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Reliance Nippon Life Insurance Company

Reliance Nippon Life Insurance Company is amongst the leading private sector life insurance companies in India in terms of individual WRP (weighted received premium) and new business WRP. The company is one of the largest non-bank supported private life insurers with over 10 million policyholders, a strong distribution network of over 700 branches and over 75,000 advisors as on March 31, 2017. The company holds one of the top Claim Settlement Ratios in the industry which stands at 95.21% as of March 31, 2017.

Rated amongst the Top 4 Most Trusted Life Insurance Service Brands by Brand Equity‘s Most Trusted Brands Survey 2016, the company’s vision is “To be a company people are proud of, trust in and grow with; providing financial independence to every life we touch.” With this in mind, Reliance Nippon Life caters to five distinct segments, namely Protection, Child, Retirement, Saving & Investment, and Health; for individuals as well as Groups/Corporate entities.

Reliance Nippon Life Insurance Company is a part of Reliance Capital, one of India’s leading private sector financial services companies, which ranks among the top private sector financial services and non-banking companies, in terms of net worth. Reliance Capital has interests in asset management and mutual funds, stock broking, life & general insurance, proprietary investments, private equity and other activities in financial services.

In FY’16, post the enabling regulations, Nippon Life increased its stake in Reliance Life from 26% to 49%, subsequent to the receipt of all regulatory approval. Nippon Life Insurance, also called Nissay, with 25% market share is Japan’s largest private life insurer with revenues of Rs. 3,66,198 crore (US$ 55 Billion) and profits of over Rs. 41,380 crores (US$ 6 billion) as of Mar 31, 2016. The Company, with over 29 million policies in Japan, offers a wide range of products, including individual and group life and annuity policies through various distribution channels and mainly uses face-to-face sales channel for its traditional insurance products. The company primarily operates in Japan, North America, Europe and Asia and is headquartered in Osaka, Japan. It is ranked 114th in Global Fortune 500 firms in 2016.

Reliance Nippon Life Online Income Protect

A term plan that protects your family with a lump sum to pay off large liabilities and a monthly income till retirement.

Reasons to buy the policy

Reliance Nippon Life Online Income Protect is a comprehensive protection plan that not only provides a lump sum in case of any eventuality to meet immediate liabilities, but also provides your family with a regular monthly income to ensure that they maintain the same standard of living even in your absence.

Secure your family’s future

Ensure that all your liabilities are covered adequately

Get guaranteed monthly income for your family in your absence

Protect your family against financial worries

Enroll online through a simple process

Benefits of buying the policy

Double protection at an affordable cost

*Lump sum payout to cover your liabilities

*Regular monthly income to protect your family’s lifestyle

Rewards for healthy lifestyle through lower premiums

Simple 3 step application process

Income tax benefits as per applicable tax laws

How the plan works

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 Covers his liabilities 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

Reliance Nippon Life Online Income Protect

A plan that helps you save regularly towards building your nest-egg, so you can look forward to retirement.

Reasons to buy the policy

Tailor-make your retirement plan

Start your pension when you want it

Choose between various pension options

Secure your retirement with guaranteed income for whole of life

Avail tax benefits, as per applicable tax laws

Benefits of buying the policy

Choose your policy term based on when you want to retire

Build your retirement corpus through paying premium for five years, seven years, ten years or throughout the policy term

Boost your retirement savings with regular simple reversionary bonus and terminal bonus, if any

At retirement, get guaranteed regular income for whole of life

Protect your family with a lump sum amount or guaranteed income in case of unfortunate death

Avail tax benefits on investment and on returns, as per the applicable income tax laws

How the plan works

Let’s take an example: Kiran (Life Assured), aged 35 years, works as an Area Manager in a private organization. He opts for Reliance Nippon Life Pension Builder with a Sum Assured of Rs. 5,00,000, policy term of 20 years and premium payment term of 10 years. The annual premium applicable (after deducting the High Sum Assured Discount) is Rs. 51,695 (excluding service tax and cess). He nominates his wife Kirti as a beneficiary, in case of his unfortunate demise. Vesting Benefit at the end of the 20th year will be Sum Assured + Vested Simple Reversionary Bonus + Terminal Bonus, if any. This is subject to a minimum of 105% of all the premiums paid (excluding any extra mortality premium, service tax and education cess) Kiran has following options at vesting:

To commute/withdraw 1/3rd of the Vesting Benefit as per prevailing income tax laws and to utilize the balance amount to purchase immediate annuity from Reliance Nippon Life Insurance Company at the prevailing annuity rate; or

To utilise the entire proceeds to purchase a single premium deferred pension plan from Reliance Nippon Life Insurance Company; or

To extend the accumulation period/deferment period under the same plan, provided the policyholder’s current age is below 55 years and maximum age at vesting is not more than 75 years

Scenario I: Kiran, survives till vesting and utilise the entire corpus to purchase Immediate Annuity Plan with Life Annuity with Return of Purchase price option from RNLIC.

