Reliance Life Traditional Plans

4 / 5 based on 23 User Reviews
*Please note that the quotes shown will be from our partners

Reliance Life Insurance is amongst the top 5 private sector life insurance companies. The company is one of the largest non-bank supported private life insurer and currently it has 10 million policy holders, 800 branches and over 1, 00,000 advisors. Reliance Life caters to five distinct segments, namely Protection, Child, Retirement, Saving & Investment and Health; for individuals as well as Groups/Corporate entities.

Reliance Life Insurance is a part of Reliance Capital of the Reliance Group. Reliance Capital is one of India's leading private sector financial services companies, and ranks among the top private sector financial services and non-banking companies, in terms of net worth. Nippon Life Insurance Company acquired 26% interest in equity share capital of the Company since October 7, 2011.Nippon Life Insurance, also called Nissay, is Japan's largest private life insurer.

What are Traditional / Investment Plans

Traditional plans, also called Conventional Insurance Plans are plans where money is invested as per the guidelines laid down in the Insurance Act. The whereabouts of the invested premium is not known to the policyholder. The policyholder is simply promised certain benefits payable on death, maturity or as money back. Traditional Investment Plans have some of the basic features which are mentioned below:

  • These plans are issued for a longer term perspective and money cannot be withdrawn from the plans.
  • In case of stopping the premium payment, the plan becomes paid-up if at least there full years’ premiums have been paid. A paid-up plan has a reduced Sum Assured and the policyholder has a choice to either run the plan at the reduced coverage or surrender the plan.
  • The plans may be offered as participating or non-participating plans. Participating plans are entitled to participate in the company’s profits and earn bonuses which are not true for non-participating plans.
  • The plans may be issued either as Endowment Plans or Money Back Plans

Reliance Life Traditional/Investment Plans:

Reliance Life Insurance Company offers various types of Traditional / Investment Plans to its customers with attractive features and benefits. Here is the detailed list of plans along with their respective features and benefits.

Reliance Super Money Back Plan:

It is a non-linked, non – participating, non- variable, money back insurance Plan and has the following features:

  1. Money back benefits – Guaranteed money back benefits as a percentage of Sum Assured or Paid up will be paid at the end of every 5 policy years till maturity.
  2. Regular Monthly Payouts - Regular Monthly Payouts are 1% of Sum Assured for the 1st year and then it will increase by 0.25% at a simple rate. The payouts will be paid monthly after the end of premium payment term. The policy benefit will be provided till the end of policy term.
  3. Guaranteed Maturity Addition – On survival on the life Assured to the end of the policy term the Guaranteed Maturity addition = 1% of Sum Assured or Paid up Sum assured X Policy term.

Eligibility Details

 

Minimum

Maximum

Entry Age

18 years

55 years

Maturity Age

28 years

80 years

Policy Term

10/20/30/40 years

50 years

Sum Assured

Rs.1,00,000

No limit

     

Premium Payment Term

Half of the selected policy term

Premium Payment Frequency

Yearly, half-yearly, quarterly, monthly

 

Reliance’s Guaranteed Money Back Plan:

This plan is  a non-linked, non – participating, non- variable, money back insurance Plan and has the following features:

  1. Money back benefits – Guaranteed money back benefits as a percentage of Sum Assured or Paid up will be paid at the end of every 5 policy years till maturity.
  2. Continuation of Guaranteed Benefits – if there is death of the Life Insured and the policy is in force and all the premiums are paid as on date then the nominee receives the Money Back Benefits and Maturity Benefits.
  3. Guaranteed Maturity Addition – Will be paid on maturity provided the policy is not paid up. It is usually a percentage of the Sum Assured.
  4. Loan Facility and Tax deduction benefit is available in this plan.

