Reliance Nippon Life Insurance

6 min read

Overview of Reliance Nippon Life Insurance 

A joint venture company between Nippon Life and Reliance Capital, Reliance Nippon Life Insurance Company limited started its operation in 2001. Regarded as one of the leading private insurance companies in the country, Reliance Life makes sure to offer financial security to everyone associated with their policies.

Some of the important policies offered by Reliance Life include Term Insurance plans, Unit-Linked Insurance plans, Saving plans and Investment plans etc. These plans ensure that the family members of the insured are financially protected in their absence.

>> Check Life Insurance Quotes Online at PayBima

Key Highlights of Reliance Nippon Life Insurance Company 

Claim settlement Ratio 98.49% (FY 2020-21)
Presence  713+ branches
Total Death Benefits Paid 7866 policies
Online Policies  Available

Awards and Recognitions of Reliance Nippon Life Insurance Company

  • The company is the winner of ‘Best Claim Service Provider 2020’ award presented by Annual Insurance Summit and Awards.
  • They are the winners of ‘Life Insurance Company 2019’ by BFSI Awards. 
  • They also won the ‘Innovative Insurance Provider 2019’ by ET BFSI Excellence Awards. 
  • Reliance Life Insurance company is also the winner of ‘Best Risk Innovation 2019’ by ERM World Summit for Risk Management.

Benefits of Reliance Nippon Life Insurance 

With Reliance Life insurance policies, you can make sure that your family has enough financial support to stay protected in your absence. Here are some benefits of Reliance Nippon Life Insurance policies:

  • Range of Products – The company offers a range of insurance policies to cater to the needs of the various requirements of their policyholders. The insurer presents a range of plans including Unit-Linked Insurance plans, Term Insurance plans, Savings and Investment plans, and so on. Each plan comes with numerous features which the policyholder can choose from to suit his/her needs and budget.
  • Excellent Services – The insurer has won many awards and recognitions from several renowned establishments for their commendable service.  
  • Affordable Premiums – One best feature of the Reliance Nippon Life insurance plans is that they are cost-effective and so are easily affordable. The insurer ensures that the insured individual receive better and comprehensive cover for their life at reasonable premium rates. This way, the insurer helps its policyholders or insurance seekers in choosing the best life insurance policy to suit your requirement at the best budget.
  • High Claim Settlement Ratio – The insurer offered 98.49% claim settlement ratio for FY 2020-21, which is evident about the number of claims settled by them. This feature is a great attraction among policy seekers.  
  • Option of Added Riders – The insurance company offers the option of added benefit in the form of riders to enhance coverage of your life insurance. Riders are ad-on protection that allow more coverage to deal with financial emergency.

Reliance Nippon Life Insurance Company Products 

Reliance Nippon Life Insurance presents a large number of plans as mentioned below:

  • Term Insurance Plans
  • Savings and Investment Plans
  • Health Insurance Plan
  • Unit-Linked Insurance Plans
  • Retirement Plans
  • Group Insurance Plans

Term Insurance Plans

The term insurance plans of Reliance Life are pocket-friendly and they cater to individual requirements. These term plans financially protect the family members of the policyholder in the case of his/her unfortunate demise. 

  • Reliance Nippon Life Protection Plus – allows insured to pick from four different cover plans. 
  • Reliance Nippon Digi-Term Insurance Plan – comes with terminal illness benefits included under the plan. It covers the life of the insured and offers multiple options for the insured to modify the plan accordingly.  

Savings and Investment Plans

Some of the savings and investment plans of Reliance Nippon Life are namely:

  • Reliance Nippon Life Long Savings Plan
  • Reliance Nippon Life Milestone Plan 
  • Reliance Nippon Life Super Money Back Plan
  • Reliance Nippon Life Increasing Money Back Plan
  • Reliance Nippon Life Fixed Money Back
  • Reliance Nippon Life Super Endowment Plan
  • Reliance Nippon Life Future Income
  •  Reliance Nippon Life Fixed Savings Plan
  • Reliance Nippon Life Increasing Income Insurance Plan
  • Reliance Nippon Life Bluechip Savings Insurance Plan

Health Insurance Plan

The health plan of Reliance Life secures the health of an individual financially if the individual is diagnosed with fatal disease like cancer in all its minor and major stages with Reliance Nippon Life Cancer Protection Plus plan.

