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Reliance Nippon Life Insurance

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Life insurance serves as a crucial financial safety net that offers monetary support to families during unexpected events.

Among the top-tier private sector life insurance firms, Reliance Nippon has solidified its position in the market. Notably, the brand takes pride in serving over 10 million policyholders and boasts a robust distribution network, spanning 713 offices with 54,013 advisors.

Furthermore, a remarkable claim settlement ratio of 98.6% as of March 31, 2023, speaks volumes about its reliability. Reliance Nippon Life Insurance is not just known for its financial strength but also as India's 5th Most Valuable Insurance Brand in FY23.

Offering a myriad of Reliance life insurance plans, the company caters to diverse needs such as protection, child welfare, retirement, savings & investment, and health. However, before diving deeper, it's crucial to familiarise oneself with the essential features, advantages, and claim processes of these plans.

In this article, we will explore Reliance life insurance plans, shedding light on their features and other key details.

Types of Reliance Nippon Life Insurance Plans

Reliance Nippon Life Insurance offers a diverse range of insurance plans, designed to cater to varied requirements and financial goals of its customers.

Let's dive deeper into the types of plans that Reliance Nippon offers -

  • term insurance Plans: These plans provide financial protection to the policyholder's family in the unfortunate event of their demise. With a specific term in mind, these policies provide a lump sum amount to beneficiaries if the insured individual passes away during that period.
  • Savings and Investment Plans: Perfect for individuals looking to grow their wealth while ensuring protection, these plans offer a dual benefit. They not only secure the future but also help in accumulating savings over time.
  • Retirement Insurance Plans: Aiming to offer a stable and secure post-retirement life, these plans ensure that individuals can maintain their lifestyle even after they stop earning. They provide regular income during the golden years of one's life.
  • Health Insurance Plans: These plans cover critical illnesses like cancer, allowing you to focus on recovery without worrying about the exorbitant costs related to medical expenses. It is recommended to read the terms and conditions of the plans before obtaining them.
  • Child Insurance Plans: Designed with a child's future in mind, these plans ensure financial security for a child’s education and other needs, even in the absence of the parents.
  • Unit Linked Insurance Plans (ULIPs): A combination of insurance and investment, ULIPs offer potential for capital appreciation while providing life cover. A portion of the premium goes towards life cover, while the remaining is invested in market-linked assets.
  • Group Insurance Plans: Tailored for businesses and organisations, these plans offer life insurance cover to groups of people such as employees of a company. Group insurance plans provide financial security to the families of the group members at affordable costs.

List of Reliance Nippon Life Insurance Plans

The table below highlights the top Reliance Nippon life insurance plans -

Types of Reliance Nippon Life Insurance Reliance Nippon Life Insurance Plans
Term Insurance Plans
  • Reliance Nippon Life Super Suraksha
  • Reliance Nippon Life Protection Plus
  • Reliance Nippon Life Saral Jeevan Bima
Savings and Investment Plans
  • Reliance Nippon Life Nischit Samrudhi Plus
  • Reliance Nippon Life Nischit Bhavishya
  • Reliance Nippon Life Smart Zindagi Plus
  • Reliance Nippon Life Nischit Samrudhi
  • Reliance Nippon Life Bachat Plus Suraksha Plan
  • Reliance Nippon Life Milestone Plan
  • Reliance Nippon Life Super endowment plan
  • Reliance Nippon Life Super Money Back Plan
  • Reliance Nippon Life Future Income
  • Reliance Nippon Life Fixed Money Back
  • Reliance Nippon Increasing Income Insurance Plan
  • Reliance Nippon Bluechip Savings Insurance Plan
  • Reliance Nippon Life Fixed Savings
  • Reliance Nippon Life Guaranteed Money Back Plan
  • Reliance Nippon Life Lifelong Savings Plan
Retirement Plan
  • Reliance Nippon Life Immediate annuity plan
  • Reliance Nippon Life Smart Pension Plan
  • Reliance Nippon Life Saral Pension Plan
Health Insurance Plan
  • Reliance Nippon Life Cancer Protection Plus Plan
Child Insurance Plan 
  • Reliance Nippon Life Milestone Plan
  • Reliance Nippon Life Guaranteed Money Back Plan
Unit Linked Insurance Plan
  • 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
Group Insurance Plans
  • RNL Group Employee Benefit Plan
  • RNL Group Term Assurance Plus
  • RNL Group Unit Linked Employee Benefits Plan

Features of Reliance Nippon Life Insurance Plans

Reliance Nippon Life Insurance, a leading insurance provider, has consistently offered insurance solutions tailored to meet the diverse needs of its customers. These plans, known for their flexibility, reliability, and comprehensive coverage, come with an array of features to provide peace of mind and financial security. 

