Gaurav, aged 30, is a working professional who lives with his wife - Neha, who is a homemaker and their 1 year old son Rohit.
Gaurav’s family recently moved into their own house. They are delighted that their long cherished dream has finally become a reality. However, Gaurav has to take a home loan of Rs. 1 Crore to bring his dream to reality. He is worried about the repayment of EMI’s and is also worried for his family’s well being in his absence since his wife and young son are financially dependent on him.
He shares his concerns with his friend, Sameer, who suggests that he should protect his family for his entire working years and should choose a plan which
- Provides his family for the loss of income in case of any unfortunate circumstances
Gaurav does an online search and opts for Reliance Nippon Life Online Income Protect. He chooses a policy term of 30 years to protect his family for his entire working years and selects a Base Sum Assured of Rs. 1 Crore to cover his home loan liability. He is assured of a Monthly Income of Rs. 50,000 every month during the entire term, for his family in case he is not around. He enrolls for the life cover in three easy steps:
Step 1: Fills up the Base Sum Assured and Policy Term as per his needs
Step 2: Provides his personal and health details in a simple online application form and uploads the required documents
Step 3: Makes the premium payment of Rs. 13,734 p.a (excluding service tax & cess and assuming he is a non-smoker and is in good health)
A medical test gets conducted at the time and place of his convenience. Based on his application, his policy gets issued with the applicable life cover. Gaurav is now relieved as he has adequately secured his family against any unforeseen events.
13 years later:
Gaurav meets with an unfortunate accident and passes away. It takes his wife some time to come to terms with the reality that Gaurav is no longer around and she alone has to take care of their son, Rohit. Neha approaches the nearest branch of Reliance Nippon Life Insurance with Gaurav’s Policy Document.
The branch’s customer care executive helps her in completing the necessary claim forms, gives her the acknowledgement immediately and forwards the documents to the claims department.
Neha is worried about how she will provide for her family’s needs. However, within a few days the claim cheque of Gaurav’s Reliance Online Income Protect gets delivered at her home and she receives:
- Lump sum benefit of Rs. 1 Crore - she uses it to close the home loan and keeps some amount aside for Rohit’s future; and thereafter
- Monthly income of Rs. 50,000 for the remaining policy term of 17 years
She is overwhelmed with relief. While her emotional gap can never be filled, her immediate financial liabilities are taken care of and the monthly income provides the necessary financial support to Neha to meet various regular expenses.
For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. UIN for Reliance Nippon Life Online Income Protect:121N111V01