Reliance Nippon Life Insurance is a subsidiary of Reliance Capital, with Japan’s Nippon Life Insurance owning 49% of the company’s shares. Reliance Nippon Life Insurance is one of the chief private life insurance firms in India, with a high individual weighted received premium. The company offers a host of individual and group life insurance products to its customers, in categories such as Protection, Saving and Investment, Retirement, Health, and Child.
Highlights of Reliance Nippon Life Insurance
Highlights of HDFC Life Insurance
Updated on 16 Jul 2018
|Percentage of Grievances Solved
|Claim Settlement Ratio
|Group Death Claims
|Percentage of Claims Rejected
||2.72 (for the quarter ended March 2017)
Reliance Nippon Life Insurance Plans
The following life insurance plans are available with Reliance Nippon Life Insurance:
||Money Back Plans
|Reliance Nippon Life Online Income Protect
||Reliance Nippon Life Premier Wealth Insurance Plan
||Reliance Nippon Life Whole Life Income
||Reliance Nippon Life Education Plan
||Reliance Nippon Life Pension Builder
||Reliance Nippon Life's Guaranteed Money Back Plan
||Reliance Nippon Life Easy Care Fixed Benefit Plan
||Reliance Nippon Life Traditional Group Employee Benefit Plan
|Reliance Nippon Life Online Term Plan
||Reliance Nippon Life Smart Savings Insurance Plan
||Reliance Nippon Life Fixed Savings
||Reliance Nippon Life Child Plan
||Reliance Nippon Life Immediate Annuity Plan
||Reliance Nippon Life Fixed Money Back Plan
||Reliance Group Gratuity Plus Plan
|Reliance Nippon Life Term Plan
||Reliance Nippon Life Classic Plan II
||Reliance Nippon Life Bluechip Savings Insurance Plan
||Reliance Nippon Life Smart Pension Plan
||Reliance Nippon Life Increasing Money Back Plan
||Reliance Group Leave Encashment Plus Plan
||Reliance Nippon Life Increasing Income Insurance Plan
||Reliance Nippon Life Super Money Back Plan
||Reliance Traditional Group Superannuation Plan
||Reliance Nippon Life Lifelong Savings Plan
||Reliance Nippon Life Smart Cash Plus Plan
||Reliance Group Credit Assure Plan
||Reliance Nippon Life Future Income
||Reliance Group Term Assurance Plan EDLI
||Reliance Nippon Life's Money Multiplier Plan
||Reliance Group Credit Assure Plus
||Reliance Nippon Life Endowment Plan
||Reliance Group Term Assurance Plus
||Reliance Nippon Life's Super Endowment Plan
||Reliance Group Sarv Samriddhi
Why you should go for Reliance Nippon Life Insurance
Reliance Nippon Life Insurance offers a wide range of life insurance and related protection plans. These policies cater to every kind of insurance need that a customer might have. From children to senior citizens, from online to offline, from those who want to save tax to those who need wealth-growing plans, everyone can get a plan with Reliance Nippon Life Insurance. The claim settlement ratio of the company was 95.01% in 2015-16, which means that over 95% of the claims made under Reliance Nippon Life Insurance’s policies have been paid out by the company. Apart from this, almost all policies of Reliance Nippon Life Insurance are eligible for tax exemptions under 80C, 80CCC, 80D and other related clauses of the Income Tax Act. Tax deductions are applicable for premium payments, death benefits as well as annuity income.
The company also has the following accolades to its name:
- It is certified under ISO 22301:2012 as well as ISO 27001 and 9001:2008.
- It has received an AAA rating from Brickworks.
- It was ranked among the three Most Trusted Brands in Life Insurance Category by Brand Equity‘s Most Trusted Brands Survey 2015.
- It was voted among the Top 200 Brands in India by Economic Times & Nielsen Best Brands Study in 2014.
- It won the Business Continuity Team of the Year award given by Business Continuity Institute, UK.
