term insurance
Reliance Term Insurance Plans

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

CharacteristicsSpecifications
Company NameReliance Nippon Life Insurance Company
HeadquartersMumbai
Year of Establishment2001
Company TypePublic
Parent CompanyNippon Life, Reliance Capital
CEOAshish Vohra
Number of Agents1,00,000+
Number of Branch Offices900+

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 PlansFeatures Of The PlanEligibility Criteria
Reliance Nippon Life Protection Plus
  • Whole life under the Whole Life Cover Plans.
  • Premium payment frequency: yearly, half-yearly, monthly, quarterly.
  • Dependents of the policyholder get a lump sum insurance amount in case of unfortunate events.
  • No maturity benefits.
  • Surrender benefits are available.
  • Entry Age: 25 to 55 years
  • Age of Maturity: Whole life under whole life cover plans
  • Sum Insured: Rs. 25 lakhs, with no maximum limit.
  • 15-day Free Look Period
Reliance Nippon Life Digi-Term Insurance Plan
  • Policy term of 5, 10, 15, 20, 25, 30 years
  • Dependents of the policyholder get a lump sum insurance amount in case of unfortunate events.
  • No maturity benefits.
  • Accident death benefit cover available.
  • Single payment policies can be surrendered after a year to avail surrender benefits.
  • Entry Age: 18 to 60 years
  • Age of Maturity: Maximum 65 years
  • Sum Insured: Rs. 85,875 onwards
  • 15-day Free Look Period
Reliance Nippon Life Saral Jeevan Bima
  • If the insured dies within the 5-year policy term, the dependents will be paid the highest out of the following:
  • Sum insured as per the policy documents.
  • 10 X annual premiums payable.
  • 105% of the total premiums already paid.
  • No maturity benefits.
  • Fixed tenure of 5 years.
  • No survival benefits.
  • Entry Age: 18 to 60 years
  • Age of Maturity: Maximum 65 years
  • Sum Insured: Rs. 50,000 – Rs. 5,00,000
  • 15-day Free Look Period

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:

  1. Visit the Reliance Nippo Life portal. 
  2. Click on “Buy Online” located at the top right corner. 
  3. You will be redirected to a new page. 
  4. Select the plan that fits according to your requirements
  5. Fill in the details
  6. A customer care executive will contact you and discuss the premium amount with you
  7. Post confirmation, you go to “Quick Links” and select “First Premium”
  8. 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

1. What happens when I discontinue paying a premium for my Reliance Nippon Life Saral Jeevan Bima?

Your policy has acquired a surrender value then your insurance policy will lapse at the end of the grace period. Any benefits will cease immediately.

2. How can I revive my Reliance Nippon Life Protection Plus lapsed policy?

You can revive your Reliance insurance policy within 5 years from the first unpaid premium date. But there are certain conditions. You will have to pay all the outstanding premiums together along with the interest and late fees.

3. What is the free look period in your Reliance Term Insurance Policy?

Just in case you disagree with any terms and conditions of your insurance policy then you can cancel the policy by returning the documents to the company within 30 days of receiving them. 

You will have to state your objections and the Company will refund the premiums that you have paid minus the proportionate risk premium and for any expenses incurred by the company.

4. What are the advantages for women policyholders with Reliance term plans?

They receive some discount on the premiums (depends on their insurance policy.)

5. What is a terminal illness benefit provided by Reliance Term Insurance?

The policyholder will be considered terminally ill if they have been diagnosed with a disease/condition that’s likely going to result in death within 12 months. The illness must be confirmed by medical practitioners who are registered with the Indian Medical Association and are also approved by Reliance Nippon Insurance Company.

6. How can I surrender my Reliance Nippon Life Digi-Term Insurance Policy?

It’s important to note that once a policy is surrendered then it cannot be reversed. All the benefits of your Reliance Nippon Life Digi-Term insurance policy will be ceased. So, ideally, you can only surrender your insurance policy post your lock-in period is completed. You will have to fill a Surrender Request form and all the requested documents to the nearest branch office. The request will be processed in 7 working days.

7. I want to change the nominee of my Reliance Nippon Life Protection Plus plan. Help.

You have to submit a signed Nomination Form and a self-attested copy of KYC documents at the nearest branch office. The changes will be updated within 2 working days after receiving complete documents at the branch.

8. I want to add a rider to my Reliance Nippon Life Digi-Term Insurance Plan. Help.

Submit a signed request at your nearest branch. It may be subject to underwriting approval. The changes should be reflected within 7 working days after receiving complete documents at the branch.

9. How can I change my premium paying frequency?

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.

10. I moved out and want to change the corresponding address for my Reliance Term Plan.

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.