RelianceTerm Insurance
  • 98.7% CSR
  • Multiple plan option
  • Affordable premium for healthy lifestyle
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Reliance Term Insurance

Reliance Term Insurance group is a subsidiary of Reliance Capital, Reliance Group is founded by Dhirubhai Ambani. The company has a customer base of more than 10 million policyholders.

The company offers three term insurance plans which assists your family in case of your unfortunate demise. Term Insurance plans helps the family to stay protected and secured after the policyholder's unfortunate demise. It offers the needful cover with a high sum assured at nominal prices.

A Reliance Term Insurance plan ensures that your family is able to fulfill all their dreams and can live independently even after your demise. The company offers several terms plans to look after your different insurance needs. Continue reading to explore more about Reliance Term Insurance.

Features of Reliance Term Insurance Plan

Protection

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

Leverage for non-smokers

The plan offers lower premiums for non-tobacco consumers with healthy lifestyles.

Tax Savings

Tax Savings

Reliance offer the term insurance plans that help the policyholder to avail tax benefits on the premiums paid towards the policy under Section 80C of the Income Tax Act, 1961.

Benefits of Reliance Term Insurance Plans

1

Hassle-Free Online Buying

2

Flexibility to Customize Your Plans

3

Availability of Riders

4

Death Benefit

Why Is CSR One of The Determining Factors While Choosing An Ideal Term Insurance Company?

The Claim Settlement Ratio of a Term Insurance company should always be kept in mind before buying a term insurance plan. Buying term insurance is an assurance that after your demise, your family will not have to face any hardships. Claim Settlement Ratio is a key determinant to analyse before buying an Insurance plan, as it helps you to analyse the claim settling ability of the Insurer.

Reliance Term Insurance and other top term insurance companies based on CSR

Reliance Term Insurance and other top term insurance companies based on CSR

What Are The Different Term Insurance Plans Offered By Reliance Life?

Product CategoriesNames of Plans
Term Insurance PlansReliance Nippon Life Protection Plus
Reliance Nippon Life Digi-Term Insurance Plan
Reliance Nippon Life Saral Jeevan Bima

Let us explore more about these plans:

  1. 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.

    Key Features

    • Multiple Plan Options: The plan allows you to choose from multiple variants according to your requirements. The variants available under this plan are Level Cover Plan, Increasing Cover Plan, Level cover plus Income Plan & Whole of Life Cover Plan.
    • Additional Life Cover: The plan comes out with additional life cover at key stages of life.
    • Healthy Lifestyle: The plan is available at cheaper premiums for those who enjoy a healthy lifestyle.
    • Death Benefit: In case of the unfortunate demise of the insured, the death benefit shall be paid to the nominee(s)/beneficiary(s) as per the plan option chosen at inception.

    Eligibility Criteria

    ParametersWhole life planAll other plans
    Age at Entry (in years)25 to 5518 to 60
    Age at Maturity (in years)Whole life28 to 75
    Policy Tenure (in years)Whole life10 to 40
    Sum AssuredMinimum: Rs. 25 lakhs, Maximum: No limit, subject to policy underwriting
  2. Reliance Nippon Life Digi-Term Insurance Plan

    Reliance Nippon Life Digi-Term Plan is a term insurance plan that provides you life cover and multiple options to choose from, with the convenience of online purchase within a few clicks. Also, medical tests can be done from the comfort of your home.

    Key Features

    • Flexibility: The plan offers you the flexibility to pay your premiums yearly, half-yearly, quarterly, or monthly.
    • Multiple Plan Options: The plans let you customize as per your requirements and allows you to choose from different protection coverage options. The options available are Life Secure, Enhanced Life Secure, Life & Income Secure, Life & Income Secure with Increasing Income Benefit & Whole Life Secure.
    • Enhanced Protection: The plan offers several add-on riders that allow you to enhance your protection. The Riders available under this plan are:
    • Reliance Nippon Life Accidental Death Benefit Rider
    • Reliance Nippon Life Accidental Death and Disability Rider
    • Reliance Nippon Life Accidental Death and Disability Plus Rider
    • Reliance Nippon Life Critical Illness Rider

    Eligibility Criteria

    ParametersWhole life planAll other plans
    Age at Entry (in years)25 to 6018 to 60
    Age at Maturity (in years)Whole life28 to 80
    Policy Tenure (in years)Whole life10 to 40
    Sum AssuredMinimum: Rs. 25 lakhs (multiples of Rs. 1 lakh) Maximum: No limit, subject to policy underwriting
  3. Reliance Nippon Life Saral Jeevan Bima

    Reliance Nippon Life Saral Jeevan Bima is a non-linked, non-participating term insurance plan that looks after your family's financial needs after your demise.

    Key Features

    • Flexibility: The plan offers the flexibility to its customers of paying their premiums once or for a limited period or throughout the policy term.
    • Death Benefit: In case of the death of the policyholder during the policy term, the plan pays the death benefit to the nominee as follows:
    • 100% of Total Premiums will be paid in case of the death of Life Assured during the Waiting Period due to any reasons other than the accident.
    • Sum Assured will be paid as the death benefit in case of accidental death of the life assured during the Waiting Period.
    • Sum Assured will be paid as the death benefit if the policyholder dies after the expiry of the Waiting Period.

    Eligibility Criteria

    Age at Entry (in years)Minimum: 18 years, Maximum: 65 years
    Age at Maturity (in years)Minimum: 23 years, Maximum: 70 years
    Premium Payment TermRegular pay - Equal to policy term; Limited pay - 5 or 10 years; Single pay
    Basic Sum AssuredMinimum: Rs. 5 Lakhs, Maximum: Rs. 25 Lakhs

How To Buy Reliance Term Insurance Plans?

You can buy a Reliance term insurance 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 term plan is 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 like phone number, name, and D.O.B. Click on the tab on 'Continue'.
  • Enter all the 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'.
  • Your proposal is ready now. 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.
Buying From Reliance Term Plan
Buying From Policyx Website Reliance Term Plan

What Is The Claim Settlement Process of Reliance Term Insurance Plans?

For claim settlement process, a claimant or beneficiary needs to:

  • Visit the nearest branch of Reliance Nippon, and collect the claim form and initiate the claim with the help 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 a Death certificate by the doctor confirming cause of death
  • Original Policy document
  • KYC Document of Nominee / Claimant
  • Bank details of 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 and Bank Account number mentioned thereon)

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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.

Find Out What Customers Are Saying

(Showing latest 5 reviews only)

- 4.5/5 (10 Total Rating)

February 24, 2022

anu yadav

Ranchi

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

nidhi

Kanpur

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

September 29, 2021

Bhawna Sangar

Indore

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

September 21, 2021

Nimrat Sakhuja

Mumbai

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

Hansika Tiwari

Meerut

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.

Last updated on August, 2021

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