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Reliance Term vs Pramerica Term

COMPANY DETAILS

Reliance Term

Pramerica Term

Rating	Rating 4.6	Rating 4.6
Number of term insurance plans and add-ons	No. of Plans -	No. of Plans -
Annual Premiums Collected (2024-25)	Annual Premiums Collected (2024-25) 5710.68 Cr	Annual Premiums Collected (2024-25) 2074.43 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 99.18%%
Solvency Ratio	Solvency Ratio 2.35	Solvency Ratio 2.33
Pan India Presence	Pan India Presence 713+	Pan India Presence 134
Riders Available	Riders Available Major Surgical Benefit Rider, Critical Condition Rider, Family Income Benefit Rider, Accidental Disability Rider	Riders Available Accelerated Benefit Rider, Waiver of Premium Rider, Children's Term Insurance Rider, Return of Premium Rider, Accidental Death Benefit Rider, Accidental Total and Permanent Disability Rider
Policy Term	Policy Term 5 to 30 years	Policy Term 10 to 30 years
Inception year	Inception year 2001	Inception year 2008
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 0.039
Average claim settlement time	Average claim settlement time 15 days	Average claim settlement time 15 days
IRDAI registration number	IRDAI registration number 121	IRDAI registration number 140
Awards and recognitions	Awards and recognitions BFSI Leadership Awards 2025, ACEF Global Awards 2025, Future of Insurance Summit & Awards 2025	Awards and recognitions Red Hat Innovation Award, SKOCH Awards for tech & CSR, Economic Times Sales Championship, and recognition for its high Claim Settlement Ratio (CSR).
Recommended Videos	Reliance Term Insurance Plans: Affordable Protection with High Claim Settlement Ratio Pramerica Term Insurance Plans Overview

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.

Name of the Riders	Benefits
Pramerica Life Accidental Death Benefit Rider	Under this rider, if the policyholder dies after 180 days of the occurrence of the accident, an additional benefit equal to the rider sum assured will be payable to the nominee with immediate effect.
Pramerica Term Accidental and Total Permanent Disability Rider	Under this rider, upon the policyholder’s disability due to an accident, a rider sum assured will be paid for the treatment and managing monthly expenses.
Pramerica Term Critical Illness Rider	Under this rider, if the policyholder is diagnosed with any of the listed 36 critical illnesses, a rider sum assured will be paid to the nominee.
Pramerica Term Waiver of Premium Rider	Under Pramerica’s Life waiver of premium rider, if the policyholder is diagnosed with any of the listed 40 critical illnesses or is fully disabled due to an accident, then all future premiums of the ongoing term plan will be waived off with immediate effect.

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