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

COMPANY DETAILS Edit Nippon Life India Plans

Reliance Term

 Edit LIC Term Insurance

Lic Term
Rating
Number of term insurance plans and add-ons
Annual Premiums Collected (2024-25)

Annual Premiums Collected (2024-25)

5710.68 Cr

Annual Premiums Collected (2024-25)

848.92 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

98.9%%

Payout Options

98.15%%
Solvency Ratio

Solvency Ratio

2.35

Solvency Ratio

2.11
Pan India Presence

Pan India Presence

713+

Pan India Presence

2048
Riders Available

Riders Available

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

Riders Available

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

Policy Term

5 to 30 years

Policy Term

5 to 40 years
Inception year

Inception year

2001

Inception year

1956
Complaint ratio per ₹1 crore of premium collected

Complaint ratio per ₹1 crore of premium collected

0.135

Complaint ratio per ₹1 crore of premium collected

0.005
Average claim settlement time

Average claim settlement time

15 days

Average claim settlement time

7-15 working days
IRDAI registration number

IRDAI registration number

121

IRDAI registration number

512
Awards and recognitions

Awards and recognitions

BFSI Leadership Awards 2025, ACEF Global Awards 2025, Future of Insurance Summit & Awards 2025

Awards and recognitions

'Best Brand' at ET BFSI Awards, 'Most Trusted Insurance Brand' by Insurance Alerts, and recognitions for claim service and campaign excellence
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Overview

Reliance Term Insurance: Overview

Reliance Nippon Life Insurance is a life insurance company that provides financial protection and long-term savings solutions to help secure your family's future. Their term insurance plans have been gaining popularity due to attractive features such as affordable premiums, flexible policy terms, and tax benefits. Moreover, Reliance has been a trusted brand name for several years.

Key Features of Reliance Term Insurance Plans:

  • 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

You can avail of the following riders with your Reliance Nippon Life term insurance plans as per your needs.

Rider Name Benefits
Reliance Nippon Life Major Surgical Benefit Rider Under this rider, customers get coverage for 33 specified major surgeries, including open heart surgery, kidney transplant, and lung transplant.
Reliance Nippon Life Critical Condition Rider Under this rider, the customer gets a lump sum payout upon diagnosis of any of the 25 listed critical illnesses.
Reliance Nippon Life Family Income Benefit Rider This rider provides regular income to the policyholder if diagnosed with a critical illness or permanent disability that affects their earning ability for more than six months.
Reliance Nippon Life Accidental Disability Rider Under this rider, all future premiums for the term plan will be waived if the policyholder becomes disabled due to an accident and is unable to earn for more than six months.

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Contact PolicyX.comCall at our toll-free number 1800-4200-269Email: helpdesk@policyx.com

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LIC Term Insurance

Explore India’s best-selling Term insurance plans below

One of India's most trusted and legacy insurance brands, LIC began its journey six decades ago and serves over 250 million policyholders.

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 options
  • 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 c...

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
  • 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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