Benefit at VestingAmount (Rs.) @8%Amount (Rs.) @4%
Sum Assured5,00,0005,00,000
Vested Simple Reversionary Bonus3,50,0001,00,000
Terminal Bonus2,80,00080,000
Total Benefit11,30,0006,80,000
Annuity Amount p.a.*63,57438,257
Lump Sum on Death post-retirement11,30,0006,80,000

*Immediate Annuity Purchase Price considered for calculation of the Annuity Amount p.a. is exclusive of Service Tax and Cess, if any.

Scenario II: Unfortunately Kiran, dies at the end of eighth policy year; Kirti will be entitled to

Benefit on DeathAmount (Rs.) @8%Amount (Rs.) @4%
105% of Total Premiums paid (excluding service tax and cess)4,34,2384,34,238
Vested Simple Reversionary Bonus1,40,00040,000
Total Death benefit5,74,2384,74,238

Kirti has following options:

  • Receive entire proceeds of death benefit as a lump sum or
  • Utilise the proceeds of death benefit, fully or partly, for purchasing an Annuity at the then prevailing rate from Reliance Nippon Life Insurance Company.

Reliance Nippon Life Premier Wealth Insurance Plan

A unit linked plan that gives you the choice to actively or systematically manage your investments.

Reasons to buy the policy

Reliance Nippon Life Premier Wealth Insurance Plan can be tailored to individual needs and keep up with the changing priorities over time. The plan allows you the flexibility to balance the protection and investment needs during its tenure, in an active or a systematic manner.

Get the best of wealth management and value, in a single plan

Switch between active and auto-managed style of investing

Get rewarded for staying invested, with wealth boosters

Get access to your investments in case of emergencies

Benefits of buying the policy

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 through 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 through a systematic asset allocation strategy based on your life-stage

Minimize charges: Receive Wealth Boosters every year from the end of the eighth policy year

Pay as you like: Flexibility to choose your premium payment options – Single Pay, Limited Pay or Regular Pay

Liquidity: Meet your emergency fund requirements through partial withdrawals, anytime after five policy years

Protect your family: Get the desired level of insurance cover based on your needs

How the plan works

Decide your premium amount, policy term and the premium payment term

Select the Sum Assured Multiple as per your protection needs

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 through settlement option to meet your financial goals

In case of your unfortunate death during the policy term your nominee will receive the death benefit

Let’s take an example: Suresh, aged 35, is a successful entrepreneur who opts for Reliance Nippon Life Premier Wealth Insurance Plan with annual premium of Rs. 2,50,000 under regular pay option with a policy term of 20 years along with a life cover of Rs 25,00,000. Suresh is aware of the benefits of investing over the long term. He knows his investments in Reliance Nippon Life Premier Wealth Insurance Plan will be enhanced through Wealth Boosters at 0.30% p.a (for Regular Pay option) of the average of daily fund value from the end of the eighth policy year. The addition to Suresh’s Fund Value by way of Wealth Boosters, from the end of eighth year onwards, is as given in the table below:

Additions to fund through Wealth Boosters

Assumed rate of return(%)/ Policy Year8th9th10th11th12th13th14th
@ 8%Rs. 7,374Rs. 8,614Rs. 9,937Rs. 11,347Rs. 12,852Rs. 14,556Rs. 16,167
@ 4%Rs. 6,279Rs. 7,182Rs. 8,110Rs. 9,064Rs. 10,043Rs. 11,049Rs. 12,083

# This illustration is for Life Equity Fund 3 and Life Pure Equity Fund 2 Let’s look at five different scenarios after Suresh invests in this policy:

Scenario 1 : Suresh does not get enough time out of his business and cannot manage his investments actively; therefore he opts for Target Maturity Option under Auto-Managed options. This strategy automatically manages his investments by changing the allocation between the debt and equity funds based on a predefined schedule. Starting from the sixth policy year, as the time to maturity and to fulfill his financial goals draws closer, his investments are moved.

Scenario 2 : Suresh likes to take control and thus opts for the Self-Managed option. He decides to invest in Life Equity Fund 3, since he believes the equity markets will be bullish in the coming years. He stays invested till maturity of the policy. The expected benefit received by Suresh is as follows:

Premiums Paid (Rs)

Annual Amount: Rs 2,50,000

Total Amount Paid: Rs 50,00,000

Fund Value at Maturity

@8%: Rs 1,00,05,620

@4%: Rs 63,84,968

Scenario 3 : After three years of staying invested in the Life Equity Fund 3, Suresh feels that equity market will be going down soon due the recent turmoil within the economy. He switches his investment to Life Corporate Bond Fund 1. He has thus locked in the returns from the rise in the equity markets and is now enjoying stable returns from the bond market.

