Among the private sector life insurance companies, Reliance Nippon enjoys a good reputation. The company has a large customer base of more than 10 million satisfied policyholders. In the Brand Equity‘s Most Trusted Brands Survey 2018, Reliance Nippon Life was voted among the Top 3 Most Trusted Life Insurance Service Brands. The company is a joint venture between the leading Indian conglomerate Reliance Capital and the largest Japanese life insurance provider, Nippon Life. While Reliance Capital holds a 51% stake in the company, the remaining 49% is held by Nippon Life.
Why choose Reliance Nippon Life?
Reliance Nippon Life has a lot of advantages which makes it an ideal life insurance company. These advantages include the following –
- As on the financial year ending 31st March, 2019, the company recorded a high claim settlement ratio of 97.71%. This shows that the company settles the maximum number of claims presented upon it.
- Reliance Nippon Life has a widespread presence across 727 branches in India.
- The Assets under Management held by the company amount to more than INR 20,000 crores as of 31st March 2019.
- The 13th month persistency has been recorded at 78% as of 31st March, 2019 showing that 78% of the policies issued by the company have been successfully renewed.
- The company has various awards in its kitty. In the year 2019 alone, the company has won four awards.
Plans offered by Reliance Nippon Life
Reliance Nippon Life offers a range of life insurance plans for its customers. These plans are categorised into different variants which are mentioned below –
Protection Plans
Protection plans are term insurance plans which create financial security for the family if the insured dies prematurely. Term plans have the lowest premium allowing policyholders to opt for high levels of sum insured to cover the risk of premature death. This high level of coverage provides the required financial assistance to the family in case of death of the bread-winner during the policy tenure.
Reliance Nippon offers the following types of term insurance plans –
- Reliance Nippon Life Digi-Term Insurance Plan
- Reliance Nippon Life Term Plan
Reliance Nippon Life Insurance Protection Plan Details:
| Plan Name | Reliance Nippon Life Digi-Term Insurance Plan |
| Entry Age | 18 to 60 years |
| Policy Tenure | 10 to 40 years or whole of life |
| Sum Assured | INR 25 lakhs onwards |
| Premium | Depends on the sum assured, age, plan option selected |
| Salient Features | There are 7 coverage options to choose from Coverage for whole life can be selected Premiums paid can be refunded under two plan options Terminal illness coverage is inbuilt under the plan |
| Plan Name | Reliance Nippon Life Term Plan |
| Entry Age | 21 to 60 years |
| Policy Tenure | 5 to 30 years |
| Sum Assured | INR 5 lakh onwards |
| Premium | Minimum – INR 2000 Maximum – depends on sum assured, age and term |
| Salient Features | Six additional riders are available for better coverage Premiums are low and affordable |
Savings and Investment Plans
Savings and investment plans are traditional life insurance plans which help in creating savings while at the same time offering insurance protection. These plans allow a long investment tenure over which policyholders can create guaranteed savings for their financial goals. The insurance component of the plan also covers the risk of premature death allowing the family financial security in case of premature death.
