Reliance Nippon life insurance
Reliance Nippon Life Insurance Premium Calculator

Reliance Nippon Life Insurance Premium Calculator

After selecting your desired life insurance company, the next hectic work is to find out a suitable life plan for yourself that cater to your varied needs. In that case, the life insurance premium calculators will guide you throughout the process. In this respect, Reliance Nippon Life Insurance premium calculators are one of the best options, as this online tool can calculate the premiums almost accurately on the basis of your given data. This not only helps you to estimate the amount that you need for your future requirements but also it can suggest a suitable plan for you as well. Reliance Nippon is known for its customer-friendliness. So, it has designed its life insurance calculators in such a way that even if you do not know anything about online performance, you can calculate the premiums easily if you follow the steps correctly.

Importance of using Reliance Nippon Life Insurance Premium Calculators

You may wonder why you should use the life insurance premium calculator of this company. To understand the importance of it, have a look at the below mentions.

Saves Time – When you calculate the premiums online, it automatically figures out the required wealth and the premium amount on the basis of your given details. In this case, you do not have to use the physical calculator, which means that it saves a lot of time.

Smooth and easy – It has already been said that Reliance Nippon Life Insurance Company always takes care of its customers, and the insurer tries to provide its consumers with the best user experience. So, you will find its premium calculator hassle-free and super easy-to-use as well.

Decreases Chances of Human Errors – It is needless to say that when you use a machine or an online tool, it lowers the factors of human errors. Opting for this means that you do not have to worry about the mistakes that may occur when a human being does the same thing manually.

Paperless Work – In the era of digitalization, the use of paper has decreased. Therefore, when you use this life insurance premium calculator, you do not have to do the job manually with pen and paper. In that way, you also do not have to keep a record of piles of papers, which is really a hectic job.

No Extra Costs – Reliance Nippon has kept its life insurance premium calculator tools open for all. You do not even have to pay any extra costs for it. When such a precious tool comes free of cost, you should certainly take advantage of it.

Helps To Build a Financial Budget – With the help of its premium calculators, this insurer helps its customers to reach their future dreams as this tool assists you in building your financial budget and plan. In this way, you can also save money and use that in other means.

Make your Financial Plan Easily – As the premium calculators calculate the life insurance goal and the premiums that you have to pay to achieve that on the basis of your given credentials, you already get an idea about your monthly or yearly expenses for it. In accordance with that, you can easily fix your financial expenditure.

Various Premium Calculators Available With Reliance Nippon Life Insurance Company

This company has come up with a sack full of life insurance calculators. The following table contains the different types available with the insurer and their brief details.

Type of calculatorBrief details
ProtectionIt is an online life insurance premium calculator tool that helps you to find out how much corpus you need to build to secure yourself and your family. And on the basis of that, it also suggests the ideal plan for you, along with the premium amount that you need to pay towards the policy.
Savings & InvestmentsBefore investing in a savings and investment plan, you should use this calculator as it rightly assesses how much you need to save, and where you need to invest.
RetirementTaking into consideration the future inflation, your current income, expected savings after retirement, your current age, etc. factors, this calculator helps you to find out the right amount that you need to build post-retirement days and also suggests the ideal retirement plan available with the insurer along with the premium rate.
HealthThis online tool figures out the suitable health plan for you on the basis of your health condition, life stage, plan term, sum assured, etc., and also gives you an estimate of the premium that you have to pay for the plan.
My ChildIf you want to secure your child’s future, this calculator will be life-saving for you as it offers you the approximate value that you need to save for your child and the premium that you need to pay to reach that goal.

How To Use Reliance Nippon Life Insurance Premium Calculator - Process

Once you know the importance and the types of life insurance calculators available with the insurer, the next common question comes is how to use them. To make it more convenient for you, here is the detailed general process. Follow the below steps correctly to calculate the premiums more accurately.

  • Go to the official website of Reliance Nippon Life Insurance Company.
  • Scroll down a bit. On the homepage, you will find the Help Me Plan For tab.
  • Under it, there will be multiple options like health, retirement, savings, investments, etc.
  • Select anyone as per your requirement.
  • After that, fill in the blanks with the required details. Put the credentials correctly in the right places. Remember, on the basis of these, your premium amount will be calculated.
  • Click on the Next option, and put the details, if necessary.
  • Once you are done with putting the required data, the required amount will be displayed before you.
  • Along with that, the calculator will suggest a suitable plan for you and will also show the premium value that you need to pay for that.

Note: For different types of life insurance calculators, you may have to put different information. So, be careful with the data.

How Does Reliance Nippon Life Insurance Premium Calculator Work?

After the discussion, you already have gained insights into the life insurance premium calculators available with the insurer. But, for your better understanding, we have come up with an example so that you will have a clear idea about how this online tool functions.

Suppose, Mr. Bose, a 36-years-old businessman wants to buy a retirement plan for living his golden days of post-retirement life peacefully. For that, he inspected the life insurance market and found Reliance Nippon Life Insurance Company the most suitable one for him. Now, he wants to calculate the life insurance goal that he needs to build, and also, he wants to find out how much premium amount he has to pay to achieve that goal. For that, he visits the official website of the company. And on the homepage, under the Retirement section, he puts the required details such as his age, annual income, plan type, life stage, etc. On the basis of the given data, the premium calculator of the company calculates the purchase price and also suggests a suitable plan for him. Not only that, but also it lays out the benefit illustration table with the guaranteed annuity payable amounts. Let us learn what he has found out.

AgeAnnual incomeLife stageBranch locationPlan typeMode of premium paymentSuggested planPurchase price (Including GST)Purchase price break-up
36 yearsRs. 10 lakhs to Rs. 20 lakhsMarried with young childrenWest BengalAnnuitySingleReliance Nippon Life Immediate Annuity PlanRs. 152,700

Basic price: Rs. 15 lakhs

GST and cess: Rs. 2,700

Benefit Illustration Table:

Annuity typeGuaranteed Annuity Payable
Life AnnuityRs. 9179Rs. 4654Rs. 2337NA
Life Annuity with Return of Purchase Price on DeathRs. 8480Rs. 4299Rs. 2158NA
Life Annuity guaranteed for 5 yearsRs. 9173Rs. 4651Rs. 2335NA
Life Annuity guaranteed for 10 yearsRs. 9156Rs. 4643Rs. 2331NA
Life Annuity guaranteed for 15 yearsRs.9134Rs. 4631Rs. 2325NA