life insurance company
Reliance Nippon Life Insurance Company

Reliance Nippon Life Insurance

Reliance Nippon Life Insurance Company is one of India’s leading life insurance companies. It is one of the largest NBFC-supported private life insurance providers, serving over 10 million policyholders. RNLIC is a joint venture between Reliance and Nippon Life Insurance, the largest Japanese life insurance company by revenue. As of March 2021, RNLIC has a vast network of over 42,000 advisors. The company has also been rated amongst the Top 3 Most Trusted Life Insurance Service Brands in 2018 by Brand Equity.

Reliance Nippon Life Insurance Company Profile

CHARACTERISTICSSPECIFICATIONS
Company NameReliance Nippon Life Insurance Company Limited
HeadquartersMumbai
Year of Establishment2001
Company TypePrivate
Parent CompanyReliance Capital
CEOAshish Vohra
Number of Branches713
Claim Settlement Ratio as of March 31, 202198.48%
Solvency ratio (FY21)245%
Total premium (As on 31st Mar ‘2021)Rs. 4,736 crore
Total Sum Assured (As on 31st Mar ‘2021)Rs. 78,847 crore
First Year Premium (Up to 31st March 2021)1135.00
No. of Policies (Up to 31st March 2021)190524
No. of lives covered (Up to 31st March 2021)171077

Reliance Nippon Life Insurance Plans

There’s no better way to protect your family than with Reliance Nippon Life Insurance Term Plans. With different plan options, lower premiums, and additional riders, you will be ensured of comprehensive protection.

i. Reliance Nippon Life Protection Plus

With this pure risk cover insurance plan, you can avail financial protection for you and your loved ones at an affordable cost.

Key Features: 

  • Economical price: This plan provides affordable financial security for family
  • Increase coverage: Facility to increase coverage at important life stages at nominal cost with Enhanced Coverage Option
  • Personalized plan: Get customized protection according to individual needs
  • Healthy lifestyle: If you lead a healthy lifestyle like non-smokers, you can avail of lower premiums.
  • Tax benefits: You can get tax benefits as per the income tax laws in India.
Plan options Level Cover Plan, Increasing Cover Plan, Level Cover Plus Income Plan, and Whole of Life Cover Plan
Age Criteria (Entry age)

Whole life: The minimum is 25 years and the maximum is 55 years

Other plans: The minimum is 18 years and the maximum is 60 years

Maturity age

Whole life: TThe maturity age is the whole of life

Other plans: The minimum is 28 years and the maximum is 75 years

Policy term 

Whole life: The policy term is the whole of life

Other plans: The minimum is 10 years and the maximum is 40 years

Sum assured 

Minimum: Rs. 25 lakhs

Maximum: No limit, subject to approval

Premium Paying ModeYearly, Half-yearly, Quarterly, Monthly
Premium Payment Term (PPT)

Whole life: Limited Pay: 65 less Age at Entry

Other plans: Regular pay

ii. Reliance Nippon Life Digi-Term Insurance Plan

Secure your family’s financial future with this Reliance Nippon Life Digi-Term Insurance Plan, which guarantees cover as well as covers your large responsibilities. Key Features: 
  • Immediate Benefits: With the Enhanced Life Secure option, you can receive immediate benefits payable upon the insured’s death or the diagnosis of a terminal illness
  • Long-term coverage: Option for Whole Life coverage as well as the option to enhance protection at key milestones in your life on payment of an additional premium
  • Optional Riders: Avail additional rider options for increased protection, plus you can customize protection cover as per your need
Age Criteria (Entry age)
  • Whole Life Secure Option: The minimum is 25 years and the maximum is 60 years
  • Other plans: The minimum is 18 years and the maximum is 60 years
Maturity age
  • Whole Life Secure Option: The whole life
  • Other plans: The minimum is 28 years and the maximum is 80 years
Policy term 
  • Whole life option: The entire life
  • Other plans: 15 years to 40 years
Sum assured 
  • Minimum: Rs. 25 lakhs (multiples of 1,00,000)
  • Maximum: No limit, subject to approval
Premium Paying Mode Yearly, Half-yearly, Quarterly, and Monthly
Premium Payment Term (PPT)
  • Premium payment term-limited pay: 65 less age of entry.
  • Regular pay: equal to the term of the policy

iii. Reliance Nippon Life Saral Jeevan Bima

With so many uncertainties looming, there’s no better time than now to protect your family with the Reliance Life Saral Jeevan Bima plan that gives you a lump sum payout in case of any unfortunate event.

