Reliance Life Insurance
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Reliance Life Insurance Company Ltd
Reliance Life Insurance is an integral part of Reliance Capital. Reliance capital is one of the leading financial service providers in India. It has a diversified business in terms of asset management, mutual funds, and insurances of all kinds, commercial finance and other such related financial activities. With a net worth of Rs.13547 crore and assets worth Rs.47440 crore, Reliance capital has proved to be the largest financial service provider in India. With over 10 million policy holders, more than 800 branches and over 100000 advisors, the company has proved its worth as the largest non-bank supported private life insurer.
Types of Reliance Life Insurance Plans
Reliance Life has a wide variety of insurance plans which cater to the insurance requirements of individuals as well as groups. Individuals can fulfill their insurance requirements at a single source with the range of different types of plans offered by the company. The plans are:
- Protection plans
- Retirement plans
- Health plans
- Savings and investment plans
- Child plans
- Unit Linked Plans
- Solutions for groups
Let us take a look at the various types of plans.
These plans are also called term insurance plans and they provide high Sum Assured cover at minimal rates of premiums. Reliance Life offers three types of plans under this category, namely:
- Reliance Term plan: This plan is an affordable term insurance plan that provides coverage in case of an unfortunate and untimely death of the plan buyer. The plan also offers riders in order to enhance protection. The plan can be availed as per the needs of the plan buyer.
- Reliance Online Term: A term plan which can be bought online by the buyer. This plan offers life coverage amounting up to Rs.1 crore at an affordable premium. This plan offers adequate coverage at low rates through a simpleand hasslefree online application process. The medical tests to be undertaken in order to avail this plan can also be done at home. It also offers rewards for healthy lifestyle by ways of reduced premium. It also offers certain tax benefits as per the applicable tax laws.
- Reliance Online Income Protect: A comprehensive insurance plan which not only provides a fixed sum assured in case of untimely death of the plan buyer but also assures a fixed monthly income, thus enabling them to meet their daily needs. This plan offers adequate coverage at low rates through a simple and hassle free online application process. It also offers rewards for healthy lifestyle by ways of reduced premium. It also offers certain tax benefits as per the applicable tax laws.
Also called pension or annuity plans, these plans help the indivisual to plan for retirement funding. The different types of retirement plans offered by Reliance Life are as follows:
- Reliance Immediate Annuity Plan:It is a single premium plan, whereby, the buyer has to make a onetime premium payment as a lump sum amount in order to receive a regular income as per his selected payout option for the rest of his life post retirement. This plan basically secures the plan buyer and his family after his retirement. The plan offers three different payout options to choose from. The various annuity options areLife Annuity, Life Annuity with Return of purchase price and life annuity guaranteed for 5,10 or 15 years and lifetime payable post that. The buyer need not undergo any kind of medical tests in order to avail this plan. It also offers certain tax benefits as per the applicable tax laws.
- Reliance Smart Pension Plan:A non-participating unit linked insurance plan which ensures guaranteed regular income post retirement. With a policy term ranging from 10 to 30 years this plan ensures guaranteed monthly income along with loyalty additions and the flexibility to increase the retirement funds by ways of top ups as and when available. This plan allows the buyer to choose his vesting age starting from 45 years to 75 years and also gives the option to make tax free partial withdrawals amounting up to 1/3rd of the retirement fund. It also offers certain tax benefits as per the applicable tax laws.
In the modern day and age, with a growing need of several health related benefits, financial planning seems incomplete without a proper health insurance and a medi-claim policy. Reliance Life offers a wide range of health insurance plans that meets all the health related needs and requirements of the consumers. The different types of health insurance policies are as follows:
- Reliance Easy Care Fixed Benefit Plan:This plan provides complete cover against any kind of expenses to be incurred towards medical illness, sudden hospitalizations or immediate surgeries. It is a complete health package consisting of major diseases. This plan can be renewed up to 99 years of age of the buyer. It also offers certain tax benefits under section 80(D) of the Income Tax Act, 1961.
- Reliance Care for You Advantage Plan:A comprehensive insurance plan which provides health cover for the buyer along with his family members. The family members include his children, dependent parents and parents in law. This plan not only provides funds for 150 specific day procedures but also issues regular payouts in cases of major surgeries and illnesses.This plan can be renewed every three years up to 99 years of age of the buyer. The plan also offers an increase in the sum assured by 30% in cases of no claim years as bonus and gives a renewal discount amounting to 15%. It also offers certain tax benefits under section 80(D) of the Income Tax Act, 1961.
- Reliance Health total:a complete health insurance plan which reimburses the entire cost of hospitalization. This plan comes with two sum insured options to choose from like Higher Medical reimbursement Benefit or Higher Sum Insured option. . The reimbursement process is trouble-free and also offers cashless claim service at over 4000 networked hospitals.This plan can be renewed up to 99 years of age of the buyer. It also offers certain tax benefits under section 80(D) of the Income Tax Act, 1961.
