Reliance Life InsuranceClaim Settlement Ratio - 95.17%*
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 life 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 reliance life insurance plans.
Reliance Life Insurance- Protection 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.
Reliance Life Insurance- Retirement Plans
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.
Reliance Life Insurance- Health Plans
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.
Reliance Life Insurance- Savings & 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.
Reliance Life Insurance - Child 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.
Reliance Life Insurance - ULIP's 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
Reliance Life Insurance FAQ's
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.
Q. How to pay Reliance Life Insurance premium online?
Answer: The steps to pay the premium of Reliance Life Insurance policy online are as follows:
- The policyholder is requested to log on to his/her Lifeline account with his/her customer id and password.
- On the next page, choose the policy that is due for the payment.
- Select from different payment options – Debit Card, Net Banking, Credit Card, Mobile Wallet or e-Card for making the payment of the premium instantly.
Q. How to check Reliance Life Insurance policy status?
Answer: A policyholder can check the status of his/her Reliance Life Insurance policy through two major ways:
- With client id/ policy number
- Without login details or policy number
With Client ID/ Policy Number:
- Step 1: Go to www.reliancenipponlife[dot]com and on the top right corner of this page, there will be a tab that says log in. Go to this tab and a drop-down menu becomes visible that has options as a customer, partner, or corporate.
- Step 2: Go to the relevant field that will be opened in a new window.
- Step 3: Provide the credentials.
- Step 4: The window shows policy details including its status.
Without Login Details or Policy Number:
- Step 1: Go to www.reliancenipponlife[dot]com and search for 'Contact Us' details that are located at the blue bar available at the top end of the page. Click on it. This window shows the contact details of the company and for knowing the status a policyholder has to process this manually.
- Step 2: Now a policyholder can arrange a back call by selecting the option ‘Get a call back’ available on the left side on this page. Or one can call on the toll-free number that is present in the middle section of the page, which is: 1800 – 102 – 1010. The customer care executive handles this request after ensuring that one is an authorized individual for the policy. or
- One can email his/her request for a policy status check at mlife.customerservice[at]relianceada.com and the customer care team of the company will assist in resolving this query.
- Or one can write to the company on the following address:
Reliance Nippon Life Insurance
Reliance Center, Fifth Floor,
Off. Western Express Highway,
Santacruz (East), Mumbai – 400055
The company reverts within a specified turn-around time of the company.
Q. How to cancel Reliance Nippon Life Insurance?
Answer: A request for policy cancellation once processed cannot be taken back. The policy benefits will be ceased as soon as a policyholder cancels his/her policy. Therefore, it is suggested to make sure that all other options including the partial withdrawal are evaluated before policy cancellation.
One can surrender his/her policy only after the lock-in period completion as mentioned in the policy’s terms and conditions by submitting a duly filled and signed form for cancellation request, a canceled cheque, details of savings bank account details, KYC document's self-attested copy, and documents of the policy at the nearest branch. The surrender request generally gets processed in seven working days after receiving the request that is subject to fulfillment of all the required documents. It is requested to refer to the terms and conditions for the charges of surrender that is applicable in the policy.
Q. How to make a partial withdrawal in my Reliance Life Insurance policy?
Answer: A policyholder can make a partial withdrawal after completing the lock-in period as mentioned in the policy’s terms and conditions by submitting a duly signed and completed request form for the same. Apart from this, other required documents that one needs to submit are – details of savings bank account, KYC's self-attested copy, and a canceled cheque at the nearest branch. The partial withdrawal request is processed within seven working days after receiving the request which is subject to fulfillment of all the required documents and as per the terms and conditions of the policy.
Reliance Life Insurance - Latest News
Nippon Life’s stake hike in Reliance Life approved by FIPB
Nippon Life Insurance (NLI) has got an approval from the FIPB (Foreign Investment Promotion Board) to increase its stake to 49 % in RLI (Reliance Life Insurance) which is a division of Reliance Capital.long with being one amongst the top notch life insurance companies of the world, NLI (Nippon Life Insurance) is a Fortune 500 company. NLI has also got an approval from the CCI (Competition Commission of India) regarding the same. The transaction is being anticipated to be completed in the coming few days.
A total amount of US$ 348 million (Rs 2,265 Crore) is being invested by the company in order to obtain an added 23 % stake in the Reliance Life Insurance Company and achieve a 49 % stake in total. Along with this change in the shareholding structure, the company’s name is also going to be altered to Reliance Nippon Life Insurance Company.
Lifelong Savings Plan Launched by Reliance Life Insurance
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.
Reliance Life’s Chennai floods-related penalty waiver campaign to end in February, 2016
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 Found Guilty of ‘Unfair Business Practice’
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.
Nippon Life Insurance increases its stake in Reliance Life Insurance
The Reliance capital announced in a recent interview that the Japan based Nippon Life Insurance increased its stakes by 23% and making it to a total holding of 49% in the company.The Reliance capital which is a parent establish of Reliance Life received a total of Rs 2265 crore for the Nippon – Reliance deal. Hence, to total investment by Nippon to acquire a 49% stakes in Reliance amounted to Rs 8630 crore in both Reliance Capital Asset Management and the Reliance Life Insurance.
Reliance General Insurance announced recently stated to expect a 3 fold premium collection amount of Rs 300 crore in the consecutive years through bancassurance channel of distribution. Reliance General Insurance believes that this bancassurance would give its customers more choice on its insurance products. Reliance so far has a 3percent business from banking sector now it expects a 10 percent show in the coming years of business. The premium amount collected by the insurance policies through banks is around Rs 300 crores.
Reliance General Insurance is now looking for more bank partnerships to strengthen its bancassurance business channel. This financial year Reliance expects to have more of bank tie ups and render better insurance services. Nippon Life Insurance company is a 125 year old insurance service provider. This is a global fortune company which manages around 520 billion dollars i.e 33.8 lakhs in asset terms. This is supposedly the biggest life insurance service provider with the most number of total asset counts in the world.
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