Key Features: 

  • Accessibly Priced plan: Economical plan for individuals from any income bracket
  • Hassle-free payment choices: Flexible premium payments via single pay, limited pay, or regular pay options
  • Death benefits payable: Receive death benefit with return of 100% premiums paid
Age Criteria (Entry age)The minimum is 18 years and the maximum is 65 years
Maturity ageThe minimum is 23 years and the maximum is 70 years
Policy term 

Regular Pay and Single Pay: 5 years to 40 years

Limited pay 5: 15 years to 40 years

Limited pay 10: 20 years to 40 years

Sum assured 

The minimum is Rs.5,00,000 and the maximum is Rs. 25,00,000.

(Sum Assured is only allowed in multiples of Rs. 50,000)

Premium Paying FrequencySingle Pay, Yearly, Half-Yearly, and Monthly
Premium Payment Term (PPT)
  • Regular pay – Equal to the policy term
  • Limited pay – 5 years or 10 years
  • Single pay

2. Reliance Nippon Life Savings and Investment Plans

Make sure your future is secure with Reliance Nippon Life Insurance Savings and Investment Plans. With a variety of plan options, you can select the best one for you and your family.

i. Reliance Nippon Life Super Bachat Plus Suraksha Plan

With an increase in life cover year on year, under this life savings insurance plan, you can secure financial protection from uncertainties.

Key Features: 

  • Death benefit: Death cover is 2 times or 1.5 times the base sum assured and increases as the policy term increases.
  • Multiple value additions: Guaranteed loyalty additions upon completion of every 5th policy year
  • Maturity benefit payable: Receive maturity benefit of a lump sum amount
  • Tax benefits – Enjoy tax benefits as per the income tax act of India
Age Criteria (Entry age)The minimum is 18 years and the maximum is 50 years
Maturity ageThe minimum is 28 years and the maximum is 70 years
Policy term 10/15/20 years
Sum assured The minimum sum assured is dependent on the insured’s age of entry, premium payment term, policy term, etc. and the maximum has no limit, it’s subject to approval.
Premium Paying ModeYearly, Half-yearly, Quarterly, and Monthly
Premium Payment OptionRegular pay and limited pay
Premium Payment Term (PPT)7/10/15/20 years

ii. Reliance Nippon Life Super Endowment Plan

Saving for the future is important and this plan is designed for just that. With this plan, you can save for the future along with the benefit of life cover.

Key Features: 

  • Excellent coverage: Life cover of at least 10 times annualized premium for an entire policy term
  • Family protection – Get life cover of at least 10 times the Annualized Premium for the entire Policy Term
  • Surrender Provision: Surrender value provision after first 2 consecutive years of policy
  • Savings – Get base sum assured on survival at maturity of the policy
  • Premium – Pay for just half of the selected policy term and get policy cover for the full policy term
Age Criteria (Entry age)The minimum is 8 years and the maximum is 60 years
Maturity ageThe minimum is 22 years and the maximum is 75 years
Policy term 14 years and 20 years
Sum assured The minimum is Rs. 1,00,000 and the maximum has no limit.
Premium Paying ModeYearly, Half-yearly, Quarterly and Monthly
Premium Payment OptionLimited pay
Premium Payment Term (PPT)7 years and 10 years
Annualized premiumThe minimum is Rs. 10,000 and the maximum has no limit.

iii. Reliance Nippon Life Increasing Money Back Plan

With the Reliance Nippon Life Increasing Money Back Plan, you can get increasing guaranteed payouts every 3 years to keep up with your lifestyle requirements.

Key Features: 

  • Survival Benefit payable: Get survival benefit with money back benefits
  • Attractive rates: Receive discounts on a higher sum assured
  • Death benefit: Avail Sum Assured payable upon insured’s death
  • Increasing payout – With this plan get an increasing payout so as to match your responsibilities at different stages in life.
  • Guaranteed liquidity – Every three years you can receive money back benefits from the third year of the policy.
Age Criteria (Entry age)The minimum is 15 years and the maximum is 55 years
Maturity ageThe minimum is 30 years and the maximum is 70 years
Policy term 15 years
Sum assured The minimum is Rs. 1,00,000 and the maximum has no limit.
Premium (Annual)The minimum is Rs. 18,000 and the maximum has no limit
Premium Paying ModeYearly, Half-yearly, Quarterly, and Monthly
Premium Payment OptionRegular pay and Limited pay
Premium Payment Term (PPT)

Limited pay: 7 years

Regular pay: 15 years

vi. Reliance Nippon Life Bluechip Savings Plan

With the Reliance Nippon Life Bluechip Savings Insurance Plan, you can accumulate savings to keep up with your lifestyle requirements and enjoy life cover.

