Reliance Term Insurance plan ensures that your family can live independently even after your demise. The company offers two-term insurance plans that financially secure your family. It also provides the needful cover with a high sum assured at nominal prices.
The Reliance Term Plan offers easy-to-understand term plans that provide sufficient coverage depending on your needs and requirements. These plans are designed to protect your loved ones in the event of any unforeseeable occurrence.
Continue reading to explore more about the term plans offered by Reliance Life.
Key Features of Reliance Term Insurance
Do remember to check the company's overall performance before buying a term plan. Below mentioned are some of the parameters that will give you an insight into the company's performance and will help you to make the right decision:
Annual Premium: The annual premium of the company determines its growth and business volume. As per the IRDAI annual report 2020-21, the annual premium of the company is 4,736.45 Crores
Solvency Ratio: A Solvency Ratio helps a potential buyer to measure the company's ability to manage its short-term and long-term liabilities. The solvency ratio of Reliance Life Insurance stands at 2.28. (Mandated to be maintained at 1.5 by the IRDAI).
Claim Settlement Ratio: The Claim Settlement Ratio or CSR of the company helps in assessing the claim settling performance of the company. The higher the CSR, the higher the chances that your beneficiary will get their claims settled easily. As per the IRDAI report, the CSR of Reliance Term Insurance is 98.49%.
All You Need To Know About Reliance Term Insurance? Find complete details in one go!
Reliance term plans come with several benefits to the policyholders. Lets look at some of the benefits offered by the company:
Protection: The term insurance plans by Reliance allow the family to clear any payoffs like mortgages, loans or medical expenses for serious illnesses so that there is no financial burden after the demise of the policyholder.
Leverage for non-smokers: The plan offers lower premiums for non-tobacco consumers with healthy lifestyles.
Flexibility: Reliance Term Plans allow you to customize your plans as per your needs and requirements.
Tax Benefits: Reliance offers the term insurance plans that help the policyholder avail tax benefits on the premiums paid towards the policy under Section 80C of the Income Tax Act, 1961.
Reliance Term Insurance Plans
Reliance Nippon Life Protection Plus
Reliance Nippon Life Protection Plus Plan is a non-linked, non-participating affordable life insurance plan that provides life cover and multiple options to choose from.
Multiple Plan Options
Additional Life Cover
Low premiums for healthy people
Reliance Nippon Life Saral Jeevan Bima
Reliance Life Saral Jeevan Bima is a standard term plan that looks after your family's financial needs by paying a lump sum after your demise.
You can buy a Reliance Life Insurance term plan from the official website of the company or from PolicyX.com. Let's discuss it in detail.
Through the Official Website of Reliance Nippon
Visit the Reliance Nippon Life Insurance Company's official website and scroll down to the end of the page.
Click on the "Buy Online" tab under Popular Links.
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 in the required details, and click on the tab 'Calculate'.
Check the premium and other details.
Make the payment using available payment modes.
**The other Reliance Life Insurance term plans are not available online. You have to visit the nearest branch of the company to invest in the same.
Scroll up to the 'Reliance Term Insurance Quotes Online' section present at the top-right corner of this page.
Fill in the required details and click on proceed.
Analyze quotes and choose the Reliance term insurance plan.
Click on 'Buy this plan' under the chosen term insurance plan. Add riders if you want.
Click on the tab 'Save & Continue'.
Click on the tab 'Pay Now'. It will redirect you to Reliance Nippon Life's website.
Fill in 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 Settlement Process of Reliance Life Term Plans?
For the claim settlement process, a claimant or beneficiary needs to:
Visit the nearest branch of Reliance Nippon, collect the claim form and initiate the claim with the help of the 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.
Documents Required for Claim Intimation
Claim Form A - to be filled by the nominee/claimant.
Claim Form B - Medical Attendant Certificate to be filled, signed and stamped by the treating doctor.
Claim form C - Certificate of Identity to be filled by the person who knew the deceased other than nominee/claimant.
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
Original Policy document.
KYC document of the nominee/claimant.
Bank details of the nominee/claimant (personalized cancelled cheque or completed bank authorization form, attested by the Bank, along with a self-attested copy of passbook/bank statement with IFSC code and bank account number mentioned thereon).
How to Contact Reliance Life Insurance Company?
Reliance Nippon Life Insurance Reliance Centre, 5th Floor, Off. Western Express Highway, Santacruz (East), Mumbai - 400055.
1800-102-1010 [Toll-Free Customer Care Number (Pan India)] (9:00 am to 6:00 pm; Monday to Saturday)
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.
4. How soon can I expect my Reliance Term Insurance plans claims to get settled?
The company promises to settle the claims of your Reliance Term Plan in 10 days, provided all the important information is submitted to the company and where 4 or more annual premiums have been paid.
5. How can I revive my lapsed Reliance Term Plan?
To revive your lapsed Reliance Term Insurance within 2 years from the due date of the first unpaid premium. To revive your policy you need to pay all the outstanding premiums along with the additional interest.
6. Does Reliance Term Policy offer any Tax Benefits?
Yes, one can avail a tax benefit on the premiums paid under Section 80C of the Income Tax Act, 1961.
Reliance Term Insurance Reviews
Read what our customers have to say about Reliance term insurance company
February 24, 2022
Good company. People are nice there. I am a single mother and detected with cancer so i got critical illness rider money for my treatment
February 18, 2022
Good service. I was not having knowledge and my husband passed away. Company gave me complete return of my husband saving
September 29, 2021
Nice company. Understands the need of its customers. And offers various plans to us. Keep it up Reliance.
September 21, 2021
If you are looking to buy a Life insurance policy, go for Reliance Life Insurance company. Just go for it. Please meri bat mano aaj hi kharid lo.
September 3, 2021
Reliance is a renowned life insurance company, and that s why we brought its life insurance plan. I am happy with the way it works and supports its customers.
September 21, 2021
I decided to buy term life insurance from Reliance Life Insurance. The main reason to go for it was that it was one of the best policies and its claim settlement ratio was among the top 5 insur...
August 23, 2021
had a superb chat about getting a term insurance plan from Relaince. Had lil to no idea and think im in a good position to purchase one now! thanks team :)))
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