Reliance Life vs Lic Pension Plans

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Reliance Life vs Lic Pension Plans

COMPANY DETAILS Edit Reliance Nippon Life Insurance

Reliance Life

 Edit LIC Pension Plan

Lic Pension Plans
Rating
Number of life insurance plans and add-ons
Annual Premiums Collected (2024-25)

Annual Premiums Collected (2024-25)

5710.68 Cr

Annual Premiums Collected (2024-25)

Rs 1 lakh to No limit
Payout Options

Payout Options

Lump sum, regular frequencies or a combination of both

Payout Options

-
Claim ratio

Claim ratio

98.74%

Claim ratio

Minimum Age- 30 year%
Solvency Ratio

Solvency Ratio

2.35

Solvency Ratio

85 years
Branches

Branches

713+

Branches

Annual, half-yearly,
Riders Available

Riders Available

Major Surgical Benefit Rider, Critical Condition Rider, Family Income Benefit Rider, Accidental Disability Rider

Riders Available

10 to 30 years
Policy Term

Policy Term

5 to 30 years

Policy Term

10 to 40 years
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Overview

Reliance Nippon Life Insurance: Overview

Reliance Nippon Life Insurance Company is among the leading private sector life insurance companies in India. It is one of the largest non-bank-supported private life insurers, serving over 10 million policyholders with a strong distribution network of 713 branches and 46,538 advisors as of March 31, 2024. The company holds a Claim Settlement Ratio of 98.74% as of March 31, 2024.

Reliance Nippon Life Insurance Company caters to your insurance needs by offering:

  • Affordable Premiums

  • Wide Scope Of Coverage

  • Customizable Plans

  • Rider Benefits

  • Enhanced Coverage Benefit Option

Riders

Riders You Can Avail with Reliance Life Insurance Plans

Name of the RidersBenefits
Reliance Life Major Surgical Benefit RiderUnder this rider, customers get coverage for 33 categories of surgeries, including major surgeries such as open heart, kidney transplant, and lung transplant.
Reliance Life Critical Condition RiderUnder this rider, the customer gets a lump-sum payout if diagnosed with any critical illness among the 25 listed diseases.
Reliance Life Family Income Benefit RiderThis rider provides regular income to the policyholder until the rider's tenure if the policyholder is diagnosed with any critical illness or permanent disability that affects their earning ability for more than 6 months.
Reliance Life Accidental Disability RiderUnder this rider, all future premiums of term plans will be waived off if the policyholder has any disability due to an accident and cannot earn for more than six months.

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Naval Goel

Reviewed By: Naval Goel

Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.

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