Key Features: 

  • Financial protection: Receive annual income upon the survival of each policy year (except final year) after the premium payment term
  • Benefit payable: Lump sum benefit upon policy maturity
  • Liquidity option: Loan facility available during the policy term
  • Tax benefits – Tax payable as per the income tax act
Age Criteria (Entry age)The minimum is 8 years and the maximum is 60 years
Maturity ageThe minimum is 18 years and the maximum is 75 years
Policy term The minimum is 10 years and the maximum is 15 years
Sum assured 

Min. Rs. 77,905

Max. No limit

Premium Paying ModeYearly, Half-yearly, Quarterly, Monthly
Premium Payment Term (PPT)5/7/10 years
Death benefit option7x and 10x
Premium amount 
Premium payment termsPolicy term (years)8 to 45 years46 to 54 years55 to 60 years
510 to 1235,00040,000NA
513 to 1520,00030,00050,000
710 to 1225,00030,00050,000
713 to 1520,00030,00035,00
101225,00030,000NA
1013 to 1515,00020,00025,000

v. Reliance Nippon Life Fixed Savings Plan

With the help of the Reliance Nippon Life Fixed Savings Plan, you can create a corpus for unforeseen expenses by systematically saving.

Key Features: 

  • Maturity Benefit: Receive maturity or guaranteed sum assured upon the maturity of the policy.
  • Survival Benefits: Survival benefits having fixed regular additions accrue at the start of each policy year
  • Extensive coverage: Get life cover for the entire policy term.
  • Tax benefits – Avail tax benefits, as per the applicable Income Tax laws
Age Criteria (Entry age)The minimum is 8 years and the maximum is 60 years
Maturity ageThe minimum is 20 years and the maximum is 80 years
Annualized premiumThe minimum is Rs. 25,000 and the maximum has no limit
Policy term 12/15/20 years
Premium Paying ModeYearly, Half-yearly, Quarterly, Monthly
Premium Payment OptionLimited pay
Premium Payment Term (PPT)5/7/10 years

vi. Reliance Nippon Life Guaranteed Money Back Plan

With this plan, you can not only save for your future but also protect your savings during an unforeseen eventuality.

Key Features: 

  • Benefits payable: Guaranteed money back during the last five years of the policy
  • Loyalty bonuses: Guaranteed loyalty additions of up to 40% of the base sum assured
  • Accidental death benefit: In event of accidental death, additional life cover is provided, equal to the base sum
  • Family protection – Get life cover of at least 10 times the Annualized Premium for the entire term of the policy.
Age Criteria (Entry age)

15 year policy: Min. 18 years and max. 58

20 year policy: Min. 18 years and max. 55 years

Maturity ageThe minimum is 33 years and the maximum is 75 years
Policy term The minimum is 15 years and the maximum is 20 years
Sum assured 

Min. Rs. 1 lakh

Max. No limit

Premium Paying ModeYearly, Half- yearly, Quarterly, Monthly
Premium Payment OptionRegular pay and Limited pay
Premium Payment Term (PPT)
Policy Term 

Age at Entry

(last birthday)

Allowed Premium

Paying Term(s)

15 years18 to 43 years5, 7, 10, equal to the policy term
15 years44 to 53 years5, 7, 10
15 years54 to 55 years5, 7
15 years56 to 58 years5
20 years18 to 47 years10, 15, equal to the policy term
20 years48 to 53 years10, 15
20 years54 to 55 years10

vii. Reliance Nippon Life Lifelong Savings Plan

With this plan, you’ll be protected for the entire policy duration and also receive a lump sum amount on the maturity benefit date.