 Eligibility Details

 

Minimum

Maximum

Entry Age

18 years

15 years - 58 years

20 years – 55 years

Maturity Age

33 years

75 years

Policy Term

10 years or 20 years

 

Sum Assured

Rs.50,000

No limit

     

Premium Payment Options

Limited pay/Regular Pay

Premium Payment Frequency

Yearly, half-yearly, quarterly, monthly

 

Reliance Fixed Savings:

This plan is  a non-linked, non – participating, non- variable, endowment insurance Plan and has the following features:

  1. Fixed Regular Additions:  If the life Assured has survived till the last day of the policy then the Accrued Fixed Regular Additions are payable on the 1st day of the last policy year.
  2. Maturity Benefit – on Survival of the Life Assured maturity amount is payable as Annualized Premium X PPT or Fixed Maturity Addition = Maturity Factor X Annualized Premium.
  3. Riders – To safeguard against unfortunate events riders are available.
  4. Loan Facility and Tax deduction benefit is available in this plan.

Eligibility Details

 

Minimum

Maximum

Entry Age

8 years

60 years

Maturity Age

20 years

80 years

Policy Term

5, 7, & 10 years

 

Sum Assured

Rs.50,000

No limit

     

Premium Payment Term

5, 7, & 10 years

Premium Payment Frequency

Yearly, half-yearly, quarterly, monthly

 

Reliance Blue chip Savings Insurance Plan

This plan is  a non-linked, non – participating, non- variable, endowment insurance Plan with an element of guaranteed return and has the following features:

  1. Maturity Benefit – on Survival of the Life Assured maturity amount is payable as Guaranteed Sum Assured on Maturity or Vested Reversionary Bonus and Terminal Bonus.
  2. Flexible Premium Mode – Options are available to select the premium payment mode from monthly half-Yearly, Quarterly, or Yearly.
  3. Riders – To safeguard against unfortunate events riders are available.
  4. Loan Facility is available for Paid up policies and if at any time during the policy term the sum of loan outstanding and unpaid interest on loan outstanding exceeds the surrender value the policy will terminated o recover the loan and Tax deduction benefit is available in this plan.

Eligibility Details

 

Minimum

Maximum

Entry Age

8 years

60 years

Maturity Age

18 years

75 years

Policy Term

10 years

15 years

Sum Assured

Rs.77,905/-

No limit

     

Premium Payment Term

5, 7, & 10 years

Premium Payment Frequency

Yearly, half-yearly, quarterly, monthly

 

Reliance Income Increasing Insurance Plan

This plan is  a non-linked, non – participating insurance Plan and has the following features:

  1. Allows you to choose from 2 different options since inception itself – Income with maturity Benefit where you receive regular monthly income that increases every year and gives a lump sum at maturity. The other option being Only Income where higher regular monthly income and it increases every year.
  2. Maturity Benefit –Maturity Benefit is available on in Income with maturity Benefit where on Survival of the Life Assured maturity amount is payable as equal to Sum Assured.
  3. Loan Facility is available for Paid up policies and if at any time during the policy term the sum of loan outstanding and unpaid interest on loan outstanding exceeds the surrender value the policy will terminated o recover the loan and Tax deduction benefit is available in this plan.

Eligibility Details

 

Minimum

Maximum

Entry Age

14 years

60 years

Maturity Age

26 years

80 years

Policy Term

12/16/20/24 years

 

Annual Premium

Rs.15,000/-

No limit

     

Premium Payment Term

Half of the selected policy term

Premium Payment Frequency

Yearly, half-yearly, quarterly, monthly

 

Reliance Fixed Money Back Plan

This plan is  a non-linked, participating, non-variable limited pay money back (anticipated endowment)Insurance Plan and has the following features:

  1. Fixed Money Back Benefits – These are as a percentage of Base Sum Assured will be paid during the last 5 years.
  2. Maturity Benefit –Maturity Benefit is available on total Accrued Fixed Loyalty Additions. These are 3% of Base Sum Assured and will accrue at the end of policy years.
  3. Loan Facility is available for Paid up policies and if at any time during the policy term the sum of loan outstanding and unpaid interest on loan outstanding exceeds the surrender value the policy will terminated o recover the loan and Tax deduction benefit is available in this plan.

