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Reliance Life Term Insurance Plans

Protection plans or term insurance plans are the simplest kind of life insurance schemes. Under a term insurance plan, you buy a policy and pay premiums as agreed, and the policy provides a monetary cover for your life. So in case you pass away while the policy is in force, then your family or nominee will get the sum assured and related death benefits. This will ensure that even after your death you have a hand in providing and caring for your family. However, if you outlive a term insurance policy – that is, your policy reaches maturity before you die – then you will not get any benefit as a term insurance doesn’t offer maturity benefits.

Reliance Nippon Life Insurance Company is owned by Reliance Capital, with Japan’s Nippon Life Insurance having a 49% stake. Because of this, the company’s products are relevant to the Indian environment and have a global outlook. The company offers pure life protection plans as well as various other kinds of life insurance schemes. The company also offers online plans for the convenience of its internet-savvy customers.

Benefits of Reliance Nippon Life Protection/Term Insurance Plans:

The term insurance schemes by Reliance Nippon are beneficial to you in several ways. Some of the key advantages are:

  • The policies protect your family from your untimely death and provides them the funds required for them to tide through the tough times.
  • You can select a protection cover and sum assured based on your needs and affordability.
  • Reliance Nippon life protection policies are affordable and come with comprehensive package of benefits.
  • If you lead a healthy, addiction-free lifestyle, then you can get protection plans at lower premiums.
  • You can buy a policy and pay premiums online as well as offline.
  • You have flexibility in the mode of making premium payments, in the frequency of payments, as well as in choice of single premium, limited premium and regular premium payments.
  • You can surrender a policy if you feel like you don’t need it.
  • You will receive the entire sum assured and bonuses with little deductions at the time of making a claim.
  • You can claim tax benefits on both premium payments and death benefits for all the policies.

List of Reliance Nippon Life Protection/Term Insurance Plans:

Reliance Nippon offers three schemes under its Protection Plans category:

  1. Reliance Nippon Life Term Plan: This policy is a basic term insurance policy which gives you lower premiums, higher life cover and helps you provide for your family’s needs. You can also add riders to the policy at a slightly higher premium and enjoy higher protection. The key features of this plan are as follows:

    1. Entry age: 21 years to 60 years
    2. Age at policy maturity: 26 years to 65 years
    3. Policy tenure: 5 to 30 years
    4. Premium payment: As long as the policy is active
    5. Minimum premium amount: Rs.2,000
    6. Minimum sum assured: Rs.5 lakh
    7. Premium payment frequency: Once in 3 months, once in 6 months, or once in a year
    8. Riders available:
      1. Accidental Death and Total and Permanent Disablement Rider (Regular): Additional cover in case the policyholder dies or becomes completely disabled due to an accident. Further premiums are also waived off.
      2. Accidental Death and Total and Permanent Disablement Rider (Limited): This is similar to the regular rider but is applicable to limited-premium policies.
      3. Family Income Benefit Rider: To provide a regular monthly income to the family. The monthly income is equal to 1% of Sum Assured, which will be paid from the date of the policyholder’s death until 10 years or the end of the rider duration, whichever is later.
      4. Major Surgical Benefit Rider: To cover the expenses of major surgeries (33 listed under this rider) such as kidney transplant, lungs transplant, cornea transplant, open heart surgery, etc.
      5. Critical Conditions (25) Rider: To cover the expenses of critical health conditions (25 listed) such as major organ transplant, heart attack, cancer, paralysis, etc.
  2. Reliance Nippon Life Online Term Plan: This policy can be bought online and comes at a premium as low as Rs.9.5 per day. You can choose your sum assured and policy duration according to your needs. If you have a healthy lifestyle free of smoking, drinking and other addictions, you can avail lower premiums. Medical examination is required for this policy, but it can be done from the comfort of your home and according to your timings. The main features of this scheme are listed below:

    1. Entry age: 18 years to 55 years
    2. Age at policy maturity: 28 years to 75 years
    3. Policy tenure: 10 years, 15 years, 20 years, 25 years, 30 years and 35 years
    4. Premium payment: As long as the policy is active
    5. Minimum premium amount: Rs.3,500
    6. Minimum sum assured: Rs.25 lakh
    7. Premium payment frequency: Once in a year
    8. Riders available: None.
  3. Reliance Nippon Life Online Income Protect: This policy gives you a single lump sum amount in case of your death, and also gives your family a regular monthly income after your death. A healthier lifestyle will help bring down your premium costs. The application process is online and simple. The important features of this plan are:

    1. Entry age: 18 years to 55 years
    2. Age at policy maturity: 28 years to 75 years
    3. Policy tenure: 10 years, 15 years, 20 years, 25 years, 30 years and 35 years
    4. Premium payment: As long as the policy is active
    5. Minimum premium amount: Rs.3,500
    6. Minimum sum assured: Rs.35 lakh
    7. Premium payment frequency: Once in a year
    8. Riders available: None.

A brief summary of the policies is given in the table below:

Plan Name Entry Age Maturity Age Premium
Reliance Nippon Life Term Plan Minimum 21 years and maximum 60 years Minimum 26 years and maximum 65 years Minimum Rs.2,000
Reliance Nippon Life Online Term Plan Minimum 18 years and maximum 55 years Minimum 28 years and maximum 75 years Minimum Rs.3,500
Reliance Nippon Life Online Income Protect Minimum 18 years and maximum 55 years Minimum 28 years and maximum 75 years Minimum Rs.3,500

Why You Need Reliance Nippon Life Protection/Term Insurance Plans?

Reliance Nippon Life Insurance Protection Plans are a great way to ensure that your family does not need to worry about money after your death. Whether it is to pay off your liabilities or for your child’s education, the death benefits can be very useful to your family even though your presence would be indispensable. Among the key reasons why you should buy a Reliance Nippon Protection Plan are:

  • Tax benefits: Term insurance plans are eligible for tax exemptions for premium payments under Section 80C, and the nominee can claim tax exemption on the death benefits received after your demise. This will ensure that your well-saved money is fully available to your family.
  • Easy application process: With Reliance Nippon, buying an insurance policy is as easy as shopping online. You can apply online and upload the required documents, and even premiums can be made online. Medical tests required under certain policies can also be scheduled to be conducted at your home.
  • Easy claims process: Reliance Nippon has a 12-day claims approval guarantee in case all documents are in order and there is no further investigation or query required by the insurer. Reliance Nippon has a Claim Settlement Ratio of 95.01% as on March 2016, which means that 95 out of 100 claims were processed and disbursed by the company.