Life Insurance 13312 views November 27, 2019

Reliance Nippon Life Insurance

About Reliance Nippon Life Insurance Company

NameReliance Nippon Life Insurance
Founded2001
Head QuartersNavi Mumbai, India
Products OfferedIndividual & Group Insurance Plans
No. of Policy Holders10 Million

When it comes to life insurance companies in the private sector, Reliance Nippon Life Insurance Company is a major stakeholder. With a claim settlement ratio of more than 98% for FY 2019-20, the company maintains strong customer goodwill. A part of Reliance Capital, Reliance Life Insirance has now 700+ offices that provide insurance solutions to millions of people. If you too are looking for to an insurance plan that suits you, read on!

Term Insurance

To know the right life insurance cover, please fill the details below and our policy experts will get in touch with you

+91

A wide range of insurance plans is offered by Reliance. From education plans for children to medical check-ups, from retirements plans to term plans, Reliance supports you to plan all your finances. In this article, we will get to know about the various plans offered by Reliance.

Reliance Nippon Life Insurance Plans

It is everyone’s dream to ensure that their family is well looked after not just in their presence but even after they are gone. Reliance Life Insurance Plans let you do just that. A high sum assured is offered to the customers that too at reasonable rates. There are various plans and policies that allow you to tailor your insurance. Let’s look at some of the Reliance Life Insurance Plans available.

Reliance Nippon Life Secure Plan

This Reliance Nippon Life Secured Plan is a basic term plan where the sum assured is paid out to the nominee on the death of the insured individual.

Reliance Nippon Enhanced Life Secure Plan

With the Reliance Nippon Enhanced Life Secure Plan, the sum assured that has been selected by the insured individual will be increased by 5% annually, and the nominee will receive the payout either on death or on the diagnosis of a critical illness.

Reliance Nippon Life & Income Secure Plan

In the event of death or at the diagnosis of a critical illness, the Reliance Nippon Life & Income Secure Plan ensures the payment of the sum assured along with a monthly payout of 0.5% of the sum assured, which increases at the annual rate of 10%.

Reliance Nippon Whole Life Secure Plan

As the name suggests, the Reliance Nippon Whole Life Secure Plan insures you for your entire life. The nominee receives the death benefit as a lump sum amount on death or on the diagnosis of a critical illness.

Reliance Nippon Life Milestone Plan

The plan supports your life goals even in your absence! Also, at maturity, you would receive the lump sum payout. The Reliance Nippon Life Milestone Plan allows you to enjoy the benefits of tax-free returns.

Reliance Nippon Life Prosperity Plus Plan

This Reliance Nippon Life Prosperity Plus Plan comes with no charges of Premium Allocation and helps you select the cover of life insurance as per your requirements. You also have the flexibility to choose from 6 different performing funds.

Reliance Nippon Life Endowment Plan

The Reliance Nippon Life Endowment Plan is a non-linked, participating, endowment plan that helps you compile your savings over time.

Reliance Nippon Life Insurance Payment

To make an online payment, follow the steps given below:

  1. Logon to https://www.reliancenipponlife.com/pay-premium
  2. Enter your Lifeline Customer ID
  3. Enter your password
  4. Select the mode you wish to choose from the options given – i.e through Credit or Debit Card, Net Banking, Mobile Wallet, etc.
  5. Confirm the transaction

Other Payment Methods

Other premium methods include the Electronic Clearing Service/National Automated Clearing House (NACH) registration which can be done either online or at the nearest branch of Reliance Nippon Life Insurance. NACH/ECS facility ensures the automatic deduction of your renewal premium from your specified bank account on the payment due date. If you want to apply for this service online, do the following upon visiting the official website of Reliance Nippon Life Insurance.

  • Click on ‘Customer Service’ and go to ‘Pay Premium’
  • Enter your Application Number/Policy Number, Date of Birth, Account Number, MICR Code and IFSC Code
  • Scroll to the bank where you have an account
  • Choose the date for Auto Renewal
  • Click on ‘Login’
  • Enter your username and password created for Reliance Nippon Life Insurance and log in to your account to do the NACH/ECS registration

Offline NACH/ECS Registration – Fill the NACH/ECS Registration Form and submit it to the concerned branch official for further processing. Reliance Nippon will then require 30 days from the date of receiving the form to process the request. In case your next renewal premium due date falls within the next 30 days, pay the same online or via cash/cheque. The transaction processing will take 10 days from the time the insurance company receives your documents at the branch. In case your next renewal premium due date falls within the next 10 days, please do the payment online or via cash/cheque.