Eligibility Details

 

Minimum

Maximum

Entry Age

18 years

55 years

Maturity Age

33 years

75 years

Policy Term

15 or 20 years

 

Sum Assured

Rs1,00,000/-

No limit

     

Premium Payment Term

5/7/10 years

Premium Payment Frequency

Yearly, half-yearly, quarterly, monthly

 

Reliance Life Long Savings

This plan is  a non-linked,  participating, endowment plus whole life Insurance Plan and has the following features:

  1. Allows you to choose from 2 different options since inception itself – Standard where lump sum is     given on Policy Maturity and life cover during Policy Term. Extended Cover – Get lump Sum amount on policy maturity and a life cover during Policy Term and extended life cover for whole life after the policy term.
  2. Maturity Benefit –Maturity Benefit is available to the life assured as Guaranteed Maturity Benefit + Vested Reversionary Bonuses and Terminal Bonus(if any).
  3. Loan Facility is available for policies once it has reached the Surrender Value and maximum loan that can be taken is 80% of the Surrender Value and Tax deduction benefit is available in this plan.

Eligibility Details

 

Minimum

Maximum

Entry Age

15 years

30 years

Maturity Age

22 years

70 years

Policy Term

15 years

30 years

Sum Assured

Rs.80,000/-

No limit

     

Annual Premium

Rs.12,000/-

Premium Payment Frequency

Yearly, half-yearly, quarterly, monthly

 

Reliance Future Income

This plan is  a non-linked,  participating, endowment plus whole life Insurance Plan and has the following features:

  1. Income benefit – This benefit is provided on the survival of Life Insured and the policy is still in force and all premiums have been paid.
  2. Maturity Benefit –Maturity Benefit is available to the life assured as Terminal Bonus (if any) + Last Installment of Income Benefit.
  3. Loan Facility is available for policies once it has reached the Surrender Value and maximum loan that can be taken is 80% of the Surrender Value and Tax deduction benefit is available in this plan.

Eligibility Details

 

Minimum

Maximum

Entry Age

8 years

55 years

Maturity Age

22 years

75 years

Policy Term

14/16/18/20/22/24 years

 

Sum Assured

Rs.2,00,000/-

No limit

     

Annual Premium

Rs.15,680/-

Premium Payment Frequency

Yearly, half-yearly, quarterly, monthly

 

Reliance Smart Cash Plus Plan

This plan is  a non-linked,  participating, non-variable money back Insurance Plan and has the following features:

  1. Money back benefits – This benefit is provided on the survival of Life Insured and the policy is still in force then the money back is provided at the end of 4th policy year and then at the end of every 3 years.
  2. Maturity Benefit –Maturity Benefit is available under these benefits – Sum Assured, High Sum Assured Addition,Bonuses.
  3. Loan Facility is available for policies once it has reached the Surrender Value and maximum loan that can be taken is 80% of the Surrender Value and Tax deduction benefit is available in this plan.

Eligibility Details

 

Minimum

Maximum

Entry Age

14 years

55 years

Maturity Age

24 years

70 years

Policy Term

10/13/16/19/22 years

 

Sum Assured

Rs.1,00,000/-

No limit

     

 Premium Payment Term

Equal to Policy Term

Premium Payment Frequency

Yearly, half-yearly, quarterly, monthly

 

Reliance’s Money Multiplier Plan

This plan is  a non-linked,  non-participating, non-variable endowment Plan and has the following features:

  1. Maturity Benefit –Maturity Benefit is available under these benefits – Sum Assured, Guaranteed Loyalty Additions, and Guaranteed Maturity Addition.
  2. Death Benefit – The nominee receives Maximum of double the Sum Assured or 10 times of annualized Premium or 105% of Premiums paid and Accrued Guaranteed Loyalty Additions (if any).
  3. Loan Facility is available for policies once it has reached the Surrender Value and maximum loan that can be taken is 80% of the Surrender Value and Tax deduction benefit is available in this plan.

