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  • Reliance Life Insurance

    Reliance Life Insurance
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    Reliance Life Insurance Company (RLIC) is a part of Reliance Capital of the Reliance Group and is one of India’s largest life insurance firms with over 10 million policyholders. Holding a market share of 5%, the company has a distribution network of close to 1,230 branches and over 1 lakh advisors. It is currently the largest non-bank supported private life insurer in India, with a settlement claim ratio of approximately 95%.

    Reliance Life Insurance offers life insurance products targeted at individuals as well as groups and corporate entities, catering to five distinct segments such as Protection, Children, Retirement, Health and Investment plans.

    Key Highlights of Reliance Life Insurance

    Reliance Life Insurance 1 Cr Life cover plan

    1 Crore Life Cover

    Get 1 Cr Life cover @₹ 15*/day

    Claim-settlement ratio for Reliance Life Insurance

    Claim Settlement Ratio

    Claim-settlement ratio of 83.84% for year 2014-2015

    Occupation eligibility for Reliance Life Insurance

    Grievances Resolved

    98.02% Grievances Settled for year 2014-2015

    To be eligible for Reliance Life Insurance

    Minimum age for Reliance Life Insurance

    You should be at least 18 years old

    Maximum age for Reliance Life Insurance

    You should be less than 55 years old

    Occupation eligibility for Reliance Life Insurance

    You should be either Salaried, Self- employed, a professional or have your own business

    Reliance Life Insurance at a Glance

    Maximum tenure of Reliance Life Insurance

    A maximum tenure of 35 years

    Maximum sum assured for Reliance Life Insurance

    Min Sum Assured: Rs 25 Lakhs
    Max Sum Assured: No limit subject to underwriting

    Exclusions for Reliance Life Insurance

    Specific exclusions: Suicide within the first 12 months

    Documentation needed to apply for an Reliance Life Insurance

    • 1. Identity Proof
    • 2. Age Proof
    • 3. Income Proof
    • 4. Address Proof
    • 5. PAN Number

    Reliance Life Insurance Plans Details

    1. Reliance Life Term Insurance Plans:
    2. Reliance Life offers a variety of term insurance plans to suit the pocket and requirements of its large base of customers. Today’s world is full of uncertainties and in order to ensure the protection of our loved ones, we need to avail policies that would guarantee support even when we are not around. Life insurance plans from Reliance address this issue of securing the future of our family. The significant thing about these plans is that they have just death benefits and not any maturity benefit linked to them.

      • Reliance Term Plan - Offers tailor-made, comprehensive coverage so as to ensure your loved ones are fully covered in the event of any unforeseen tragedy.
      • Reliance Online Term - This plan is available online and can be availed in just a few clicks. It offers a substantial insurance cover at a very nominal cost.It’s 1 crore life insurance term plan from Reliance.
    3. Reliance Savings and Investment Plans:
    4. The Savings and Investment Plans from Reliance are basically market-linked plans that provide dual benefit of life cover as well as returns on the amount of money that is invested in the share market. This ensures you are well protected at all times as well as earning returns on your money too.

      • Reliance Super Money Back Plan - This is a great plan to avail in case you are looking for regular paybacks at periodic intervals. The premiums are not very hefty making it easy on your pocket too.
      • Reliance's Guaranteed Money Back Plan - The Guaranteed Money Back plan comes with an accidental death benefit along with waiver of premium benefit to support your family in case of your sudden demise.
      • Reliance Fixed Savings - This plan offers a lump-sum maturity sum as well as life cover to you and your loved ones. The plan is a systemic savings plan that helps you build a substantial corpus for your future needs.
      • Reliance Bluechip Savings Insurance Plan - The Bluechip Savings plan ensures a life cover as well as an assured 7% guaranteed addition along with bonuses.
      • Reliance Smart Cash Plus Plan - This plan is a perfect mix of savings cum liquidity. You get to avail periodic guaranteed sums to cover your expenses at each important stage of your life as well as a life cover too.
      • Reliance's Money Multiplier Plan - This plan guarantees a maturity amount plus loyalty additions to sum assured at the end of each policy year. Avail a life cover that is 10 times the premiums paid for the entire policy tenure. Flexibility to choose term of policy.
      • Reliance Endowment Plan - This is a flexible insurance plan that provides a life cover as well as lets you choose your sum assured depending upon your financial position.
      • Reliance's Super Endowment Plan - The super endowment plan helps you build a corpus for your future along with a guaranteed life cover so as to protect your family against your sad demise.
      • Reliance Increasing Income Insurance Plan - An insurance policy that provides regular monthly income along with a lump sum at maturity and ten times the annualised premium in the case of the unfortunate demise of the policyholder
      • Reliance Fixed Money Back Plan - An easy insurance plan with limited paying terms and assured fixed money back and maturity benefits. Payment of fixed money back is done during last five years of the plan, along with loyalty additions.
    5. Reliance Retirement Plans:
    6. In order to ensure a secure life and a continued lifestyle, planning for future is a must. Reliance retirement plans offer a channel through which you can plan and save so as to secure your future when you are retired and do not have a steady source of income anymore.