Discussed below are some generic features that underscore the essence of their offerings:

  • Holistic Coverage: Most plans offer all-rounded protection so that policyholders and their families are safeguarded against unforeseen events.
  • Flexible Premium Payment Options: Policyholders can choose from a variety of premium payment modes — monthly, quarterly, half-yearly, or yearly — as per their specific financial capacities and conditions.
  • Loyalty & Maturity Benefits: To appreciate and reward long-term commitment, several policies come with loyalty additions and maturity benefits.
  • Tailored Investment Strategies: Depending on risk appetite and financial goals, policyholders can select and switch between various investment strategies.
  • Tax Benefits: Premiums paid for Reliance Nippon Life Insurance plans typically qualify for tax deductions under the prevailing tax laws, adding another layer of financial advantage.
  • Systematic Withdrawal Benefits: To cater to unforeseen financial needs, several plans offer the flexibility of making partial withdrawals after a stipulated period.
  • Transparent Claim Process: With a commitment to ensuring a hassle-free claim experience, the process is streamlined and transparent, bolstered by dedicated customer service.

Advantages of Reliance Nippon Life Insurance Plans

Let’s take a look at the key features and advantages of Reliance Nippon life insurance plans next –

Reliance Nippon Life Insurance Plan Features and Advantages
Reliance Nippon Life Super Suraksha
  • Minimum entry age – 18 years
  • Maximum entry age – 45 years
  • Premium payment term – 10 and 15 years
  • Life cover till 75 or 80 years
  • Minimum sum assured – INR 25 lakhs
  • Maximum sum assured – No limit
  • Depending on underwriting of policy, the terms may vary.
Reliance Nippon Life Protection Plus
  • Pure life insurance plan
  • Non-linked and non-participating
  • Multiple payment options are available as per requirements
  • For healthier lifestyles, cheaper premium benefit is provided
  • Multiple types available – level cover plan, increasing cover plan, level cover plus income plan, and whole cover plan.
Reliance Nippon Life Saral Jeevan Bima
  • Pay premium for limited period or throughout the policy term
  • Tax benefits available
  • Minimum entry age – 18 years
  • Maximum entry age – 65 years
  • Minimum maturity age – 23 years
  • Maximum maturity age – 70 years
  • Minimum base sum assured – INR 5,00,000
  • Maximum base assured – INR 25,00,000
Reliance Nippon Life Nischit Samrudhi Plus
  • Long term guarantee of returns up to 44 years
  • Pay premium for limited period of 5, 8, 10, or 12 years
  • Take advantage of the increasing benefits
  • Avail of the tax benefits
  • Opt riders to enhance protection
  • Minimum age entry – 55 or 60 years
  • Minimum age of maturity – 18 or 20 years
  • Maximum age at maturity – 92 or 100 years
Reliance Nippon Life Nischit Bhavishya
  • Two variants are available under the plan
  • First variant provides income benefits after the premium payment term along with a lump sum maturity benefit.
  • Second variant provides two money back payouts at 4th or 8th year before the income benefit starts from 12th year. A lump sum benefit also paid at maturity.
  • Minimum age to purchase the plan – 5 years
  • Maximum age at entry – 50 years
  • Premium payment term – 8, 10, or 12 years
  • Premium payment frequency – yearly, half-yearly, quarterly, and monthly
Reliance Nippon Life Smart Zindagi Plus
  • Based on your income needs, two variants are available
  • Get life cover till 85 years while paying for only limited period
  • Get tax benefits on both premium paid and benefits received. 
  • You can receive bonuses as immediate pay-out or convert them to PUA (Paid Up addition) as per your goals.
  • Minimum age entry – 18 years
  • Base sum assured – INR 2,50,000
Reliance Nippon Life Nischit Samrudhi
  • Get guaranteed benefits of up to 44 years
  • Two plan options are available – income option and endowment option.