Key Features: 

  • Maturity benefit: Standard cover of lump sum amount upon policy maturity
  • Extended coverage: The alternative option of extended cover protection for lump sum amount on policy maturity + extended life cover for entire life even after expiration of policy term
  • Survival benefit: Base sum assured upon survival
  • Loan facility – You can secure a loan at a time of need against this policy.
Age Criteria (Entry age)The minimum is 7 years and the maximum is 55 years
Maturity ageThe minimum is 22 years and the maximum is 70 years
Policy term The minimum is 15 years and the maximum is 30 years
Sum assured 

Min. Rs. 80,000

Max. No limit

Premium (Annual)

Min. Rs. 12,000

Max. No limit

Premium Paying ModeYearly, Half-yearly, Quarterly, Monthly
Premium Payment OptionRegular pay and Limited pay
Premium Payment Term (PPT)

Regular pay:

Entry age 7 to 50 years – 15-30 years

Entry age 51 to 55 years – NA

Limited pay:

Entry age 7 to 50 years – 10 years

Entry age 51 to 55 years – 10 years

viii. Reliance Nippon Life Increasing Income Plan

With this plan, you will receive a guaranteed monthly income at the end of every year until maturity to help you keep up with your needs.

Key Features: 

  • Guaranteed monthly income: Payable from premium payment end date till policy maturity
  • Payout options: The choice between two income options, income with maturity benefit or only income
  • Family coverage: Protection for the entire family during the policy tenure
Age Criteria (Entry age)The minimum is 14 years and the maximum is 60 years
Maturity ageThe minimum is 26 years and the maximum is 80 years
Policy term 12, 16, 20 and 24 years
Sum assured 

Up to age 44: Min. Rs. 60,000 | Max. No limit

45 years+: Min. Rs. 1,00,000 | Max. No limit

Premium (Annual)

Min. Rs. 15,000

Max. No limit

Premium Paying ModeYearly, Half- yearly, Quarterly, Monthly
Premium Payment OptionRegular pay and Limited pay
Premium Payment Term (PPT)Half of the selected policy term

ix. Reliance Nippon Life Future Income Plan

Upon completing premium payment term, receive an annual income upon survival at the end of every policy year.

Key Features: 

  • Family coverage: Life cover for the family during the entire policy term
  • Liquidity: Loan facility available during the policy term
  • Maturity benefit: Lump Sum payout upon policy maturity
Age Criteria (Entry age)The minimum is 8 years and the maximum is 55 years
Maturity ageThe minimum is 22 years and the maximum is 75 years
Policy term 14/16/18/20/22/24 years
Sum assured 

Minimum: 2,00,000

Maximum: No limit

Premium (Annual)

Min. Rs. 15,680

Max. No limit

Premium Paying ModeYearly, Half- yearly, Quarterly, Monthly
Premium Payment Term (PPT)Half of the policy term

3. Reliance Nippon Life Retirement Plans

Invest in Reliance Life Insurance retirement plans to ensure your retirement years are safe and secure a financial cushion to fall back on.

i. Reliance Nippon Life Immediate Annuity Plan

This plan is designed to convert your earnings into an income, so you can receive a regular income during your entire life.

Key Features: 

  • Easy payment: One-time only premium payment
  • Financial coverage: Whole life income (annuity) guaranteed
  • Ease of enrollment: with zero medical tests required
Age Criteria (Entry age as of last birthday)The minimum is 20 years and the maximum is 80 years
Purchase price 

Minimum: Purchase price: Rs. 1,00,000

Maximum: No limit

Premium Paying ModeYearly, Half-yearly, Quarterly, Monthly
Annuity installment

Minimum: Rs. 1,000

Maximum: No limit

ii. Reliance Nippon Life Saral Pension Plan

Secure your golden years with this plan, designed to provide financial protection with ease and comfort. This Reliance Nippon Life Saral Pension plan is customizable and provides guaranteed benefits.

Key Features: 

  • Easy one-time payment: Pay only once for guaranteed income over rest of life span
  • Payout options: Choice of two annuity options, life annuity with return of 100% or premium price, or Joint life last survivor annuity with 100% ROP upon last survivor’s death
  • Flexible payout frequency: Flexible option to receive annuities over yearly, half-yearly, quarterly, or monthly basis
  • Surrender – You can surrender your policy if you are diagnosed with a critical illness that is specified in your policy
  • Loan facility – At a time of need you can avail of a loan against this policy
Age Criteria (Entry age)The minimum is 40 years and the maximum is 80 years
Policy term Whole life
Purchase price

Purchase price Min. Rs. 1 lakh

Max. no limit

Premium Paying ModeYearly, Half-yearly, Quarterly, Monthly
Premium Payment OptionSingle payment
Annuity installment

Monthly: Rs. 1,000 and max has no limit

Quarterly: Rs. 3,000 and max has no limit

Half-yearly: Rs. 6,000 and max has no limit

Annually: Rs. 12,000 and max has no limit

4. Reliance Nippon Life Insurance ULIP Plans

With Reliance Nippon Life Insurance ULIP Plans no matter your life goals, you can achieve them while ensuring your family stays protected.

i. Reliance Nippon Life Smart Savings Plan

Watch your savings grow under this insurance plan, through your choice of investment strategies.