      • Reliance Immediate Annuity Plan - Convert your lump-sum savings into a regular income so as not to compromise with your lifestyle once you are retired.
      • Reliance Smart Pension Plan - This is a non-participating unit linked plan that helps you save systematically to ensure a better retirement fund once you no longer have that regular income from your job. Avail tax benefits as applicable.
    7. Reliance Life Endowment Plans:
    8. Below are some best Reliance Life Insurance endowment plans:

      • Super Money Back Plan
      • Guaranteed Money Back Plan
      • Super Endowment Plan
      • Endowment Plan
      • Smart Cash Plus Plan
      • Money Multiplier Plan
    9. Reliance Life Insurance ULIP Plans:
    10. These are unit linked plans that provide you the security required for the future of your loved ones as well as returns on your investments through market-linking of funds. Here are a couple of such schemes by the company.

      • Reliance Classic Plan II - The Classic plan comes with a life cover as well as long-term investment option that is protected against any uncertainties. The flexibility to choose and manage your funds is in your hands. You get to avail life cover as well as market-linked profits on your premiums paid.
      • Reliance Pay Five Plan - This is a unique investment plan that allows you to generate a life cover as well as savings option with just 5 premiums to be paid in each policy year.
    11. Reliance Child Plans:
    12. To ensure a better future for your children, whether you are around or not, is primary for almost all parents. Keeping this in mind, Reliance has the child plan that focuses on the education and well-being of your children at all phases of their lives. Be it education, first car or first home, your child can avail all that with the help of this plan.

      • Reliance Child Plan - Secure your child’s future with this plan from Reliance Life. Be it your child’s education, higher studies, home or marriage, ensure that you are always there in time of need.
      • Reliance Education Plan - A plan meant for parents with variable pay-outs for different requirements of a child’s career and future with death benefits that allow for an annual income for 10 years.
    13. Reliance Group Insurance Plans:
      • Employer’s Liability Solutions - The Liability Solutions plan from Reliance Life is meant to address all the employee benefits under a single plan. This includes pension, gratuity, leave-encashment and superannuation benefits.
      • Employee Protection Solutions - This is a group insurance plan meant to cover your employees from all sorts of mishaps by providing cover against any accident or disability in life.
      • Group Savings Solutions - This is a low-cost regular premium savings plan that helps you build a substantial corpus slowly and gradually along with providing you with a life cover.

    It offers protection for a wide range of claims. Reliance Life Insurance boasts of a fast claim settlement process with a guarantee of 12 day claim settlement. The policy holds a claim settlement ratio of 94%. If the claim isn’t settled within the said time the policy pays 6.5% p.a. for delayed payment. Listed below are some of the life insurance claims offered by Reliance Life.

    • Critical illness
    • Accidental Death benefit
    • Total and permanent disability
    • Death
    • Maturity

    How to make a claim?

    The claim process for each claim is the same even though the documents required for each claim varies. Listed below is the claim process for Reliance Life Insurance.

    • The documents required for the particular claim needs to be filled out and submitted when the claim has to be made.
    • The bank receives the required information.
    • The bank cross checks with the information provided to ensure that the claim made is genuine.
    • After verifying the information, the bank sends a cheque for the claim made to the nearest branch and it usually takes three days to dispatch the cheque.

    Documents required

    Listed below are the documents required for Reliance Life insurance claims.

    1. Death claim -
    2. Natural death
      • Claim form A
      • Claim form B
      • Original policy document
      • Death certificate by Death Registrar
      • Death certificate by the doctor confirming the cause of death
      • Copy of photo ID proof of the nominee
      • Hospital reports
      • Post mortem report
      Accidental or suicide
      • Claim form C
      • First information report
      • Final police investigation report
      • Newspaper snippet of the accident(if available)
    3. Critical illness claim -
      • Critical illness claim form
      • Claim form B
      • Original policy documents
      • Hospital reports
    4. Maturity claim -
      • Discharge form
      • Original policy documents
    5. Accidental death/ Total and permanent disability -
      • Claim form A and B
      • Hospital reports
      • Policy documents
      • Police investigation report
      • FIR
      • Newspaper snippet of the accident

    Reliance Life Insurance FAQs:

    1. Q. What is the process for taking out a loan against a Reliance Life Insurance policy?

      A. After the lock-in period has been completed, a loan can be taken out against the policy.

    2. Q. How do I register a claim for Accidental Death Benefit / Total & Permanent Disability?

      A. In order to start the processing of this claim, you must first submit:

      • Claim form A.
      • Claim form B.
      • Original Policy Documents.
      • Hospital records including biopsy reports, diagnosis certificate, lab reports, etc.
      • FIR from the police station, and the relevant investigation report.
      • If possible, a published article in the news of the incident that led to the claim.
    3. Q. What is the process for making a partial withdrawal from my ULIP policy?

