Reliance Nippon Life

Life Insurance

Reliance Nippon Life

Erstwhile Reliance Life Insurance which was originally founded in 2001 recently became a partnership between Reliance Capital and Japan based Nippon Life Insurance in 2019. A leading private life insurer, the company offers individual and group term plans, savings and retirement plans and ULIP plans

Annual Business₹4,441 cr.
Claims Settled98.48%
Claims settled within 30 days94%

Term Insurance offered by Reliance Nippon Life

Reliance Nippon Life Protection Plus

There are multiple plan options available so you can choose whatever suits your specific needs. This policy also has a life stage benefit so that you can increase your sum assured at major milestones in life.

This policy gives four plan options:

  • Level Cover Plan:

    This is the most basic plan. Sum assured is paid as a lump sum on death.

  • Increasing Cover Plan:

    Your sum assured increases by 5% every year up to a maximum of 100% of the base sum assured.

  • Level Cover Plus Income Plan:

    Sum Assured is paid as a lump sum on death. In addition, a monthly income equal to 1% of the base sum assured is paid for 10 years

  • Whole of Life Cover Plan:

    Sum Assured is paid on death and this plan does not have any maximum maturity, meaning it covers you for your whole life

Riders you can buy with this policy:

  • Reliance Nippon Life Accidental Death and Disability Plus Rider:

    An additional lump sum amount is paid over and above the base sum assured in case of death due to accident or annual income is paid for 10 years and future premiums are waived in case of disability

  • Reliance Nippon Life Accidental Death and Disability Rider:

    An additional lump sum amount is paid over and above the base sum assured in case of death due to accident or annual income is paid for 10 years in case of disability

  • Reliance Nippon Life Critical Illness Rider:

    A lump sum amount is paid if you are diagnosed with any of the 25 critical illnesses listed in the rider

  • Reliance Nippon Life Accidental Death Benefit Rider:

    An additional lump sum amount is paid over and above the base death benefit if the cause of death is an accident

Reliance Nippon Life Digi-Term Insurance

This policy comes with multiple variants and payout options and also has a life stage benefit option to increase your cover at certain milestones and an in-built terminal illness benefit

This policy gives four plan options:

  • Level Cover Plan:

    This is the most basic plan. Sum assured is paid as a lump sum on death.

  • Increasing Cover Plan:

    Your sum assured increases by 5% every year up to a maximum of 100% of the base sum assured.

  • Level Cover Plus Income Plan:

    Sum Assured is paid as a lump sum on death. In addition, a monthly income equal to 1% of the base sum assured is paid for 10 years

  • Whole of Life Cover Plan:

    Sum Assured is paid on death and this plan does not have any maximum maturity, meaning it covers you for your whole life

Riders you can buy with this policy:

  • Reliance Nippon Life Accidental Death and Disability Plus Rider:

    An additional lump sum amount is paid over and above the base sum assured in case of death due to accident or annual income is paid for 10 years and future premiums are waived in case of disability

  • Reliance Nippon Life Accidental Death and Disability Rider:

    An additional lump sum amount is paid over and above the base sum assured in case of death due to accident or annual income is paid for 10 years in case of disability

  • Reliance Nippon Life Critical Illness Rider:

    A lump sum amount is paid if you are diagnosed with any of the 25 critical illnesses listed in the rider

  • Reliance Nippon Life Accidental Death Benefit Rider:

    An additional lump sum amount is paid over and above the base death benefit if the cause of death is an accident

Reliance Nippon Life Term Insurance plan details

Plan NameEntry AgeSum AssuredPolicy payment options

Life protection Plus

Whole life- 25 to 55
All other- 18 to 60

₹25,00,000-unlimited

Annual, half annually
and Monthly

Life digi-term

Whole life- 25 to 60
All other- 18 to 60

₹25,00,000-unlimited

Annual, half annually
and Monthly

ULIP Plans

Unit Linked Insurance Plans or widely known as ULIPs are part insurance, part investment plans. So the premium that you pay, some of it is allocated towards providing a death cover and the rest is invested in equity and debt funds, whichever you choose. So if something were to happen to you, your family either gets death cover or the fund value, whichever is higher at that time.

Say you’re paying a premium of 1 lakh every year for 20 years and for a death cover of 10 lakhs. You die after 15 years and your family naturally gets 10 lakhs. However if at that time the value of your invested premiums is 13 lakhs, your family gets this 13 lakhs. But if the fund doesn’t earn good returns and values at 8 lacs, then you get the death cover. So 10 lacs, i.e., your death cover is the minimum payout. But if you survive after 20 years, then you get all those invested funds back, whatever the value is at that time. That’s your maturity payout.

But there are other things to look for as well. Firstly, there is a lock-in period of 5 years, meaning you won’t be able to get back your premiums before 5 years. It’s only after 5 years that you’re allowed to withdraw some funds and even that is partial withdrawal. You can never withdraw the entire amount. Also, there are different charges that are deducted from your premium every year like premium allocation charge, policy administration charge, fund management charge, etc. So the entire 1 lakh is never invested.

Make sure you read the policy document diligently. And remember ULIPs are largely dependent on how the market is performing, both stocks and bonds.

ULIP Plans offered by Reliance Nippon Life

Plan NameEntry AgeNo. of Funds

Smart Savings Plan

Minimum- 1 year
Maximum-
Regular Pay: 60 yrs
10 Pay: 60 yrs
7 Pay: 55 yrs
5 Pay: 50 yrs

Total: 7
Equity: 5
Debt: 2

Life Prosperity Plus

1-60

Total: 7
Equity: 5
Debt: 2

Premium wealth Plan

30 days-60

Total: 7
Equity: 5
Debt: 2

Classic Plan II

7-60

Total: 7
Equity: 5
Debt: 2

Frequently Asked Questions

What is the renewal process for Reliance Nippon Life Life insurance policy?

Reliance Nippon Life Insurance has a quick pay link. For ease, we are providing it here: Pay Online. Once you are there, you just have to enter your policy number and date of birth and you will get all the info related to the renewal and its payment.

What happens if I don't renew my Reliance Nippon Life Term plan?

How do I cancel my Reliance Nippon Life term plan?

How do I cancel or surrender my ULIP plan?

What documents are required to purchase a Term plan?

For how long should I buy Term insurance?

What is the claim process for Reliance Nippon Life term insurance?

Can I change the nominee after buying term insurance?

Can I change the premium payment frequency after buying term insurance?

What is the tax benefit in term insurance?

Will my premium increase if I am a smoker or drink alcohol?

I smoke occasionally with my friends. Will that increase my premium?

How much will my premium increase if I smoke?

Will there be any medical check-ups for term insurance?

Can the insurance company reject my application?

What happens to my premium if the insurer rejects my application?

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