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

Hospital records

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

Hospital records

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.