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Reliance Life Term Insurance
  • Maturity Benefit Equal to 50%
  • Inbuilt Terminal Illnesses Benefit
  • Sum Assured On Death
  • Easy Payment Process
  • Tax Benefit Under 80C & 10D

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Reliance Term Insurance

We cannot prognosticate that ‘What is going to happen in the future?’. So, it is better to ensure your protection from future eventualities by taking measures in advance through investment in Reliance term insurance. Reliance Nippon Term Insurance provides the best term plans that accomplishes the financial protection goals of each generation.

Reliance Nippon life insurance believes in serving the customer first which can significantly boost the business growth. Reliance has done a tremendous job in the financial sector and with the partnership with the reputed japenese brand Nippon Life Assurance, the company has attained the title of Top 3 Most Trusted Life Insurance Service Brands.

Why choose Reliance Term Insurance?

  • Claim Settlement Ratio: Reliance Nippon life insurance registers the claim settlement ratio of 95.17% for the current financial year. The fast and easy claim settlement service, Reliance Nippon has become the choice of millions and is known to be the most trusted brand under the insurance category.
  • Customer Satisfaction Ratio: The company prioritizes each customer in resolving their issues related to the term insurance. Due to these values of servicing, the company has achieved a strength of 10 million happy customers
  • Tax benefits: The term insurance plans under Reliance Nippon offers tax exemptions for the premiums paid for a term plan. The policyholder will receive a deduction in the annual payment of income tax for the salary/ income earned every year from any business or service.
  • Flexible Term Plans: Reliance Nippon term plans offer distinct policy terms, premium paying term, and premium paying modes where the policyholder has the freedom to choose. Also, the company provides additional protection riders for extra financial assistance during uncertainties.
  • Awards and Accolades: With growing image of Reliance Nippon in the insurance market, the company has attracted many awards titles. Some of them are ‘Insurance company of the year 2019’, “Claims Service Of The Year 2019- Large (Private Sector)”, “RNLIC- Asia's Greatest Brands 2018”, “Best Life Insurance Company - 2018” by ET Now BFSI Awards.
  • Band with higher credibility: When you buy a term insurance from any insurance company, the first thing to review is the credibility of the company to pay the claims. Reliance with a net worth of Rs 70,500 crores and over 7.2 million shareholders along with a position in the Global Fortune 500 list, is enough to prove its credibility.

Types of Reliance Nippon Term Plans

1. Reliance Nippon Life Digi-term plan

A term plan that offers unlimited options to ensure the financial security of the family by granting timely coverage without any respite. With higher sum assured options at lower premiums and hassle-free online settlement process, the plan is considered as the best term insurance plan for family protection.

Features:

The Digi-term plan of Reliance Nippon offers various options and pay the benefits according to the option selected at the inception of the policy.

  • Life Secure: After the policyholder chooses this option, the sum assured will be payable in lumpsum on diagnosis of terminal illness or on the event of death
  • Enhanced Life Secure: Just like the Life Secure option, this also provides a lumpsum payment of sum assured on terminal illness detection or of death. However, the sum assured in this option will keep on rising at a simple interest of 5% p.a. The maximum percentage of increase should not cross 100% of the basic sum assured.
  • Life & Income Secure (Level Income Benefit): Here, the death/ terminal illness benefit is payable in both lumpsum and monthly income of the sum assured as opted by the policyholder. The monthly income payable is equal to 0.5% of the sum assured that is paid for 10 continuous years.
  • Life & Income Secure (Increasing Income Benefit): The main feature of this option is the increasing monthly income which is paid on the death or investigation of the terminal illness by a medical practitioner. The assigned nominee of the deceased assured will receive lumpsum payment along with monthly income for 10 years increasing @10% every year.
  • Life Secure with Return of Premium (50%): Most of the term insurance plans do not cover maturity benefit, but by choosing this option the assured can easily gain 50% of the premium paid as the maturity benefit. This applies only when the life assured survives till the maturity date of the policy term.
  • Life Secure with Return of Premium (100%): Reliance Nippon will return 100% of the premiums paid during the term of the policy if the policyholder lives till the end of policy. Also, if death occurs before the maturity, the whole sum assured will be credited to the account of nominee in lumpsum.
  • Whole Life Secure: This option will protect you and our family for the whole of life and provide lumpsum payment of death benefit either on demise or detection of terminal illness.

