Reliance Term Insurance
Ever wondered how you can continue providing for your wife and kids even after you’re gone? Your parents depend on you for a living – how can you ensure their financial security in case something unfortunate happens to you? Your worries are all valid and there is one simple solution to them – Reliance Term Insurance Policy.
Reliance Nippon Life Insurance - At A Glance
|Company Name||Reliance Nippon Life Insurance Company|
|Year of Establishment||2001|
|Parent Company||Nippon Life, Reliance Capital|
|Number of Agents||1,00,000+|
|Number of Branch Offices||900+|
Benefits And Features of Reliance Term Insurance Plans
There are several ways in which you and your family can benefit from the various plans offered by Reliance Term Insurance:
- Affordable Premiums, Comprehensive Coverage – Your Reliance Term Plan offers financial protection to your family in case of any unforeseen events. You can purchase comprehensive insurance policies at affordable premium amounts.
- Life Cover Benefit – Reliance term insurance plans offer extensive life covers so that you can protect your family from undergoing major lifestyle changes in the case of an unfortunate event.
- Death Benefit – In case of your unnatural or natural death, Reliance pays the insured sum to your nominee in full. Death benefits allow your family to claim a regular monthly income along with the lump sum insurance amount.
- Tax Benefits – As per Section 80C, you can claim several income tax benefits on your insurance premium amount paid. Section 10(10D) ensures tax benefits on the claim amount as well.
- Hassle-free Online Application – Purchasing a Reliance Term Plan online is both hassle-free and convenient, with minimal documentation. You can also compare the offerings under different plans easily and buy the mix that’s best suited for you and your family.
- Variety of Riders – Reliance term plans can be made more secure by purchasing additional riders with your plans. Riders are add-on covers on your life insurance policy that provide further financial and other protection to your dependents.
Types Of Reliance Term Insurance Plans
Reliance offers various plans under their term insurance policies. You can choose the one best suited for you and your family.
|Reliance Term Insurance Plans||Features Of The Plan||Eligibility Criteria|
|Reliance Nippon Life Protection Plus|
|Reliance Nippon Life Digi-Term Insurance Plan|
|Reliance Nippon Life Saral Jeevan Bima|
Riders Offered With Reliance Term Insurance
- Reliance Nippon Life Accidental Death Benefit Rider – The insurer pays the nominee/ family of the insured a lump sum amount as per the rider, in case of death of the life assured.
- Reliance Critical Conditions (25) Rider – The insurer pays the insured a lump sum, in case they are diagnosed with any of the 25 critical illnesses covered under their Reliance Term Plan.
- Reliance Family Income Benefit Rider – The insurer pays the nominee/ family of the insured 1% of the insured sum every month, in case the insured dies or gets permanently disabled.
- Reliance Accidental Death and Total & Permanent Disablement Rider (Regular Premium) – The family of the insured gets an additional lump sum amount in case the insured dies or suffers permanent disability directly because of an accident. Furthermore, the future premium payments are also waived off for the family, without stopping or affecting the Reliance Term Plan in any manner.
- Reliance Accidental Death and Total & Permanent Disablement Rider (Limited Premium) – The family of the insured gets an additional lump sum amount in case the insured dies or suffers permanent disability directly because of an accident. Furthermore, the future premium payments are also waived off for the family, without stopping or affecting the Reliance Term Plan in any manner.
Exclusions Under Reliance Term Plans
In case the cause of the insured’s death is suicide or self-inflicted damage, Reliance Nippo Insurance Company will pay only 80% of the insurance amount to the nominee.
How To Buy Reliance Term Insurance Plans?
Buying your Reliance Term Plan online is quick and easy. Follow these steps:
- Visit the Reliance Nippo Life portal.
- Click on “Buy Online” located at the top right corner.
- You will be redirected to a new page.
- Select the plan that fits according to your requirements
- Fill in the details
- A customer care executive will contact you and discuss the premium amount with you
- Post confirmation, you go to “Quick Links” and select “First Premium”
- Select the payment mode and pay!
Claim Settlement Of Reliance Life Term Insurance
Reliance Nippon Life Term insurance has an easy claim settlement process. As of March 2021, Reliance has a 98.48% claim settlement ratio which simply means that you can trust the insurer to pay!
Here’s How You Can Claim Reliance Term Insurance Online
The process is pretty quick. You will have to register a claim and submit all the necessary documents at the nearest RNLIC branch. Or you can send the documents to the Claims Department, Mumbai.
What Are The Documents Required To Make An Insurance Claim?
For death claim, critical illness / major surgical claim, total and permanent disability benefits claim:
- The nominee has to fill Claim Form A
- A medical attendant certificate has to be filled, signed, and stamped by the doctor, and then fill Claim Form B
- As for Claim Form C, the company requires a certificate of Identity to be filled by a loved one other than the Nominee.
- Original Death Certificate (Local Municipal Corporation/Competent Authority)
- A Copy of all Medical / Hospital records
- Original Policy document
- Disability Certificate, if needed
- Nominee’s KYC Documents
- Bank details of Claimant (Cancelled Cheque, self-attested copy of Passbook / Bank Statement with IFSC, and Bank Account number)
In case of Accident/Murder/Suicide, the company requires some additional documents –
- First Information Report
- Post Mortem Report
- Newspaper cutting
- Viscera Report / Chemical Analysis Report
- Final Police Investigation Report
- Copy of Driving License of Policyholder
Frequently Asked Questions
You can change the frequency of your policy’s anniversary date. You will have to submit a signed request along with the documents and the changes will be reflected within 2 working days. There’s a catch though. The request should be received by the company 15 days before your policy’s anniversary date.
You will have to submit a written request along with the new address proof at your nearest branch office. The new address will be reflected within 2 working days.