Key Features: 

  • Investment options: Choose between the self-managed or auto-managed options to reach your financial goals the way you like
  • Liquidity: Partial withdrawals facility available to meet your financial needs, anytime
  • Bonuses: Receive rewards for loyalty and higher premium amounts that enhance the value of your investment
Age Criteria (Entry age)

The minimum is 1 year

Maximum

Regular pay: 60 years

10 pay: 60 years

7 pay: 55 years

5 pay: 55 years

Maturity ageThe minimum is 18 years and the maximum is 70 years
Policy term 
  • Regular pay – 10 and 15 to 30 years
  • Limited pay 10 years: 15 to 30 years
  • Limited pay 7 years: 10, 15 to 25 years
  • Limited pay 5 years: 10, 15 to 20 years (entry age between 1 year to 45 years
  • Limited pay 5 years: 10 and 15 years (entry age between 46 year to 50 years
Sum assured Min. 7 times annualized premium and maximum is 10 times the annualized premium
Premium Paying ModeYearly, Half-yearly, Quarterly, Monthly
Premium Payment Term (PPT)

Regular pay: equal to the policy term

Limited pay: 5, 7, and 10 years

ii. Reliance Nippon Life Prosperity Plus Plan

Your family’s future will be safeguarded through this plan, with the coverage of your choice.

Key Features:

  • Choice of Investment strategy: Choose between three investment options: self-managed, auto-managed, or trigger portfolio option based on your risk appetite and needs.
  • Liquidity: Systematic withdrawal option facility
  • Bonuses: Loyalty and maturation additions
  • Systematic withdrawals – An option designed to help you access your accumulated wealth as per your financial needs
Age Criteria (Entry age)The minimum is 1 year and the maximum is 60 years
Maturity ageThe minimum is 18 years and the maximum is 70 years
Policy term 

Premium Paying Term Policy Term (in years)

Regular Pay 10 and 15 to 20

Limited Pay: 5 years 10 and 15 to 20

Limited Pay: 10 years 15 to 20

Limited Pay: 15 years 20

Single Pay 10 and 15 to 20

Sum assured (minimum)
  • Regular pay: 7-30 times based sum assured (regular pay)
  • Limited pay: 1.25-10 times base sum assured (single pay)
Sum assured (maximum)

Regular/Limited Pay:

1 year to 35 years – 30 times AP

36 years to 40 years – 20 times AP

41 years to 45 years – 15 times AP

46 years to 50 years – 12 times AP

51 years to 60 years – 10 times AP

Single pay: The max is 10 times AP

Premium amount

Regular/Limited Pay: Rs 1,00,000

Single Pay: Rs 5,00,000

Maximum: No Limit, subject to Board approved

Underwriting policy

Top-up Premium

Minimum: Rs. 25,000

Maximum: Up to 100% of base premiums paid

Premium Paying ModeYearly, Half-yearly, Quarterly, Monthly
Premium Payment Term (PPT)

Limited Pay: 5, 10, 15 years

Regular Pay: Equal to Policy Term

Single Pay

iii. Reliance Nippon Life Premier Wealth Insurance Plan

Your family’s financial security will be safeguarded and enhanced through this savings insurance plan.

Key Features:

  • Investment Options: The choice between self-managed option and auto-managed option to meet your varying needs
  • Bonuses payable: The reward of Wealth Boosters every year from the end of the 8th policy year
  • Liquidity feature: Partial withdrawal option available after completion of 5 policy years
Age Criteria (Entry age)The minimum is 30 days and the maximum is 60 years
Maturity ageThe minimum is 18 years and the maximum is 70 years
Policy term 
  • Regular pay: 10 to 30 years
  • Single pay: 10 to 30 years
  • Limited pay: limited pay for 5 to 7 years – 10 to 30 years
  • Limited pay 10 years: 15 to 30 years
Sum assured (minimum)
  • Regular pay: Min 7 times AP
  • Limited pay: Min 7 times AP
  • Single pay: Minimum 1.25 times AP
Sum assured (maximum)