Special Benefits:

  • Get higher coverage (of Rs 1 crore) at a minimal premium cost of Rs 5,772 per year.
  • On death of life assured, get 100% of the agreed sum assured on raising a claim.
  • Return of total premiums paid if the term insurance policy arrives at the maturity stage.
  • Increase the amount of sum assured up to 50% when you need more funds to meet the growing expenses emerging from events like marriage, childbirth, and legal adoption.

2. Reliance Nippon Life Term Plan

An extremely affordable and worthwhile term plan that offers financial protection from unforeseen incidents through a comprehensive range of sum assured available at a cheaper cost premiums.

Special Features:

  • Minimal cost of premium starting from Rs 2000 annually.
  • Flexible premium paying mode and policy term which can be preferred according to the protection demands of a policyholder.
  • A guaranteed death benefit equal to 100% of the sum assured is payable as ton the date of death or any discovery of terminal illness whichever occurs first.
  • Get additional security from 25 critical illnesses such as cancer (of specific nature), first heart attack, paralysis, major organ transplant, etc.
  • With the help of Accidental Death Benefit Rider, the nominee can obtain an additional sum assured in combination to the base sum assured. This rider can be attached with supply of extra premium.
  • Waiver of premium if the assured get completely paralyzed or disabled due to an accident. An extra premium has to be paid to avail this benefit termed as Accidental Death and Disability Plus Rider.

Eligibility Criteria for Reliance Term Insurance

Reliance Term Insurance Plans Reliance Nippon Life Digi-term plan Reliance Nippon Life Term Plan
Minimum Age of Entry 18 years 21 years
Maximum Age of Entry 60 years 60 years
Maximum Age of Maturity 28 years to 80 years 26 years to 65 years
Term of the Policy Whole life (for Whole Life Secure)
10 years to 35 years (for Life Secure with Return of Premium (50%) & Life Secure with Return of Premium (100%))
10 years to 40 years (for all other options)
5 years to 30 years
Minimum Sum Assured Rs 25 lakhs (in multiples of 1 lakh) Rs 5 lakhs
Maximum Sum Assured No Limitations No limitations
Premium Paying Term Regular Pay (same as the policy term)
Limited Pay: 65 years less Age of Entry
Same as the policy term
Premium Paying Frequency Yearly/ Half Yearly/ Quarterly/ Monthly Yearly/ Half Yearly/ Quarterly

Reliance Term Insurance Riders

1. Reliance Nippon Life Accidental Death Benefit Rider

The benefit of this rider will be paid to the nominee on the death of the life assured caused solely due to accidents.

Conditions:

  • The age of entry must be in between 18 years to 65 years to avail this rider
  • Maturity age can vary between 23 years to 70 years.
  • A minimum of Rs 50,000 of sum assured is available whereas there is no limit on maximum sum assured.
  • The premium paying options applicable are-Single pay, Regular Pay and Limited Pay.
  • Policy term can be chosen from 5 years to 52 years. For limited pay, it is 6 years to 52 years.
  • The rider is available under both Reliance term plans.

2. Reliance Nippon Life Accidental Death and Disability Rider

When this rider is attached to the base policy, the cover becomes more lucrative for the family and the assured. Here, the death benefit on accidental death is paid in lumpsum. While in case of permanent disability, the rider sum assured taken is paid into equal yearly installments for a fixed term of 10 years.

