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  • Surgical benefit rider
  • Tax benefits
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About Reliance Life Insurance Company

Reliance Life Insurance Company is a subsidiary of Reliance Capital, in 2004 it was bought up by reliance industries from AMP life insurance. with over 100+ branches and more than 1 lakh agents, Reliance Life Insurance was among the top 4 private insurers up to 2014.

In 2019, Nippon Life signed a deal to acquire a 49% stake in Reliance Life Insurance Company and become the second largest stakeholder with a brand name, Reliance Nippon Life Insurance Company.

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Reliance Term Insurance Plans

Reliance Term Insurance Plans

Reliance Term Insurance Plans: Affordable Protection with High Claim Settlement Ratio

Reliance Term Insurance Plans: Affordable Protection with High Claim Settlement Ratio

Reliance Term Life Insurance: An Overview

A term insurance plan is a perfect solution to provide financial coverage to your loved ones for a specific period, such as repaying liabilities, children's education, marriage, and much more. During the term policy tenure, if any mishap occurs to you, a death benefit such as the sum assured will be paid to loved ones to fulfill their expenses. Reliance term life insurance offers a vast category of term plans, such as increasing term plans, saving term plans, child plans, and pension plans, which strive to meet every requirement of different individuals.

Term Plans Offered by Reliance Term Life Insurance

Reliance term life insurance offers three different categories of term plans, with various variants, to provide flexibility to choose as per your requirements.

  1. Reliance Nippon Life Super Suraksha

    Reliance Nippon Life Super Suraksha offers you additional coverage against any unforeseen event, such as an accident, critical illness, or untimely death, with the return of premium option in case you survive the whole policy term as a survival benefit.

    Eligibility criteria:

    Parameter Limits
    Entry age 18- 65 years
    Premium paying term Limited pay: 10/15 pay till 60 years
    Policy term Maturity age minus the age of entry
    Get life cover till 75-80 years
    Basic sum assured Min- 25 Lakh
    Max- No limit

  2. Reliance Nippon Life Protection Plus

    Reliance Nippon Life Protection Plus is an economical term plan that helps to provide financial coverage to your loved ones after your demise.

    Eligibility criteria:

    Parameter Limits
    Entry age 18-60 years
    Premium paying term Regular pay
    Policy term 10- 40 years/ whole life
    Get life cover till 75-80 years
    Basic sum assured Min- 25 Lakh
    Max- No limit

  3. Reliance Nippon Life Saral Jeevan Bima

    Reliance Nippon Life Saral Jeevan Bima is a basic term insurance plan that aims to provide financial security to the low-income and less-educated bracket of customers.

    Eligibility criteria:

    Parameter Limits
    Entry age 18- 65 years
    Premium paying term Regular pay
    Policy term 10- 40 years/ whole life
    Get life cover till 75-80 years
    Basic sum assured Min- 25 Lakh
    Max- No limit

Why Should You Choose a Reliance Nippon Term Plan?

Here are some amazing benefits that Reliance term life insurance plans come with:

  • Special premium rates for non-smokers and women

     Under Reliance Nippon term plans, a non-smoker or a woman is offered term plans at lower premiums compared to a smoker or a male.

  • Affordable premiums

     Reliance term plans come with affordable premium rates so that every bracket of customers can provide a financial cushion to their loved ones. Reliance term insurance plans start at just Rs 784/ month on average.

  • Tax exemption

     Reliance term plans offer tax exemption under section 80C of the Income Tax Act 1961, under which the customers can get a tax rebate of 1.5 lakh for the premiums they have paid in the same financial year.

  • Good claim settlement ratio

     The claim settlement ratio showcases the no. of claims being settled by the insurer in the same financial year. Reliance term life insurance has a CSR of 98.67% in the year 2021-2022, which is considered excellent in the insurance industry.

  • Availability of multiple riders

     Reliance term plans offer flexibility to customize their term plans as per different needs and requirements. Customers can add up riders with their term plans to enhance their protection and provide extra security to their loved ones.

Riders Offered By Reliance Nippon Term Plans

You can attach the following riders to your Reliance term insurance plans:

  • Reliance major surgical benefit rider

     Under this rider, the customers get coverage for the 33 different categories of surgeries, which include major surgeries such as open heart, kidney transplant, and lung transplant.

  • Reliance critical condition rider

     Under this rider, the customer gets a lumpsum payout if they are diagnosed with any critical illness among the 25 listed diseases.

  • Reliance family income benefit rider

     This rider provides regular income to the policyholder until the rider's tenure if the policyholder is diagnosed with any critical illness and permanent disability that affects the policyholder's earning ability for more than 6 months.

  • Reliance accidental disability rider

     Under this rider, all the future premiums of term plans will be waived off if the policyholder has any disability due to an accident and can't earn for more than six months.

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.

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).

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.

12. Is Reliance Nippon Life Insurance a good insurance provider?

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

13. What is Reliance Nippon Life Insurance claim settlement ratio?

According to IRDAI's annual report for the financial year 2021-22, Reliance Nippon Life Insurance has a claim settlement ratio of 98.67%.

14. Can I withdraw money from Reliance Nippon Life Insurance?

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.

15. Is Reliance Nippon Life Insurance private or government?

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

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Varun Saxena

Written By: Varun Saxena

Varun is a passionate content writer with over three years of experience in the insurance domain. An avid learner, he stays ahead of the industry's trends ensuring his writing remains fresh and includes the latest insurance shifts. Through his work, Varun strives to engage with targeted insurance readers.

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