Savings and investment plans
These plans are developed with the dual purpose of providing a saving avenue to customers and also to provide life insurance coverage at the same time. These plans build a strong corpus slowly over time for the future requirement of the policyholder. Reliance has a large number of saving and investment plans which are:
- Reliance Super Money Back Plan: A guaranteed money back plan which provides regular income at periodic intervals along with a lump sum payment every 5 year of the policy till the end of the maturity of the plan. This plan offers loyalty addition points as well as maturity addition points along with a flexible premium payment period
- Reliance’s Guaranteed Money Back Plan: A plan issued for a term of 15 or 20 years at limited pay or regular pay which assures guaranteed money back at the last five years of the policy along with loyalty additions amounting up to 40% of the sum assured and maturity additions amounting up to 20% of the sum assured to be paid at the maturity of the policy. The plan offers waiver of premium and an additional life cover in case of sudden and untimely death of the plan buyer.It also offers certain tax benefits as per the applicable tax laws.
- Reliance Fixed Savings: A term plan which ensures maturity benefits along with maturity additions and death benefits consisting of the sum assured and 105% of all the paid premiums in case of untimely death of the plan buyer. It secures the plan buyer and his family against any kind of unforeseen incidents.
- Reliance Blue chip Savings Insurance Plan: A term plan which ensures maturity benefits along with maturity additions amounting up to 7%per annum of the basic sum insured and death benefits consisting of the sum assured + bonuses if any and 105% of all the paid premiums in case of untimely death of the plan buyer.
- Reliance Increasing Income Insurance Plan: A plan which ensures an increase in the monthly income of the buyer. This plan offers two options to choose from; Income with Maturity benefit and Only Income option. The benefits to be received by the plan buyer varies depending upon the option opted for by him.
- Reliance Fixed Money Back Plan: A plan issued for a term of 15 or 20 years with a flexible premium payment period which assures fixed money back at the last five years of the policy along with loyalty additions amounting up to 3% of the sum assured certain maturity benefits. The plan offers two options to choose from.The benefits to be received by the plan buyer varies depending upon the option opted for by him.It also offers certain tax benefits as per the applicable tax laws.
- Reliance Lifelong Savings: A plan which offers two cover options to choose from. One being standard option which provides a lump sum amount on maturity of the plan along with a life cover. The second one being an extended cover which provides an extended life cover for the entire life even after completion of the policy term. It also offers loan facility in case of any unforeseen incident along with tax benefits as per the applicable Tax Laws.
- Reliance Future Income: A plan which offers an annual income every year along with a lump sum benefit at the end of the maturity period. The plan offers life cover along with certain riders in order to enhance the protection limit. It also offers loan facility in case of any unforeseen incident along with tax benefits as per the applicable Tax Laws.
- Reliance Smart Cash Plus Plan: A plan which offers guaranteed money back benefits every 3 years along with increased payouts and vested bonuses, if any. The plan offers flexible premium payment period along with tax benefits as per the applicable Tax Laws.
- Reliance's Money Multiplier Plan: A plan which offers guaranteed benefits at the end of the maturity of the plan in the form of sum assured along with guaranteed loyalty additions and maturity additions. The plan also offers additional benefits to the plan buyer’s family. Issued as a 10, 15 or 20 years term plan, it also offers tax benefits as per the applicable Tax Laws.
- Reliance Endowment Plan: A plan issued for a period of 10 to 25 years which offers lump sum amount along with bonuses at the time of maturity. This plan also offers benefits to the plan buyer’s family in case of untimely death of the buyer. . It also offers loan facility in case of any unforeseen incident along with tax benefits as per the applicable Tax Laws.
- Reliance's Super Endowment Plan:A plan issued for a period of 14 or 20 years which offers lump sum amount at the time of maturity. This plan also offers benefits to the plan buyer’s family in case of untimely death of the buyer. It also certain tax benefits as per the applicable Tax Laws.
Child Insurance Plans
These plans provide for the child’s future in the form of financial help in case of the policyholder’s death. The range of plans under this category are as follows:
- Reliance Education Plan: An insurance plan which secures the buyer’s child’s education. It offers various payout options to choose from. The plan offers guaranteed maturity benefits along with benefits in case of untimely death of the plan buyer. The plan offers flexible premium payment period. . It also offers loan facility in case of any unforeseen incident along with tax benefits as per the applicable Tax Laws.
- Reliance Child Plan:This plan offers guaranteed sum assured along with life cover for the entire term policy. It also certain tax benefits as per the applicable Tax Laws.
Unit linked Insurance plans
These plans are linked to market returns which provide life cover along with guaranteed returns. The various kinds of ULIP offered are:
- Reliance Classic Plan II: A long term plan which not only allows the buyer to invest in multiple funds but also offers him the flexibility to switch between various funds depending upon the market conditions. Also provides life cover and additional protection against accidental deaths.
- Reliance Pay Five Plan:A term plan which offers an investment opportunity in multiple funds along with life cover and additional benefits against accidental deaths. The plan also allows the buyer t make partial withdrawals in case of emergencies and It also certain tax benefits as per the applicable Tax Laws.