Reliance Nippon has a wide range of savings and investment plans in its bouquet. The offered plans include the following –
- Reliance Nippon Milestone Plan
- Reliance Nippon Lifelong Savings Plan
- Reliance Nippon Life’s Guaranteed Money Back Plan
- Reliance Nippon Life Fixed Savings Plan
- Reliance Nippon Life Bluechip Savings Insurance Plan
- Reliance Nippon Increasing Income Insurance Plan
- Reliance Nippon Life Fixed Money Back Plan
- Reliance Nippon Life Future Income
- Reliance Nippon Life Whole Life Income
- Reliance Nippon Life Increasing Money Back Plan
- Reliance Nippon Life Bal Nivesh One Time
- Reliance Nippon Life Super Money Back Plan
- Reliance Nippon Life Smart Cash Plus Plan
- Reliance Nippon Life’s Money Multiplier Plan
- Reliance Nippon Life Endowment Plan
- Reliance Nippon Life’s Super Endowment Plan
Reliance Nippon Life Insurance Savings and Investment Plan Details:
| Plan Name | Reliance Nippon Life Milestone Plan |
| Entry Age | 5 to 75 years |
| Policy Tenure | 10, 12, 15 or 20 years |
| Sum Assured | Depends on premium, plan option, term |
| Premium | Minimum – INR 50,000 Maximum – no limit |
| Salient Features | Three plan options to choose from The plan earns bonus Premium waiver benefit is available under the plan |
| Plan Name | Reliance Nippon Life Lifelong Savings |
| Entry Age | 7 to 55 years |
| Policy Tenure | 15 to 30 years |
| Sum Assured | INR 80,000 onwards |
| Premium | Minimum – INR 12,000 Maximum – no limit |
| Salient Features | Coverage can be extended for whole life Premiums can be paid for a limited period or regularly Seven additional premiums are available |
| Plan Name | Reliance Nippon Life’s Guaranteed Money Back Plan |
| Entry Age | 18 to 58 years |
| Policy Tenure | 15 to 20 years |
| Sum Assured | INR 50,000 onwards |
| Premium | Depends on sum assured, term, age selected |
| Salient Features | Guaranteed money back benefit is paid in the last 5 policy years The plan earns guaranteed loyalty additions of up to 40% of the sum assured A guaranteed maturity addition of up to 20% of the sum assured is paid on maturity Inbuilt accidental benefit rider |
| Plan Name | Reliance Nippon Life Fixed Savings |
| Entry Age | 8 to 60 years |
| Policy Tenure | 12,15 or 20 years |
| Sum Assured | Depends on premium and term |
| Premium | Minimum – INR 25,000 Maximum – No limit |
| Salient Features | Premiums paid and a fixed maturity addition is paid on maturity Fixed guaranteed additions are added to the sum assured every year Seven optional riders are available under the plan |
| Plan Name | Reliance Nippon Life Bluechip Savings Insurance Plan |
| Entry Age | 8 to 60 years |
| Policy Tenure | 10 to 15 years |
| Sum Assured | INR 77,905 onwards |
| Premium | Minimum – INR 15,000 Maximum – no limit |
| Salient Features | 7% of the sum assured is added every year as guaranteed additions Bonus is added under the plan A range of riders are available to enhance the coverage |
| Plan Name | Reliance Nippon Life Increasing Income Insurance Plan |
| Entry Age | 14 to 60 years |
| Policy Tenure | 12, 16, 20 or 24 years |
| Sum Assured | INR 60,000 onwards |
| Premium | Minimum – INR 15,000 Maximum – no limit |
| Salient Features | It is a limited premium plan which pays a guaranteed monthly income after the premium paying term and till maturity The policyholder can choose to receive only monthly incomes or incomes and a lump sum benefit on maturity Monthly incomes increase every year Optional riders help in enhancing the coverage |
| Plan Name | Reliance Nippon Life Fixed Money Back |
| Entry Age | 18 to 55 years |
| Policy Tenure | 15 or 20 years |
| Sum Assured | INR 1 lakh onwards |
| Premium | Depends on sum assured, age and policy term |
| Salient Features | Guaranteed loyalty additions are added every year and paid on maturity Guaranteed survival benefits are paid in the last 5 policy year Option to receive the promised money back and maturity benefit even after the death of the insured |
| Plan Name | Reliance Nippon Life Future Income |
| Entry Age | 8 to 55 years |
| Policy Tenure | 14, 16,18,20,22 or 24 years |
