RelianceTerm Insurance
  • 98.67% CSR
  • Multiple plan option
  • Affordable premium for healthy lifestyle
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Reliance Life Term Insurance Plans

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 2021-22, the annual premium of the company is 5036.57 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 2.33. (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 98.67%.
Reliance Term Insurance Key Features

Reliance Term Insurance Plans

  • Reliance Nippon Life Protection Plus
  • Reliance Nippon Life Saral Jeevan Bima
  • Reliance Nippon Life Suraksha

Reliance Nippon Life Protection Plus

The plan provides a lump sum benefit payout upon death with a 5% annual increment and a maximum cap of 100% of the chosen Base Sum Assured.

Unique Features

  • Level Cover Plan Option
  • Top-up Benefit Option
  • Option to Reduce Base SA

Protection Plus (Pros)

  • Customizable Protection
  • Enhanced Coverage Benefit
  • Cheaper Premiums for Healthier Lifestyles

Protection Plus (Cons)

  • No Maturity Benefit
  • No Policy Loan
  • Surrender Value Only Applicable For Whole Life Cover

Protection Plus (Other Benefits)

  • Level Cover Plus Income Option
  • Whole of Life Cover Plan Option
  • 4 Plan Options

Protection Plus (Eligibility Criteria)

  • Entry Age - 18 years
  • Max Entry Age - 60 years
  • Minimum Sum Assured - 25 L
  • Premium Payment Term - RP
  • Maximum Maturity Age - Adaptable

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.

Unique Features

  • Future Proofing Benefit
  • 100 % Death Benefit
  • Max Sum Assured 25 Lakh

Saral Jeevan Bima (Pros)

  • Available For Online Buying
  • Spouse Cover
  • Max Sum Assured 25 Lakh

Saral Jeevan Bima (Cons)

  • No Survival Benefit
  • No Maturity Benefit
  • No Surrender Benefit

Saral Jeevan Bima (Other Benefits)

  • Easy Claim Settlement Processn
  • Avail Tax Benefits
  • Flexible-Premium Payment term

Saral Jeevan Bima (Eligibility Criteria)

  • Entry Age - 18 years
  • Max Entry Age - 65 years
  • Minimum Sum Assured-5 L
  • Maximum Maturity Age- NA
  • Premium Payment Term-RP/SP/LP(5&10 Years)

Reliance Nippon Life Surakha

The plan offers a return of 105% of the Total Premiums Paid and includes optional riders for added protection.

Unique Features

  • 5 Plan Variants
  • Monthly Income Payout
  • Accidental Death Benefit

Reliance Nippon Life Surakha (Pros)

  • Early Return of Premium
  • 4 Rider Options
  • Life & Health Variant Available

Reliance Nippon Life Surakha (Cons)

  • 12 Months WP for Suicide
  • No Policy Loan
  • No Surrender Value For Life & Health Variant

Reliance Nippon Life Surakha (Other Benefits)

  • Special Surrender Value
  • Critical Illness Benefit
  • Life Accidental Death and Disability Plus Rider

Reliance Nippon Life Surakha (Eligibility Criteria)

  • Entry Age - 18 years
  • Max Entry Age - 65 years
  • Minimum Sum Assured - 25 L
  • Maximum Maturity Age - 75 years
  • Premium Payment Term - RP, LP (10/15 Years)

Benefits of Reliance Term Insurance

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.
  • Affordable Premiums: Reliance plan offers comprehensive coverage at affordable premiums, making it accessible to a wider range of people.
  • Easy Application Process: The application process for Reliance Term Insurance is easy and hassle-free. You can apply for the policy online and get instant approval.
  • Multiple Payment Options: This term Plan offers multiple payment options to its customers, including monthly, quarterly, half-yearly, and annual payment modes.
  • Coverage Against Critical Illnesses: It also provides coverage against critical illnesses like cancer, heart attack, and stroke, along with the standard death benefit.
  • Accidental Death Benefit: Reliance Term plan offers an additional sum assured to the nominee in case of accidental death.
  • Optional Riders: You can customize your policy with optional riders like Accidental Death and Disability Benefits, Rider for Waiver of Premium Benefits, and Critical Conditions Benefits, among others.
  • No Medical Examination Required: If you are below a certain age and choose a lower sum assured, you may not have to undergo a medical examination to purchase the term insurance.

