Reliance Term
vs
Lic Term

  • Multiple policy tenure to choose from
  • Premiums starting @Rs 15/day
  • 30-day grace period
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Reliance Term vs Lic Term

Reliance Term

Reliance Nippon Term Insurance is one of the largest non-banks-supported private life insurers with over 10 million policyholders and 713 branches.

Lic Term

One of the most trusted and legacy insurance names. LIC started its journey 6 decades ago and more than 250 million people are associated with the brand.

COMPANY DETAILS Edit Reliance Nippon Term Insurance Plans

Reliance Term

 Edit LIC Term Insurance

Lic Term
Rating
Number of term insurance plans and add-ons
Annual Premiums Collected (2023-24)

Annual Premiums Collected (2023-24)

5122.1 Cr

Annual Premiums Collected (2023-24)

Rs 474668.14 crores
Payout Options

Payout Options

Lump sum, monthly, or a combination of both

Payout Options

Lump sum, monthly, or a combination of both
Claim ratio

Payout Options

98.6%

Payout Options

98.6%
Solvency Ratio

Solvency Ratio

2.3

Solvency Ratio

1.8
Pan India Presence

Pan India Presence

713+

Pan India Presence

2000+
Riders Available

Riders Available

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

Riders Available

Accidental Death and Disability Benefits Rider, Accidental Death Benefits Rider, Critical Illness Rider, Premium Waiver Benefit Rider
Policy Term

Policy Term

5 to 30 years

Policy Term

5 to 35 years

Know More About Companies

Overview

Reliance Term Insurance: Overview

Reliance Nippon a joint venture between Reliance Capital and Nippon Life Insurance, offers a range of insurance products such as savings, investments, retirement, child, ULIPs and term insurance plans. Their term insurance plans have been gaining popularity due to their attractive features such as affordable premiums, flexible policy terms, tax benefits, and more.

What are some of the
Benefits
that set them apart?

  • Early return of premium

  • Income benefit

  • Increasing cover option

  • Life cover plus income plan

  • Affordable premiums

  • Special premiums for women and non-smokers

Riders

Riders You Can Avail With Reliance life term insurance Plans

Name of the Riders Benefits
Reliance Life Major Surgical Benefit Rider Under this rider, the customers get coverage for the 33 different categories of surgeries, which include major surgeries such as open heart, kidney transplant, and lung transplant.
Reliance Life Critical Condition Rider Under this rider, the customer gets a lumpsum payout if diagnosed with any critical illness among the 25 listed diseases.
Reliance Life Family Income Benefit Rider This 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 the policyholder's earning ability for more than 6 months.
Reliance Life Accidental Disability Rider Under this rider, all the future premiums of term plans will be waived off if the policyholder has any disability due to an accident and can't earn for more than six months.

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LIC Term Insurance

Explore India’s best-selling Term insurance plans below

One of the most trusted and legacy insurance names. LIC started its journey 6 decades ago and more than 250 million people are associated with the brand.

LIC Jeevan Amar

LIC Jeevan Amar

LIC Jeevan Amar plan is a non-linked, non-participating, without profit, offline pure protection term insurance plan. With several benefits, LIC Jeeva...

Unique Features

  • Rebate on High Sum Assured
  • Discounted Premium for Women
  • Add-on cover with Accident Benefit Rider

LIC Jeevan Amar (Pros)

LIC Jeevan Amar
  • Choose your policy term
  • Flexibility to choose from two benefit
  • Special rates for women

LIC Jeevan Amar (Cons)

LIC Jeevan Amar
  • No maturity benefits
  • No survival benefits
  • No policy loan

LIC Jeevan Amar (Other Benefits)

LIC Jeevan Amar
  • High sum assured rebate
  • Choose the riders of your choice
  • Attractive premium rates for non-smokers

LIC Jeevan Amar (Eligibility Criteria)

LIC Jeevan Amar
  • Entry age - 18 years
  • Max entry age - 65 years
  • Min sum assured - 25 lakhs
  • Max maturity age - 80 years
  • PPT - RP/SP/LP

LIC Tech Term Plan

LIC Tech Term Plan

LIC's Tech Term plan is a non-linked, non-participating online, pure risk premium plan, that provides financial protection to the insured's family in ...

Unique Features

  • Online Application
  • Rebate on High Sum Assured
  • Lower Premium for Women

LIC Tech Term Plan (Pros)

LIC Tech Term Plan
  • Choose from two benefit options
  • Opt for payment of benefit in installments
  • Special rates for women

LIC Tech Term Plan (Cons)

LIC Tech Term Plan
  • No maturity benefits
  • No survival benefits
  • No policy loan

LIC Tech Term Plan (Other Benefits)

LIC Tech Term Plan
  • High sum assured rebate
  • Choose your policy term
  • Enhance your protection with riders

LIC Tech Term Plan (Eligibility Criteria)

LIC Tech Term Plan
  • Entry age - 18 years
  • Max entry age - 65 years
  • Min sum assured - 50 lakhs
  • Max maturity age - 80 years
  • PPT - RP/SP/LP

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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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