| Sum Assured | INR 2 lakh onwards |
| Premium | Minimum – INR 15,680 Maximum – no limit |
| Salient Features | Limited premium plan which promises regular income after premium payment term and till maturity Lump sum benefit is paid on maturity irrespective of the income already paid Loan can be taken to fund emergencies |
| Plan Name | Reliance Nippon Life Whole Life Income |
| Entry Age | 0 to 55 years |
| Policy Tenure | 85-entry age |
| Sum Assured | INR 1 lakh onwards |
| Premium | Minimum – INR 16,328 Maximum – no limit |
| Salient Features | Limited premiums are payable for the plan After the premium payment tenure is over, annual guaranteed income is paid till 85 years of age Cash bonus is also paid every year Lump sum benefit is paid on maturity or death |
| Plan Name | Reliance Nippon Life Increasing Money Back Plan |
| Entry Age | 15 to 55 years |
| Policy Tenure | 15 years |
| Sum Assured | INR 1 lakh onwards |
| Premium | Minimum – INR 18,000 Maximum – no limit |
| Salient Features | Survival benefits are paid after every three years Survival benefits increase on every pay-out Lump sum benefit is paid on death or maturity Five riders are available for customising the policy |
| Plan Name | Reliance Nippon Life Bal Nivesh – One Time |
| Entry Age | 3 to 35 years |
| Policy Tenure | 15 years |
| Sum Assured | INR 1 lakh onwards |
| Premium | Minimum – INR 49,146 Maximum – no limit |
| Salient Features | A single premium is payable for the policy Guaranteed maturity and death benefit is paid which depends on the single premium paid Premium rebates are allowed for choosing high sum assured levels |
| Plan Name | Reliance Nippon Life Super Money Back Plan |
| Entry Age | 18 to 55 years |
| Policy Tenure | 10,20,30,40 or 50 years |
| Sum Assured | INR 1 lakh onwards |
| Premium | Depends on age, term, sum assured |
| Salient Features | Loyalty additions and maturity additions increase the benefit payable under the plan Coverage can be availed for up to 50 years Riders are available for additional coverage |
| Plan Name | Reliance Nippon Life Smart Cash Plus Plan |
| Entry Age | 15 to 55 years |
| Policy Tenure | 10,13,16,19 or 22years |
| Sum Assured | INR 1 lakh onwards |
| Premium | Depends on term, sum assured and age |
| Salient Features | The plan participates in the company’s profits and earns bonuses Full sum assured and sum assured addition are paid on maturity despite the money back benefits already paid Three riders are available under the plan |
| Plan Name | Reliance Nippon Life’s Money Multiplier Plan |
| Entry Age | 18 to 55 years |
| Policy Tenure | 10,15 or 20 years |
| Sum Assured | INR 60,000 onwards |
| Premium | Depends on term, sum assured and age |
| Salient Features | Guaranteed loyalty additions are paid every year Guaranteed maturity addition is added on maturity which increases the corpus No additional premium is payable for paying premiums in the monthly mode Premium discounts are allowed if the sum assured is INR 1 lakh and above |
| Plan Name | Reliance Nippon Life Endowment Plan |
| Entry Age | 5 to 50 years |
| Policy Tenure | 10,15,20 or 25 years |
| Sum Assured | INR 65,261 onwards |
| Premium | Depends on term, sum assured and age |
| Salient Features | The maturity benefit is guaranteed to be at least 100.1% of the premiums paid Bonuses add to the corpus of the plan Three optional riders are available with the plan |
| Plan Name | Reliance Nippon Life’s Super Endowment Plan |
| Entry Age | 8 to 60 years |
| Policy Tenure | 14 or 20 years |
| Sum Assured | INR 1 lakh onwards |
| Premium | Depends on term, sum assured and age |
| Salient Features | Limited premiums are payable for the plan for half of the policy term Three riders are available which help in increasing the coverage level |
Retirement plans
Retirement plans are insurance plans which are especially designed to provide financial protection after the policyholder retires. These plans are called pension plans which create a series of guaranteed income after retirement, taking care of the policyholder’s financial needs.