Different types of policies provided by Reliance Nippon Life Insurance
The below-mentioned life insurance policies are offered by Reliance Nippon Life Insurance Company:
Reliance Life Term Insurance or Protection Plans: Term insurance or protection plans are the simplest forms of life insurance, which can be obtained for periods ranging from 30 to 75 years. In this kind of policy, you are insuring your life and protecting the needs of your family by paying a small premium at fixed intervals (monthly, quarterly, half-yearly or annually).Your family will receive a particular sum in case you die while the insurance plan is active. However, if you live more than the policy period you are not eligible for any monetary benefit. The term insurance/protection plans offered by Reliance Nippon Life are:
- The premium is inexpensive while the sum assured is large.
- You can select the insurance cover you need based on your requirements and priorities.
- The sum assured will be paid to your family if you die before the end of the policy tenure.
- It is easy to understand and the claims process is simple.
|Online Term Plan
- This insurance policy can be bought and operated online.
- The premiums are cost-effective.
- If you follow a healthy lifestyle, you can get lower premium amounts.
- You can choose the insurance cover based on your requirements.
- The sum assured will be paid to your family if you die before the end of the policy period.
- Medical check-up can be done as per your convenience and at the comfort of your home.
|Online Income Protect
- This insurance policy can be bought and managed online.
- The premiums of the policy will be lower if you follow a lifestyle free of unhealthy habits.
- In case the insured person dies, the policy pays out a lump sum amount as well as gives your family a fixed monthly income.
Reliance Life Savings and Investment Plans: These are life insurance plans that not only give you a sum assured but also allow the premium you pay to act as an investment that will grow over the years. So apart from the sum assured, you also get extra monetary benefits in the form of bonuses and additions. The saving and investment plans offered by Reliance Nippon Life are:
- Under this policy, a fixed percentage of the premium paid is added for each year, up to 10%, until maturity.
- If the insured person dies before maturity of the policy, the nominee will receive the sum assured and the fixed additions until the time of death.
- If the insured person outlives the policy, then s/he would receive a maturity benefit of sum assured plus fixed maturity addition.
- You can select the multiples of death benefit you would like to receive – either a 10-times death benefit or a 7-times death benefit.
|Bluechip Savings Insurance Plan
- Upon maturity of the policy, you get the sum assured, an extra 7% annually of the base sum assured, Vested Reversionary Bonuses, and Terminal Bonus.
- The amount of death benefit multiples you want can be chosen at the time of taking the policy.
- Upon death of the insured person, the nominee gets the sum assured as well as the applicable bonuses.
|Increasing Income Insurance Plan
- You can choose between two versions of this plan: Income with Maturity Benefit and Only income.
- Premium needs to be paid only for a specific period, while the maturity date would be many years later.
- After the premium payment duration is over, you will receive a monthly income as long as the policy is in force.
- In the Income with Maturity Benefit Option, the monthly income will be 1% of the Base Sum Assured for the first year, which goes up by 0.25% in the following years.
- In the Only Income option, the monthly income will be 2% of the Base Sum Assured for the first year, which goes up by 0.50% in the following years.
- If you select a maturity benefit, then you will receive twice the Base Sum Assured in case the insured person is alive at the end of the policy tenure.
- If the policyholder dies before the policy term ends, then the death benefit receivable will depend on which optional multiple was chosen at the time of taking the policy.
- Death benefit will not be decreased even if monthly income was paid out earlier.
|Lifelong Savings Plan
- You can choose between Standard Cover and Extended Cover.
- With the Standard Cover, you will get life cover until policy period ends and maturity benefit, while the Extended Cover gives you life cover even after the policy tenure ends.
- You also get Accrued Guaranteed Returns, Guaranteed Additions, reversionary bonus, and terminal bonus.
- You can either pay premiums for a limited period or for the whole policy duration. You also have the flexibility to select how often you want to pay the premiums in a year.
- You can take a loan by pledging this policy as collateral.
- Once the premium payment tenure is over, you will receive a yearly income until the policy matures.
- You also receive a lump sum amount at maturity.
- There is flexibility to pay premiums for at least 7 years and a maximum of 12 years.
