Reliance term insurance plans help in protecting the family such as financial stability, in case of any mishappening. There is nothing which can cover the loss of life but it gives a financial security to the family. The company provides three plans such as Reliance Nippon Life Term Plan, Reliance Nippon Life Online Term Plan, and Reliance Nippon Life Online Income Protect.
Reliance Nippon Life Insurance Company
Reliance Nippon Life Insurance Company comes under the Reliance Group of Industries and a part of the Reliance Capital. Reliance Capital holds best of the rankings in non-banking sector and among financial service provider in the private sector. They are dealing with mutual funds, proprietary investments, general insurance, life insurance, stock broking, private equity, and many other services. The company is a result of tie up between Nippon Life and Reliance Life Insurance.
Nippon Life has policies of more than 31 million in Japan in a wide range of products such as Individual life insurance policies, Group life insurance policies and annual policies. In the year 2017, it has achieved a rank of 111th globally in fortune 500 companies.
Reliance Nippon Life Insurance Company is a leading Insurance company in the private sector in terms of the premium received and new generated premium received. It is one of the largest insurance companies to provide life insurance for more than 10 million policyholders without the support of any bank. The claim settlement ratio will be around 95.17 percent as per March 2018 records.
Highlights of Reliance Nippon Life Insurance Company
- As per the Brand Equity‘s Most Trusted Brands Survey 2018 it is considered to be at the Top 3 Most Trusted Life Insurance Company.
- Nippon Life Insurance has 49 percent of shares in the Reliance Life. It is also known by the name of Nissay which is largest life insurance in the private sector provider in Japan.
- It has the vision to provide a financial independence to every person who joined them.
- Caters to five different segments such as –
- Reliance Term Insurance or Protection Plans
- Reliance Retirement Plans
- Reliance Child Plans
- Reliance Health Plans
- Reliance Saving and Investment Plans
- The distribution network is very strong, having around 700 branches and approximately 65 thousand advisors working for Life Insurance.
Reliance Term Insurance Plans
Reliance Life Term Insurance offers many benefits such as benefits on income tax, different ways to pay the premium, protection for family, and many more.
|Plan||Policy Term||Entry Age (Min-Max)||Maturity Age||Sum Assured (Min-Max)|
|Reliance Nippon Life Term Plan||5 to 30 years||21 – 60 years||65 years||Rs.5,00,000 – No Limit|
|Reliance Nippon Life Online Term Plan||10, 15, 20, 25, 30, 35 years||18 -55 years||75 years||Rs. 25,00,000 – No Limit|
|Reliance Nippon Life Online Income Protect||10, 15, 20, 25, 30, 35 years||18 – 55 years||75 years||Rs. 35,00,000 – No Limit|
Reliance Nippon Life Term Plan
Reliance term insurance plan is a non-participating and non-linked plan of Reliance Nippon Life Insurance Company which helps the customers to protect their family from any unexpected situations. In this, the customer could choose the protection cover on the basis of their needs.
Benefits and Features of Reliance Term Insurance Plan
On the occurrence of life assured death the nominee will get an amount of Sum assured in a lump sum. This will be available only when the policy will be in force on the day of life assured death. Once the payment is done as the death benefit, there will be no other benefits given to the nominee.
No benefit on Maturity is provided to the life assured. If the life assured survive till the policy ended, then the policy gets terminated and all the benefits of policy end with that.
Payment of Premium
There is an option of paying the premium annually, half-yearly or quarterly. However, in the quarterly mode, the premium is accepted through electronic transfer only. There are charges and Policy fees on the premium as follows –
|Mode of payment||Charges||Policy Fee|
The reliance term insurance premium could be paid through any of these modes –
- Demand Draft
- Cash at a branch office
- Electronic fund transfer
- Debit or Credit Cards
- Internet Banking
Those policy holders which are having critical medical conditions or any type of impairment and even the smokers will be charged an extra premium as per the policy of Company from time to time.
Revival of Reliance Term Insurance Policy
If the two years has not lapsed from the last unpaid premium then it could be revived by paying all due premiums with an interest as levied by the company. At present, the interest levied is around 9 percent.
In case the revival is done within six months of due date, then the life assured need to give self-declaration of good health. If the revival is done after six months then the life assured might have to do all the medical examination again.