Scenario 4 : In the third policy year, Suresh dies in an unfortunate accident. His wife, who is his nominee, gets the Death Benefit.

Reliance Nippon Life Easy Care Fixed Benefit Plan

An innovative health insurance plan that not only protects you from unexpected financial burden but also care for you as a friend in need in difficult times.

Reasons to buy the policy

In this fast paced life, we invest all our energies into work. The sedentary life style reaps dividend in the form of health ailments and stress. The little gems of pleasure that come our way often prove to be detrimental – junk food, fast driving, reaching for the stars. In the race for moving ahead diabetes, accidents and heart attacks become our companions. Our beautiful world starts crumbling as fear and insecurity stems large on us and our family members. An adequate health insurance health Insurance cover would protect us from indebtedness and impoverishment resulting out of rising medical expenses and also provide us peace of mind and security during a crisis arising out of a medical emergency. Reliance Easy Care Fixed Benefit Plan offers a complete protection against unforeseen hospitalization, surgical treatment and critical illnesses while also providing for other incidental expenses incurred during hospitalization.

Get complete cover for health related expenses

Insure against expenses for major surgeries and critical illnesses

Get guaranteed coverage for what is promised

Get guaranteed renewability up to the age of 99 years

Avail tax benefits under section 80(D)

Benefits of buying the policy

The plan covers reasonable and customary medical expenses towards hospitalisation during the policy term for illness, surgery, injury contracted or sustained by the policy holder subject to terms, conditions, limitations, waiting period and exclusions as described below:

Daily Hospital Cash Benefit (DHCB): In the event of Hospitalization for Medically Necessary treatment of any Illness including critical illnesses or Injury for a minimum period of 48 hrs a fixed amount of 1% of Sum Assured per day will be payable from the first day for the duration of Hospitalization for a valid claim.

Intensive Care Unit (ICU) benefit: An additional 100% of DHCB amount (1% of Sum Assured) per day is paid for each day of stay in the Intensive Care Unit (ICU) of the insured. This benefit is payable only if the DHCB is payable.

Recuperation Benefit (RB): A recuperating benefit equal to 3% of Sum Assured is payable for 7 or more days of continuous hospitalization for the same injury or disease, subject to the DHCB being payable at the time of hospitalization.

Surgical Cash Benefit (SCB): In the event of Hospitalization for a minimum period of 24 hours for undergoing any valid and Medically Necessary Surgery except the below mentioned major Surgeries in MSB, in India, a lump sum benefit equal to 10% of Sum Assured will be paid.

Major Surgical Benefit (MSB): In the event of Hospitalization for a minimum period of 24 hours for undergoing any one of the listed Major Surgeries a guaranteed amount equal to 100% of Sum Assured will be paid. 6) Critical Illness (CI): In the event of a confirmed diagnosis of any one of the listed critical illness a onetime fixed amount equal to 100% of Sum Assured will be paid and the benefit will cease to continue for lifetime.

How the plan works

Amar, aged 42 years, is a software professional and lives with his wife Sakshi and daughter 3 years old Nupur. Erratic working hours at his workplace with high stress has forced him to think about a insuring himself against any adverse health related problem. He feels worried about the financial impact that may be caused in case of an unforeseen illness. He purchases Reliance Easy Care Fixed Benefit and:

Pays an annual premium of Rs. 8960 per annum (exclusive of taxes) and opts for Option IV for a health cover of Rs. 4 lakh, for a policy term of 5 years

Tax Benefit : He avails tax benefits u/s 80D for all premiums paid during the 5 years Policy Term. Comprehensive Health Cover:

Unfortunately, during the 2nd policy year, Amar, suffers a heart attack and is immediately hospitalized. At the time of hospitalization, his wife Sakshi is able to focus on Amar’s health due to the cashless facility available under this plan.

He stays in the ICU for 5 days and undergoes Heart Coronary Artery Bypass Surgery. Post surgery, he recuperates in the hospital for another 12 days. Also, his family incurs additional expenses towards medicines, diagnostic tests and doctors’ fees, etc

His family receives following benefits under this plan. Benefit How it works? Benefit Amount

Critical Illness (CI) 100% of Sum Insured Rs. 4,00,000

Major Surgical Benefit (MSB) 100% of Sum Insured Rs. 4,00,000

Daily Hospitalisation Cash Benefit (DHCB) Rs. 4000 x 12 days Rs. 48,000

Intensive Care Unit (ICU) Hospitalisation Rs. 4000 x 5 days Rs. 20,000

Recuperation Benefit 3% of Sum Insured Rs. 12,000

Total amount received towards comprehensive health Benefits Rs. 8,80,000

Amar renews the policy at the end of 5 Policy Years and gets a premium rebate of 5% on the premiums payable. He can continue to renew the policy till age of 99 years.