Reliance Life Term Insurance
Reliance Life Term Insurance
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Reliance Term Insurance

Reliance Nippon Life Insurance Company is one of the leading private life insurance companies in terms of individual WRP (weighted received premium) and new business WRP. It is one of the biggest non-bank supported private life insurance with a strong distribution network of 717 branches. Reliance Nippon life insurance believes in serving the customers first, which can significantly boost business growth. 

Reliance has done a tremendous job in the financial sector and thanks to the partnership with the reputed Japanese brand Nippon Life Assurance, the company has attained the title of Top 3 Most Trusted Life Insurance Service Brands. To assist your family in case of your demise and to offer several additional benefits, the company has come out with two effective yet affordable term insurance plans

Types of Reliance Term Insurance Plans

1. Reliance Nippon Life Protection Plus

Reliance Nippon Life Protection Plus is an affordable life insurance plan that provides financial protection to your loved ones in case of your unfortunate demise. Keeping specific needs in mind, the plan provides substantial life cover and multiple options to ensure that you/your family have holistic and adequate life insurance. 

Key Features

Multiple Plan Options: The plan allows you to choose from multiple variants according to your requirements.

Additional Life Cover: The plan comes out with additional life cover at key stages of life. 

 Healthy Lifestyle: The plan is available at cheaper premiums for those who enjoy a healthy lifestyle.

Tax Benefits: Tax benefits may be applicable as per prevailing income tax laws.

Death Benefit: In case of the unfortunate demise of the insured, the death benefit shall be paid to the nominee(s)/beneficiary(s) as per the plan option chosen at inception.

Eligibility Criteria

Entry age 

Whole life cover- 25 years to 55 years

All other variants: 18 years to 60 years

Maturity age

28 years to 75 years 

Policy term

10 years to 40 years

Sum assured

25 lakhs to no limit

**Last Updated on 16-09-2020

2. Reliance Nippon Life Digi-term plan

A term plan that offers great options to ensure the financial security of the family by granting timely coverage. With higher sum assured options at lower premiums and a hassle-free online settlement process, the plan is considered as the best for family protection.

Key Features

  • Life Secure: After the policyholder chooses this option, the sum assured will be payable in a lump sum on diagnosis of terminal illness or in case of the insured's demise.
  • Enhanced Life Secure: Just like the Life Secure option, this also provides a lump-sum payment of sum assured on the detection of terminal illness or 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 lump sum and a monthly income 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 lump-sum payment along with monthly income for 10 years (increasing @10% every year).
  • Whole Life Secure: This option will protect you and your family for the whole life and provide lump-sum payment of death benefit either on the demise of the policyholder or detection of a terminal illness.

Eligibility criteria

Entry age 

Whole life cover- 25 years to 55 years

All other variants: 18 years to 60 years

Maturity age

28 years to 80 years 

Premium payment term

Limited Pay: 65 less age at entry

Regular Pay: equal to the policy term 

Premium payment frequency

Yearly, Half-yearly, Quarterly and Monthly

Base sum assured

25,00,000 (multiples of 1,00,000) / No Limit, subject to Board Approved Underwriting Policy

**Last Updated on 16-09-2020

Reliance Term Insurance Riders

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 an accident.

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 a lump sum. While in case of permanent disability, the rider sum assured taken is paid into equal yearly instalments for a fixed term of 10 years.

Reliance Nippon Life Accidental Death and Disability Plus Rider

On taking this rider, your family will receive financial support through the payment of rider sum assured either in a lump sum or annual instalments for 10 years.

Reliance Nippon Life Term Life Insurance Benefit Rider 

It is a non-linked and non-participating protection rider. If you opt for this rider, the beneficiary will receive rider sum assured as a lump sum benefit.

Reliance Group Accidental Total & Permanent Disablement Rider

It is an accelerated benefit protection rider that you can attach to a base group insurance policy to cover against the financial loss due to accidental disability.

Reliance Nippon Family Income Benefit Rider Premium Rates

The rider provides adequate financial protection in the form of monthly income in case of your demise.

Reliance Nippon Life Major Surgical Benefit Rider

It offers extra coverage that can be used to enhance the basic coverage and to compensate for the medical expenses arising due to surgery with the additional sum assured. The policyholder will receive lump sum payment on any listed surgeries and the family can be rescued from financial suffering.

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.

Reliance Accidental Death Benefit and Total and Permanent Disablement Rider

It offers coverage against financial loss due to accidental total and permanent disability or even accidental death.

How To Buy Reliance Term Insurance Plans?

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

Buy via Reliance Nippon Life Insurance Company

  • Click on the tab 'Buy Online'.
  • Click on the tab 'Know More' under Reliance Nippon Life Digi-term Insurance plan.
  • Click on the tab 'Calculate' at the top right corner of the page.
  • Fill the required details.
  • Click on the tab 'Calculate'.
  • Check the premium and other details.
  • Make the payment using available payment modes.

The other Reliance term plan is not available online. You have to visit the nearest branch of the company to invest in the same.

Buy Via PolicyX.com

  • Scroll up to the 'Reliance Term Insurance Quotes Online' section present at the top-right corner of this page.
  • Fill the required details like phone number, name, and D.O.B. Click on the tab on 'Continue'.
  • Enter your Income, City and then click on 'Proceed'.
  • Please submit your education details and occupation type.
  • Analyze quotes and choose the Reliance term insurance plan.
  • Click on 'Buy this plan' under the chosen term insurance plan.
  • Check the details. Add relevant riders if needed.
  • Click on the tab 'Save & Continue'.
  • Your proposal is ready now. Click on the tab 'Pay Now'. It will redirect you to Reliance Nippon Life's website.
  • Fill the details and make the payment using available payment options.
  • The company will share the policy documents on the registered email ID.

What Is The Claim Process of Reliance Term Insurance?

  • Policyholder/Nominee has to visit the nearest branch of the company.
  • Collect the claim form and initiate the claim with the help representative of the company
  • Submit the required documents.
  • Let the company examine your file and they will disclose the result accordingly.
  • If it gets approved, the company will transfer the amount directly to the registered account.
  • If it gets rejected, the company will inform the party over the call/SMS/post.

Documents Required To Register The Reliance Term Insurance Claim

  • Claimant Statement/Claim intimation form duly filled and attested by the claimant.
  • Death certificate (original as well as photocopies) issued by a local authority in your area.
  • Identity proof and address proof of the claimant.
  • Cancelled cheque or the photocopy of the claimant's passbook.

FAQs

1. How to track a Reliance Term Insurance claim status?

You can track your claim by visiting the official website of the company and login into your online policy account. You can also check the same at the nearest branch of the company.

2. What happens if I discontinue paying the Reliance term insurance premium?

The policy will get lapse if the premiums are not paid within the grace period (30 days). However, you have the option to revive the policy within three years from the lapsed date (as per the revival conditions).

3. Are there any exclusions in the Reliance Term Insurance policy?

The company will not pay any claim on death if the life assured, whether sane or insane, commits suicide within 12 months from the date of issue of this policy or the date of reinstatement of the policy.

Last updated on 16-09-2020