      A. Partial withdrawals can be made after the completion of the lock-in period. You will need to submit a duly filled in and signed request form, details of your savings bank account (including a cancelled cheque from the same account), and a self-attested copy of KYC documents.

    4. Q. What is the process for surrendering a Reliance Life Insurance policy?

      A. Policies can be surrendered once the lock-in period is over, and requires you to submit a duly filled out and signed Surrender Request Form, details of your savings bank account (including a cancelled cheque from the same account), and a self-attested copy of KYC documents.

    5. Q. How do I register a claim for Death benefit under a Reliance Life insurance policy?

      A. In order to begin this process for claim of death benefit, you will first have to submit the following documents:

      • Claim form A – to be filled in by the nominee.
      • Claim form B – to be signed & stamped by the attending doctor.
      • Original Policy Documents.
      • Hospital records
      • Original copy of the death certificate as issued by the Registrar of Births and Deaths.
      • Death certificate which confirms the cause of death – to be issued by the doctor.
      • Photo ID (attested by a Reliance official) of the nominee.
      • Post Mortem and Viscera report, if performed.
      • Claim form C – identity certificate.
      • FIR from the police station, and the relevant investigation report.
      • If possible, a published article in the news of the incident that led to the claim.
    6. Q. What is the process of changing the nominee in my Reliance Life Insurance policy?

      A. In order to change the named nominee in your life insurance policy, you will need to submit a duly filled out and signed Nomination Form, along with a self-attested set of KYC documents at your nearest branch. The records take 2 working days to update.

    7. Q. How do I register a critical illness claim?

      A. In order to register a critical illness claim, one must submit the following documents:

      • Critical Illness Claim Form A.
      • Claim Form B – certificate of illness. The attending doctor must affix his signature and stamp to this.
      • Original Policy Documents.
      • Hospital records
    8. Q. How do I submit a claim for Survival and Maturity Benefits?

      A. There is no need to submit a claim for Survival Benefits, as they are automatically credited to the savings bank account of the policyholder as and when they become due.

      Maturity Benefits, too, are paid to the policyholder on policy maturity, for in force and paid-up policies.

    9. Q. What do I do if I want to change my premium paying frequency?

      A. The frequency of premium payments can be changed only on policy anniversaries after submitted a duly filled in and signed request form.

    10. Q. What is the process to change the fund allocation in my Reliance Life Insurance ULIP policy?

      A. Fund allocation can be changed at any time simply by submitting a signed request for the same at your nearest branch office. If you wish to make the change online, you can log on to the Self Help portal on the Reliance Life Insurance website.

    How to Apply Reliance Life Insurance Online

    News About Reliance Insurance

    • Ashish Vohra Assumes Position As CEO of Reliance Life

      Ashish Vohra, Chief Distribution Officer, Max Life, has recently taken up the position as the Chief Executive Officer (CEO) with Reliance Life. Max Life , one of India’s leading insurers, recently merged with HDFC Life. Following the merger, several members of the middle to senior management have left the company.

      At Max Life, where Mr. Vohra started off in the year 2010, he was mainly engaged with the distribution channels, which included direct selling (online & agency), bancassurance. As the CDO, he was responsible for maintaining the company’s distribution network across India and also securing bank distribution alliances and key partnerships. Prior to joining Max Life, he has worked with  other major names in the financial sector such as Citibank and Fullerton India Credit.  

      5th August 2016

    • Reliance and Nippon deal gets the good to go

      Nippon Life gets the green signal to increase their stake in Reliance Mutual Fund to 49%. The Securities and Exchange Board of India gave their approval to the companies on Thursday. Nippon has raised their stake in Reliance from 35% to 49%. Nippon already held 26% in Reliance worth Rs. 1,450 crore in 2012, and then an additional 9%, this time worth Rs. 657 crore. Now the Japanese insurance giant, will be investing an approximate value of Rs 1,196 crore for the additional 14%.

      4th March 2016

    • Japanese insurer Nippon can increase its stake in Reliance Life Insurance says CCI

      Reliance Life Insurance will now provide the Japanese insurer Nippon with a higher stake in their company. The deal is worth Rs. 2,265 crores, making the stake reach 49%. This deal between the two insurance companies will be the largest. Nippon has made an investment Rs 3,303 crore for their 49% share and the investment in the Reliance Capital Asset Management, making its total investment to Rs 8,630 crore.