- Your nominee is eligible to get death benefits including sum assured, vested bonus, and terminal bonus in case you die before the end of the policy period.
|Whole Life Income
- You can get a fixed income from the 10th policy year, for up to 85 years of age.
- Your life is insured until you are 85 years of age.
- You get cash bonus from the sixth policy year onwards.
- On maturity, you will receive the Guaranteed Sum Assured.
- You have the flexibility to pay for 10 to 15 years as per your convenience.
- You can pay premiums at intervals suitable to you – every month, every quarter, once in 6 months or once in a year.
- You can pledge this policy in banks to avail loans.
|Money Multiplier Plan
- You can get guaranteed benefits such as the sum assured, loyalty additions, and maturity additions at the end of the policy term.
- The more number of years you choose to pay premiums, the higher your loyalty and maturity additions will be.
- You can select between policy tenures of 10, 15 and 20 years.
- If you pass away while the policy is in force, your nominee will get up to 10 times the annualised premium as death benefit.
- You can choose policy tenure of between 10 and 25 years as per your needs.
- You can get the sum assured as well as bonuses when your plan matures.
- If the policyholder dies, the nominee will get 10 times the Annualised Premium Paid or Base Sum Assured, in addition to vested bonus, OR 105% of the premiums paid.
|Super Endowment Plan
- On maturity of the policy, you will get the sum assured, and in case of the insured person’s death, the nominee can get death benefits.
- The policy duration can be either 14 years or 20 years.
- You need to pay premium only for half of the policy tenure, i.e. either for 7 years or for 10 years.
Reliance Life Money Back Plans: This kind of life insurance plan gives you periodic payouts in addition to the sum assured and bonuses that you would get in case of death or maturity of the policy. These are popular in India as you not only get a life cover but also get a steady source of income apart from your salary, to meet additional requirements of your household. The money back plans offered by Reliance Nippon Life are:
|Guaranteed Money Back Plan
- You will get cash payouts in the last 5 years of the policy.
- You also earn loyalty benefits and maturity additions.
- If you die before the policy period ends, then the remaining premiums are waived off without the sum assured and bonuses being affected.
- You can select between 15 and 20 years of policy duration.
- You can either pay regular premiums or limited premiums as per your need and convenience.
|Fixed Money Back Plan
- You will get a fixed amount in the last 5 years of the policy duration.
- You also get loyalty additions every year and a guaranteed maturity benefit.
- You can opt for one of these plan choices:
- The monetary benefits are available only if the policyholder is alive at the time of policy maturity.
- The monetary benefits are paid out whether the policyholder is alive or not.
- You can select either a 15-year policy or a 20-year policy.
- The premium can be paid over 5 years, 7 years or 10 years.
- You can pay premiums monthly, quarterly, every six months, or annually.
|Increasing Money Back Plan
- You will receive a payout from the company every 3 years.
- The money received will be higher with every payout.
- You also get a lump sum amount at the end of policy tenure.
- You can pay premiums for 7 years or for the entire policy duration.
- If you choose a higher sum assured, you can get concessionary rates on premium.
|Super Money Back Plan
- You will get money back from the plan every 5 years.
- The payouts will be higher with each passing 5-year period.
- You will also get loyalty benefits and maturity additions at the end of the policy period.
- Your life protection will be at least 10 times the annualised premium.
- You can opt for policy tenures of 10, 20, 30, 40 or 50 years.
- You need to pay premiums for only half of the chosen tenure.
- Premiums can be paid in frequencies suitable to you.
|Smart Cash Plus Plan
- You will get money back every 3 years under this policy. With each payout, the cash benefits will be greater.
- You will get the sum assured and all bonuses when the policy matures.
- Your life cover will be at least 10 times the annualised premium.
- Premiums can be paid in frequencies convenient to you.
Reliance Life Child Plans: These plans offer life insurance for you and assured long-term benefits that are intended for the future academic requirements of your child or children. The focus of these plans is saving for the child’s education and future requirements, as well as to ensure that your child is provided for even if you lose your life unexpectedly. The child plans offered by Reliance Nippon Life are:
- The policy will give a guaranteed lump sum amount at maturity irrespective of whether you are alive or not, thereby ensuring that your child’s dreams can be achieved.
