Reliance Nippon Life Traditional Plans
One of the top five life insurance companies in the private sector, Reliance Life Insurance, is a large-scale non-bank financed private life insurer. It provides insurance for five separate segments i.e. Retirement, Protection, Child, Health and Saving & Investment, for corporate entities/groups and individuals.
Reliance Life Insurance is a joint segment of Reliance Capital, which belongs to the Reliance Group, and Nippon Life. Reliance Capital is one of India’s top private financial services firms. Nippon Life is the largest life insurance company in Japan.
The Reliance Life Traditional Investment Insurance plan is a unique plan, which integrates savings and protection. It is an augmented traditional subsidizing plan dealing with comprehensive requirements to achieve the perfect balance of investment and cover returns. The policyholder can also choose to enhance savings, expand protection, and full flexibility to extract money when required.
Under Reliance Life Traditional Plans or Conventional Insurance Plans, funds are invested according to the guidelines given in the Insurance Act. The placement or location of the invested premium is unknown to the insured/policyholder. He/she is assured of the specific benefits due on maturity, money back or death.
Reliance Nippon Life Insurance Company Highlights:
Reliance Nippon Life Insurance is one of the most prominent Indian insurance companies with a 98.1% claim settlement ratio. When it comes to individual and new business weighted received premium (WRP), Reliance Nippon Life Insurance Company is one of the largest and leading life insurance providers in the private sector. Presently, the Company has 10 million policyholders, more than 63,000 advisors, and 717 branches.
Awards Won by Reliance Nippon Life Insurance Company:
|Year||Awards Won||Awarded By|
|2021||India’s Most Trusted Insurance Brand||Insurance Alertss|
|2021||Digital Transformation Service Provider of the Year||3rd Digimarcom Leadership Awards|
|2020||India’s Best Life Insurance Company for Claim Settlement||India’s Best and Emerging Insurance Company Award|
|2020||Best Claim Service Provider of the Year||5th Annual Insurance Summit & Awards|
|2020||Silver - Best Mobile App Category||Indian Digital Marketing Awards|
Why Choose Reliance Life Traditional Plans?
With a wide range of Reliance Life Traditional Plans, which serves the financial requirements of a varied customer base, Reliance Nippon Life Insurance Company makes it simple to find a policy that matches the policyholder’s requirements. Take a look at some of the features of Reliance Life Traditional plans:
Non-Profit unlinked plan
Inclusion of accumulation rate at the end of the month
Variability to enhance saving of funds any time by paying extra premium
A collection of voluntary rider benefits to increase protection cover
Types of Reliance Life Traditional Plans:
Reliance Savings and Investment Plans offer double advantage of returns on invested money in addition to full life cover. Mentioned below is an extensive list of savings and investment plans presented by Reliance Nippon Life Insurance Company:
Reliance Life Guaranteed Money Back Plan: This assured money back plan is available with accidental death benefit with a premium waiver to back the loved ones and family of the policyholder in the event of sudden death.
Reliance Life Fixed Savings: This plan presents a one-time maturity sum and a life cover to the policyholder’s family. It is a systemic savings plan, which helps in building a significant corpus for future requirements.
Reliance Life Bluechip Savings Insurance Plan: The Blue chip Savings plan assures life coverage and a guaranteed 7% inclusion with bonuses.
Reliance Life Increasing Income Insurance Plan: It is a policy that offers monthly income regularly with a one-time payment at maturity and ten times the yearly premium in case of the death of the policyholder.
Reliance Life Fixed Money Back Plan: It is a simple insurance policy with marginal payment terms, assured sum back and maturity perks. Payment of fixed money is done in the plan’s last five years with loyalty features.
Reliance Life Money Multiplier Plan: This plan assures a maturity amount and loyalty features to sum assured at the policy year’s end. Get a life cover, which is higher than the paid premiums, for the full policy tenure/duration.
Reliance Life Endowment Plan: This plan is flexible and offers a life cover that allows the policyholder to select the sum assured based on his/her financial standing.
Reliance Life Super Endowment Plan: This plan assists in creating a corpus for the future with an assured life cover to secure the policyholder’s family in the case of his/her death.
Reliance Life Lifelong Savings Plan: This plan is structured to offer the insured’s family a full life cover if the policyholder dies.
Reliance Life Future Income - This plan provides an extra yearly income to back the policyholder’s increasing requirements and help in achieving dreams while making sure that the family’s financial future is secure in the event of his/her untimely death.
Reliance Life Whole Life Income: Such policies offer the policyholders a constant income until 85 years of age and a life cover to ensure the family’s financial security in case of accidental death.
Reliance Life Increasing Money Back Plan: This plan from Reliance Nippon Life Insurance Company ensures a payout once in three years to ensure that the policyholders can cope with inflation while easily dealing with the expanding lifestyle requirements.
Reliance Super Money Back Plan: This plan is a non-participating, non-linked and non-variable money back insurance plan that comes with regular monthly payouts, money back benefits and guaranteed maturity addition.
