Reliance Term Insurance: Overview

Yes, Reliance Nippon Life Insurance is among the top life insurance providers in India and aims to provide comprehensive coverage at nominal premiums.

According to IRDAI’s annual report for the financial year 2022-23, Reliance Nippon Life Insurance has a claim settlement ratio of 97.60%.

Reliance Nippon Life Insurance provider is a life insurance company fully owned by Reliance Capital, a private-sector financial services and non-banking company.

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.

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).

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.

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.

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.

Yes, one can avail a tax benefit on the premiums paid under Section 80C of the Income Tax Act, 1961.

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

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

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

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.

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

Yes, you can make a partial withdrawal after the completion of the lock-in term according to the specific terms and conditions of your policy.