Reliance Term Insurance Riders

A rider is an optional add-on to a term life insurance policy that offers supplementary benefits or coverage beyond the basic policy, such as critical illness protection or accidental death benefits. Here are the riders provided by Reliance Term Insurance Plans:

  1. Reliance Major Surgical Benefit Rider

    • Reliance Term Insurance provides coverage for 33 surgeries, including open heart surgery, kidney transplantation, cornea transplantation, and lung transplantation.
    • It offers a lump sum amount to cover surgical expenses.
    • This rider helps safeguard against the financial burden of major surgeries.
  2. Reliance Critical Conditions (25) Rider

    • This rider covers 25 critical conditions such as cancer, heart attack, paralysis, and major organ transplants.
    • It provides a lump sum amount to assist with the expenses associated with critical illnesses.
    • This rider offers additional financial protection in case of severe health conditions.
  3. Reliance Family Income Benefit Rider

    • This rider ensures a monthly benefit of 1% of the sum assured (12% per annum).
    • Payments begin on the date of death or total and permanent disablement due to accident or sickness.
    • The rider benefit continues until the end of the rider policy term or for a maximum of 10 years, whichever is later.
    • It provides financial support to the family in the event of the policyholder's unfortunate demise or disability.
  4. Reliance Accidental Death and Total and Permanent Disablement Rider (Regular Premium)

    • Reliance Term Insurance plan offers additional death and disability benefits if the insured passes away or becomes disabled due to an accident.
    • This rider includes the benefit of a premium waiver in case of disability.
    • Provides extra financial protection in the case of accidental death or permanent disability.
  5. Reliance Accidental Death and Total and Permanent Disablement Rider (Limited Premium)

    • This rider provides supplementary coverage for accidental death and total or permanent disability.
    • Offers the benefit of a premium waiver in case of disability.
    • It gives an added layer of financial security against accidents resulting in death or disability.

How To Buy Reliance Term Insurance Plans?

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.

Through PolicyX.com

  • 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.
Live your Dream after retirement
Live your Dream after retirement

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.

rnlife.customerservice@relianceada.com

1800-102-1010 [Toll-Free Customer Care Number (Pan India)]
(9:00 am to 6:00 pm; Monday to Saturday)

Reliance Term Insurance: 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.

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.

7. Who is eligible to apply for the Reliance Term Plan?

Individuals between the ages of 21 and 60 can apply for this term plan.

8. What is the policy term for Reliance Term Insurance Plan?

The policy term for the term plan ranges from 5 to 30 years.

9. Can I choose the premium payment mode for the Reliance Term Policy?

Yes, you can choose to pay premiums yearly, half-yearly, or quarterly.

10. Are there any additional riders available with the Reliance Term Plan?

Reliance offers various riders, such as the Major Surgical Benefit Rider, the Critical Conditions Rider, the Family Income Benefit Rider, the Accidental Death Rider, and the Total and Permanent Disablement Rider.

11. Is there a surrender value for the Reliance Term Policy?

No, these term plans do not acquire any surrender value.

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Reliance Term Insurance Reviews

Read what our customers have to say about Reliance term insurance company

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anu yadav

Ranchi

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

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nidhi

Kanpur

February 18, 2022

Good service. I was not having knowledge and my husband passed away. Company gave me complete return of my husband saving

Customer Review Image

Bhawna Sangar

Indore

September 29, 2021

Nice company. Understands the need of its customers. And offers various plans to us. Keep it up Reliance.

Customer Review Image

Nimrat Sakhuja

Mumbai

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.

Customer Review Image

Hansika Tiwari

Meerut

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.

Customer Review Image

Dhruvi Kukreja

Delhi

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...

Customer Review Image

Raghav Baruah

Mumbai

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 :)))