Reliance Online Term Plan

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Reliance Online Term plan is a non-participating pure term plan which can be bought online through the company’s website. The plan promises high coverage at very cheap rates for your family’s protection.

Reliance Online Term plan - Key Features

  • It is an online term plan with low premiums.
  • The policy can be bought online through a simple application process.
  • Medical check-ups if required can be done at the home of the proposed. 

Reliance Online Term plan - Benefits

  • There is no Maturity benefit payable under the plan.
  • On death of the policyholder, higher of the Sum Assured or 10 times the annual premium or 105% of all premiums paid till death is paid to the nominee.
  • The premiums paid and the claims received are both exempted from taxation under Sections 80C and 10(10D) of the Income Tax Act. 

Reliance Online Term plan - Product Specification:




Entry Age (Last Birthday)

18 years

55 years

Maturity Age (Last Birthday)

289 years

75 years

Policy Term (PT) in years



Premium Paying Term (PPT) in years

Equal to policy term

Premium Paying Frequency


Yearly Premium


No limit

Sum Assured


No limit


Details About Premium

Annual premium in Rupees for a 35 year male with a coverage of 1 crore

Policy Term






Premium (Rs.)







Reliance Online Term plan - Policy Details

Grace Period: 30 days grace period is allowed for payment of premium.

Policy Termination or Surrender Benefit: there is no Surrender Benefit under the plan

Free Look Period: If you would not be pleased with the coverage and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Additional Features or Riders

Premium rates are lower for non-smokers and people with healthy lifestyles if the chosen SA is 50 Lakhs or more


If suicide is committed within 12 months of policy commencement, only 80% of the premium paid is returned to the nominee

Documents Required

The policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and the required KYC documents. A medical examination may be required in some cases, based on the sum assured and the age of the person.

You may also like to read: Reliance Life Term Insurance Plans

Frequently Asked Questions: 

1.  What are the conditions of nomination?

The policyholder can anytime during the policy term, entitle a nominee for the benefits of the plan in the event of the death. In the case where the nominee is a minor, the policyholder can also appoint an “Appointee” to a person who shall receive the benefits during the minority age of the nominee. The nomination shall be an endorsement of the plan and by communicating the same as a documented notice to the company. If the policyholders feel any time to change the nominations of his plan, then the policyholder is supposed to notify about the same to the company in advance.

2.  Does the plan have any employee staff discount over the premiums?

Yes, any staff of the Reliance Life Insurance Company or any staff under the Anil Dhirubhai Ambani Group shall get a one-time premium discount of 10% on the first year premium. The premium discounts are not applicable on the renewal of the premiums.

3.  What are the requirements of death claims?

While making the claims for the death benefits of the plan, the nominees to whom the benefits shall be payable based on sending a documented notice to the company about the death of the insured within 90 days of the claims arising. This is to ensure that the company makes the claim settlement sooner than usual. The company might also accept the claim requests even beyond the 90 days of period, given:

  • The reason of delayed claim request is because of any unavoidable circumstances which are beyond the claimant’s control.
  • The documents submission with respect to the mentioned delay is an agreeable proof for the company. 

4.  What are the lists of documents required while making the death claims?

Below are the documents required by the claimants while making the death claims from the company:

  • Original policy documents
  • Certificate of death as issued by the competent authority
  • Original hospitalization documents with the discharge summary and medical investigation reports, if the insured has availed any treatment of illness further leading to death.
  • Claim Forms:
      • Form A: duly filled by the claimant
      • Form B: duly filled by the last treating authorized medical practitioner
      • Form C: to be filled in by any third person who is a relative of the claimant
  • Required KYC documents of the claimant as per the AML guidelines
  • Mandate cancelled cheque of the claimant to receive the benefits of the plan.
  • Any other documents as required by the company. 

5.  What if I lose my policy documents?

If the policy holder anytime during the plan term losses the policy documents or the documents get destroyed due to any reason, then on the policyholder’s request, the company shall issue a copy of the policy documents which shall be duly endorsed to show the agreeable reasons of the document’s loss. The company holds all the rights to make the investigations into the matter and call for the agreeable proof of the destruction of the policy documents at the expenses to be borne out by the policyholder. The company also holds the right to charge a fee for issuing the copy of the policy documents.

6.  What the conditions for waiver of premiums under the plan?

If the policyholder fails to pay his premiums due to any reasons by either to enforce anytime, the provisions under the plan shall not be available anymore to be a waiver of either of the party’s rights herein nor in any way effect the validity of the whole or any part of the plan.

7.  What does non-participating mean with this plan?

The term “non-participating” means the policy does not participate in the company profits of the participating fund of the company. 

Written By: PolicyBazaar - Updated: 13 October 2020
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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