Eligibility Details

 

Minimum

Maximum

Entry Age

18 years

55 years

Maturity Age

28 years

75 years

Policy Term

10/15/20 years

 

Sum Assured

Rs.60,000/-

No limit

     

 Premium Payment Term

Equal to Policy Term

Premium Payment Frequency

Yearly, half-yearly, quarterly, monthly

 

Reliance Endowment Plan

This plan is  a non-linked, participating, non-variable endowment Plan and has the following features:

  1. Maturity Benefit –Maturity Benefit is available in the plan if it’s in force then maximum of Base Sum Assured + vested Bonus or 100.1% of total premiums paid
  2. Death Benefit – The nominee receives Sum Assured or 10 times of annualized Premium + Vested Bonus, if any 105% of Premiums paid.
  3. Loan Facility is available for policies once it has reached the Surrender Value and maximum loan that can be taken is 80% of the Surrender Value and Tax deduction benefit is available in this plan.

Eligibility Details

 

Minimum

Maximum

Entry Age

5 years

50 years

Maturity Age

18 years

75 years

Policy Term

10/15/20/25 years

 

Sum Assured

Rs.65,261/-

No limit

     

 Premium Payment Options

Regular Pay

Premium Payment Frequency

Yearly, half-yearly, quarterly, monthly

 

Reliance’s Super Endowment Plan

This plan is  a non-linked, non-participating, non-variable endowment Plan and has the following features:

  1. Maturity Benefit –Maturity Benefit is available in the plan if it’s in force then Guaranteed Sum Assured is paid.
  2. Death Benefit – The nominee receives Sum Assured or 10 times of annualized Premium  or 105% of Premiums paid.
  3. Loan Facility is available for policies once it has reached the Surrender Value and maximum loan that can be taken is 80% of the Surrender Value and Tax deduction benefit is available in this plan.

Eligibility Details

 

Minimum

Maximum

Entry Age

8 years

60 years

Maturity Age

22 years

75 years

Policy Term

14 and 20 years

 

Sum Assured

Rs.1,00,000/-

No limit

     

 Premium Payment Options

Limited Pay

Premium Payment Frequency

Yearly, half-yearly, quarterly, monthly

 

Child Plans:

  • Reliance Education Plan – This is a non-linked,non-participating child insurance plan and aims to cover the child’s future in your absence and allow them to choose their own destiny.  This plan also allows you to choose your benefit payout option.
  • Reliance Child Plan – This plan gives you the flexibility to choose your policy term the features are such that it shall support your child at every walk of life.  One shall receive Guaranteed Periodic Benefit and Maturity Benefit in this plan.

Applying for a Traditional / Investment Plan from the company:

  • Online
  • The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued
  • Intermediaries

Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process

Reliance Life Traditional Plans - FAQ

1. How to pay premium? What are the modes of payment available?

RELIANCE LIFE Insurance offers basic 4 modes of premium payment. They are as follows:

  • Online- Requires you to login through your client Id and password, select the online medium to pay the premium.
  • IVR method- Call on the toll free number 1800 3000 8181 and follow the instructions. Keep handy details of policy number and date of birth.
  • Pay at Suvidha Center- This helps to locate the nearest branch office wherein payment can be done via cheque or cash.
  • Bill Junction or Bill Desk option- This requires registering oneself in the site and clicking on the Pay Reliance Life Insurance option to authorize the payment.

For online payment mode, the policyholder can pay via;

  • Credit Card
  • Debit Card
  • Netbanking facility

One can also avail Electronic Clearance System ECS) for paying premium of renewed policies.

2. How can I check policy status for Reliance Life Traditional Plans?

For checking the policy you must register first on e-portal. After generating the password, login to your account. Then click on the ‘Policy Details’ tab to get the status of the desired policy number.