Conditions:

  • If the insured's age falls between 18 years to 65 years, then he/ she is eligible to buy the rider.
  • Minimum sum assured available is Rs 50,000 and the maximum is unlimited.
  • Premiums can be submitted through single pay/ regular pay (equal to policy term)/ Limited pay (for 6 years to 52 years).
  • The rider is applicable to both Reliance term plans.
  • The disabilities that are accepted and given coverage under the Reliance term insurance are-
    1. The irreplaceable loss of both the eyesight.
    2. Loss of two limbs (hands or above wrist, foot or above ankle)
    3. Irreparable loss of sight of one eye and complete loss of one hand or one foot.

3. Reliance Nippon Life Accidental Death and Disability Plus Rider

On taking this rider, the assured can safeguard the family from uncertain death and permanent disability through payment of rider sum assured either in lumpsum or annual installments for 10 years.

Conditions:

  • Anybody between 18 years to 65 years can purchase this rider
  • Maturity Age is between 23 years to 70 years.
  • Premium can be paid regularly which equal to policy term. However, if policyholders don’t want to pay regularly then limited Pay must be selected.
  • The accidental death must result within 180 days after the accident took place.
  • The rider can attached to both Reliance term plans.
  • A policyholder is declared as disabled if he/ she accomplishes any of the one conditions listed below-
    1. The irreplaceable loss of both the eyesight.
    2. Loss of two limbs (hands or above wrist, foot or above ankle)
    3. Irreparable loss of sight of one eye and complete loss of one hand or one foot.

4. Reliance Nippon Life Major Surgical Benefit Rider

An extra coverage which can be used to enhance the basic coverage and to compensate the medical expenses arising due to surgery with the additional sum assured. The assured will receive lumpsum payment on any listed surgeries and the family can be rescued from financial suffering.

Which Surgeries are covered?

Major Repair of Multiples Ruptures due to Trauma Aorta Excision and Insertion of Graft for Aortic Aneurysm Cornea transplantation due to Trauma Pancreatico-Duodenectomy
Carotid Endarterectomy Pulmonary Embolectomy using Cardiopulmonary Bypass Bone Marrow Transplant(as recipient) Partial Gastrectomy
Coronary Artery Bypass Graft for Coronary Artery disease Open Reduction and Internal Fixation of Fractures Clipping of Aneurysm / Arterio-venous Malformation Open Heart surgery
Craniofacial Resection (head & face Core Decompression for Avascular Necrosis Kidney Transplant for complete Renal failure Laryngectomy with radical Neck Dissection/Block Dissection
Traumatic Amputation Major Repair/Transplant (liver) Transplant of Lungs/ Combined Heart Lung Transplant Wide Excision and Major Reconstruction (mouth)
Open Reduction and Fixation of Compound Fracture Anastomosis of the Pancreatic Duct to Bowel due to Non alcoholic Chronic Pancreatitis Total Pharyngectomy (for Pharynx) Compound Fracture with Dural Penetration
Osteoplastic Craniotomy / Extensive Craniectomy for Intracranial Haemorrhage Total / Proximal Gastrectomy Total Pelvic Exenteration Bypass for Portal Hypertension
Radical Excision of Malignant Tumour Excision and Insertion of Graft for Aortic Aneurysm Decompression / Removal via Craniotomy for Intra and Extra cerebral Tumour (brain) Total Esophagectomy (for esophagus)
Major reconstructive surgery due to Trauma or burns

Conditions:

  • A maximum of 100% of rider benefit is payable on the treatment of any surgeries during the whole policy term.
  • The surgery for which treatment is taken must be listed in the above table of 33 surgeries by Reliance Nippon.
  • Extra premium rate will be decided according to the age and policy term chosen.
  • Minimum Sum assured is Rs 10,000 and the maximum should not be more than basic sum assured.
  • Minimum age should be 18 years and maximum is 65 years.
  • The rider can be taken for a period of 5 years to 25 years and premium paying term is equal to the rider term.
  • Rider is available only for Reliance Nippon Life Term Plan.