Unit-Linked Insurance Plans

There are four Unit-Linked Insurance plans offered by Reliance Life. They are; 

  • Reliance Nippon Life Prosperity Plus
  • Reliance Nippon Life Smart Savings Insurance Plan
  • Reliance Nippon Life Classic Plan II
  • Reliance Nippon Life Premier Wealth Insurance Plan 

Retirement Plans 

The retirement plans from Reliance are so designed to aid individuals after they are retired by helping them to save enough money. With this plan, you can ensure to have enough savings after you retire to help you live your life without any worries.   

Group Insurance Plans

With the Reliance Nippon life insurance plans for groups, you can cover the life of your employees and help them with a secured life post-retirement. The group plan comes with the scheme of gratuity and pension, which help you sustain a comfortable life.

Reliance Nippon Life Insurance Claim Process 

The claim filing process of Reliance Nippon Life is easy, fast and hassle-free. You need to follow the following steps to file a claim:

  • First the insurer needs to be notified by the applicant by either registering a claim online or by calling at the insurer’s customer care centre. 
  • The applicant must submit the Claim Form with other documents like; 
    • Death certificate 
    • Age proof of life assured
    • Age and address proof of claimant
    • One cancelled cheque copy
    • Summary of medical report/discharge 
    • Physicians’ Statement (if available)
    • Copy of FIR and Panchnama (in case of accidental death)
    • Post mortem report copy (in case of accidental death)

 

  • Once the documents are submitted, the insurer registers the claim and proceeds towards verifying the documents. 
  • After the verification is done, the insurer either accept or rejects the claim.
  • If the claim is approved, it is settled by the insurer and they release the money to the claimant.

You must note here that Reliance Nippon life insurance policy status check can be done online.

Claim Settlement Ratio of Reliance Nippon Life Insurance

The claim settlement ratio of Reliance Nippon Life Insurance in the year 2016-17 was 94.53%, while it was 95.17% for 2017-18.

Further, for FY 2020-21, Reliance Life has featured a high claim settlement ratio of 98.49%.

Reliance Nippon Life Insurance Online Premium Payment Options

With Reliance Insurance Policy, you can easily pay the premium for your life insurance cover from the comfort of your home by doing it online. Here is the process:

  • Visit the official website of Reliance Nippon and go to ‘My Services’.
  • Now, click on the option of ‘Pay Premium Online’. 
  • Here, you have to enter your User ID and other details like birth date to log in to your account. 
  • Now, choose the policy that you want to pay the premium for.
  • Make the payment by selecting an online payment option, such as internet banking, mobile wallet, debit card etc.
  • Your payment is done.
  • You will receive the receipt of the soft copy on your registered mobile or email id. 

Reviews of the Reliance Nippon Life Insurance policy 

I have a Reliance Life Insurance policy, being issued by PayBima. The team at paybima is very helpful and friendly. They helped me choose the right plan to suit my needs appropriately.

Surajia Negi

Dehradun   

I am grateful to team Paybima for guiding me through the process of making a claim under Reliance Life Insurance plan. I had all the documents required before starting the process online, and the team guided me in this process. Once done, I informed my carrier and uploaded the documents to settle the claim in no time.

Suranjana Pathak

Guwahati

FAQs on Reliance Nippon Life Insurance

What types of insurance policies are offered by Reliance Nippon Life Insurance Company?

Below are some of the Nippon Life Insurance policies available:

Life Insurance Plans
Term Insurance Plans
Savings & Investment Plans
Retirement Plans 
Health Insurance Plans
Child Insurance Plans
ULIP
Group Insurance Plans etc.

What is the Claim Settlement Ratio (CSR) of Reliance Nippon Life Insurance Company?

Reliance Life has featured a high claim settlement ratio of 98.49% in the FY 2020-21.

How Reliance Nippon Life Insurance customers can reach out to the company?

Call at toll-free Pan India number 1800 102 1010 (Monday to Saturday: 9 am to 6 pm). For people residing outside India can call at (+91) 022 4882 7000 Customer Care Number. And for Claims Related Queries, call at 1800 102 3330 number.

How do I get a copy of my Reliance Nippon Life online?

All you need is to visit the official portal of the insurer or the app for Reliance Nippon life insurance payment receipt download. Here, you must enter your policy number and your date of birth, and you can download the copy of the insurance cover online. 

How can I change my address of communication?

To change the address of communication, you can visit any of the branch offices of Reliance Nippon or can logon to the official portal of the insurer. 

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Gayatri Prabhu, Head-Digital Business at Mahindra Insurance Brokers Limited (MIBL) is one those few digital leaders who has the width and depth that is required to execute an ROI driven holistic digital strategy. She cuts through the noise, identifies the critical levers and leads her team to successful execution of the defined strategy. Her core mantra to win new and retain existing customers is: understand the consumer behavior and craft experiences around it.

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