- There are 4 payout options:
- Self Starter: A lump sum amount in a single payout;
- Post Graduation Degree: Two annual payouts for the child’s higher studies;
- Professional Degree: Four annual payouts if your child wants to go for a professional degree;
- Career Starter: Five annual payouts for the child’s higher education and to kick-start their career.
- There are two death benefits on this policy:
- 100% Death Benefit in a single lump sum payment in case you pass away;
- 50% Death Benefit as a lump sum and the pending 50% as an income for next the 10 years.
- If you pass away before premium payments are completed, the future premiums will be waived off without affecting the perks of the plan.
- You can pay premiums for 5 years, 7 years, 10 years or throughout the policy duration.
- You can pledge this policy to get a loan in case of urgent requirements.
- Get fixed benefits of 25% of the sum assured in the last three years before the policy matures.
- When the policy tenure ends, you get 25% of the sum assured, vested bonuses, and non-negative capital guarantee.
- This policy also provides life insurance cover, and if the policyholder dies before the premiums are paid off, all future premiums will be waived off and the family will receive the guaranteed sum assured.
- You can opt for 10 to 20 years of policy tenure.
- You can pay premiums every month, every three months, every six months or annually.
Reliance Life Retirement Plans:
Retirement plans, also known as pension and annuity plans, are aimed at creating a large corpus and regular income for your life after retirement. You can pay the premiums when you are employed, and once you retire, you can enjoy the fruits of your savings. You can choose to make investments through insurance in equity, debt or balanced funds, and assist your wealth creation plans while enjoying life insurance cover that will provide for your family’s needs in case of your early death. The retirement and annuity plans offered by Reliance Nippon Life are:
- You have the flexibility to decide the tenure of your policy based on your retirement plans.
- You can make premium payments for 5 years, 7 years, 10 years or for the entire policy duration.
- You are eligible for simple reversionary and terminal bonuses.
- Once you retire, you will get a fixed monthly income as long as you are alive.
- In case you pass away, your family will get the sum assured and a regular income as death benefit.
|Immediate Annuity Plan
- You need to pay premium only once.
- You will receive a fixed regular income as annuity.
- You can choose between 3 kinds of annuity payments:
- Life annuity
- Life annuity with return of purchase price
- Life Annuity guaranteed for 5, 10 or 15 years and payable for life afterwards.
- You can receive annuity annually, half-yearly, every three months, or every month.
|Smart Pension Plan
- You can select policy tenures between 10 and 30 years.
- You can choose a retirement age from 45 to 75 years, and prolong it if required.
- You will receive regular monthly payments once you reach the selected retirement age.
- You also get loyalty payments on your policy.
- You can top-up your retirement fund with extra money whenever you want, allowing you a larger corpus for your pension years.
- You can withdraw up to one-third of the accumulated funds from this policy without any tax liabilities.
- In case of your death, your family will receive a guaranteed lump sum amount.
Reliance Life ULIP Plans:
Unit Linked Insurance Plans (ULIP) are protection plans that are linked to the market. This way, you get both high yield on your investment and a life insurance protection. ULIP plans offer various fund options that you can manage yourself or through the agency, and you can also make partial withdrawals. The ULIPs offered by Reliance Nippon Life are:
|Premier Wealth Insurance Plan
- You can choose to invest in a self-managed fund or an auto-managed fund. Auto-managed option gives you the further selection of Target Maturity Option and Life-Stage Option, which help you decide how much equity and debt funds you want to invest in.
- From the 8th policy year, you get Wealth Boosters that help you increase your savings.
- You can pay the premiums in single payment, limited payment or regular payment modes.
- You can take out a part of the corpus after 5 policy years in case of emergencies.
|Smart Savings Insurance Plan
- You can select a self-managed fund or an auto-managed fund, a target maturity option or a life-stage option, just like the Premier Wealth Insurance Plan.
- You have the flexibility to pay premiums for 5 years, 7 years, 10 years or for the entire policy duration.