The list of retirement plans offered by Reliance Nippon Life include the following
- Reliance Nippon Life Pension Builder
- Reliance Nippon Life Immediate Annuity Plan
- Reliance Nippon Life Smart Pension Plan
Reliance Nippon Retirement Plan Details:
| Plan Name | Reliance Nippon Life Pension Builder |
| Entry Age | 25 to 65 years |
| Policy Tenure | 10 to 40 years |
| Sum Assured | INR 2 lakhs onwards |
| Premium | Minimum – INR 25,000 Maximum – no limit |
| Salient Features | This is a deferred annuity plan which allows policyholders to build up a retirement corpus during the policy tenure The plan earns bonus and participates in the company’s profits Annuity is paid for the annuitant’s whole life after the plan matures |
| Plan Name | Reliance Nippon Life Immediate Annuity Plan |
| Entry Age | 20 to 80 years |
| Policy Tenure | NA |
| Sum Assured | NA |
| Premium | Minimum – INR 1 lakh Maximum – no limit |
| Salient Features | The plan is bought by paying a single premium called the purchase price Annuity payments start immediately after the premium is paid Three annuity payment options to select from Guaranteed annuity is paid for lifetime |
| Plan Name | Reliance Nippon Life Smart Pension Plan |
| Entry Age | 18 to 65 years |
| Policy Tenure | 10,15 or 30 years |
| Sum Assured | Depends on the premium paid |
| Premium | Regular premium: Minimum – INR 20,000 Maximum – no limit Limited premium: Minimum – INR 24,000 Maximum – no limit Single premium: Minimum – INR 50,000 Maximum – no limit |
| Salient Features | Policy term allowed for up to 30 years to create a sufficient retirement fund Vesting age up to 75 years It is a unit linked plan which allows flexible benefits |
Health plans
Health insurance plans are those plans which give financial assistance in case of medical emergencies. Health insurance plans, therefore, help policyholders meet the high medical expenses associated with illness and injuries and gives them financial relief.
Reliance Nippon Life offers the following two types of health insurance plans –
- Reliance Nippon Life Easy Care Fixed Benefit Plan
- Reliance Nippon Life Cancer Protection Plus Plan
Reliance Nippon Health Plan Details:
| Plan Name | Reliance Nippon Life Easy Care Fixed Benefit Plan |
| Entry Age | Up to 65 years |
| Policy Tenure | 5 years |
| Sum Assured | INR 1 lakh to 5 lakhs |
| Premium | Depends on sum insured, age and premium payment mode |
| Salient Features | A daily cash benefit is paid in case of hospitalisation ICU admission would result in an additional cash benefit 3% of the sum assured is paid in lump sum if hospitalisation exceeds 7 days 10% to 100% of the sum assured is paid in case of specified surgeries 10 critical illnesses are covered under the plan. If the insured suffers from any covered illness, the sum assured is paid 5% increase in sum insured if no claim is made in a policy year |
| Plan Name | Reliance Nippon Life Cancer Protection Plus |
| Entry Age | 5 to 65 years |
| Policy Tenure | 10 to 25 years |
| Sum Assured | INR 10 lakhs to INR 40 lakhs |
| Premium | Depends on sum insured, plan option, age and policy term |
| Salient Features | Both early and major stage cancers are covered Sum insured increases Lump sum benefit is paid in case of cancer Premiums are waived for three years after a claim for early stage cancer or relapse of cancer is made Monthly incomes in case of major stage cancer Three plan options to choose from |
Child plans
Child insurance plans are those plans which have been solely designed to create a financial cushion for the child in case of the parent’s premature death. These plans have an inbuilt premium waiver benefit which waives the premiums in case of the parent’s death. The plan continues and pays the promised maturity benefit when the term comes to an end. This benefit can then be used by the child for its financial requirements.