      12th February 2016

    • Reliance Capital’s net profit rises to 10.3%.

      Reliance Capital - the leading financial services company in India witnesses a 10.3% rise in its net profit at the third quarter of 2015 -2016. The total net profit of the company at Q3 is Rs. 235 crore. The growth in broking business and mutual funds of the company has added to this net profit. In the previous year, the company's consolidated net profit was Rs. 213 crore. This year, the total income of the company also rose to Rs. 2,318 crore compared to Rs. 2,106 crore in the previous year.

      22nd January 2016

    • Lifelong Savings Plan launched by Reliance Life Insurance

      Reliance Lifelong Savings Plan, a non-linked, participating endowment plus whole life plan was recently launched by Reliance Life Insurance Company. This plan aims to provide dual benefits of protection and goal based saving to policyholders, with two options, standard and extended cover. A maturity benefit will be provided to policyholders, consisting of the base sum assured and guaranteed additions. This policy has premiums starting from Rs 12,000, with a minimum sum assured of Rs 80,000. Individuals can choose to enhance their policy by adding riders, ensuring they stay protected against any eventuality.

      22nd December 2015

    • Nippon Life to raise stake in Reliance Life to 49% with Rs.2,265 crore investment

      Nippon Life Insurance Company, based in Japan, signed agreement papers on Tuesday to increase its stake in the Reliance Life Insurance Company from 24% to 49%.

      The company’s new name will be Reliance Nippon Life Insurance, in line with this new structuring of shareholders.

      Nippon Life Insurance, Japan’s second largest life insurer, plans to invest a massive Rs.2,265 crore to increase its stake in Anil Ambani’s Reliance Capital Ltd by 23%.

      After this transaction, Reliance Life Insurance Company’s valuation stands at around Rs.10,000 crore – which is among the highest valuations for any life insurance company in India.

      25th November 2015

    • Reliance Life Insurance to sell another stake of 23% worth Rs. 2, 500 crores to Nippon Life

      Nippon Life will be buying another stake worth 23% in Reliance Life Insurance, the transaction is estimated to cost Rs. 2, 500 crores. This is the 2nd transaction between the Japanese based insurance company and Reliance Life in the same month, and the second investor to increase their stake in an Indian company after the foreign holding was increased to 49% in this sector. The cumulative investment of Nippon Life is now said to be Rs 8,865 crore. The Japanese giant has invested about Rs. 6, 365 in two subsidiaries of Reliance, namely Reliance Life Insurance and Reliance Capital Asset Management.

      28th October 2015

    • Nippon Life to increase its share in Reliance Life Insurance

      Anil Ambani said that Nippon Life plans to increase its stake from 26% to 49% in Reliance Life Insurance and in Reliance Capital Asset Management from 35% to 49%. These increase is expected to be completed within the financial year, Reliance Capital is hoping to more than double their business in the housing finance sector to Rs 10,000 crore in the current fiscal year with this increase they are hoping to become one of the top 3 business in the private sector.

      5th October 2015

    • Reliance Life Insurance launches new child plan

      A new child insurance scheme was recently launched called “Reliance Education Plan”. This policy provides both protection and payouts planned around children’s education needs. The product was developed to meet the needs of a large portion of its customer base.

      Traditionally, Indians apportion a lot of their savings towards a child’s education. To encourage sale of life insurance, such innovative policies help to provide the dual benefit of protection and savings.

      Under this plan, customers can avail payouts through four different ways. A lumpsum amount when the plan matures, two payouts for post-graduate courses, four payouts for professional degrees and five payouts for integrated courses. The plan’s validity ranges between 9 and 20 years. Death benefits include a lumpsum payout of total sum assured or half payout in a lumpsum and another half in the form of annual payments.

      12th June 2015

    • Reliance Life Insurance to add 20,000 agents next fiscal

      Reliance Life Insurance, which currently has 1 lakh agents, will add 20,000 agents more during the next financial year, a company official said on Tuesday.

      Reliance Life Insurance chief agency officer Manoranjan Sahoo told the media in Hyderabad that the company’s new business premium for 2014 stood at Rs 1,000 crore, growing at around 10%. Reliance expects to maintain the growth momentum in the next fiscal as well, he said. Sahoo said Nippon Life, which has a 26% stake in Reliance Life Insurance, “will take the stake to the maximum.”

      Reliance’s initial response to the Insurance Bill was “positive,” he said. The Insurance Bill, passed by the Parliament recently, allows foreign players to pick up to 49% stake in domestic insurers. Reliance has Rs. 18,328 crore worth assets as on March 31st 2014.

      25th March 2015

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