3. What is the policy renewal process for Reliance Life Traditional Plans?

Renewal of policy can be done by two modes:

  • Online
  • Electronic Clearance System(ECS)

For Online renewal process, login to your account and click on the required renewal tab after selecting the payment mode. Payment can be done via cash, cheque or through net banking.

For renewing the policies using Credit Card Mode, fill in the required mandatory form along with photocopy of Credit card. Within a period of 10 days, the credit card information will be registered for renewal process.

ECS facility can be availed by filling in the desired form and submitting the required documents. The bank will process the information within 30 days of receipt of the same. In case the premium renewal date falls on a holiday, the amount will be debited on the next working day.

4. What is the company’s process to settle claim for Reliance Life Traditional Plans?

The company guarantees 12-day claims settlement policy. You must attach the correct documents with the claims form and send it to the nearest branch office in your city. To find the relevant documents for the particular claim, please visit the Claims Overview Section.

After receiving the particular documents and completion of the verification process, the cheque will be dispatched to the nearest branch within 3 working days. From there one can collect the cheque after verifying the identity proof.

5. What is the policy cancellation process for Reliance Life Traditional Plans?

The policy cancellation process requires the customer to submit a duly filled surrender form along with relevant documents in any branch. Upon receiving and verification of the documents, the policy is deemed cancelled as per bank accounts record.

Reliance Life Traditional Plans Reviews

TOTAL REVIEWS (23)
Mayank
Kaushambi
July 26, 2016

Investment plan

Reliance life insurance is the best insurers to buy the traditional plan because you guys provide the best deal in less investments. Policy coverage is huge and claims are easy to sanctioned by the help of the executives and staff members of the company.

Raman
Naubatpur
July 12, 2016

Traditional Policy

Traditional insurance policy is good policy which comes in less premiums and the returns are more. Policy coverage is good and claiming amount is big which simple to cleared. Service is fantastic which reduces paperwork and hassle free documentations.

Kamal
Babhleshwar
June 29, 2016

Good Plan

The traditional insurance plan i have has low premium and the service provided by the company members is fast and on time. Policy coverage is high and claims are easily sanctioned due to fast service facilitate by the executives.

Dharmesh
Indore
April 21, 2016

superb plan

I have the best policy plan from reliance life insurance. The benefits are many with low premiums. Policy coverage is 89%. Claims approx. Rs.38 L with easy procedure to get it. Good future investment which save taxes. Good behaviour of executives and staff members.

Eshu
Panipat
April 21, 2016

Satisfied

I Bought reliance life insurance and took traditional insurance policy plan. The policy is average and the coverage is 83%. The claims are normal but the premiums are low. The service is okay which provided by the staff members. Good future investment and tax cutter also. Satisfied.

Tarun
Dwarakanagar
April 21, 2016

Powerful Policy

Buy reliance life traditional plans. The policy coverage is ~93%. Services provided by executives is awesome. Claims are good and done without any interruption. Overall fine life insurance which have low premiums. Nice future investment and it saves taxes also.

Sumeet
Jaipur
April 21, 2016

Awesome Policy Plan

I have traditional plan from reliance life insurance. Policy coverage is 90% and the claims are Rs.39 L. Service is good and quick provided by the executives and staff members. But please improve your online services. Good future investment which saves taxes too. Nice work.

Rohit
Guwahati
April 21, 2016

Manageable

I bought reliance traditional policy plan. Policy coverage is 86% and the premium is low. Claims are ~Rs.36 L. Service is quick and even the web services are also nice and the behaviour of the staff is perfect even after buying policy. Good response.

Dinesh
Vellore
April 21, 2016

Very Nice

Policy has all benefits and the investments are also low. Around Rs.32 L is payback amount. Reliance life insurance provide me traditional plan which has nice facilities and the service is very quick. The service provided by the executives and staff members are really very good. The investment is good for future and it saves taxes also.