Reliance Nippon Life Insurance Company Claim Status

The process to find out the Reliance Life Insurance Claim Status is easy, just follow the simple steps given below:

  1. Select from the 3 options of:
    • Death Claim Individual
    • Death Claim Group
    • Health Claim
  2. Logon to https://www.reliancenipponlife.com/track-your-claim
  3. Enter your Claim Reference Number or your Policy Number
  4. Enter the Registered Mobile Number
  5. Click Submit

You will then be directed to a page that would display your current claim status.

Reliance Nippon Life Insurance Policy Surrender

Surrendering your life insurance policy is something that must be avoided under all circumstances. However, if there are certain unavoidable circumstances that are forcing you to surrender your policy, you must remember that once you surrender your policy, the action will not be reversed. A policy can be surrendered only after the period of lock-in is over and all other formalities have been duly completed by you. The benefits of the plan will be terminated. You would need to ensure that you understand the withdrawal options.

Generally, if all procedures are followed correctly, the request is processed within 7 – 10 working days. If you wish to find out the Reliance Life Insurance Policy Surrender Status, you may visit the official website and find out the same.

Reliance Customer Care Numbers

The customer care numbers of Reliance Life Insurance are:

  1. Reliance Life Insurance contact number-022-4882-7000
  2. Reliance toll-free number customer care-1800 200 1100

Conclusion

When you have a family, it becomes imperative for you to ensure that the family members are well looked after, not just when they are with you but also when you are no longer with them. Achieving this goal is possible with the right kind of life insurance plan, which ensures their protection, especially in times of need.

So, do not delay buying an insurance plan anymore!

Frequently Asked Questions on Reliance Nippon Life Insurance Plans

While applying for Reliance Nippon Life Insurance Plans, people ask the following questions. We have answered some of them here. Take a look!

How to Change the Premium Payment Frequency of your Policy?

You can change the premium payment frequency on your policy anniversary date (policy issuance date in the corresponding year). To do the same, you will need to submit a duly signed request. The frequency change will happen within two working days of receipt of the request and necessary documents at our branch. You will need to submit the request at least 15 days before the policy anniversary date.

How to Change the Nominee of Your Policy?

If you want to change the nominee of your policy, you can do the same any time after the policy issuance. For this, you will need to submit a completed and duly signed nomination form along with the self-attested copy of KYC documents at the nearest branch of Reliance Nippon. The change of nominee will be updated within two working days of receipt of the request and necessary documents at the branch.

How to Add or Delete Rider Option to Your Policy?

Reliance Nippon provides a wide range of rider options that you can choose at the inception of your policy. These include –

  • Major Surgical benefit
  • Critical illness benefit rider
  • Term Life Insurance Rider benefit
  • Term Life Insurance with Accidental Death Benefit cover

If you want to add or delete a rider, you can do it too on any policy anniversary date by submitting the completed and duly signed request at the nearest branch location. Any addition or deletion will be reflected within seven days of receipt of the request and complete documentation at Reliance Nippon branch.

How to Avail Loan Against Your Policy?

You can get a loan against your policy once it acquires a surrender value (completion of lock-in period). For this, you will need to submit a completed and duly signed loan form, your savings bank account details and a self-attested copy of KYC documents at the nearest branch location.

What is the Claim Settlement Process?

Reliance Nippon offers a 10-day claim settlement guarantee for all their life policies where four or more annual premiums have been paid. In case of any delay, the insurer will pay interest at the rate of 5.5% per annum. To register a claim, you will need to submit the following documents at the nearest Reliance Nippon Life Insurance branch.

  • Claim Form A – to be filled by the Nominee/Claimant
  • Claim Form B – Medical Attendant Certificate to be filled, signed and stamped by the Treating Doctor
  • Claim form C – Certificate of Identity to be filled by the person who knows the deceased other than Nominee/ Claimant
  • Original Death Certificate (issued by local Municipal Corporation or Competent Authority)
  • Copy of all Medical/ Hospital records (Admission Notes, Discharge / Death Summary, Test Reports, etc.)
  • Copy of Medico-Legal Cause of the Death certificate by the doctor confirming the cause of death
  • Original Policy document
  • KYC Documents
  • Bank details of Nominees/ Claimants

Note: You can also send them directly to the claim department of Reliance Nippon at the following address.

Reliance Nippon Life Insurance Limited,
Office no. 701 & 702, 7th floor, Silver Metropolis,
Off Western Express Highway, Goregaon East, Mumbai – 400063

People Also Read