Reliance Nippon Life Insurance

Reliance Life Insurance Co.Ltd is a fundamental part of Reliance Capital. Reliance Capital has diversified business in insurance of all kinds, asset management, mutual funds, commercial finance and other financial services.

Claim Settlement Ratio 95.17% for F.Y 2017-18

Reliance Life has a huge variety of life insurance plans that offers tailor-made plans as per the customers requirements. This Company holds a strong distribution network of over 700 branches and over 75, 000 advisers as on 31st March, 2017.

Interesting Facts about Reliance Nippon Life Insurance

Reliance life won the best website award in the Insurance Category in the year 2014
Reliance life was voted as one of the “Most Trusted Brands” in the Life Insurance Category in 2015
Reliance Life was awarded ‘The Business Continuity Team of the Year” in 2014 by the Business Continuity Institute, UK.
Reliance Life was the winner of the Indian Insurance Awards for the year 2011, 2012 & 2013 for the “Best Non-Urban Coverage” in the Life Insurance Category
Reliance Life has an excellent claim settlement ratio of 95.17% for F.Y 2017-18

Benefits of Reliance Nippon Life Insurance Plans

Cost: Reliance Life insurance plans are quite cheap.
Flexibility: Offers flexibility by providing options to make the premium payments
Online plans: The term plans offered by this company are easily available. You can buy the policies online at your convenience with the click of the mouse.
Variety: This company offers variety of online as well as offline plans
Customer Service: This Company has an excellent team of customer service that offers good and hassle-free pre-sales as well as post-sales services.
Tax benefits: Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

Plan Types - Reliance Nippon Life Insurance

1. Protection Plans

a.) Reliance Nippon Life Term Plan

The features of this plan are mentioned below:

Offers a wide insurance coverage at an affordable rate
Offers adequate coverage depending up on your liabilities
Offers protection to your family against unforeseen events
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly
Offers comprehensive coverage for your loved ones in your absence

b.) Reliance Nippon Life Online Term Plan

The features of this plan are mentioned below:

This is an online term plan that provides you a wide cover of life insurance at a very affordable rate
It offers you the convenience to do your medical examinations at your home
Offers flexibility to decide the protection cover as per your requirements
Offers rewards for leading a healthy lifestyle by charging lower premiums
Offers hassle-free and simple application process
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly
Offers adequate coverage depending up on your liabilities
Offers protection to your family against unforeseen events

c.) Reliance Nippon Life Online Income Protect

The features of this plan are mentioned below:

This plan offers double protection at a cheaper rate. Offers lump sum amount to take care of your liabilities. Offers regular monthly income to take care of your family’s lifestyle
Offers rewards for leading a healthy lifestyle by charging lower premiums
Offers hassle-free and simple application process
Offers adequate coverage depending up on your liabilities
Offers protection to your family against unforeseen events
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

2. Savings & Investment Plans

a.) Reliance Nippon Life’s Guaranteed Money Back Plan

The features of this plan are mentioned below:

Offers 3 guaranteed benefits: Guaranteed money back during the last five policy years, guaranteed loyalty additions up to 40% of sum assured, guaranteed maturity addition up to 20% of sum assured at maturity of the policy
Offers flexibility to choose from your policy term either 15 or 20 years
Offers flexibility to pay regular premium or limited premium
Offers life cover of 10 times the annualized premium for the entire policy term
Offers an additional life cover which is same as equal to the sum assured in case of accidental death
Offers protection to your family by waiving off the future premiums and then the guaranteed benefits starts
You can buy this plan to pay off your debts, to take care of your child’s higher education, take vaccinations abroad, gift to your grandchildren or if you wish to go on a pilgrimage
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

b.) Reliance Nippon Life Fixed Savings

The features of this plan are mentioned below:

Offers fixed regular additions of 8% in the first policy year, 9% in the 2nd policy year and 10% on the 3rd policy year
Offers maturity benefit on survival of the life assured till the end of the policy term. This guaranteed sum assured would be

a.) Annualized premium premium payment term

b.) Fixed maturity addition = maturity factor*annualized premium

Offers the below death benefit to the nominee in case of death of the life assured.

a.) Sum assured on death

b.) 105% of all the premiums paid, excluding the underwriting extra premiums as on date of the death plus it also pays the accrued fixed regular additions till the death, if it wasn’t paid earlier:

1.) Annualized premium*death benefit multiple as per the death benefit option chosen

2.)Guaranteed sum assured on maturity

Offers security to your future with fixed returns
Offers incremental savings in the first 3 years
You can create your corpus for achieving long term goals
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

c.) Reliance Nippon Life Bluechip Savings Insurance Plan

The features of this plan are mentioned below:

