Reliance Nippon Term Insurance

Reliance Nippon Term Insurance is a product suite of term insurance protection plans offered by Reliance Nippon Life Insurance Company (RNLIC). The company is one of the largest non-private insurers with over 10 million policyholders, 717 branches and 63,016 advisors along with a claim settlement ratio of 98.1% as on 31st March 2020.

You could get whopping Rs.1 crore term plan for as low as Rs.15 a day.

The insurer has been ranked as the Top 3 Most Trusted Life Insurance Service Brands by Brand Equity‘s Most Trusted Brands Survey 2018. The two types of term insurance plans offered by Reliance Nippon Life Insurance Company are Reliance Nippon Life Protection Plus and Reliance Nippon Life Digi-Term Insurance Plan.

Benefits of buying Reliance Nippon Life Online Term Plan

Economical - Complete financial protection at an affordable cost
Flexibility - Can decide protection cover as per one individual needs
Rewards - Lower premium rewards for maintaining healthy lifestyle
Tax benefits - Get tax benefits on the premium paid for the term plan
Simple application - Hassle free and simple application process
Convenient medical process - Medical test arranged at the preferred day and time at the life insured doorstep.
Good claim settlement ratio of company - The Company has a healthy claim settlement ratio of 95.01% as of 31st March,2016.

Types of Reliance Term Insurance Plans

Reliance Nippon Life Term Plan

For tailor-made, comprehensive and affordable coverage that will help you secure your financial future and the future of your family, invest in Reliance Term Plan.

Features

In case of death during the policy term and that the policy is in force the sum assured will be paid to the nominee as single lump sum
Entry age is minimum 21 years and maximum 60 years
There is no Maturity Benefit payable under this plan. On survival of the Life Assured till end of the Policy Term, all benefits under the policy end and the policy is terminated
Loan facility is not available in this plan
Payment options of yearly, half yearly and in case paying online then quarterly
Riders option available to enhance the plan
Tax Benefit under Section 80C (Up to Rs. 1.5 Lacs) and 10(10D) of the Income Tax Act for premiums paid and for any claim received. Tax laws are subject to change

Riders

Reliance Nippon Life Major Surgical Benefit Rider:

Provides a lump sum amount to cover surgical expenses from a list of 33 surgeries including open heart surgery, kidney transplant, cornea transplantation, transplant of lungs and many more.

Reliance Nippon Life Critical Conditions (25) Rider:

Provides a lump sum amount to take care of 25 critical conditions including cancer, heart attack, paralysis, major organ transplant and many more.

Reliance Nippon Life Family Income Benefit Rider:

Provides a monthly benefit of 1% of Sum Assured every month (i.e.,12% per annum). The benefit is payable from the date of death till the end of the rider Policy Term or 10 years whichever is later, in the event of death/total and permanent disablement due to accident or sickness, before the maturity of the policy.

Reliance Nippon Life Accidental Death and Total and Permanent Disablement Rider (Regular Premium):

Provides an additional death/disability benefit if death/disability occurs directly as a result of an accident. Also, the waiver of premium benefit under the rider continues in the plan in case of disability.

Reliance Nippon Life Accidental Death and Total and Permanent Disablement Rider (Limited Premium): Provides an additional death/disability benefit if death/disability occurs directly as a result of an accident. Also, the waiver of premium benefit under the rider continues in the plan in case of disability.

Reliance Nippon Life Online Income Protect Plan

It is a comprehensive protection plan that provides a lump sum plus regular monthly income in case of an eventuality. This plan is for people who want to ensure provide protection for their family against immediate liabilities and ensure monthly income so the family can maintain same standard of living.

Features

The minimum age of entry is 18 years and maximum is 55 years.
The age at maturity is minimum 28 years and maximum 75 years.
On death of insured, lump sum benefit is paid to the nominee along with regular monthly income.
Death benefit is subject to 105% of total premiums paid
Monthly Income Benefit is 0.50% of the Base Sum Assured every month that starts from the subsequent policy month from the date of death. This benefit is payable for the remaining Policy Term or for a period of 10 years i.e. 120 months, whichever is higher
Option to convert monthly income benefit into lump sum not available in this plan
Low premiums for people maintaining healthy lifestyle
In case of suicide within 12 months or commencement or revival of policy, the nominee of the policy will be to 80% of the premiums paid
Only yearly payment mode option
Tax Benefit under Section 80C (Up to Rs. 1.5 Lacs) and 10(10D) of the Income Tax Act for premiums paid and for any claim received. Tax laws are subject to change.

Riders

The plan does not offer any additional riders

Reliance Nippon Life Online Term Plan

Reliance Nippon Life Online Term you a large cover at an affordable rate along with the convenience of completely buying it online in just a few clicks. You can also have the comfort of taking your medical tests at your own home.

Features

The minimum age of entry is 18 years and maximum is 55 years.
It is an online plan targeted for young internet savvy generation
Less paper work due to online form filling
No maturity benefit available in this plan
Lower premium for online availability
Discount on premiums to people for maintaining healthy lifestyle
Only yearly payment paying opinion

Riders

The plan does not offer any additional riders

Exclusions of Reliance Term Insurance

If the Life Assured, whether sane or insane, commits suicide within 12 months from the date of commencement or revival of the policy, nominee or beneficiary will receive 80% of the premiums paid till the date of death, excluding taxes and underwriting extra premiums, if any, provided the Policy is in-force and we will not pay any insured benefit.
The Company will not pay any Accidental Death Claim and Total and Permanent Disablement Claim which results directly or indirectly from any one or more of the following:

An act or attempted act of self-injury, Participation in any criminal or illegal act, Being under the influence of alcohol or drugs except under direction of a registered medical practitioner, Racing or practicing racing of any kind other than on foot,Flying or attempting to fly in, or using or attempting to use, an aerial device of any description, other than as a fare paying passenger on a recognised airline or charter service. Participating in any riot, strike or civil commotion, active military, naval, airforce, police or similar service, or War, invasion, act of foreign enemies, hostilities or war like operations (whether war be declared or not), civil war, mutiny, military rising, insurrection, rebellion, military or usurped power or any act of terrorism or violence.