5. Reliance Nippon Life Critical Conditions (25) Rider

The rider is exclusively made to secure the lives of the policyholder from 25 critical illnesses by providing additional sum assured on the detection of any illness.

How many Critical Illnesses conditions are covered?

Cancer Coma, Coronary, Artery By-pass Graft Heart Attack (Myocardial Infarction), Apallic Syndrome (Vegetative State)
Stroke Surgery for a Disease of the Aorta Renal Failure Primary Pulmonary Arterial Hypertension Major Burns
Heart Valve Replacement Major Organ Transplant Paralysis Blindness End Stage Liver Disease
Benign Brain Tumor Loss of Speech Parkinson’s disease (before age 61 Alzheimer’s disease (before age 61), Major Head Trauma
Systemic Lupus Erythematosus Multiple Sclerosis Motor Neurone Disease End Stage Lung Disease Aplastic Anaemia

Conditions:

  • To purchase this rider the policyholder must be between 18 years to 65 years.
  • Renewal of rider can be done throughout the life of the assured up to 99 years.
  • Maximum sum assured must be equal to Rs 20 lakhs and not more than that. Minimum sum assured available is Rs 10,000.
  • The critical illness for which claim is made must be from 25 critical illness highlighted in the table above.
  • Rider can be attached at any time either at inception or during the policy term.
  • This rider can be attached only with Reliance Nippon Life Term Plan.

6. Reliance Nippon Life Critical Conditions (25) Rider

The rider is exclusively made to secure the lives of the policyholder from 25 critical illnesses by providing additional sum assured on the detection of any illness.

FAQs

1. What documents are needed for claim settlement process for Reliance term plan?

  • Claim Form A to be filled by the Nominee / Claimant
  • Claim Form B - Certificate to be filled, attested and stamped by the treating medical practitioner.
  • Claim form C to be submitted by a person by a person other than the nominee who knew about the deceased assured.
  • Original policy document
  • Original Death Certificate issued by local Municipal Corporation or Competent Authority
  • Copy of all Medical / Hospital records (Admission Notes, Discharge / Death Summary, Test Reports, etc.)
  • Copy of Medico-Legal Cause of Death certificate by the doctor confirming cause of death
  • KYC Document of Nominee / Claimant
  • Bank details of Nominee / Claimant (Personalized canceled Cheque or Completed Bank Authorization Form, attested by the Bank, along with a self-attested copy of Passbook / Bank Statement with IFSC and Bank Account number mentioned thereon)

2. What are the additional documents necessary for critical illness claim/ accidental death claim?

  • Viscera Reports/ Chemical Analysis Report as applicable.
  • First Information Report (FIR) and Final Police Investigation Report (FPIR)
  • Post Mortem Report
  • Occupation Income documents/ Employer’s Certificate
  • Driving license photocopy of the assured (applicable if the vehicle is in control of assured and Accident and Disability Benefit Rider has been attached to the policy)

3. How claims can be notified and within what time period the company must be informed?

The claims must be informed and lodged with the nearest branch of the Reliance Nippon life insurance for a hassle-free claim process

Also, the company does not specify any time limit for claim intimation but as a responsible policyholder, the claim must be notified within 3 to 4 months of death.

4.What is the claim settlement process of Reliance Nippon term insurance for death/ accidental/ critical illness claim?

  • Inform the company about the claim and all the related information related to it. The claim should be notified at any branch of Reliance Nippon located nearby.
  • Gather and Submit all the important documents required for a particular claim. Additional documents can be asked if the proofs are inadequate.
  • The company will scrutinize each document and check the credibility of the proofs submitted. The company will approve the claim by sending an SMS to the nominee’s mobile number.
  • Next, the payment for the approved claim will be made within a stated time period.
  • The nominee will be informed about the payment and the claim amount is directly transacted to the bank account of the nominee.

5. How the claim decision is communicated by the company?

The nominee will be notified about the acceptance of claim through a written letter.

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