About Reliance Life Insurance

Reliance Nippon Life Insurance Company is one of the renowned insurance providers in India and is an integral part of Reliance Capital. With 10 million customers and a strong distribution of around 700 branches, the company has made its presence among the best life insurers in the private sector. As per the Brand Equity‘s Most Trusted Brands Survey 2016, Reliance was rated among the top 4 most trusted insurance brands. With a 49% stake in Reliance Life, Reliance Nippon offers a range of life insurance solutions to fulfill the requirements of people from every walks of life. Lets’ have a detailed look at the various plans offered by the company.

Why Choose Reliance Life Insurance?

  • Reliance life insurance plans can be availed at an affordable rate.
  • These plans offer the flexibility of choosing from various premium payment options.
  • The life insurance plans offered by Reliance life insurance are available online as well and can be renewed online.
  • The company offers 24×7 customer assistance when it comes to claiming settlement or other related services.
  • The premium paid towards the life insurance plans of Reliance is exempted from tax deduction.

Eligibility Criteria to Avail Reliance Life Insurance

  • The minimum eligibility criteria to avail Reliance life insurance is 18 years. The maximum age should not exceed 55 years.
  • The insurance buyer can be a salaried person, self-employed or a professional
  • The Reliance life insurance policies are offered for a maximum tenure of 35 years with a minimum Sum Assured of Rs. 25 lakh. However, there is no limit for maximum SA.

Types of Plans Offered by Reliance Life Insurance

Reliance Nippon Life Insurance offers 5 types of life insurance policies to cater to the insurance needs of the policyholder. Each plan comes with unique features and benefits. To know more about the plans, kindly refer the below table:

Reliance Life Insurance Protection Plans

Reliance Protection or term insurance plan protects the insurance interests of the insured even after his/her death. These plans are available at an affordable rate and can be chosen as per the insured needs of the insured. Protection Plans offers the much-needed peace of mind by offering financial assistance to the family during a mental and financial hardship. These plans include:

Plan Name Entry Age Policy Tenure Sum Assured Tax Benefit
Reliance Nippon Life Term Plan ·         Minimum: 21 years

·         Maximum: 60 years

Minimum: 5 years

Maximum: 30 years

5,00,000- no limit available
Reliance Nippon Life Online Term Plan ·         Minimum: 18 years

·         Maximum: 55 years

10/15/20/25/30/35 years 25,00,000-  no limit available
Reliance Nippon Life Online Income Protect Plan ·         Minimum: 18 years

·         Maximum: 55 years

10/15/20/25/30/35 years 35,00,000- no limit available

Reliance Life Insurance Investment Plans

The savings and investment plans offered by Reliance Life Insurance are specifically designed with an objective to provide the dual benefit of savings cum protection under a single plan. The plan helps the insured to meet their short and long-term financial objective of life by creating a financial cushion. Reliance Life Insurance offers different types of savings and investment plan to meet the needs of the buyers. let’s take a look at savings plans offered by Reliance Life Insurance.

Plan Name Entry Age Policy Tenure Sum Assured Tax Benefit
Reliance Nippon Life’s Guaranteed Money Back Plan ·         Minimum: 18 years

·         Maximum: 58 years (15 years tenure)

·         55 years (20 years tenure)

Minimum: 15 years

Maximum: 20 years

50.000- no  limit Available on investment and returns
Reliance Nippon Life Fixed Savings ·         Minimum: 8 years

·         Maximum: 60 years

12/15/20 years 105% of all the premiums paid Available
Reliance Nippon Life Blue chip Savings Insurance Plan ·         Minimum: 8 years

·         Maximum: 60 years

10/15 years 77,905-no  limit Available
Reliance Nippon Life Increasing Income Insurance Plan ·         Minimum: 14 years

·         Maximum: 60 years

12/16/20/24 years 60,000 (entry age up to 44 years )

1,00,000-no limit (entry age 45 and above)

Available
Reliance Nippon Life Fixed Money Back Plan ·         Minimum: 18 years

·         Maximum: 55 years

15 or 20 years 1,00,000- no limit Available
Reliance Nippon Life Lifelong Savings Plan ·         Minimum: 15 years