Kunal
Dwarka
April 21, 2016

Fantastic plan

I finally buy reliance life insurance traditional policy plan. Policy covers almost all cases and the amount of returns is around 39 L. Service provided by executives and staff members is fast and on time. Fantastic future investment which save taxes too. Good work guys.

Uttam
Haridwar
April 21, 2016

Full Satisfactory

My traditional policy plan is with reliance life insurance. The policy is great with maximum benefits. The policy coverage is high ~88%. The investment is low approx. Rs.21 K quarterly. The claims are good and easily cleared without waiting. Payback amount is nice ~rs.35 L. Good policy plan.

Abhishek
Ranchi
April 21, 2016

Poor Policy

The reliance life traditional policy plan i have is below average. The premium is good and the returns are less. Your facilities are bit slow and the waiting is normal. Web services are better. Good future investment which save my taxes too.

Rohit
Dhaleswar
April 21, 2016

Better Plan

I invest my money in reliance traditional insurance policy plan. The policy coverage is good ~91% and the claims are high. The premiums are low ~17 K quarterly. Paybacks are really very good Rs.36 L. Good investment and tax saver policy plan.

Prashant
Greater_noida
April 21, 2016

Very Good

Superb policy by reliance life traditional insurance policy plan. The returns are good ~Rs.33 L in very low premiums ~Rs.19 K quarterly. Service is fast which facilitate by executives and all company members with nice behaviour and quick response. Good future investments with tax saving.

Lalit
Navi_mumbai
April 21, 2016

Damn Good

Reliance life insurance is one of the best insurance company. I took traditional insurance policy plan which provide me best service and good returns. The premiums are low and the policy coverage is 87% with high claims. The behaviour is good from executives and staff members. Nice insurance plan.

Heemani
Rewari
April 21, 2016

Above Average

I own reliance life traditional plan. Plan is good and premium is low. Policy coverage is high and payback returns too. Claiming amount is Rs.36 L. Service is fast like super sonic. The daily updates are mailed to me time to time. Good behaviour by executives and staff members.

Ishant
Laxmipur
April 21, 2016

Normal Policy

I have traditional policy plan from reliance life insurance. The policy provides good coverage with low premiums. Claims are around Rs.35 L. Service always on time. The executives and staff members are facilitate great services. Satisfactory policy plan, nice work.

Akash
Firozabad
April 21, 2016

Satisfactory

Reliance life traditional policy plan which have 91% policy coverage and the claims are easy to get because of fast services provided by the executives and staff members. The daily updates are texted and mailed time to time to may email id and cell phone.

Raheem
Uttamnagar
April 21, 2016

Perfect

Policy has all benefits and the investments are also low. Around Rs.38 L is payback amount. Reliance life insurance provide me traditional policy plan which has good facilities and the service is very quick. The up gradation details in policy is mailed to me time to time. The behaviour and service provided by the executive and staff members is awesome.

Joyti
Mumbai
April 21, 2016

Average Policy

My reliance life traditional plan is good in services. The policy coverage is good ~91% and the premiums are low. Claiming process is easy due to fast service provided by the executives and the staff members. The payback amount is ~Rs.36 L. I like the terms and conditions of the policy plan.

Lalit
Chattarpur
April 21, 2016

Nice Policy

The policy i have is reliance life traditional plan which is very good and the premiums are low with high in policy coverage 90%. The claiming part is very easy because the service is very fast with good response from the staff members. Nice future investment with tax savings.

Abhinav
Agra
April 21, 2016

Good

I finally buy reliance life life traditional plan. Policy covers almost all cases and the amount of returns is around 35 L. Service provided is fast and on time. Good future investment which save taxes. Nice services facilitate by executives and staff members.

ANIKET
Ahmedabad
February 25, 2016

Perfect Policy Plan.

I own reliance life insurance traditional plan. Plan is good and premium is low. Policy coverage is high and payback returns too. Claiming amount is Rs.21 lakhs. Service is fast like super sonic. Overall, perfect policy plan.
Plan Name: Classic plan II
Agent Code: BPW00313