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Reliance Term 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 2022, RNLIC has a vast network of over 46,538 advisors. The company has also been awarded with numerous awards for instance Cyber Security Excellence Awards 2022 by Quantic India and Excellence in CX in 2022.

Quick Look At Reliance Nippon Life Insurance

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, 202298.7%
Solvency ratio (FY21)235%
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)2,396,976
No. of lives covered (Up to 31st March 2021)171077

Reliance Nippon Term 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.

1. 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.
  • Healthy lifestyle benefits: Low rates for individuals who don’t smoke and lead healthy lives
  • Top up Benefit: On the third, fourth, fifth, and sixth policy anniversaries, the policyholder can raise their life insurance coverage by 10%. Each increment can be no more than Rs. 5 lakhs, and the total amount can be no more than Rs. 20 lakhs.
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

2. 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
  • Death benefit: All deaths except suicide are covered under the policy
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 ModeYearly, 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

3. 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: 105% of the total premiums already 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

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.
  • Award-Winning Services: Reliance Life has recently won ‘Best Claim Service Provider 2020’ by Annual Insurance Summit and Awards.
  • Allowing for Riders: In order to further safeguard the policyholders against life’s unexpected twists and turns, Reliance Life Insurance gives you the opportunity to include supplemental “riders” in your insurance coverage. In the event of a financial emergency, riders are supplemental insurance policies that provide additional benefits.

Exclusions Under Reliance Term 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.
  • Previous Medical Conditions: Any previous medical conditions declared or not declared at the time of purchasing the policy
  • Medicinal Overdose: Any unintentional Overdose of medicines will not be covered

Increase Coverage Protection with Reliance Nippon Life Term Insurance Plan 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 is 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 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

How to Renew Reliance Nippon Life Insurance Premium 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

Documents Required to File Reliance Nippon Life Term 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

Claims Process for Reliance Nippon Life Term 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:

  1. 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
  1. 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.
  1. Final Approval and Payout: Upon completion of the scrutiny process, the claim will be approved and settled via NEFT to the nominee’s account.

Frequently Asked Questions

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.

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.

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.

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.

Policyholders can request a copy of their policy documentation by paying the fee associated with doing so. Indemnity agreements will also need to be signed.

Premiums can be paid on a monthly, quarterly, semiannual, or annual basis, depending on the insurance provider. The premium for some types of life insurance can be paid all at once.

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