If the policy is not revived within the revival period then it will be terminated and cannot be reinstated again.
Reliance Term Insurance – Available Riders
There are different riders along with the pure term plan which will additionally safeguard the members of a family in unexpected events that could occur with life. These riders can be taken by paying a nominal amount.
- Major Surgical Benefit Rider – There is a list of around 33 surgeries such as transplant of Kidney, lungs transplant, open heart surgery, cornea transplantation, and many more. If any of the mentioned surgeries need to be done for the policy holder then lump sum amount will be provided for that.
- Critical Conditions Rider – A list of 25 critical diseases has been taken by them and if the policy holder suffers from it, then they will receive a lump sum amount.
- Family Income Benefit – If the policy holder has any permanent disability which could be due to sickness or accident or death before the policy matures. In this, a benefit will be given monthly i.e. Sum assured 1% which will be 12 percent per annum. This benefit will be given till the death of policy holder or 10 years anyone which is later.
- Accidental Death Benefit Rider – In case the Reliance term insurance policy holder died due to an accident then an amount equal to sum assured will be given.
- Accidental Death and Disability Rider – If policy holder met with an accident and there is total and permanent disability then the amount equal to sum assured will be given in equal installment within a period of 10 years. Or if policy holder died in an accident then the same amount as sum assured will be provided.
- Accidental Death and Disability plus Rider – This rider has the same feature as that of Accidental Death and Disability Rider and along with a waiver of all the premiums that need to be paid.
These riders can be opted during the start of policy or on the anniversary date when a policy has started. For these riders, a policy holder needs to make extra payments over the premium of the base plan. The sum assured taken in the rider cannot be more than sum assured opted in base plan. The premium paid for all the riders taken should not be more than premium paid for the base plan. The amount of premium for all the riders should not be more than 30 percent of the base premium plan. When the surrender is made for term base plan then the rider adopted with it will get ceased automatically.
Reliance Life Online Term Plan
In today’s time, the purchase of houses or cars is being done by taking a loan and they could no longer be considered as an asset. In unexpected circumstances the family members need to bear loan amount pending with loss of income. It becomes difficult to manage the same level of living with lesser income. So there is always a need to have an adequate amount of insurance so that all the repayment of liabilities could be done with enough saving to live a comfortable life.
Reliance Nippon Life Online Term is a plan which helps in getting the security. This policy could be purchased online within no time at your convenience of buying from home or office. The medical test which is required will be easily done at home comfort.
Benefits and Features of Reliance Life OnlineTerm Plan
If there will be unexpected mishappening with a policy holder then the nominee will receive an amount maximum of –
- Sum assured
- Annual premium 10 times
- 105% of Premium paid till the date of death, if any extra premiums had been paid then that will be excluded.
As nominee will receive the amount, the reliance term insurance policy will get terminated.
There will be no benefit given to policy holder if they survive till the end of the policy. The policy will get terminated.
Payment of Premium
The payment of premium could be done with annual mode only. The payment for the premium can be done in following ways –
- Debit or Credit Cards
- Internet Banking
The life assured who are having critical medical conditions or any impairments will be charged an extra amount of premium as per the policy from time to time.
Rewards if Maintain a Healthy Lifestyle
There will be a discount on premiums if the policy holder is a non-smoker and are taking the policy of 50 lakhs or more sum assured. There will be extra rebate given on the premium if the health of life assured is in good condition.
Revival of Policy
If the policy holder could not able to pay the premium for two years then that can be paid with an interest and policy will be revived. At present this interest rate is 9 percent. This will be possible if the board gets satisfied with the writing that the policy holder is in good health or might be life assured need to do a medical test.
Riders Available in Reliance Nippon Life Online Term Plan
To protect a family from many unexpected events there are different riders which user could take by paying a nominal amount with this Reliance term insurance plan–
- Accidental Death Benefit Rider – An extra lump sum equal to the amount of sum assured will be given to nominee if the death of policy holder is due to an accident.
- Accidental Death and Disability Rider – If a policy holder gets permanent disability due to the accident then an amount which will be same as that of sum assured will be paid in equal installments over the period of 10 years. Or if the life assured died due to an accident then the same amount as sum assured will be paid to the nominee.