Solutions for Groups
Besides providing insurance coverage to individuals, the company also has specialized group insurance plan to cover the members of a group under the scope of insurance. The different types of group insurance plans are as follows:
- Employers Liability Solutions
- Employee Protection Solution
- Group Saving Solutions
To know about Investment Plans check at Reliance Life Investment plans
Reliance Life Insurance FAQS
Q. Whom to contact to file a claim?
You can contact any of the branch or claims department to file a claim. The address is as the following:- The Claims Department, Reliance Life Insurance Co Ltd, 9th Floor - Building No. 2, R-Tech Park, Nirlon Compound, Next to Hub Mall, Behind I- Flex building, Goregaon, (East), Mumbai-400 063
Q. What are the different riders available with my Reliance life insurance policy?
:-You can attach the following riders with your Reliance life insurance policy:-
- Major Surgical benefit.
- Critical Illness benefit.
- Term life Insurance rider benefit.
- Term Life Insurance with ADB cover.
Q. Will premium of my Reliance life insurance increase after I have bought a policy?
The premium of Reliance life insurance will remain uniform throughout the policy tenure. However, as the Finance Ministry has levied service taxes on insurance companies, your premium may increase.
Q. What are the different payment modes available for Reliance life insurance policy?
You can pay premiums of Reliance life insurance through any of the following methods:-
- Credit Card
- Net Banking
- Debit Card
- Cash Card
- Cheque/Demand Draft
Q. How do I change my communication address?
To change your communication address, visit any of Reliance’s branch office. Or log on to the customer portal to make changes.
Q. How much will I get in case of a claim?
The claim amount depends upon tenure, cause of death and status of policy. In case of a participating policy, declared bonus will be added to the sum assured and unpaid premium will be deducted. Also rider benefit would be paid as stipulated in the policy document.
Q. How do I pay premiums of Reliance life insurance policy?
Depending on the insurance policy you select, you can opt for the single premium plan or the regular premium plan. In case of a regular premium plan, you can pay premiums yearly, half yearly, quarterly or monthly.
Q. Who is proposed insured?
A proposed insured is a person whose interests are safeguarded by the insurance company. For example, if you are an individual whose life will be protected under the insurance policy, you are the proposed insured.
Q. Can I increase or decrease my policy’s sum assured in future?
No, you can’t increase or decrease your policy’s sum assured in future
Q. What will happen if I start drinking after taking Reliance life insurance policy?
There would be no effect on the base cover. Only accidental injuries caused under the influence of alcohol are not covered by Reliance life insurance.
Reliance Life Insurance - Latest News
December 22 ,2016 : Reliance Life Insurance Company recently introduced its brand new Reliance Lifelong Savings Plan – a non-linked endowment plan that covers whole life of the insurer for goal-based saving and protection. “Reliance Life Long Savings Plan is aimed to provide goal-based long-term financial planning while providing flexibility to deal with unforeseen life events. The plan’s unique feature offers lifelong cover, bonus, and two Sum assured – one at maturity and one at death. This added protection will go an extra mile to protect the future and provide a financial cover for the policyholder and their family,” said Manoranjan Sahoo, Chief Agency Officer, Reliance Life Insurance. This plan comes with two options - Standard and Extended Cover. The Standard policy enables the insurer to plan his or her financial goal, such as children’s education or a worry-free life after retirement within the period of the policy. On maturity, a lump-sum amount along with Assured Sum and guaranteed accrued is received by the insurer. On the contrary, Extended Cover combines all the benefits and term & conditions of Standard policy along with the additional benefit to extending the life cover after the period of the policy ends. Nevertheless, the policyholder can choose the policy terms and the frequency of premium payment.
In December, at the time of Chennai Floods, Reliance Life Insurance Company had eased the formalities, reduced the number of required documents for claim settlements, and waived the penalty on delayed payment life insurance premium. This relaxation of rules is about to end in February. The company states that it has more than 60,000 customers in Tamil Nadu who are covered for a sum assured of more than Rs 1,500 crore. A spokesperson from Reliance Insurance stated that the company primarily made sure that all its advisors in Tamil Nadu were fine, and then advised them to directly contact the customers. “We have also attempted to call our customers and check about their well-being,” said the spokesperson. He further added that loan facility on policies can also be easily availed for the convenience of the customers who have been adversely affected by the calamity.
Reliance Life Insurance Company Limited, Rajpur Road, Dehradun branch, recently found guilty of unfair business practices since it couldn’t manage to pay Rs. 13,714, the outstanding amount, to the complainant. The person invested Rs. 50,000 with the life insurer expecting returns, according to Dehradun District Consumer Forum. The complaint by Ramesh Prasad stated that he took a policy with Reliance Life Insurance and paid Rs. 50,000 in five successive annual installments with an assured interest rate of 12-15 percent on it. However, the company returned only Rs. 36, 286 to him, which made him write a letter to the company executives, asking them for the outstanding amount, which led to nothing. He, therefore, eventually filed a legal complaint in consumer court in May 2012. As per the court order, the insurer will now pay the outstanding amount to Ramesh Prasad along with a fine of Rs. 5,000 as for causing mental agony and litigation expenses of Rs. 5,000 within a month.
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