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Reliance Life Insurance is an integral part of Reliance Capital. Reliance capital is a financial service provider 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 717 branches and 63016 agents, the company has proved its worth as the largest non-bank supported private life insurer.
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Reliance Life has a wide variety of life insurance policy 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:
Let us take a look at the various types of reliance life insurance 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:
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.
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.
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:
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.
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:
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.
Your premium is decided on age at which you buy the policy and remains same, throughout your life
Premiums can increase between 4-8% each year after your Birthday
Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease
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:
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
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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:
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.
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.
These plans are linked to market returns which provide life cover along with guaranteed returns. The various kinds of ULIP offered are:
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.
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.
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.
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.
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.
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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