- You are eligible for loyalty bonuses and wealth boosters.
- In case of emergencies, you can make partial withdrawals after 5 policy years are over.
|Classic Plan II
- You can choose from equity-oriented, balanced and debt-oriented funds to invest your premiums in.
- You can pay premiums every month, every 6 months or once in a year.
- You can top-up your fund and increase your savings.
- You can change investment pattern of your premiums through Premium Redirection.
- You are eligible for basic life insurance as long as the policy is active, and you can add accidental death cover too.
- You can take out a part of the corpus after 5 policy years in case of emergencies.
Reliance Life Health Plans:
Health plans are life insurance plans that provide health insurance benefits as well. This means that apart from getting death benefits you are also eligible for cash and reimbursement benefits in case of hospitalisation, surgery, and critical illness. The health plans offered by Reliance Nippon Life are:
|Easy Care Fixed Benefit Plan
- This policy offers the following benefits:
- Daily Hospital Cash Benefit
- Intensive Care Unit (ICU) benefit
- Recuperation Benefit
- Surgical Cash Benefit
- Major Surgical Benefit
- Critical Illness Cover
- This policy can be renewed every five years until you are 99 years old.
Reliance Life Group Plans:
These plans are made for companies and corporate entities that want to offer life insurance to some or all of its employees. Group plans cater to large groups of staff, and often come with greater benefits. Three kinds of group plans are offered by Reliance Nippon Life:
Employers Liability Solutions: These are policies that are taken by employers to protect the interests of the employees, and provide benefits such as superannuation, leave encashment and gratuity.
Employee Protection Solutions: These policies are taken to offer life insurance and credit protection to employees who are disabled or killed in accidents caused at the workplace.
Group Saving Solutions: This is a unique policy that allows the organisation to facilitate the habit of saving among its staff.
The benefits of the policies will be available only as long as an employee is an active staff of the company that has bought the plan. Death and disability benefits can be availed only if the employee died or became disabled at the workplace. The amount you receive as benefits depend on the employer’s rules. Let us look at the plans under each header in detail:
|Traditional Group Employee Benefit Plan
- The policy provides benefits for retirement, death, disability, resignation or early termination of employment, and leave encashment.
|Group Gratuity Plus Plan
- This policy covers gratuity amount of employees, including retirement benefits, death or disability payouts, and resignation or early termination of employment.
- Upon surrender or discontinuation of policy by the employer, they will receive the fund value with discontinuation charges deducted from it.
|Group Leave Encashment Plus Plan
- This policy covers annual leave encashment by employees as well as retirement benefits, death or disability payouts, and resignation or early termination of employment.
- If the employer surrenders or discontinues the policy, they will receive the fund value with discontinuation charges deducted from it.
|Traditional Group Superannuation Plan
- The employees covered under this will get superannuation amount with an extra interest rate that will be credited every financial quarter.
- A specific amount will be deducted from the employee’s salary every month by the employer for this policy.
- Reliance Nippon Life will provide fund management services on the superannuation schemes, as the amount is invested in funds.
- This policy is eligible for tax exemptions.
|Group Credit Assure Plan
- This scheme protects the loan liabilities of the family and co-borrowers of the employee if the employee dies untimely.
- The policy also offers life insurance protection as long as the loan is active.
- You can select either a Level Cover or Reducing Cover.
- You can pay either a single payment or limited payment.
|Group Term Assurance Plan EDLI
- This is linked to the Employee’s Deposit Linked Insurance Scheme (EDLI).
- This policy can be renewed on a yearly basis.
- The employee can receive policy benefits upon death because of accidental or natural reasons.
- If the contract ends, survival benefits will not be applicable. Contract can be renewed.
|Group Credit Assure Plus
- This plan offers comprehensive coverage of credit between employers and employees as well as from banks and other lenders.
- The life insurance protects the main borrower as well as co-borrower.
- You can choose flexible premium payments and insurance coverage.
|Group Term Assurance Plus
- The policy offers comprehensive coverage on low premium payment.
- The employee can increase the coverage amount, add riders, and convert group coverage into individual coverage if they want.