Up to 30 years – 30 times AP

31 years to 40 years – 20 times AP

41 years to 50 years – 15 times AP

51 years to 55 years – 12 times AP

56 years to 60 years – 10 times AP

Premium payment

Regular/Limited Pay: Rs 2,00,000

Single Pay: Rs 5,00,000

Max: No limit

Premium Paying ModeYearly, Half-yearly, Quarterly, and Monthly
Premium Payment OptionSingle, regular, and limited pay
Premium Payment Term (PPT)
  • Regular Pay: Equal to the policy term
  • Limited Pay: 5, 7, and 10 years
  • Single pay: One-time payment

iv. Reliance Nippon Life Classic Plan II

This investment insurance plan not only provides your family with adequate coverage but also gives you the flexibility and liquidity you desire.

Key Features:

  1. Investment strategies: Option of 7 investment funds based on risk appetite: 4 equity-oriented funds, 2 debt-oriented funds, and 1 balanced fund
  2. Free switches: Availability of 52 free switches amongst 7 funds
  3. Protection against market conditions: Systematic Transfer Plan option to safeguard from the volatility of equity market
Age Criteria (Entry age)The minimum is 7 years and the maximum is 60 years
Maturity ageThe minimum is 22 years and the maximum is 75 years
Policy term 15 to 30 years (both single and regular)
Sum assured 

Minimum:

Regular Pay: 7 times annualized premium

Single pay: base assured as a multiple of single premium

Top-up: 1.25 times AP

Maximum:

Regular pay:

7 to 50 years – 15 times AP

51 to 60 years – 10 times AP

Single pay: base assured as a multiple of single premium

Top-up: 1.25 times AP

Premium (Annual)
  • Regular pay minimum:
  • Yearly: Rs 20,000
  • Half-yearly and monthly: Rs 30,000
  • Single Pay: Rs 75,000

Maximum: No limit

Top-up Premium

Minimum: Rs. 5,000

Max: No limit

Premium Paying ModeYearly, Half-yearly, and Monthly
Premium Payment OptionSingle, regular, and limited pay
Premium Payment Term (PPT)
  • Regular Pay: equal to the policy term
  • Single: one-time payment

Why Choose Reliance Nippon Life Insurance?

  • Excellent Claim Settlement Ratio: Reliance Nippon Life Insurance company boasts of a high claim settlement ratio of 98.48% (as of March 2021).
  • One of the largest Insurers: Reliance Nippon Life Insurance is one of the largest non-bank, private insurers. It has more than 10 million policyholders.
  • Strong Distribution Network: The company has 713 branches and 42,604 advisors nationwide.
  • Most Trusted Brand: The company was rated among the Top 3 Trusted Life Insurance Service Brand in 2018.
  • Professional team – Reliance has a large team of highly motivated advisors, around 42,604 as of 31st Mar 2021, who are skilled and experienced to handle all your queries.

Exclusions to Reliance Nippon Life Insurance Plans

There are a few exclusions to these term plans should the insured’s death occur by:

  • Suicide: In the event, the insured commits suicide during the first 12 months of the policy plan or policy revival, their beneficiaries will only receive 80% of premiums paid till death.
  • Natural Disasters/War: The insured member who suffers death due to earthquake, flood, hurricane, war/terrorism, etc will not be compensated by the company via Accidental Death claim and Total and Permanent Disablement claims
  • Alcohol and Drug Use: The company is not liable to pay the settlement amount should the insured die from alcohol/drug use. Drunk driving, etc.
  • Hazardous Activities: Beneficiaries will not be able to claim a settlement amount if the insured suffers death from dangerous activities like hiking, mountain climbing, scuba diving, etc.

Reliance Nippon Life Insurance Riders

There are several Rider options for Reliance Nippon Life Insurance plans which provide increased security at an additional yet nominal cost:

  • Reliance Nippon Life Family Income Benefit Rider: This Rider will provide a monthly benefit to the deceased’s family at a rate of 1% of the sum assured (or 12% p.a.). This benefit will be payable from the date of the deceased insured’s demise up until the end of the rider policy tenure, or 10 years (whichever occurs later).
  • Reliance Nippon Life Accidental Death and Total and Permanent Disablement Rider: This rider ensures an additional disability or death benefit, should the disability or death occur as a direct result of an accident. In the case of disability, the waiver of premium benefit also continues.
  • Reliance Nippon Life Online Life Critical Conditions Rider: This provides a lump sum amount to the insured in case of any 25 critical health diagnoses such as heart attack, cancer, and many more.
  • Reliance Nippon Life Major Surgical Benefit Rider: This rider pays a lump sum amount to cover the cost of surgeries from a list of 33 types of surgical procedures including organ transplant, open-heart surgery, and many others.

