Reliance Life Insurance

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About Reliance Life Insurance

Reliance Nippon Life insurance Company was established on 14th May 2001 and is an integrated part of Reliance Capital. The company is rated amongst the Top 3 Most Trusted Life Insurance Service Brands by Brand Equity's Most Trusted Brands Survey 2018. Reliance Nippon serves seven different segments of life insurance plans, namely Term insurance, Retirement, Health, Saving & Investment, Child Insurance, Unit-linked plans, and plans for Groups/Corporate entities.

Some of the achievements of Reliance Life is mentioned below:

awards
  • Recognized among the Best in Insurance
  • Ranked in the Top 50 of India's Best Companies to Work
  • Best Digital Customer Experience Award of the Year in Insurance
  • CHRO of the Year (Special Mention) Award-Srinivas Ladwa, CHRO, RNLIC

Key Features of Reliance Life Insurance

With the availability of so many life insurance companies in India, choosing an ideal one can be a hectic task.

Before choosing any life insurance company, you need to read about the company's factors such as claim settlement ratio, solvency ratio, market share and operating network.

These 4 features play a crucial part in helping you to select the ideal company according to your needs and requirements.

Find out more about the company:

1 Claim Settlement Ratio

As per the IRDAI Annual Report of 2019-20, the CSR of Reliance Life Insurance is 98.12%.

Take a look at the below graph to get an insight into the CSR of Reliance Life from the last 4 years:

Graph Showcasing Claim Settlement Ratio of Reliance Life from 2016-20

Graph Showcasing Claim Settlement Ratio of Reliance Life from 2016-20

***Data has been sourced from IRDAI's annual report of 2019-20

To make it easier for you to understand, we are representing a graphical illustration of Reliance Life insurance and other top life insurance companies based on claim settlement ratio.

Reliance Life Insurance And The Other Top Life Insurance Companies Based On CSR.

Reliance Life Insurance And The Other Top Life Insurance Companies Based On CSR.

***Data has been sourced from IRDAI's annual report of 2019-20

2 Solvency Ratio

A solvency ratio helps a potential buyer to measure the company's ability to manage its short-term and long-term liabilities. As per IRDAI, it is now mandatory for every life insurance company to maintain a solvency ratio of 1.5. As per the latest IRDAI Report 2019- 2020, the Solvency Ratio of Reliance Life Insurance stands at 2.41. Take a look at the below graph to understand where Reliance Life stands in maintaining a healthy solvency ratio:

Solvency Ratio of Reliance Life from 2016-2020

Solvency Ratio of Reliance Life from 2016-2020

***Data has been sourced from IRDAI's annual report

3 Market Share

The market share of the company determines its business volume and indicates the total number of policies sold by an insurance company and the premiums collected. As per IRDAI Annual Report 2019-20, the company's Annual Gross Premium is 1006.11 crores.

Take a look at the below graph to get a clear picture of the company’s growth from 2016-2020.

Market Share of Reliance Life from 2016-2020

Market Share of Reliance Life from 2016-2020

***Data has been sourced from IRDAI's annual report

4 Operating Networks

The company offers PAN India presence with its 713 extensive networks of offices and a team of 42,604 advisors.

Types Of Plans Offered by Reliance Life Insurance

To cater to the different insurance needs of an individual, the company offers 25 Life Insurance products. These plans are designed to offer you coverage for every aspect of your life.

Take a look at the below table to explore all the plans offered by the company under different categories:

Product CategoriesNames of Plans
Term Insurance PlansReliance Nippon Life Protection Plus
Reliance Nippon Life Digi-Term Insurance Plan
Reliance Nippon Life Saral Jeevan Bima
Child PlanReliance Nippon Child Insurance Plan
ULIPReliance Nippon Life Smart Savings Insurance Plan
Reliance Nippon Life Prosperity Plus
Reliance Nippon Life Premier Wealth Insurance Plan
Reliance Nippon Life Classic Plan II
Retirement PlansReliance Nippon Life Immediate Annuity Plan
Reliance Nippon Life Smart Pension Plan
Savings & Investment PlansReliance Nippon Life Super Bachat Plus Suraksha Plan
Reliance Nippon Life Milestone Plan
Reliance Nippon Life Super Endowment Plan
Reliance Nippon Life Lifelong Savings
Reliance Nippon Life Super Money Back Plan
Reliance Nippon Life Increasing Money Back Plan
Reliance Nippon Life Future Income
Reliance Nippon Life Fixed Money Back
Reliance Nippon Life Increasing Income Insurance Plan
Reliance Nippon Life Bluechip Savings Insurance Plan
Reliance Nippon Life Fixed Savings
Reliance Life’s Guaranteed Money Back Plan
Group Insurance PlansRNL Group Unit-linked Employee Benefit Plan
RNL Group Term Assurance Plus
RNL Group Unit Linked Employees Benefits Plan

How To Buy Reliance Life Insurance Plans?

You can invest in the Reliance Life insurance plans in two ways- through the official website of the company or PolicyX.Com. Let's discuss both in detail.

Buying From Reliance Term Plan
Buying From Policyx Website Reliance Term Plan

How To File A Claim For Reliance Nippon Life Insurance?

Reliance Nippon Life Insurance: Claim Settlement Process

  1. Claim Intimation

    The beneficiary of the policyholder is required to intimate the claim to the insurer. Then he/she needs to fill the claim form as per the selected category such as death, terminal illness, critical illness, accidental disability, etc.

  2. Verification Procedure

    On receiving the documents, the insurer proceeds with the verification process and may contact the beneficiary for details and information regarding the claim.

