Reliance Term Insurance
In today's uncertain and fast-evolving world, there can be a calamity at any stage of life. Reliance term insurance plan helps you to ensure that your loved ones and your family stays protected always under the protective shield of Reliance term plans providing 360 coverage and wide benefits even in your absence. With a Reliance term insurance plan, you can achieve what's planned and prepare for the unplanned circumstances.
Most popular Reliance Nippon Term Insurance Plans
Term insurance allows you to get the right security for your loved ones in case of your unfortunate demise. As the sole breadwinner of the family; it is your responsibility to keep your family away from financial distress. Term insurance plans provide you peace of mind that your family is financially secured even when you are not around. Term insurance plan pays a lump sum death benefit to your family in case of unfortunate death during the tenure of the plan.
- Reliance Nippon Life Protection Plan
The plan offers financial security to your family at an affordable cost with an option to enhance your cover at key milestones of your life by paying an additional premium. The plan offers the following options to choose from at the Inception of the policy.
- Level Cover Plan-
Under the level cover plan, the sum assured on death is paid in a lump sum to the nominee in the event of unfortunate death of the life assured during the tenure of the policy.
- Increasing Cover Plan-
The sum assured is payable on the death of the life assured which increases by 5% every policy anniversary subject to a maximum of 100% of the sum assured under this cover.
- Level Cover Plus Income Plan-
Level Cover Plus Income plan provides both sum assured on death in a lump sum as well as monthly income benefit which is 1% of the basic sum assured for a fixed tenure of 10 years in the event of death of the life assured during the policy tenure.
- Whole of Life Cover-
This option provides coverage for the entire life of life assured. Sum assured on death would be payable in a lump sum amount in case of death of the life assured even after the expiry of the tenure of the policy.
Highlighting Features of the plan
- The plan offers various option to enhance your cover and choose it as per your insurance requirements
- It offers lower premiums for customers with healthy lifestyles such as non-tobacco customers and non-smokers.
- Provide monthly income benefit under Level Cover Plus Income Plan option.
- Offers tax benefits for premiums paid as well as pay-outs received from the plan
|Age at entry|
Minimum- 18 years/ 25 years (For the whole of life cover plan)
Maximum 60 years / 55 years (For the whole of life cover plan)
|Age at maturity|
Minimum 28 years
Maximum 75 years
Minimum- 10 years
Maximum- 40 years
Minimum- 25 lakh
|Premium paying term||Limited pay of 65 less age at entry (For the whole of life cover plan) and regular pay for all other plans|
- Reliance Nippon Digi Insurance Plan
Digi Term plan offers comprehensive coverage against death and terminal illness. The plan has an inbuilt terminal illness cover in which you can use the sum assured for either seeking alternate treatment or for planning the legacy for your family. It offers five plan options to choose from at the inception of the policy:
- Life secure option-
This option provides a lump sum benefit which is equal to the sum assured on death in case of death of the life assured or on the diagnosis of terminal illness, whichever is earlier during the tenure of the policy.
- Enhance life secure option-
Under this option, the life cover under the plan increases by 5% every policy year subject to a maximum of 100% of the base sum assured. The lump-sum benefit is paid in the event of death or on the diagnosis of terminal illness, whichever is earlier.
- Life and income secure option-
This option not only pays a lump sum death benefit in the event of death or diagnosis of terminal illness but also pays a fixed monthly income for 10 years in the event of death or diagnosis of terminal illness during the tenure of the policy.
- Life secure with increasing income benefit-
This option covers death or diagnosis of terminal illness and pays a monthly income which is increasing at 10% for 10 years payable from the date of death or diagnosis of terminal illness, whichever is earlier.
- Whole life secure-
This option provides you life cover for your entire life. A lump sum benefit is paid on the earlier of death or diagnosis of terminal illness during the policy tenure.
Highlighting Features of the plan
- The benefit under the plan can be received in a lump sum or a combination of lump-sum amount and monthly income
- Offers flexibility to pay the premiums in different modes such as monthly, yearly, half-yearly or quarterly
- You can customise your pan by adding riders for wider coverage
- Avail tax benefits as per prevailing Income Tax law
|Age at entry||Minimum- 18 years / 25 years (For whole life secure option) Maximum- 60 years|
|Age at maturity|
Minimum- 28 years
Maximum- 80 years
Minimum- 15 years
Maximum- 40 years
Minimum- 25 lakh
Maximum- No Limit
|Premium paying option||Regular pay / Limited pay (For Whole Life Secure)|
Apart from the above Reliance Nippon offers one group insurance plan:
- Reliance Nippon life group term insurance plan
Benefits of buying Reliance Nippon Term Insurance plan
Reliance Nippon term insurance plans come with lots of benefits. Let's go through the following in order to understand term insurance plants better:
- Stress-free life-
Our first priority is the well-being of our family. The actions of the breadwinner led to several financial problems and setbacks for the family. With term insurance plans, you can live a stress- free life knowing that your family is taken care of financially.