- Accidental Death and Disability plus Rider – The policy holder will get an amount equal to sum assured in equal installment over 10 years period on permanent disability due to an accident and further payment of premiums will be waived off. Or if death occurs due to the accident then an amount same as sum assured will be paid to the nominee.
These Reliance term insurance riders can be taken when the policy starts or on the anniversary date when the policy had been taken. The sum assured for all the riders cannot be more than sum assured of a base plan. If the base plan is surrendered then on that day only, riders taken with it also gets terminated.
Reliance Life Online Income Protect
Everyone works hard for the family to give the best of lifestyle to the members but with this, there are different liabilities such as EMI, household expenses, and many more. But there is always a worry that what will happen in case of an uncertain event occurrence.
Reliance Nippon Life Online Income Protect helps the family to repay all the liabilities as well as give them a regular income which will them maintaining the same standard of living as earlier. This policy could be bought online at a reasonable cost.
Benefits and Features of Reliance Life Online Income Protect Plan
If the policy is in force and life assured had an unexpected mishappening then the nominee will get –
- Sum assured in a lump sum
- Income on a monthly basis
The 0.5 percent of sum assured will be received as monthly income by the nominee for 10 years or till the end of policy whichever is later. The nominee will not be able to change the monthly income as a lump sum payment. A minimum of 105 percent for the total premiums paid till date of death will be received assured by the nominee of this Reliance term insurance policy.
Sum assured on death will be given from the following which is highest –
- 10 times of Annual Premium
- Sum assured of policy
Under the policy, there will be no benefit given to life assured in case of survival. In this situation, the policy will be terminated and all benefits will be ceased.
Payment of Premium
On annual basis, the payment of premium could be paid. But the premium could be paid on annual basis through –
- Debit or Credit Cards
- Internet Banking
The life assured who are suffering from any medical conditions or impairments need to pay an extra premium as decided by the company in policy.
Rewards to Maintain a Healthy Lifestyle
The life assured taking the policy of 1 crore or above and are non-smoker will get a rebate in the policy premium.
Revival of Policy
The lapsed policy could be renewed within a span of two years from the earlier unpaid premium. The policy holder needs to pay all the unpaid premium with an interest levied by the company on basis of market rate as decided at that time. The life assured need to take the medical examination again with undertaking financially or as decided by the Board to satisfy them for a revival of policy.
Riders Available in Reliance Nippon Life Online Income Protect Term Plan
For protecting the family members additionally from uncertain mishappening by paying a nominal amount for it –
- Accidental Death Benefit Rider – Nominee will get an amount equal to sum assured in case the life assured died with an accident.
- Accidental Death and Disability Rider – The life assured, in case met with an accident and suffers from permanent disability then sum assured be paid in equal installments for 10 years or 120 months. If life assured died with an accident then nominee will get an amount equal to sum assured.
- Accidental Death and Disability plus Rider – If the policy holder had an accident and get permanently disable then for 10 years sum assured amount will be paid in equal installment and further premium will be waived off. Or if policy holder died due to the accident then an amount equal to sum assured will be given.
The riders can be taken with this Reliance term insurance policy at a time of commencement or while renewing the policy. The premium of riders cannot be more than the premium of the base term plan. As base term plan gets surrendered the benefits of riders will be terminated.
Common Benefits and Features of Reliance Term Insurance Plan
Within a period of 12 months if the life assured commit suicide or found insane, then the nominee will get 80 percent of the premium paid by the life assured.
Grace Period for Payment
If the policy holder could not able to pay the premium within due date then it could be renewed within a span of 30 days. The policy in grace period will remain in force with all the benefits. If there is any mishappening then after deduction of unpaid premium the sum assured will be given.
No loan will be provided to the policy holder against any Reliance term insurance plan.
Premium paid for the Reliance Nippon Life Insurance Term plan policy will be eligible for Tax rebate in the same financial year.
Free Lock Period
The policy holder can cancel a policy within a period of 15 days of receiving the policy documents by returning it back to the Company. The Company will return the premium after deducting some amount from premium for a period in which Company had provided the risk cover.
Claim Settlement in Reliance Term Insurance Plan
The claim will be settled by the Company in a period of 10 days if all the documents are provided by the nominee or policy holder. If the claim does not get settled within a period of 10 days then they will pay an interest of 6.5 percent per annum for all delays.