Child plans offered by Reliance Nippon Life include the following –
- Reliance Nippon Life Child Plan
- Reliance Nippon Life Education Plan
Reliance Nippon Child Plan Details:
| Plan Name | Reliance Nippon Life Child Plan |
| Entry Age | 20 to 60 years |
| Policy Tenure | 10 to 20 years |
| Sum Assured | INR 25,000 onwards |
| Premium | Depends on sum assured, term and age |
| Salient Features | 25% of the sum assured is paid in the last three policy years whether the insured is alive or not Inbuilt premium waiver rider The plan earns bonuses which increase the corpus |
| Plan Name | Reliance Nippon Life Education Plan |
| Entry Age | Parent – 20 to 50 years Child – 0 to 18 years |
| Policy Tenure | 9 to 20 years |
| Sum Assured | INR 50,000 onwards |
| Premium | Minimum – INR 20,000 Maximum – no limit |
| Salient Features | Two death benefit options are available under the plan The benefit of the plan can be received in any of the available five ways Premiums can be paid for a limited period or for the entire policy term |
Unit Linked Insurance Plans (ULIPs)
ULIPs are life insurance plans which give the benefit of market-linked returns. The premiums paid are invested in market oriented funds which, therefore, grow as per the performance of the capital market. Policyholders can, therefore, enjoy good returns as well as insurance protection through ULIPs.
Reliance Nippon Life offers a variety of ULIPs which include the following –
- Reliance Nippon Life Smart Savings Insurance Plan
- Reliance Nippon Life Prosperity Plus
- Reliance Nippon Life Premier Wealth Insurance Plan
- Reliance Nippon Life Classic Plan II
Reliance Nippon ULIP Details:
| Plan Name | Reliance Nippon Life Smart Savings Insurance Plan |
| Entry Age | 1 to 60 years |
| Policy Tenure | 10 to 30 years |
| Sum Assured | Depends on age, term and premium paid |
| Premium | Minimum – INR 48,000 Maximum – no limit |
| Salient Features | The policyholder can manage his own investments or invest as per readymade strategies available under the plan Policy charges are reduced on higher premium amounts Premiums can be paid regularly or for a limited period |
| Plan Name | Reliance Nippon Life Prosperity Plus |
| Entry Age | 1 to 60 years |
| Policy Tenure | 10 to 20 years |
| Sum Assured | Depends on age, term and premium paid |
| Premium | Regular or limited premium- INR 1 lakh Single premium – INR 5 lakhs Maximum – no limit |
| Salient Features | Three investment strategies to choose from Withdrawals can be done systematically in a fixed amount Loyalty additions are also added to the fund value from the 6th policy year Policy administration charges are refunded on maturity |
| Plan Name | Reliance Nippon Life Premier Wealth Insurance Plan |
| Entry Age | 30 days to 60 years |
| Policy Tenure | 10 to 30 years |
| Sum Assured | 1.10 to 30 times the annual premium |
| Premium | Minimum: Regular or limited premium- INR 2 lakhs Single premium – INR 5 lakhs Maximum – no limit |
| Salient Features | Two investment strategies to suit different investors Wealth boosters are added from the eighth policy year which increase the fund value A high sum assured can be chosen for better coverage |
| Plan Name | Reliance Nippon Life Classic Plan II |
| Entry Age | 7 to 60 years |
| Policy Tenure | 15 to 30 years |
| Sum Assured | 1.10 to 15 times the annual premium |
| Premium | Minimum: Regular premium- INR 20,000 Single premium – INR 75,000 Maximum – no limit |
| Salient Features | Five funds are available for investing the premium 52 free switches are allowed in a year Tops are allowed for additional investment Systematic Transfer Plan helps protect the returns in case of market volatility |
Group Plans
Group plans are those insurance plans which cover the members of a recognised group. A single master policy is issued in the name of the group and all the group’s members are covered under the plan. Group life insurance plans prove affordable and provide good coverage.