Term plans are pure insurance products with no investment component. Term insurance is one of the most cost-effective insurance to protect against the uncertainties of life.
Different people have different insurance needs and requirements. Term insurance plans provide you with the flexibility to choose the policy tenure, premium paying mode, premium paying frequency, the sum assured and plan options that best your requirements.
- Whole life cover-
Reliance Nippon term insurance plans provide whole life cover under its whole life cover option. This helps you to extend the coverage of your term plan and get insurance protection for your entire life.
- Easy online purchase-
Reliance Nippon term insurance plan can be purchased online which help you to save a lot of money on administration as well as other charges.
- High life cover-
Term insurance plans offer high coverage at a nominal premium for a cover of 10 times of annual income. You will have to pay 1 to 2% on an annual basis for a term insurance plan.
- Additional discounts-
You can avail discounts for a rebate on the rates of premium if you are a non-smoker and non-alcoholic. Term plans also offer discounts for female lives.
- Add on covers-
The benefit of purchasing add-on covers helps you to customise the plan as per your need. If you have a family history of any critical illness or you are more prone to road accidents then you can purchase a critical illness rider or accidental death or disability rider to ensure that any mishappenings or circumstances are already covered.
- Tax benefits-
You can get a host of tax advantages if you invest in a term plan. The premiums paid for term plan up to 1.5 Lakh annually is eligible to be deducted under section 80C of the Income Tax Act and the death benefit or any other pay-out from the plan also exempt from taxes under section 10 (10D) of the Income Tax Act.
What is covered in Reliance Nippon Term Insurance plans?
The basic benefit of term insurance plans is life cover. Apart from providing life cover, term plans also provide additional coverage which is discussed as follows:
- Death benefit-
The basic purpose of a term insurance plan is to provide life cover and pay a lump sum death benefit to the nominee/ beneficiary of the plan in case of death of the life assured during the tenure of the plan.
- Terminal illness-
Reliance Nippon term insurance plan covers terminal illness. A lump sum benefit is paid to the life assured on diagnosis of terminal illness during the tenure of the policy.
- Your liabilities-
A Reliance on Nippon term insurance plan frees you from the burden of paying off your liabilities. It ensures that your loans do not become a burden for your loved ones. With a whole or part of the death benefit or other pay-out from the plan, your family can take care of their immediate liabilities.
What is not covered in the Reliance Nippon Term Insurance plan
Every term insurance policy comes with exclusions. Exclusions are situations that are not covered under the term plan. Reliance Nippon term insurance plan does not pay the sum assured on death if the reason behind death is any of the following:
- Death due to pre-existing medical conditions
- Death due to self-injected injury, participating in illegal or criminal offence
- Death of life assured due to war, terrorism, strike, etc.
- Death due to participating in hazardous activities such as mountaineering, bungee jumping, etc.
- Death due to excessive alcohol or drug addiction
- Accidental death while driving a vehicle under intoxication
If the life assured dies due to suicide within 12 months
- From the date of the commencement of the plan, the nominee will be entitled to 80% of the premiums paid for the plan provided the policy is in force, or
- From the revival date of the policy, the nominee will be entitled to an amount that is higher than 80% of the total premium paid till the date of death of the life insured or the surrender value as on the date of death
How to apply for Reliance Nippon Term Insurance plan
Reliance Nippon term insurance plans are available to be brought online by following simple and easy steps in just a few clicks. The beginning of buying a term insurance plan is to select one which best suits your requirements. You should keep certain parameters in minds such as the premiums that you can afford to pay, the cover amount, the pay-out options, the eligibility criteria and the type of coverage that you are looking for. After finalising and deciding the term plan that you want to buy, you can go ahead with your purchase. Here are few simple steps to follow for applying for Reliance Nippon term insurance:
- Step 1: Get a quote-
Visit the website of the company and go to ‘Buy Online’ or simply click on the link https://www.reliancenipponlife.com/buy-online. You will be directed to a page where you have to select the term plan that you are planning to buy and answer a few simple questions. After filling in the questions, you will get a term insurance quote.
