Online Premium Payment 606 views June 30, 2021

Reliance Life Insurance Premium Payment

Reliance Nippon Life Insurance offers you a wide range of options to pay your premium on time. You can pay your premiums online, offline, using Electronic Clearance System (ECS)/National Automated Clearing House (NACH), Common Service Centers (CSC), etc. Read this page further and know more about the Reliance Life Insurance Premium Payment services.

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Reliance Life Insurance Online Premium Payment

You can pay your premiums online by following the steps mentioned below:

  1. Visit the official website of Reliance Life Insurance
  2. Log in to your account using your user ID and date of birth
  3. Select the policy for which you want to pay
  4. Select the payment option from – Net Banking, Debit Card, Credit Card, eCard or Mobile Wallet
  5. Enter the amount to be paid
  6. Click on the ‘Submit’ button

Reliance Nippon Life Insurance ECS or NACH Services

You can use the NACH/ECS facility to pay your premium, so you don’t have to worry about the payment, as the amount is automatically debited from your specified bank account on the premium due date. To avail of this facility, fill and submit an ECS/NACH form along with a canceled cheque to any of the Reliance Nippon Life Insurance branch offices.

Note: In case your premium due date falls on a holiday, the premium would be deducted on the next working day.

Pay Reliance Life Insurance Premium at CSC Outlets

Visit the official website of Reliance Life Insurance and locate the nearest CSC outlet. At CSC outlets, you can make payments in cash up to INR 49,999 only. You’ll receive an instant receipt of the payment.

Reliance Life Insurance Premium Payment Modal Factor

A modal factor will apply to the base premium of your Reliance Life Insurance Policy depending on the mode of premium payment chosen by you. The premium payment modal factor shall apply to the base premium including underwriting extra premiums. Check out the modal factor for Reliance Life Insurance Premium Payment below:

  1. Yearly – 1.00
  2. Half-yearly – 1.02
  3. Quarterly – 1.04
  4. Monthly – 1.00

What Will Happen if You Don’t Pay Reliance Life Insurance Premium?

If you miss the Reliance Life Insurance Premium Payment due date, you’ll have a grace period of 30 days from the due date, provided the premium payment mode is yearly, half-yearly or quarterly modes. In case the premiums are paid in monthly mode, the grace period will be 15 days. However, if you don’t pay your premium during the grace period, the following will happen as per the case:

  1. If the first annualized premium is not paid in full, the policy will lapse at the end of the grace period and the insurance cover will cease immediately
  2. In case the policy has acquired a Surrender Value, your policy will convert into a paid-up status

A lapsed policy can be revived within 2 years from the due date of the first unpaid premium. The revival is subject to the board-approved underwriting policy. If a lapsed policy is not revived within the revival period, the policy will be terminated.

Benefits of Reliance Life Insurance Premium Payment

By paying Reliance Life Insurance Premium without any due, you become eligible for the following benefits:

  1. Uninterrupted life cover
  2. Policy benefits without any break
  3. Tax benefits as per the prevailing tax laws

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