·         Maximum: 30 years

15/30 years 80,000-no limit Available
Reliance Nippon Life Future Income ·         Minimum: 8 years

·         Maximum: 55 years

14/16/18/20/22/24 years 2,00,000-no limit Available
Reliance Nippon Life Whole Life Income ·         Minimum: 0 years

·         Maximum: 55 years

85 years 1,00,000-no limit Available
Reliance Nippon Life Increasing Money Back Plan ·         Minimum: 15 years

·         Maximum: 55 years

15 years 1,00,000-no limit Available
Reliance Nippon Life Bal Nivesh One Time ·         Minimum: 3 years

·         Maximum: 35 years

15 years 1,00,000-no limit Available
Reliance Nippon Life Super Money Back Plan ·         Minimum: 18 years

·         Maximum: 55 years

10/20/30/40/50 years 1,00,000-no limit Available
Reliance Nippon Life Smart Cash Plus Plan ·         Minimum: 14 years

·         Maximum: 55 years

10/13/16/19/22 years 1,00,000-no limit Available
Reliance Nippon Life’s Money Multiplier Plan ·         Minimum: 18 years

·         Maximum: 55 years

10/15/20 years 60,000-no limit Available
Reliance Nippon Life Endowment Plan ·         Minimum: 5 years

·         Maximum: 55 years

10/15/20/25 years Minimum: 65,261

 

Maximum:

Entry age 18 and above – no limit

Entry age below 18 years – `5,00,000

 

Available
Reliance Nippon Life’s Super Endowment Plan ·         Minimum: 8 years

·         Maximum: 60 years

14 and 20 years 1,00,000-no limit Available

Reliance Life Insurance Retirement Plans

Reliance Retirement Plans help the insured to save a handsome amount for his/her golden days. It ensures that the insured continuously receives some income even after retirement. This makes it easier for the insured to maintain the same lifestyle and not to be dependent on someone else.

Plan Name Entry Age Policy Tenure Sum Assured Tax Benefit
Reliance Nippon Life Pension Builder Minimum: 25 years

Maximum: 65 years

10 to 40 years 2,00,000-no limit available
Reliance Nippon Life Immediate Annuity Plan Minimum: 20 years

Maximum: 80 years

5/10/15 years available
Reliance Nippon Life Smart Pension Plan Minimum: 18 years

Maximum: 65 years

10/15/30 years 50,000-no limit available

Reliance Life Insurance ULIPs Plans

These plans are investment cum insurance product, which helps the insured to invest in a secured manner. ULIPs offer investment and insurance benefits under a single plan and help the policyholder create money for the future. The insured has an option to choose from various available funds along with the flexibility to switch between the funds whenever is needed. The ULIP Plans of Reliance life insurance include:

Plan Name Entry Age Policy Tenure Sum Assured Tax Benefit
Reliance Nippon Life Premier Wealth Insurance Plan Minimum: 30 days

Maximum: 60 years

10-30 years (single pay)

15-30 years/10-30 years (limited pay)

Minimum: below or =44 years of age: 10xAP

0.5xPTxAP

Maximum: 30xAP

Available
Reliance Nippon Life Smart Savings Insurance Plan Minimum: 1 year

Maximum:

Regular pay- 60 years

10 pay- 60 years

7 pay-55 years

5 pay-50 years

 

10/15/25/30 years

 

Based on the annualised premium, age and policy tenure available
Reliance Nippon Life Classic Plan II Minimum: 7 years

Maximum: 60 years

15/30 years If the entry age is less than 45 years:

·         higher of 10 times of annual policy premium

·         0.5xPTxAP

·         12% of single premium

If the entry age is equal to 45 years:

·         higher of 7 times annual premium

·         0.25xPTxAP

·         110% of single premium

available

Reliance Life Insurance Child Plans

Every parent wants to give the children the best of everything. Be it education, job or business they want to secure a bright financial future for their children. Reliance Life insurance child plans make this happen by allowing them to save systematically. By investing on these plans, the insured can give a better life to its children. Reliance Nippon Life Child plans include:

Plan Name Entry Age Policy Tenure Sum Assured Tax Benefit
Reliance Nippon Life Education Plan ·         Adult: 20 to50 years

·         Child: 0to 18 years

9/12/20 years 50,000- no limit or subject to policy underwriting available
Reliance Nippon Life Child Plan Minimum: 20 years

Maximum: 60 years

10/20 years 25,000-no limit available

Claim Process of Reliance Life Insurance

Reliance Life Insurance ensures a hassle-free claim settlement to provide the maximum of the policy benefits. In order to claim Reliance life insurance policy the insured/beneficiary  will need to follow the below steps:

  • Inform the Insurer

The insurer needs to be informed immediately once a claim is raised. A claim form is required to be filled in order to register the claim. Also, all the necessary documents need to be attached with the claim form and send to the insurer.

Submission of Claim Form

The nominee of the insured needs to intimate the claim to the insurance company by filing a claim form completely. Usually, the below claim forms are required to be sent:

  • Terminal illness claim form
  • Critical illness claim form
  • Accidental disability form
  • Natural/Accidental death form

The beneficiary must ensure that the form is filled as per the type of clam and duly submitted to Reliance Nippon Life Insurance along with the certificate of the physician, death certificate obtained from the hospital, medical bills etc. The insurer may ask for attested copies of the documents.

  • Payment of Fund Value

In case of the death of the life insured the total fund value is paid by the insurer after verifying the documents.

  • Final Settlement

Upon receiving the claim request, the insurance provider will verify the documents. It may ask for further documents if any. After considering everything starting from the clauses to the riders,  the insurer will release the fund value.  The payment will be transferred to the account of the applicant or beneficiary and this way the company settles the claim finally.

Documents Required to Purchase Reliance Life Insurance Policy

In order to apply for Reliance Life Insurance policy, one will need the following documents:

  • Address Proof
  • Age proof
  • Identity proof
  • PAN details
  • Income proof

Reliance Life Insurance Online Process

With online insurance, buying life insurance policies have become easy. Like other life insurance providers, Reliance Nippon Life Insurance has also made its policies available online. To buy a life insurance policy online, one has to visit the official website of the insurer and browse over the plans. It is also recommended to compare the available plans online to ensure an informed purchase.  The online comparison is one of the most important benefits of online insurance the helps the insurance buyers to compare the plans and zero down on a plan within their budget.

Reliance Life Insurance FAQ’s

How can I surrender my Reliance Life Insurance policy?

Ans- in order to surrender a policy, you will have to tallest serve the minimum lock-in period. Surrender of policy is possible by duly fill and sign a Surrender Request Form and send along with the savings bank account details, a cancelled cheque attached with the form, copy of policy document and self-attested copy of KYC document. The insurer will process the same within 7 working days subject to fulfilment of the requirements.

How can I get a Unit Statement of mu ULIP policy with Reliance?

Ans- Unit statement can be availed by requesting through the IVR by calling on the toll-free number of the insurer. it can be downloaded from the official website of the insurer as well. The statement will be mailed to the registered e-mail id of the insured within 2 days from the date of the request.

How can I change the nominee of my policy?

Ans- A nominee can be changed anytime by submitting the duly filled nomination form along with the self-attested KYC documents. The same can be processed by visiting the nearest branch of Reliance life insurance. The change of nominee in the official records will be updated within 2 working days.

Can premium payment frequency be changed?

Ans- Yes, you can change the frequency of premium payment at the time of policy renewal by duly sign and submit a proper request form. The change of frequency will be affected in the records of the insurer within 2 working days, provided the request for the same is made 15 days prior to the policy anniversary date.

Is partial withdrawal in my ULIP policy is possible?

Ans- You can make partial withdrawals only after serving the minimum lock-in period with the insurer. The same can be done by submitting a duly filled and signed request form. The form should be submitted along with the details of the savings bank account, a cancelled cheque and self-attested copies of KYC documents.

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