How to Purchase Reliance Nippon Life Insurance Policy Online?

Reliance Nippon Life Term Insurance can be easily purchased online. Simply follow these easy steps below:

  1. Log onto the Reliance Nippon Life Insurance website
  2. On the homepage, select your desired plan, fill out the needed details, and click on next.
  3. Enter any further details and then click on submit. 
  4. You will get a confirmation on your registered contact details and will be directed to the next steps by a company advisor.

Reliance Nippon Life Insurance Premium Payment Online

  1. Log onto the Reliance Nippon Life Insurance website 
  2. On the bottom footer, click on ‘Pay Premium’
  3. Enter your policy number and password
  4. Select the policy you wish to renew
  5. Select the desired details, tenure, etc.
  6. Confirm your selection
  7. Make your payment using a credit/debit card, NEFT, NetBanking, or UPI
  8. You will receive a confirmation on your registered email and mobile number of policy renewal

Claims Process for Reliance Nippon Life Insurance

Steps to file for claims on the official Reliance Nippon Life Insurance website: 

  1. On the homepage click on claims
  2. Select the type of claim 
  3. Fill the needed form and submit it
  4. You will get intimated regarding the following steps based on the type of claim you file.

Claiming your Reliance Nippon Life Insurance is an easy process that can be done following the steps below:

Claim intimation: The nominee must fill a claim form and attach the following documents with the form: 

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

Claims Assessment: The claim documents will be scrutinized for their authenticity, adherence to policy terms and conditions, and completeness of required form details. Any additional documents if required will be requested at this stage.

Final Approval and Payout: Upon completion of the scrutiny process, the claim will be approved and settled via NEFT to the nominee’s account.

Documents Required to File Reliance Nippon Life Insurance Claim

  • Claim intimation form filled by nominee or claimant
  • Claim intimation letter
  • Original death certificate of the insured 
  • The medical certificate with cause of death mentioned
  • KYC documents of the nominee (photo id and address proof such as Aadhar card, Driver’s License, Utility Bill, etc)
  • Bank details or nominee
  • Original term insurance policy
  • Settlement option form

For additional documents for death due to accident, murder, or suicide:

  • First Information Report
  • Post-Mortem report
  • Newspaper articles/cuttings where available
  • Viscera report and chemical analysis report where applicable
  • Final Police Investigation Report

You can visit the Reliance Nippon Life Insurance Head Office Address: Claims Department, Reliance Nippon Life Insurance Limited, Office no. 701 & 702, 7th floor, Silver Metropolis, Off Western Express Highway, Goregaon East, Mumbai – 400063

Toll-free number: 1800 300 08181

Frequently Asked Questions

1. Can I avail a rider for my Reliance Nippon Life Future Income policy after I’ve purchased it?

Yes, rider additions can be added on a policy anniversary date after submitting a request for the same at your nearest branch location. The addition of a rider will be reflected within 7 days of receiving your request and documents.

2. How long does Reliance Nippon Life Insurance take to settle claims?

Reliance Nippon Life Insurance has a quick claim settlement process of 10-12 days, provided all correct and requested forms, details, and documents have been provided by the claimant. After approving the claim, the company settles the amount via NEFT or cheque within 3 working days.

3. If I decide to decrease my policy sum assured in the future for my Reliance Nippon Life Classic Plan II, is it possible?

Unfortunately no, you cannot decrease the sum assured of your Reliance Nippon Life Insurance once it has been purchased. This is why it is important to utilize the 15-day free look period after purchasing a plan, to carefully assess if you still wish to proceed with the plan and sum assured or want to cancel/modify any factors.

4. How can I make partial withdrawals to my Reliance Nippon Life Insurance Policy?

The policyholder can only make withdrawals to their policy, provided the facility is available in their particular plan. To make a partial withdrawal, the policyholders must complete the lock-in period as per their policy’s terms and conditions. They can submit a form along with other documents including bank account details, self-attested KYC copies, and a canceled cheque to their nearest branch. The request is processed within 7 working days of receipt.

Life Insurers