Reliance Nippon Life offers the following types of group insurance plans –
- Reliance Nippon Life Group Credit Assure Plan
- Reliance Nippon Life Group Sarv Samriddhi
- Reliance Nippon Life Group Term Assurance Plus
- Reliance Nippon Life Group Credit Assure Plus
- Reliance Nippon Life Traditional Group Assure Employee Benefit
- Reliance Nippon Life Group Gratuity Plus Plan
- Reliance Nippon Life Group Leave Encashment Plus Plan
- Reliance Nippon Life Traditional Group Superannuation Plan
- Reliance Nippon Life Traditional Group Employee Benefit Plan
- Reliance Nippon Life Group Term Assurance Plan EDLI
Exclusions under Reliance Nippon Life Insurance Plans
Though the life insurance plans offered by the company provide good coverage, they have suicide exclusion. The suicide exclusion clause states the following –
- If the insured commits suicide and dies within 12 months of buying the policy, the premiums paid would be refunded by the company as death benefit.
- If the insured commits suicide and dies within 12 months of reviving a lapsed policy, higher of 80% of the premiums paid or the surrender value of the policy is paid as death benefit.
These clauses would apply whether the insured commits suicide in a sane mind or not. Once the above-mentioned benefit is paid, the policy is terminated.
How to buy Reliance Nippon Life Insurance Plans?
Reliance Nippon Life Insurance Plans can be bought online or offline. The process is as follows –
- To buy offline – to buy the plan offline you would have to either visit the nearest branch of the company or request for a financial advisor. If you go to the branch, you would find the company’s executives who would help you in buying the policy easily. Alternatively, if you request for a financial advisor, the advisor would visit you, explain the policy details, help you in filling up the proposal form and then you can pay the premiums and buy the plan.
- To buy online – buying online is the easiest way to buy a Reliance Nippon Life insurance policy. To buy online, you can follow the below-mentioned simple steps –
- Visit the official website of the company which is https://www.reliancenipponlife.com/
- On the home page, choose ‘Buy Online’
- The plans which are available online would be shown
- You can select the desired plan and view the plan benefits
- Once you are satisfied with the plan details, you can proceed to fill in the online proposal form
- Provide all the required information in the proposal form and submit it
- Pay the premium online
- The insurance company would then underwrite the policy and once all the details are found correct, the policy would be issued
You can, alternatively, buy the company’s plans online at Turtlemint. Turtlemint is an online website which allows you to buy the best life insurance policies. You can visit www.turtlemint.com and select the most suitable life insurance plan for your needs. Turtlemint’s personalised helpline number also helps you with your queries when you buy the policy making the purchase easier and informed.
How to renew Reliance Nippon Life Insurance Plans?
Renewing a Reliance Nippon Life plan is also an easy task. All you have to do is to pay the renewal premium online or offline before the due date and the plan would be renewed. If you want to make any changes when renewing the policy, like adding a rider or increasing the sum assured, you can make a request for the change. The company would then process your request and recalculate the premium if there is an increase or decrease. You can then pay the recalculated premium and the plan would be renewed.
Turtlemint also allows renewals of Reliance Nippon’s life insurance plans. You can simply visit Turtlemint’s online website and renew your plan in an instant by paying the renewal premium. Any changes in the existing plan can also be done online with simple clicks of the mouse or your Smartphone.
How to make a claim in Reliance Nippon Life Insurance Policies?
