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Reliance Online Term Plan

Founded by Dhirubhai Ambani, one of the most renowned industrialists of this time, Reliance Group of Industries has an unmatched name and reputation in the market. Reliance Life Insurance Company, which is a part of Reliance Capital, has seen an immense boom in the past few decades. With over 10 million Reliance policyholders, trust and reliability can never come into question.

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Amongst many successful plans and policies being launched by Reliance Life Insurance Company, the Reliance Online Term plan is considered to be one of the simplest insurance plans in India.

If you are also planning to purchase Reliance Online Term Plan, here you will get to know all the detailed information about it!

What is Reliance Online Term Plan?

Reliance Online Term plan is one is the simplest, 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. With premium rates starting at Rs.15 per day, you can expect nothing, but the best while purchasing this plan.

Why Buy Reliance Online Term Plan?

Here are the top reasons why an individual should opt for Reliance online term plan:

  • Comes with a simple and easy online application process
  • Protects family from any unforeseen situation
  • Provides coverage based on your age and requirements
  • Medical tests related to the plan are offered at your doorstep

Key Features of Reliance Online Term plan

  • It is an online term plan with low premiums
  • The policy can be bought online through a simple application process
  • The convenience of the simplified medical process
  • Tax benefits are offered as per the prevailing tax laws
  • Offers financial protection to the family of the policyholder
  • Comes with the flexibility to choose the cover as per individual’s needs
  • One of the best financial protection at minimal cost

Benefits of Reliance Online Term plan

  1. Death Benefit

    In case of the unfortunate demise of the policyholder during the policy tenure, keeping in mind that the policy is still in force, the nominee of the policy will receive

    • A higher of:
      • 10 X Annualized premium, or
      • Sum Assured, or
      • 105% of all the premiums paid till the date of death of the policyholder

    The Reliance online term plan is terminated as soon as the death benefit is paid to the nominee.

  2. Maturity Benefit

    As it is a pure term plan, no maturity benefits as such are offered.

  3. Tax Benefit

    The premiums paid and the claims received are both exempted from taxation under Sections 80C and 10(10D) of the Income Tax Act, 1961.

Eligibility Conditions and other Restrictions




Entry Age (Last Birthday)

18 years

55 years

Maturity Age (Last Birthday)

28 years

75 years

Policy Term (PT) in years

10 years, 15 years, 20 years. 25 years, 30 years, 35 years

Premium Paying Term (PPT) in years

Equal to the policy term

Premium Paying Frequency


Yearly Premium


No limit

Sum Assured


No limit

Premium Illustration of Reliance Online Term Plan

For instance, if Mr. Z is a 35-year-old man with a coverage of 1 crore basic sum assured, then the annual premiums under the Reliance Online Term Plan will be as follows:

Policy Term

15 years

20 years

25 years

30 years

35 years

Premium (Rs.)

Rs. 7,680

Rs. 8,415

Rs. 8,961

Rs. 9,278

Rs. 9,540

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C applies.

Additional Benefits

  1. Healthy Lifestyle Rewards

    A non-smoker is eligible for lower rates if they opt for a minimum sum assured of Rs. 50 lakhs. Present physical condition while purchasing the policy also plays a major role. Further rebates are offered if the policyholder is found in the best of their physical condition during the necessary medical tests.

  2. Grace Period

    If the policyholder is unable to pay the premium on time due to any reason, a 30 days’ grace period is allowed for payment of the premium.

  3. Premium Discontinuance

    If the premiums are unpaid even after the end of the grace period, then the plan will immediately be lapse and no benefits will be offered under the insurance policy.

  4. Revival

    The Reliance Online Term Plan can be revived with full coverage within 2 years of 1st unpaid premium date. Full coverage includes outstanding premium payments to date along with interest as per the company’s rules and regulations. The current rate of interest of Reliance is 9% per annum but it can change from time to time.

    Also, the life assured might have to undergo some medical tests and fulfill other documentation as per the requirement of the company.

  5. Policy Termination or Surrender Benefit

    There is no Surrender Benefit under the Reliance Online Term Plan

  6. 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.

  7. Exclusions

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

Premium Paying Mode

After purchasing the Reliance Online Term Plan, premiums must be paid by electronic mode only. The following modes can be used to make payment under this online plan:

  • Internet banking (from company approved secured links only)
  • Credit or Debit card of the policyholder only

Documents Required

The following basic documents are required at the time of purchase of the Reliance Online Term Plan:

  •  Duly filled application form/ proposal form
  • Medical history of the policyholder
  • Age proof
  • Address proof
  • Required KYC documents

A medical examination may be required in some cases, based on the sum assured and the age of the person

Premium By Age

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