- Employees can claim tax benefits on the premium payments.
|Group Sarv Samriddhi
- You will receive both maturity benefits and death benefits under this scheme.
- Maturity benefits will include the account value, minimum floor rate, additional interest rate and residual additions.
- Death benefits include account value, or base sum assured or 105% of the premium paid, whichever is higher.
How To Make a Claim With Reliance Nippon Life Insurance
Claims for Critical Illness, Total and Permanent Disability and Death have to be registered either with the Claims Department, Corporate office, Mumbai, or with your nearest Reliance Nippon Life branch. You also need to submit the relevant documents at the branch or corporate office.
To make a claim, you need to do the following:
- Fill up the correct form for your claim. There are 4 death claim forms and for health insurance claims. There may also be separate forms for each policy that you’ve bought.
- Make sure you have all the required documents as per your policy requirements. Carry both the originals and photocopies for verification.
- Ensure that you’re carrying your original policy document.
- If you’ve sent an intimation letter of claim to the Third Party Administrator or to Reliance Nippon Life Insurance, then you need to carry that letter as well.
- In case of health insurance claims, you need to carry the hospital reports and doctor’s certificates.
- If you are making a claim for accidental death or total disability, you need to take the FIR and police investigation report as well.
- Death certificate of the policyholder will be required if you’re making a death benefit claim.
- Take your identity proofs with you – whether you are the policyholder or nominee.
- Also carry your PAN card and Bank account details.
Once you provide all the documents to the branch office, a team of executives will follow up on your claim and provide you periodic updates. They may get in touch with you for additional documents or queries. Once the claim is approved, the policyholder or nominee will receive an SMS/email/letter. It should not take more than 3 days for the money to be credited to your account, or a cheque to be sent to you. If you are unsatisfied with the claim, you can approach the Reliance Nippon Customer Service Cell on toll-free number 1800-300-08181 or send a mail or email to the company. If the customer service cannot help you, you can approach the branch manager, followed in escalation levels by Head of Customer Care, and Grievance Redressal Officer, Head of Legal & Compliance at firstname.lastname@example.org. If you are still disappointed, you can approach the insurance Ombudsman of the area in which your Reliance Nippon Life Insurance branch is located.
Claim Settlement Ratio of Reliance Nippon
Reliance Nippon offers a diverse range of plans for policyholders to choose. The claim settlement process of the company is simple with easy access to all solutions. The claim settlement ratio of the company for 2016-17 is as follows:
|No. of claims received
||No. of claims approved
||Claim settlement ratio
Claim settlement ratio trend over the years:
Documents required for buying Reliance Nippon Life Insurance policy:
You can buy a life insurance policy of Reliance Nippon either online or through insurance agents and at Reliance Nippon offices in various cities. Each life insurance policy may have slightly different documentation needs. But in general, to buy a life insurance policy, you will need the following documents:
- Age proof: A government identity card such as driving licence, Aadhaar, Voter’s ID, Passport, or school leaving certificate
- Identity proof: A government identity card such as driving licence, Aadhaar, Voter’s ID, ration card, Passport, etc.
- Address proof: A government identity card with you address or a utility bill can be provided.
- Income proof: Latest salary slips from your employer needs to be provided.
- PAN card is mandatory for income tax purposes.
- Medical examination may be required, but this depends on the policy you’re buying.
- Employment proof such as company ID or joining letter if it is a group policy.
- Cheque for the first premium.
- A filled form for Electronic Clearing System (ECS) if you intend to pay directly through your bank account.
- Filled up policy application form.
- Passport-sized photographs.
How to check policy status?
You can check your policy status either online or offline in the ways mentioned below:
Online: You can go to the Reliance Nippon Life website and check your application as well as policy status. If you already have a Reliance Nippon account, then you can log in to the site and check the status of your plan. You can also contact the company’s customer care centre on the toll-free number or via email at email@example.com.
In person: You can go to any Reliance Nippon branch office or contact your insurance agent to check the status of your policy.