A claim in the policy is said to occur in any of the following instances –
- When the plan matures – maturity claim
- On death of the insured – death claim
- In case of a medical contingency which is covered by the plan – health claim
The process of each claim and the documents required are as follows –
- Maturity claim for Reliance Nippon Life Insurance Policies:
| Process for Maturity Claim |
| The insurance company informs the policyholder about the policy’s maturity 90 days before the policy comes to an end |
| The policyholder should furnish his/her bank account details to the company if not already provided |
| The company processes the claim within 7 days of receiving the policyholder’s bank details |
| Once processed, the claim is paid directly to the policyholder’s bank account |
| The claim can also be paid via an account payee cheque and sent to the policyholder’s registered address |
| Documents required for Maturity Claim |
| Request letter containing the bank details of the policyholder |
| A cancelled cheque of the policyholder’s bank account. Alternatively, self-attested copy of the passbook or bank statement can be furnished if they contain the bank account number and IFSC code |
- Death claim
| Process for Death Claim in Reliance Nippon Life Insurance Company Limited |
| The nominee has to intimate the company about the death of the insured. Intimation can be done at any of the nearest branch of the company or by sending a letter to claim team at the head office which is located in Goregaon, Mumbai |
| The nominee would have to submit all the relevant documents related to the death of the insured |
| The company would verify the documents for their authenticity and check if all the details have been provided or not |
| Additional documents, if required, can be demanded and the nominee would have to submit the required documents |
| If there is an investigation which is required to be conducted to assess the cause of death, the company would inform the nominee about the same and conduct investigation |
| After the documents have been verified and if the investigation, if any, has been completed, the claim would be processed |
| The nominee should provide his bank details for receiving the claim quickly |
| Once the bank details are available, the claim would be transferred to the bank account of the nominee. |
| Alternatively, claim can also be paid through an account payee cheque and sent to the nominee’s address |
| Documents required for processing a Death Claim in Reliance Nippon Life Insurance Company Limited |
| Claim Form A which should be filled by the claimant or the nominee |
| Claim Form B which is the Medical Attendant Certificate and should be filled by the medical practitioner who attended the insured. The form should also be signed and stamped by the practitioner |
| Claim Form C which is the identity certificate and should be filled by an individual who knew the insured except the nominee |
| Death certificate in original |
| Copy of all the medical and hospital records of the insured |
| Copy of the Medico-Legal Cause of Death. It should be certified by the doctor who should also confirm the cause of death |
| The original policy bond |
| KYC documents of the claimant or the nominee |
| A cancelled cheque of the nominee’s or claimant’s bank account. Alternatively, self-attested copy of the passbook or bank statement can be furnished if they contain the bank account number and IFSC code |
| In case of death due to accidents, murder or suicide, the following additional documents would also be required –Police FIRPost mortem reportNewspaper cutting of the event, if availableChemical analysis or viscera report, if availableFinal police investigation report, if applicableDriving license of the insured in case of accidental death where the insured was driving |
- Health claims
| Process for Health Claim in in Reliance Nippon Life Insurance Company Limited |
| The claim should be intimated to the TPA of the insurance company for cashless claims. The TPA would then coordinate with the insurance company and get approval. The company would then settle the hospital bills in a cashless manner |
| In case of reimbursement claims, the claim documents should be sent to the insurance company within 15 days of discharge from the hospital. The company then checks the documents, verifies the claim and reimburses the claim amount. |
| Documents required for processing a Health Insurance Claim in Reliance Nippon Life Insurance Company Limited |
| Cashless request form which is available at the TPA’s desk at the hospital |
| Copy of the health card issued by the company |
| KYC documents of the insured |
| Original Discharge Summary |
| Medical investigation reports of the insured |
| For reimbursement claims, Standard Reimbursement Claim Form would be required. Part A of the form should be filled by the insured and Part B by the insured and the hospital. |
| Hospital bills associated with the illness or injury for which the claim has been made |
| Copy of all hospital records |
| Attending doctor’s certificate which supports hospitalisation |
| Police FIR in case of accidental hospitalisation |
| Any other documents as required by the insurance company |
| A cancelled cheque of the insured’s bank account. Alternatively, self-attested copy of the passbook or bank statement can be furnished if they contain the bank account number and IFSC code |
Claim through Turtlemint:
You can also make a claim with the help of Turtlemint. Turtlemint has an online claim handling department. When you raise your claim through Turtlemint, you get complete assistance in getting the claim settled. Turtlemint coordinates with the insurance company on your behalf, helps you with the documents required and ensures that the claim is settled as quickly as possible. To make a claim through Turtlemint all you need to do is to call their claim helpline number which is 1800 266 0101 or drop a mail at claims@turtlemint.com and your claims would be handled at the earliest.
Claim settlement ratio of Reliance Nippon Life Insurance
Claim Settlement Ratio, CSR, measures the ratio of claims settled by an insurance company in a financial year compared to the total claims made upon it. The higher the ratio, the higher would be the claims which the company settled. A high CSR is, therefore, a favourable factor when judging an insurance company.