- Step 2: Customise your plan-
You can customise your plan as per your insurance requirements from the range of options that would be available. If you want to go for a higher sum assured you can opt for it. You can choose add-ons that upgrade the cover by paying a little extra. You can select the premium paying term and the premium paying frequency as well as its mode as per your convenience.
- Step 3: Fill the application form-
Now you are required to fill the application form with the necessary personal as well as the policy details. However, keep in mind to fill in all the details carefully so that your claims are not rejected at a later stage.
- Step 4: Paperwork-
Certain documents are also required to be submitted at the time of purchase along with the application form these includes:
- Age proof
- Address proof
- Income proof
- Identity proof
- Bank proof
- A passport size photograph
- Step 5: Medical screening-
Certain insurance companies require you to undergo a medical screening depending on the sum assured selected in the plan, your medical conditions and your age.
- Step 6: Payment-
The last step is to make the payment online via credit card/ debit card, net banking or other payment modes as offered by the insurance company. The insurance company will mail the policy documents at the registered email ID.
Reliance Nippon Term Insurance Riders
To safeguard and secure your family against certain unfortunate events, Reliance Nippon offers the following riders a term insurance plan at an additional premium cost.
- Reliance Nippon Life Accidental Death Rider-
This Rider pays a lump sum amount to the beneficiary of the plan in case of death of the life assured in an accident. The benefit under this rider is in addition to the benefit under the base plan.
- Reliance Nippon Life Accidental Death and Disability Plus Rider-
Accidental death and disability rider provide a lump sum amount in case of unfortunate death due to an accident. Also if the life assured suffers total and permanent disability due to an accident then rider sum assured would be payable in equal annual instalment for a period of 10 years with the benefit of waiver of all the future premiums of the base insurance plan.
- Reliance Nippon Life Accidental Death and Disability Rider-
Under this rider, if the life assured suffers total and permanent disability due to an accident then an equal annual instalment shall be payable over 10 years.
- Reliance Nippon Life Critical Illness Rider-
This rider provides coverage against specified 25 critical illnesses. A lump-sum amount equal to the sum assured under the rider would be payable if the life assured is diagnosed with any of the covered 25 critical illnesses which include heart attack, cancer, major organ transplant, paralysis, etc.
Reliance Nippon Term Insurance Claim Process
In the event of death of the life assured, a claim occurs. To register a claim, you will have to get in touch with the customer care department of the insurance company and intimate the claim at any of the Reliance Nippon Life Insurance Company branch offices and submit relevant documents.
Documents required in case of natural death
- Claim form A- to be filled and signed by the claimant
- Claim Form B- Medical attendance certificate by the treating doctor
- Claim form C- Certificate of Identity of the person other than the claimant who knew the deceased person
- Original death certificate issued by the competent authority or by local Municipal Corporation
- A copy of hospital records such as the summary, admission notes, test report, etc.
- Original policy document
- ID proof of claimant along with bank details such as cancelled cheque or attested copy of bank statement or passbook
Additional documents in case of a natural or accidental death
- Post-mortem report and FIR
- Newspaper cutting, if available and final police investigation report
- Viscera report or chemical analysis report, where applicable
- A copy of the driving licence of the life assured who was driving the vehicle at the time of the accident
The insurance company will scrutinize the authenticity and completeness of the documents and communicate to you for additional documents, if necessary. On completion of the assessment of the documents, the insurance company will approve your claim and settle it through electronic mode such as NEFT. For any assistance regarding the claim, you can call on the toll-free number 1800 102 10 10.
Reliance Nippon Term Insurance Customer Care Details
|Register office||H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai, Maharashtra- 400 710, India|
|Toll-free number||1800 102 1010|
|Fax number||9122 3303 5662|
Reliance Nippon Term Insurance Review
Reliance Insurance now Reliance Nippon Life Insurance is a reputed multinational company offering a wide range of options and benefits with term plans. It has an individual death claim settlement ratio of 98.1 % for the financial year 2019-2020. It has assets under management of INR 19,837 crore as of 31st March 2020. Reliance Nippon offers a 10 days guarantee claim settlement process provided all the necessary documents are submitted. Reliance Nippon Life Insurance company has been recognised as ‘India's Most Trusted Insurance Brand in Insurance Alertss, 2021.’ The Term plan offered by Reliance Nippon Life Insurance provides a lot of flexibility and comes in various variants providing you with the freedom to select one that suits you the most. Further, the option of adding riders enhances the scope of coverage of the policies.