Take a look at the various Reliance Life Traditional Plans in detail:
|Type of Plan||Sum Assured- Basic||Duration/Tenure||Eligibility Age||Maturity Age|
|Reliance Life Guaranteed Money Back Plan||Rs 50,000||15/20 years||Min - 18 yearsMax - 55 years for 0 years term and 60 years for 15 years tenure||33-75 years|
|Reliance Nippon Life Increasing Income Insurance Plan||Rs 60,000 if the person becomes part of the contract at age 44 years or younger, and Rs 1 lakh if the person is 45 years or above||12/16/20/24 years||14-60 years||26-80 years|
|Reliance Nippon Life Smart Cash Plus Plan||Rs 1 lakh||10/13/16/19/22 years||14-55 years||24-70 years|
|Reliance Nippon Life Endowment Plan||Rs 25,000||5 to 35 years||5-65 years||18-75 years|
|Reliance Nippon Life Future Income||Rs 2 lakh||14/16/18/20/22/24 years||8-55 years||22-75 years|
|Reliance Nippon Life Whole Life Income||Rs 25,000||5 to 40 years||20-60 years||85-99 years|
|Reliance Nippon Life Increasing Money Back Plan||Rs 1 lakh||15 years||15-55 years||30-70 years|
|Reliance Nippon Life Fixed Savings||Rs 50,000||12/15/20 years||8-60 years||20-80 years|
|Reliance Nippon Life Bluechip Savings Insurance Plan||Rs 77, 905||10 to 15 years||8-60 years||18-75 years|
|Reliance Nippon Life Super Money Back Plan||Rs 1 lakh||10/20/30/40/50 years||18-55 years||28-80 years|
|Reliance Life Money Multiplier Plan||Rs 50,000||10/15/20 years||18-65 years||28-75 years|
|Reliance Life Fixed Money Back Plan||Rs 1 lakh||15/20 years||18-55 years||33-75 years|
|Reliance Life Super Endowment Plan||Rs 1 lakh||14/20 years||8-60 years||22-75 years|
|Reliance Life Lifelong Savings Plan||Rs 80,000||15 to 30 years||7-55 years||22-70 years|
Reliance Life Child Plans
Child plans help in saving money for future expenses related to the children, like marriage and higher education, at an early life stage so that there are enough funds to transform their dreams into reality. Reliance Nippon Life Insurance Company offers two distinct child plans to ensure the child’s future security:
Reliance Life Education Plan
This plan financially secures the child’s future after the demise of the policyholder and allows him/her to choose the benefit payout option.
Reliance Life Child Plan
This plan offers guaranteed maturity benefit and periodic benefit along with the option to select the policy tenure.
|Type of Plan||Sum Assured - Basic||Duration/Tenure||Eligibility Age||Maturity Age|
|Reliance Life Education Plan||Rs 50,000||9 to 20 yrs for Regular Pay plans, 5 years Limited Pay policies and 7 years Limited Pay policies. 12 years to 20 years for 10 years Limited Pay policies.||20-50 yearsChild - up to 18 years||29-65 yearsChild - 9 to 30 years|
|Reliance Life Child Plan||Rs 25,000||5 to 20 years||20-60 years||25-70 years|
Reliance Life Traditional Claim Settlement Process:
To start the claim process for the death benefit, submit the documents listed below:
Original policy documents
Death certificate confirming death cause - issued by the doctor or medical professional
Claim form C - identity certificate
FIR from police and the necessary investigation report
Claim form A - filled out by the nominee
Claim form B - stamped and signed by the doctor attending
Photo ID of nominee verified by Reliance official
Viscera report and post mortem report, if carried out
A published news article of the incident resulting in the claim
Original death certificate copy issued by Registrar of Births and Deaths
To register a claim for critical illness, submit the documents listed below:
Original Policy Documents
Critical Illness Claim Form A
Claim form B - Illness Certificate. The doctor attending has to affix his stamp and signature to this
Documents Required to Apply for Reliance Life Traditional Plans:
Listed below are the documents required to buy a Reliance traditional life insurance policy:
- Income Proof
- Address Proof
- Identity proof
- Self-certified bank passbook copy
- PAN Card
Reliance Life Traditional Plans Renewal Process:
The policyholder can opt for renewal of expired or paid-up policy by resuming the premium payments at any given time within five years from the first unpaid premium due date, but prior to the date of policy maturity.
If the fundamental plan is renewed or revived, the riders can be strengthened by paying outstanding premiums with applicable interest.
Yes, it is possible to cancel the policy after fulfilling the lock-in period according to the policy terms and conditions. You must submit the correctly filled and signed surrender request form, bank account information, policy documents, and self-attested KYC details copy.
You can check the status of your policy by logging onto the website with your registered email address and password. You can also email customer care/support or call them or visit the nearest branch directly.
The available riders for Reliance Life Future Income plans are:
- Accidental Death and Disability Rider
- Accidental Death Benefit Rider
- Accidental Death and Disability Plus Rider
The claim amount is evaluated based on the status of the policy, its duration and the cause of death. In case of participating policies, unpaid premiums for the policy year, in which the policyholder died/passed away, will be deducted and the stated bonus will be added to the sum assured.
The frequency of paying premiums can be changed on plan/policy anniversaries by submitting correctly filled in and signed request form.
Reliance Nippon Life Insurance Company has a reputation for a fast and effective claim settlement process. The company usually takes about three days to send the cheque to the recipients from the date of receiving claim documents. The company has a 12-day assurance period and if it takes longer for claim settlement, then a 6.5% p.a. interest is offered to the customer for detained payment.
Reliance Nippon Life Insurance Company offers two types of child plans - Reliance Child Education plan and Reliance Child plan.