As on the financial year ending 31st March, 2019, the company recorded a high claim settlement ratio of 97.71%. This shows that the company settles the maximum number of claims presented upon it. Similarly, in the financial year 2017-18, the company’s CSR stood at 95.17% which, again, is a very good number. Here are the CSRs of other insurance companies for the financial year 2017-18 for comparison –
| Name of the insurance company | Claim Settlement Ratio |
| Aditya Birla Sun Life Insurance Company | 96.38% |
| Aviva Life Insurance Company | 94.45% |
| AEGON Life Insurance Company | 95.67% |
| Bajaj Allianz Life Insurance Company | 92.04% |
| Bharti AXA Life Insurance Company | 96.85% |
| Canara HSBC OBC Life Insurance Company | 95.22% |
| DHFL Pramerica Life Insurance Company | 96.62% |
| Edelweiss Tokio Life Insurance Company | 95.25% |
| Exide Life Insurance Company | 96.81% |
| Future Generali Life Insurance Company | 93.11% |
| HDFC Standard Life Insurance Company | 97.80% |
| IDBI Federal Life Insurance Company | 91.99% |
| IndiaFirst Life Insurance Company | 89.83% |
| Kotak Mahindra Life Insurance Company | 93.72% |
| LIC of India | 98.04% |
| Max Life Insurance Company | 98.26% |
| PNB MetLife Life Insurance Company | 91.12% |
| ICICI Prudential Life Insurance Company | 97.88% |
| Sahara Life Insurance Company | 82.74% |
| Shriram Life Insurance Company | 80.23% |
| SBI Life Insurance Company | 96.76% |
| Star Union Dai-ichi Life Insurance Company | 92.26% |
| TATA AIA Life Insurance Company | 98% |
FAQ’s
Premiums of Reliance Nippon life insurance policies can be paid online or offline. To pay the premiums offline you can choose to pay in cash, through a cheque or through a demand draft. If, on the other hand, you want to pay the premiums online, the same can be paid through your debit card, credit card, net banking facility, mobile wallets, UPI, NEFT, RTGS, IMPS, etc.
Premiums can be paid yearly, quarterly, half-yearly or monthly
A nominee is an individual who is authorised by the life insured to collect the death benefit in his absence.
Yes, you can change the nominee in your life insurance policy whenever you want to. To change the nominee, you would have to fill and sign a Nomination Form available with the insurance company. The form should then be submitted at any of the nearest branch of the company along with the KYC documents of the nominee. The documents should be self-attested by the nominee. Once the nomination form and documents are submitted, the insurance company would process the change of nomination within the next two working days.
Riders are additional coverage benefits which can be chosen with the base plan. Reliance Nippon Life offers a range of riders with their plans. The choice of a rider is voluntary and when you select a rider, you would have to pay an additional premium for the same. Each rider comes with an additional premium and you can add as many riders that you want.
If the policy has already started and later during the policy tenure you want to add a rider, you can do so at the time of renewal. To do so you should submit a written request to the company to add the desired rider. The company would then recalculate the premium which is payable including the rider premium. The premium would be communicated to you and once you pay the revised premium, the rider would be added to the existing policy.
Loan can be taken in some traditional life insurance policies. Loan is available when the policy acquires a surrender value. The amount of loan is expressed as a percentage of the surrender value and is allowed up to a maximum limit which is usually 70% to 80% of the surrender value.
Partial withdrawals are allowed after the completion of the first five years of the plan.
You can contact Reliance Nippon Life at its toll-free number 1800 102 1010 from anywhere in India. For NRI customers who live outside India, the contact number is (+91) 022 1882 7000. For any type of claim related queries, the numbers are 1800 102 3330 and 022 3000 2700.
No, neither death claims nor maturity claims paid under life insurance plans are taxable. These claims are completely tax-free under Section 10(10D) of the Income Tax Act.
