (applicable for all distribution channels except for Distance Marketing* channel, which will have 30 days) of receiving it, subject to stating your objections. The Company will refund e nonallocated premium plus charges levied by cancellation of units plus Fund Value at e date of cancellation less (a) proportionate risk premium for e period of cover (b) medical examination costs, if any and (c) stamp duty, along wi Service Tax and cess, if any, which has been incurred for issuing e Policy. *Distance Marketing includes every activity of solicitation (including lead generation) and sale of insurance products rough e following modes: i. Voice mode, which includes telephone-calling ii. Short Messaging Services (SMS) iii. Electronic mode which includes , internet and interactive television (DTH) iv. Physical mode which includes direct postal mail and newspaper and magazine inserts and v. Solicitation rough any means of communication oer an in person 13. Nomination Nomination, as defined under Section 39 of e Insurance Act 1938, as amended from time to time, will be allowed under is plan. 14. Assignment and Transfer Assignment is allowed under is plan as per Section 38 of e Insurance Act, 1938, as amended from time to time. 15. Section 41 of e Insurance Act, 1938, as amended from time to time 1) No person shall allow or offer to allow, eier directly or indirectly, as an inducement to any person to take or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of e whole or part of e commission payable or any rebate of e premium shown on e Policy, nor shall any person taking out or renewing or continuing a Policy accept any rebate, except such rebate as may be allowed in accordance wi e published prospectuses or tables of e insurer. 2) Any person making default in complying wi e provisions of is section shall be liable for a penalty which may extend to ten lakh rupees. This product brochure gives only e salient features of e plan and it is only indicative of terms, conditions, warranties and exceptions. This brochure should be read in conjunction wi e benefit illustration and policy exclusions. For furer details on all e conditions, exclusions related to Reliance Nippon Life Smart Savings Insurance Plan, please contact our insurance advisors. Trade logo displayed above belongs to Anil Dhirubhai Ambani Ventures Private Limited & Nippon Life Insurance Company and used by Reliance Nippon Life Insurance Company Limited under license. Tax laws are subject to change, consulting a tax expert is advisable. For more details on terms and conditions, please read sales brochure carefully before concluding a sale. Life Equity Fund 3 (SFIN:ULIF04201/01/10LEQUITYF03121), Life Pure Equity Fund 2 (SFIN:ULIF04601/01/10LPUEQUTY02121), Make in India Fund (SFIN:ULIF06924/03/15LMAKEINDIA121), Life Balanced Fund 1 (SFIN:ULIF00128/07/04LBALANCE01121), Life Corporate Bond Fund 1 (SFIN:ULIF02310/06/08LCORBOND01121), Life Money Market Fund 1 (SFIN:ULIF02910/06/08LMONMRKT01121), Discontinued Policy Fund (SFIN:ULIF05703/09/10DISCPOLF01121). Beware of spurious phone calls and fictitious/fraudulent offers. IRDAI clarifies to public at 1. IRDAI or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums. 2. IRDAI does not announce any bonus. Public receiving such phone calls are requested to lodge a police complaint along wi details of phone call, number. Reliance Nippon Life Insurance Company Limited (formerly known as Reliance Life Insurance Company Limited) (IRDAI Registration No. 121) Registered Office st H Block, 1 Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai, Maharashtra , India. Corporate Office Reliance Centre, Off Western Express Highway, Santacruz East, Mumbai Board: I Fax No Call us: (022) (Local call charges apply) or (Toll Free) between 9 am to 6 pm from Monday to Saturday us rnlife.customerservice@relianceada.com Visit us Like us on Facebook Follow us on CIN: U66010MH2001PLC UIN for Reliance Nippon Life Smart Savings Insurance Plan: 121L117V01 Mktg/SSIP Brochure/V3/English/May Page 13