  3. Documents Required

    The required documents asked by the insurer should be submitted along with the claim form such as death certificate, doctor's certificate, physician/medical practitioner's statement, etc., and identity proofs like Aadhar card, Voter ID, PAN card, etc. The documents submitted should be original or xerox copies (duly attested by Gazetted Officer).

  4. Settlement Payout

    After successful completion of the verification process and if all the relevant documents are found true to their knowledge, the sum assured will be transferred to the beneficiary's bank account within 10 working days. Reliance Nippon Life Insurance company ensures complete clarity and transparency to minimize any possible frauds and financial disagreements.

Reliance Nippon Life Insurance: Contact Details

Contact Address: Reliance Nippon Life Insurance Reliance Centre, 5th Floor, Off. Western Express Highway, Santacruz (East), Mumbai - 400055.

Customer Support Phone: 1800-102-1010 [Toll-Free Customer Care Number (Pan India)] (9:00 am to 6:00 pm; Monday to Saturday)

(+91) 022 4882 7000 [Customer Care Number for Customers residing outside India]

1800 102 3330 [For Claim Related Queries Only]

E-mail: rnlife[dot]customerservice[at]relianceada(dot)com.

FAQs

1. Can I make a partial withdrawal from my Reliance Nippon Life Classic Plan II insurance plan?

Yes, after the completion of the lock-in period, you can make partial withdrawals for Reliance Nippon Life Classic Plan II.

2. Are there any loyalty additions for my RNLI Group Unit-linked Employee Benefits plan?

Yes, there loyalty additions for the RNLI Group Unit-linked Employee Benefits plan. On completing each policy year, the policy shall accrue a loyalty bonus and added to the policy.

3. May I know how much increment in sum assured will be there if I choose the 'increasing cover plan' option?

The base sum assured for the 'increasing cover plan' option in Reliance Nippon Life Protection Plus policy increases by a simple rate of 5% per annum on every policy anniversary subject to a maximum increase of 100% of the chosen sum assured amount.

4. Is there any rider option available for Reliance Nippon Life Immediate Annuity Plan?

No, there is no rider option available for Reliance Nippon Life Immediate Annuity Plan.

5. Can I cancel my Reliance life insurance policy?

You can cancel your policy after completing the lock-in period as per the terms and conditions of the Reliance life insurance policy. You need to submit the duly filled and signed surrender request form, policy documents, bank account details for refund of the paid amount and a self-attested copy of KYC information.

6. To whom I need to contact in case I want to change my mobile number in my Reliance life insurance policy?

All you need to do is to place a request to Reliance customer service (rlife[dot]customerservice[at]relianceada[dot]com) from your registered email id along with the policy number. The support team will make the necessary changes and send the confirmation once done.

7. How can I check the policy status of my Reliance life insurance plan?

You can check your policy status by logging into the official website of Reliance Nippon Life by using your registered email id and password or send an email to customer support or you can place a request via call else you can directly visit the Reliance Life Insurance nearest branch.

8. Is there any mobile application available for Reliance life insurance policies?

Yes, there is an application, viz., Reliance life insurance available.

9. How to pay premiums online for my Reliance life insurance policy?

Login to your Reliance lifeline account with the registered email id and password and select the policy which is due for payment and makes the payment choosing from different online modes of payment available such as net banking, credit/debit card, e-wallets, etc.

10. Do I need to claim a maturity benefit for my Reliance life insurance plan?

No, you do not need to claim a maturity benefit for Reliance life insurance. It will be directly paid by the company on the maturity date of the policy.

11. Is there any loan facility available for my Reliance Nippon Life Increasing Money Back Plan?

Yes, a loan facility is available for Reliance Nippon Life Increasing Money Back Plan.

12. Do Reliance Nippon life insurance policies offer waiver of premium benefit?

Yes, Reliance Nippon life insurance policies offer a waiver of premium benefit on their savings and investment plans.

13. May I whether I can convert my maturity payout to a regular income facility for my Reliance Nippon Life Milestone Plan?

Yes, there is a settlement option applicable to convert maturity payout in a regular income facility for my Reliance Nippon Life Milestone Plan.

14. What are the different riders available for my Reliance Nippon Life Future Income plan?

The different riders available for the Reliance Nippon Life Future Income plan are as follows:

  • Accidental Death Benefit Rider
  • Accidental Death and Disability Rider
  • Accidental Death and Disability Plus Rider

15. Will I be payable the income benefit after the premium payment term also for my Reliance Life Future Income plan?

No, the income benefit will not be payable after the premium payment term and also the last policy year.

16. When will I receive wealth boosters for my Reliance Nippon Life Premier Wealth Insurance Plan?

You will receive wealth boosters from the 8th policy year for Reliance Nippon Life Premier Wealth Insurance Plan.

Find Out What Customers Are Saying

(Showing latest 5 reviews only)

- 4.3/5 (6 Total Rating)

September 21, 2021

Nimrat Sakhuja

Mumbai

If you are looking to buy a Life insurance policy, go for Reliance Life Insurance company. Just go for it. Please meri bat mano aaj hi kharid lo.

September 3, 2021

Hansika Tiwari

Meerut

Reliance is a renowned life insurance company, and that s why we brought its life insurance plan. I am happy with the way it works and supports its customers.

September 21, 2021

Dhruvi Kukreja

Delhi

I decided to buy term life insurance from Reliance Life Insurance. The main reason to go for it was that it was one of the best policies and its claim settlement ratio was among the top 5 insurance companies. I am happy with the service and my decision of choosing it as well. Thank you PolicyX for making my purchase easier.

August 23, 2021

Raghav Baruah

Mumbai

had a superb chat about getting a term insurance plan from Relaince. Had lil to no idea and think im in a good position to purchase one now! thanks team :)))

Last updated on August, 2021

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