- Base Plan – In case of death of policy holder there are different documents that need to be submitted by the nominee such as –
- Form A need to be filled by the nominee
- Form B is a certificate which needs to be filled by the doctor with sign and stamp and stating the last illness to a policy holder.
- All the policy documents in original.
- Death Certificate in original from Death and Birth Registrar.
- Certificate of death by the doctor confirming the cause of death.
- Identity card with photo attested by any official of Insurance Company.
- Hospital records if the policy holder is hospitalized for the last sickness.
- If any report like post mortem or Viscera report is being done.
In event of accident or suicide
- Along with the form A and B, form C is required for a certificate of identity.
- All the reports like FIR (First Information report) and Police Investigation Report which is final.
- If any news in the newspaper related to the accident then a copy of that.
- Rider Plan –
- Critical Illness – The documents need to be submitted in case of critical illness covered in the policy by nominee or policy holder –
- Form A of specially made for Critical illness by the policy holder.
- Form B to be filled by attending doctor with sign and stamp.
- All the policy documents in original.
- All the reports of a hospital such as lab reports, biopsy reports if done, a summary of discharge, diagnosis certificate, notes of consultation for the first time, and many others.
- The documents need to be submitted in original or attested photocopies to the official of Reliance Nippon Life Insurance.
- The Company can ask for any of the documents which may be required by the officials.
- Death Benefit from an accident or Permanent disability – In case of policy holder Permanent or total disability happens due to accident or death from the accident then nominee or life assured needs to fill following documents –
- Form A
- Form B
- All document of policy in original
- All records of the hospital like a summary of discharge, notes of the first consultation, diagnosis certificate, report of the physician attending life assured, and various others.
- Investigation report of policy and FIR copy
- If the accident report is there in the newspaper, then cutting of that.
FAQ of Reliance Term Insurance
1. When the policy document will be received?
Each policy document is sent through speed post at the earliest. This ensures speedy delivery to all the area may, it be urban or semi urban or rural areas. The time could vary depending on the area.
2. How I could surrender my policy?
If the policy is surrendered once will not be able to reverse. All the benefits available in the policy will be ceased. All the options of partial withdrawals should be considered properly before surrendering the policy.
The policy can be surrendered after the lock-in period completion as mentioned in the policy documents. The policy holder needs to do –
- Fill the request form of surrendering the policy
- Details of saving bank account
- Cancelled cheque
- All documents of policy
- Copy of KYC self-attested
In the nearest branch office, all these documents need to be submitted. The processing of surrender request will be done in a span of 7 working days as they get all the documents to process the request. In some of the policies, there are surrender charges which needs to be checked from policy document before filling the surrender form.
3. How to change the nominee of a policy?
The name of nominee could be changed easily anytime as the policy gets issued. The policy holder needs to fill the form of Nomination and sign with a copy of KYC self-attested of the nominee to a nearest branch office. The name of the nominee will be changed within a span of 2 days after submitting all the documents in the branch.
4. How the policy premium payment frequency could be changed?
The premium payment option could be changed on the date at which policy anniversary is there. It could be changed by submitting a request signed by policy holder. The change in the payment mode will be done within a period of 2 working days after the request has been received with all the documents in a branch office. This process should be done by the policy holder before 15 days from the due date of a policy. But the frequency could be changed only when there is an option of those premium payments available in policy.
5. How the premium payment mode could be changed to ECS or payment through credit card?
The mode of payment in policy to ECS could be changed by giving a cancelled cheque and to credit card by giving a photocopy of credit card at the nearest branch office with a request. The change in the mode of payment will be done within a period of 15 working days as the request with all document will be received in a branch office and also on the basis of approval given by policy holder bank.
6. How the rider could be added to policy?
The rider could be added only when the due date of a policy is there. For adding a rider form needs to be filled with a sign at the nearest branch office. The addition or deletion of any rider in policy will be done near to policy anniversary and will be shown in the record within 7 working days as the documents and form received at a branch office.
7. How to change the address of correspondence?
Policy holder needs to submit a signed request in the nearest branch office with the proof of address. The details of address will be changed within 2 working days as the document and signed request received at a branch office.