Claim Process of Reliance Term Insurance Plan

If you are sure that the situation is covered by the insurance policy, then you should intimate the advisor or visit the nearest branch. All forms can be downloaded from the website under claims section of the website. Nearest branch can be located from the branch locator facility on the website.

Telephone helpline for claims

022 3000 2700

Toll free number 1800 300 08181

Request Call back by putting the following details:

Name
Email ID
Mobile Number
State
City
Product

Address for claims

The Claims Department, Reliance Life Insurance Co Ltd, 9th Floor - Building No. 2, R-Tech Park, Nirlon Compound, Next to Hub Mall, Behind I- Flex building, Goregaon, (East), Mumbai-400 063

Documents required for Death claim

Claim form A - This form need to be filled by the nominee or claimant
Claim form B - Certificate of last illness to be filled, signed and stamped by the doctor in attendance during the last illness of the deceased life assured
Original policy documents
Original death certificate by Death and Birth Registrar
Death certificates by the doctor confirming cause of death
Nominees photo identification card copy attested by insurance
All hospital reports, if hospitalized during the last sickness
Post mortem report and Viscera report, if performed

In case of Accident or Suicide

Claim form C - Certificate of Identity, along with Claim forms (A & B)
First Information Report and final Police Investigation Report
Newspaper cutting on the accident, if available

For Critical Illness

Documents required for Critical Illness claim

Critical Illness Claim form A - to be filled by the Life Assured
Claim form B - Certificate of illness to be filled, signed and stamped by the attending doctor.
Original policy documents
All hospital reports (certificate of diagnosis, lab reports, attended physician report, biopsy reports if any, discharge summary, first consultation notes etc.)

Important points to remember regarding documents during claim process

All the documents submitted should be original or photocopies attested by a Reliance Nippon Life Insuranc official.
The company reserves the right to ask for more documents and information

Review

Keeping the different age groups and generation in mind, reliance has come up with three different term insurance plans. For the new generation who are used to buying things online, it has special online term plan. For people who want monthly income benefit along with sum assured it has online income plan. Lastly, it also has a pure term plan which provides good cover at economical cost and the only plan that offers riders.

The plans are simple and easy to understand and all plans have option of taking the medical test at the convenience of your own home. Reliance Insurance Company is part of Reliance group of industries which is one of the top companies in India today. It also maintains a healthy claim settlement ratio of 95 % as of 31st march, 2016 with 108,649 total number claims disbursed. With the good term plan offering, Reliance Term Insurance Plans cannot be ignored when shopping for a term plan.

Explore Term Insurance

Here are some quick links to find out more about tarm insurance in detail

Compare Term Insurance

Term Insurance Premium Calculator

Term Insurance Riders

Buy Term Insurance

Term Insurance Claim

Increasing Term Insurance

FAQs on Reliance Nippon Term Insurance Plan

How much time does the company take to settle a claim?

The company claims to have one of the quickest settlement process by doing the claim settlement in 12 days. To achieve this, it is responsibility of the nominee to attach correct forms and documents and send it to nearest branch or office in your city. Delay happens when correct documents are not received by the insurance which hampers the claim process. All documents required are listed on the company website for easy reference. After getting the correct documents and completion of verification process, the company will dispatch the cheque within 3 working days. The cheque can be collected by the nominee from the nearest branch after verifying a valid ID proof.

What is the term for revival of lapsed policy?

You can revive your lapsed or Paid-up policy and the riders for its full coverage within 2 years from the due date of the first unpaid premium but before policy maturity, by paying all outstanding premiums together with the interest, as declared by us from time to time. The current rate of interest is 9% p.a. and is subject to change from time to time. Revival of the policy is subject to satisfactory declaration of good health by life assured where the policy is up to 6 months arrears. Revival after 6 months will be underwritten as per Board approved underwriting policy, i.e., the Life Assured may have to undergo medical test, etc. If a lapsed Policy is not revived within the revival period, the Policy will be terminated with no benefits payable. A terminated policy cannot be reinstated.

What is the process to surrender the policy?

You may surrender your policy after the completion of a lock-in period as specified in the terms and conditions of your policy by submission of a duly filled and signed Surrender Request Form, your savings bank account details, a cancelled cheque leaf from the account and self-attested copy of KYC documents at the nearest branch location. The request for surrender will be processed in 7 working days after receipt of the request subject to fulfillment of all requirements. You may refer to the policy terms and conditions for the surrender charges applicable in your policy

Please note that a policy surrender request once processed cannot be reversed. The benefits of your policy will stop upon surrender of your policy.

How to change the nominee on my policy?

The nominee can be changed any time after the issuance of the policy by submitting completed and duly signed Nomination Form and self-attested copy of KYC documents (Address and ID proof of the nominee) at the nearest branch location. The change of nominee will be updated in the records within two working days once the receipt of the request and complete documents are submitted at the branch.

Can I add a rider to my policy after it has been issued?

Yes a rider can be added to a policy after it has been issued. Rider addition can only be effected on any policy anniversary by submitted signed request application at the nearest branch. The addition of the rider is however subject to underwriting approval. Any rider addition or deletion takes 7 working days after the receipt of request and complete document at the branch.