Online Payment for Reliance Nippon Life Insurance:
You can pay the premium for your Reliance Nippon Life Insurance policy online without having to go to the insurance agent or company office. You need to first activate your policy on the Reliance Nippon Life website and create your profile. Payments can be made in the following ways:
Credit Card: You can use your Visa, MasterCard, American Express, Maestro, or Diners Club credit cards. You will need your card number, CVV number and a 3D secure PIN or One-Time Password to authorise the payment.
Debit Card: You can make premium payments online n the Reliance Nippon Life website by using your bank’s debit card. You will need your card number, CVV and ATM PIN or 3D secure PIN.
Netbanking: If you do not have a card, you can pay premiums directly through internet banking portal of your bank.
e-Wallets: Reliance Nippon Life Insurance accepts payments from digital wallets such as PayTM, JioMoney, MobiKwik, Freecharge, etc.
Bill Desk: You can register yourself on the Bill Desk or Bill Junction site and pay the premium by selecting Reliance Nippon Life insurance as the biller. You will also need to enrol your policy on the site.
Reliance Nippon Life Insurance Premium Calculator:
The Reliance Nippon website has two kinds of calculators for your benefit:
Insurance Need Calculator: This helps you ascertain whether you need a life insurance in order to ensure a comfortable life for your family after your demise. It also tells you how much insurance you will need. Once the calculations are done, you can proceed to see which policies are suitable for you.
Pension Calculator: This tool is for you to decide whether you need a pension plan and how much cover should be taken.
In each calculator, you need to enter personal details such as age, income and expenditure, and the estimates of your future expenses and retirement needs. The numbers arrived at are merely a suggestion and not exactly what you would need. Always talk to an insurance expert to arrive at a correct estimate of your requirements.
Reliance Nippon Life Insurance FAQs
1. How will I receive my policy document?
A. Reliance Nippon uses the India Post Speed Post network to dispatch the policy documents.
2. Can I surrender my policy and then reinstate it?
A. Reliance Nippon does not allow surrendered policies to be renewed. So before you decide to surrender your policy, review your requirements and remember that none of the benefits of the policy will be available after surrendering.
3. Can I change the premium payment frequency and mode of payment?
A. Yes. You can change the frequency at which you pay premiums around your Reliance Nippon policy anniversary date, i.e. the anniversary of the date on which the policy was issued. Ensure that you file your request 15 days before the anniversary date. You can change your payment mode from manual to ECS or credit card by submitting a cancelled cheque/credit card photocopy at your Reliance Nippon branch.
4. Where is the Reliance Nippon Claims Department located?
A. Reliance Nippon Life Insurance claims department is located in Mumbai. The complete address is: 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
5. What does the health insurance welcome kit by Reliance Nippon contain?
A. The welcome kit comes with the following:
- Identity card/Health Card for all the insured person(s)
- List of network hospitals and their contact details
- Claims and Pre-Authorisation Forms
6. What is meant by ‘healthy lifestyle’ in terms of Reliance Nippon Life Insurance policies?
A. A healthy lifestyle refers to abstaining from smoking, drinking and drug abuse. Any activity that could reduce your lifespan and be a cause for diseases could be termed unhealthy.
7. What conditions are excluded in Hospital Cash Benefit?
A. The following exclusions are applicable:
- Getting admitted in a hospital within 3 months from the beginning of the policy except in case of an accident
- Pre-existing diseases
- Hospitalisation for diagnosis and observation
- Dental treatment or surgery except in case of accident
- Hospitalisation for pregnancy or childbirth
- Natural disasters
- Accidents due to driving under intoxication
- Participation in a dangerous activity
8. What riders are available with Reliance Nippon?
A. You can add any of the below-mentioned riders (some may not be available to selected policies) to your life insurance policy:
- Term Life Insurance Benefit Rider
- Accidental Death & Total and Permanent Disablement Rider – Regular
- Accidental Death & Total and Permanent Disablement Rider – Limited
- Major Surgical Benefit Rider
- Group Accidental Additional Death Benefit Rider
- Group Accidental Total and Permanent Disablement Rider
- Critical Condition (25) Rider
- Family Income Benefit Rider
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