Offers maturity benefits in case of survival of the life assured, if the policy is in force and you have made all the premium payments. The below would be payable: a.) Guaranteed sum assured on maturity b.) Vested Reversionary Bonuses and Terminal Bonus, if any
Offers death benefit in case of death of the life assured during the policy period, if the policy is in force and you have made all the premium payments. The below would be payable: c.) Sum assured on death plus Vested Reversionary Bonuses and Terminal Bonus, if any a.) 105% of the all the premiums paid, excluding the underwriting extra premiums, as on the date of the death
You should buy this plan to save for your child’s education, pre-pay your housing loan, upgrade your lifestyle, save for your retirement life and also if you wish to save for your holiday destination
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

d.) Reliance Nippon Life Increasing Income Insurance Plan

The features of this plan are mentioned below:

You should buy this plan to protect yourself against the rising expenses, pursue your passion without the worry of a monthly income, protect your family from any eventuality
At the beginning of the plan, you can choose the income plans among the below: a.) Income with maturity benefit b.) Only income
You may receive a guaranteed monthly income post the end of the premium payment term on survival of the life assured a.) Income with maturity benefit b.) Only income
Offers maturity benefits only for income with maturity benefit
This plan offers an insurance policy that offers regular monthly income along with lump sum amount on maturity. Also provides 10 times the annualized premium in case of death of the life assured
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

e.) Reliance Nippon Life Fixed Money Back Plan

The features of this plan are mentioned below:

You should buy this plan to go on a pilgrimage, go on your destination holiday, give a gift to your grandchildren, pay off your debts
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly
Offers fixed benefits: a.) Fixed money back during the last five years of the plan b.) Fixed loyalty additions of 3% of base sum assured accruing each year c.) Guaranteed maturity benefit as total accrued fixed loyalty addition
Offers flexibility to choose your policy term, premium payment term
Offers life cover during entire policy term
You can enhance your protection cover with the help of riders
Here, payment of fixed money back is done during the last 5 years of the plan with loyalty additions

f.) Reliance Nippon Life Lifelong Savings Plan

The features of this plan are mentioned below:

Offers flexible cover options that is standard that offers lump sum amount on maturity and extended cover that offers extended life cover for the entire life post completion of the policy term
Offers flexibility to make payments for 10 years or for the entire term (regular)
Offers loan facility during the policy term to meet any unforeseen situations
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

g.) Reliance Nippon Life Future Income

The features of this plan are mentioned below:

Offers an annual income at the end of each policy year post the premium payment till the maturity of the policy
Offers lump sum benefit to achieve your dreams
Offers flexibility to choose the premium for 7 to 12 years
Offers protection to your family by offering life cover for the entire policy period
You can enhance your protection cover with the help of riders
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

h.) Reliance Nippon Life Whole Life Income

The features of this plan are mentioned below:

Offers maturity benefits by offering guaranteed sum assured on maturity
Offers life cover till 85 years of age
Offers choice to make the premium payments
Offers assured income up to life time
Offers loan facility for meeting any unforeseen conditions
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

i.) Reliance Nippon Life Increasing Money Back Plan

The features of this plan are mentioned below:

Offers flexibility to choose to pay the premiums for a term of 7 years or the entire policy term
Offers life cover for the entire policy term
Offers option of riders to enhance your plan
Offers flexibility to make premium payments for 7 years or for the entire term
Offers guaranteed benefits of money back every 3 years, beginning from the end of the 3rd policy year
Offers money back benefits that tends to increase each policy year
Offers lump sum maturity amount at the end of the policy term
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

j.) Reliance Nippon Life Bal Nivesh on Time

The features of this plan are mentioned below:

Offers maturity benefit on survival of the life assured till the end of the policy term.
Offers guaranteed sum assured on maturity equal to the sum assured would be paid to the policy holder
Offers the below in case of unfortunate event of the life assured: a.) 10 times single premium b.) Absolute amount assured to be paid on death which is equal to the base sum assured c.) Guaranteed sum assured on maturity d.) Death Benefit is subject to 125% of the single premium paid excluding any underwriting extra premiums and taxes e.) The policy will terminate on payment of the death rider
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

k.) Reliance Nippon Life Super Money Back Plans

The features of this plan are mentioned below:

Offers money back benefits after completion of 5 years of policy term till maturity
Offers increasing regular monthly income payouts
Offers loyalty additions at the end of the premium payment term
Offers maturity additions payable at the end of policy term
Offers life cover at least 10 times the annualized premiums for the entire policy term
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

l.) Reliance Nippon Life Smart Cash Plus Plan

The features of this plan are mentioned below:

Offers guaranteed money back benefits after 3 years, starting from the 4th policy year
Offers money back benefits that increase with every payout
Offers maturity benefit equal to the sum assured
Offers high sum assured additions
Offers vested bonuses if any
Offers life cover which is 10 times the annualized premium for the entire policy term
Offers flexibility to make the premium payments
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

m.) Reliance Nippon Life’s Money Multiplier Plan

The features of this plan are mentioned below:

Offers the below 3 guaranteed maturity benefits: a.) Sum assured b.) Offers loyalty additions c.) Offers Maturity additions
Offers life cover of almost 10 times the annualized premiums for the entire policy term
Offers flexibility to choose the policy term
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

n.) Reliance Nippon Life Endowment Plan

The features of this plan are mentioned below:

This is an endowment plan where you get a lump sum of sum assured on maturity subject to 100.1% of the total premiums paid
Offers the below in case of unfortunate event of the life assured: a.) 10 times of annualized premium or base sum assured along with vested bonus or 105% of the premiums paid
Offers flexibility to make the policy premium payments either 10 to 25 years
Offers loan facility during unforeseen situations
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

o.) Reliance Nippon Life’s Super Endowment Plan

The features of this plan are mentioned below:

Offers sum assured on the maturity of the plan
Offers maximum of base sum assured or 10 times the annualized premiums
Offers flexibility to choose the policy term 14 or 20 years
You can pay limited premium for half of the selected period
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

3. Retirement Plans

a.) Reliance Nippon Life Pension Builder

The features of this plan are mentioned below:

Offers flexibility to choose your policy term depending on when you want to retire
Helps to build your retirement corpus by paying the premium for five, seven, ten years or throughout the policy term
Offers a good boost to your retirement savings by providing regular simple reversionary bonus and terminal bonus
Offers guaranteed regular flow of income for whole life at retirement
Offers protection to your family with a lump sum amount
Offers guaranteed income to your family in case of your demise
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

b.) Reliance Nippon Life Immediate Annuity Plan

The features of this plan are mentioned below:

This plan makes the premium payment easier by paying at one go
Offers flexibility to choose annuity from 3 different annuity payout options
Offers life annuity with return of purchase price
Offers flexibility to choose annuity payout frequency
Doesn't mandate medical tests
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

c.) Reliance Nippon Life Smart Pension Plan

The features of this plan are mentioned below:

This is a non-participating ULIP that takes care of your savings systematically for you to get a better retirement fund after you retire
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly
Offers a guaranteed minimum amount depending on the total premiums paid in case of any uncertain events
Offers flexibility to choose your policy tenure from 10 to 30 years
Offers loyalty additions to enhance your retirement corpus
Offers flexibility to choose your vesting age from 45 to 75 years
Offers flexibility to extend your retirement age

4. Unit Linked Plans

a.) Reliance Nippon Life Premier Wealth Insurance Plan

The features of this plan are mentioned below:

Offers a choice of investment options
Offers self-managed options to manage and control your investments directly
Offers auto-managed options to manage your investments automatically
Offers wealth boosters each year from the end of the eight policy year
Offers flexibility to pay your premiums
Offers partial withdrawals of funds post 5 years
Offers desired levels of insurance coverage based on your requirements
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

b.) Reliance Nippon Life Smart Savings Insurance Plan

The features of this plan are mentioned below:

Offers a choice of investment options
Offers self-managed options to manage and control your investments directly
Offers auto-managed options to manage your investments automatically
Offers 10 times the annualized premiums in case of death of the policy holder
Offers benefits of reduced charges if you invest in premiums that are higher in amount
Offers enhancement of your fund value by staying invested for a longer duration through wealth boosters
Offers partial withdrawals during emergencies, after 5 years
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

c.) Reliance Nippon Life Classic Plan II

The features of this plan are mentioned below:

Offers flexibility to choose from 5 investment funds as per your risk appetite
Offers flexibility to select your premium payment mode
Offers 52 free switches out of the 5 investment funds
Offers enhancement of policies throughout top-ups
Offers adequate protection to your family through a base life cover throughout the term of the policy
Offers additional security against accidental death
Offers partial withdrawals during emergencies, after 5 years
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

5. Child Plans

a.) Reliance Nippon Life Education Plan

The features of this plan are mentioned below:

Offers guaranteed benefits on maturity of the plan even post your demise
Offers flexibility to select your benefit payout option:

a.) Offers a single self-starter which is a single lump sum for your kid’s education

b.) Offers post-graduation degree where 2 annual payouts for your kid’s graduation

c.) Offers professional degree where 4 annual payouts for your kid’s professional degree

d.) Offers career starter where 5 annual payouts to pay for your kid’s higher education and offer a career launch

Offers protection to your child’s future even post your death
Offers flexibility to select your premium paying option
Offers loan facility to meet any unforeseen conditions
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

b.) Reliance Nippon Life Child Plan

The features of this plan are mentioned below:

Offers 25% of the sum assured on each of the last 3 policy anniversaries before maturity
Offers maturity benefits:

a.) Guaranteed sum assured on maturity which is 25% of sum assured

b.) Offers vested bonus

c.) Offers non-negative capital guarantee

Offers life protection for the entire policy period
Offers waiver of future premiums and guaranteed periodic benefit
Offers flexibility to choose from policy term of 10 to 20 years
Offers flexibility to make premium payments
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

6. Health Plans

a.) Reliance Nippon Life Easy Care Fixed Benefit Plan

The features of the plan are mentioned below:

Offers daily hospital cash benefits
Offers complete protection against any kind of medical expenses towards medical illness, immediate surgeries or sudden hospitalization
Offers facility of intensive care unit
Offers recuperation benefits
Offers surgical cash benefits
Offers major surgical benefits
Offers critical illness
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

7. Group Plans

a.) Employers Liability Solutions

The four solutions in this plan is as below:

Reliance Traditional Group Employee Benefit Plan This plan helps to manage efficiently your employee benefits funds in order to ensure that their future is secured. Offers guaranteed returns with an upside, opt for an additional protection at competitive rates, offers free administrative hassles of the scheme.Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly
Reliance Traditional Group Superannuation Plan Offers expert management services. Offers additional interest rates. Offers rider coverage. Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly
Reliance Group Leave Encashment Plus Plan Offers annual leave encashment by employees. Offers resignations or early termination of service of the employee, retirement of the employees, death or disability of the employee in service, surrender/ discontinuance of policy.

Reliance Group Gratuity Plus Plan Offers resignations or early termination of service of the employee, retirement of the employees, death or disability of the employee in service, surrender/ discontinuance of policy. You can meet your obligations under the payment of gratuity act while providing innovative solutions.

b.) Employee Protection Solutions

The four solutions in this plan is as below:

Reliance Group Credit Assure Plan This plan helps you cover your customer’s loans. Offers protection against the repayment of loan liability by the nominee or legal heir in case of death of the policy holder. Offers protection to the co-borrowers if it’s a joint loan case. Offers flexibility for choosing your premium frequency.
Reliance Group Term Assurance Plan Offers flexibility to both formal and informal groups. Offers to increase the cover amount. Offers flexibility to convert the group coverage into an individual coverage. Offers competitive pricing with a comprehensive coverage. Offers easy administration process.
Reliance Group Credit Assure Plan This plan helps to cover your customer’s loans. Offers comprehensive coverage by covering a wider range of loans. Covers employer-employee, borrowers from lending institutions. Offers competitive pricing with a comprehensive coverage. Offers easy administration process. Offers flexibility to select between single pay or limited pay based on one’s need.
Reliance Group Term Assurance Plan EDLI This plan offers one year renewable contract. Offers death benefit due to accidental or natural death. Offers zero survival benefits. Here, the claim settlement is quick, hassle-free and not linked to account balance.

c.) Group Savings Solution

Reliance Nippon Life Group Sarv Samriddhi This is a non-linked, non-participating group savings insurance plans. It is affordable and offers regular premium paying option which helps in increasing your savings through regular credit interests.

Claim Process - Reliance Nippon Life Insurance

The claim can be filed in a simple and hassle-free process. Mentioned are the steps for claim process:

1. Claim Intimation:

The nominee of the insured needs to intimate the claim to the insurance company by filling a claim form completely. Necessary documents needs to be attached along with the claim form. They are mentioned below:

Terminal illness claim form
Critical illness claim form
Accidental disability form
Natural/Accidental death form The nominee needs to ensure that the form is filled based on the type of claim and submitted to the Reliance Nippon Life Insurance office along with the doctor’s certificate, death certificate, physician statement etc.

2. Fund value payment:

On receiving the documents, the fund value of the plan is paid to the nominee of the policy. This process happens only during death claim.

3. Arrange for documents:

Based on the type of claim, your nominee would then have to attach the relevant documents in original or photocopies. These photocopies are needed to be attested by a Gazette officer.

4. Settlement payout:

The insurance company would verify the documents once received. In case of any more documentation, the verification process would be complete after receiving the same. The clauses and riders if any would also be examined. If all the documents are found right as per the requirement, then the funds would be released in the nominee’s favor.

The payment is done via NEFT (National Electronic Fund Transfer) to the nominee. The insurance company ensures complete transparency to reduce any possible frauds and financial discrepancy.

Review of Reliance Nippon Life Insurance

Reliance Nippon Life Insurance offers an array of reasonably priced term insurance policies. Their term insurance plans are made-to-measure to shield you against your mounting financial responsibilities towards your family after your demise. They boast of a very good claim settlement ratio amongst other private insurers. The variety of plans offered by this company would enhance your insurance policies at a very minimal rate.

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Reliance General Insurer

Amount Covered: ₹ 1 Lakh

Deal Price: ₹ 2,094 / Year

Waiting period: 4 yrs

Disclaimer: Above mentioned premium is for a 25 years old Male. Premiums payable on a monthly basis.