RNL Nishchit Pension; Here Is How Annuity Options Work

Outlook Money

What is RNL Nishchit Pension

Reliance Nippon Life Insurance has introduced a new deferred annuity plan called 'Nishchit Pension'. It is designed to offer a lifelong regular income with various annuity and liquidity options. This allows policyholders to defer payouts and choose how often they receive their income (monthly, quarterly, half-yearly, or annually).

Pension Plan

Key Annuity Options

Single-Life Annuity: This option offers the highest guaranteed retirement income for life. These payments can be received upon death, with no additional benefits.

Single Life Annuity with Return of Premium plus CI/TPD Benefit

This option is for those who want both retirement income and a legacy. In case of a critical illness or total permanent disability, the policyholder can surrender the plan for the higher of the surrender value or the total premiums paid.

Single Life Annuity with Return of Balance of Premium 

This option provides a steady income for life while ensuring that any remaining balance of the premium is paid to the nominee after the annuitant's death.

Joint Life Annuity

In this option, individuals who want to ensure financial security for both themselves and their spouses can consider it. It guarantees lifelong payouts as long as either of the two annuitants is alive. 

SIP V/S SWP

Joint Life Annuity with Return of Premium plus CI/TPD Benefit

This option provides lifelong income for both spouses and offers additional protection in case of critical illness or total permanent disability. If either spouse is diagnosed with such a condition, they can liquidate the policy for the higher surrender value or the total premiums paid. 

Compiled by Syed Muskan

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