  • You can pay for a limited period of 6 to 11 years
  • Get tax benefits
  • Minimum age entry – 7, 8, 9, 10, or 11 years, depending on PPT.
  • Maximum age entry – 50 or 55 years
  • Premium payment frequency – monthly, quarterly, half-yearly, or yearly.
Reliance Nippon Life Bachat Plus Suraksha Plan
  • Death cover at the beginning of the policy would equal to 1.5 or 2 times the base sum assured, depending on the plan you have chosen.
  • Guaranteed loyalty additions
  • Guaranteed maturity additions
  • Two plan options are available
  • Tax benefits are available on the premiums paid and benefits received.
  • Minimum age of entry – 18 years
  • Maximum age of entry – 50 years
  • Minimum age at maturity – 28 years
  • Maximum age at maturity – 70 years
  • Premium payment term – 7, 10, 15, or 20 years
  • Policy term – 10, 15, or 20 years
Reliance Nippon Life Milestone Plan
  • Goal — Child Education
  • Tax benefits along with life cover
  • You can opt for the plan for retirement savings also
  • Get lump sum at maturity
Reliance Nippon Life Super Endowment Plan
  • Policy is eligible for surrender value if the premium is paid for 2 consecutive years
  • Loan is available – Up to 80% of the surrender value under the base plan
  • Guaranteed sum assured on maturity is payable
  • You choose the policy term – 14 or 20 years
  • Tax benefits are also available
Reliance Nippon Life Super Money Back Plan
  • Select policy term as per your requirements – 10, 20, 30, 40, or 50 years and pay half of the policy term
  • You can pay premiums monthly, quarterly, half-yearly, or yearly
  • Minimum age at maturity – 28 years
  • Maximum age at maturity – 80 years
  • Minimum sum assured – INR 1,00,000
  • At the end of 5 years, get money back benefits as a percentage of base assured
Reliance Nippon Life Future Income
  • Non-linked, participating, individual, and savings life insurance plan
  • On survival at the end of each policy year, you can get an annual income. This excludes the last year of the premium payment term.
  • Life cover for the entire policy term
  • Loan facility is also available
  • Get tax benefits on premium paid and benefits received 
  • Minimum age to buy policy – 8 years
  • Maximum age to buy policy – 55 years
  • Minimum age at maturity – 22 years
  • Maximum age at maturity – 75 years
Reliance Nippon Life Fixed Money Back
  • Get life cover for the entire policy term.
  • Two plan options are available.
  • You can also choose to receive survival and maturity benefits in case of the policyholder’s demise.
  • Fixed money back benefits during the last four years preceding maturity.
  • On maturity, lump sum shall be paid out.
  • Flexible policy term – 15 or 20 years
  • Premium payment term – 5, 7, or 10 years
  • Tax benefits are also available
Reliance Nippon Increasing Income Insurance Plan
  • Guaranteed monthly income from the end of premium payment term till maturity.
  • Get 2 times the base sum assured of survival at maturity.
  • Policy terms – 12, 16, 20, or 24 years
  • Get tax benefits
Reliance Nippon Bluechip Savings Insurance Plan
  • Lump sum at maturity that is equal to base sum assured + guaranteed additions at maturity + accrued reversionary bonus and terminal illness (if any)
  • Get loan facility
  • Policy term – 5, 7, or 10 years
Reliance Nippon Life Fixed Savings
  • Life cover for the entire policy term
  • Get tax benefits
  • Get incremental savings in the first 3 years
  • At maturity receive the guaranteed sum assured = annualised premium x premium payment term + fixed maturity addition
Reliance Nippon Life Guaranteed Money Back Plan
  • Choose your policy term – 15 or 20 years
  • Opt for regular premium or limited premium
  • Life cover = 10 times the annualised premium for the entire policy term
  • In case of death, all future premiums are waived and guaranteed benefits continue
  • Additional life cover = base sum assured in case of accidental death
  • Can be opted to fund your child’s future education
Reliance Nippon Life Lifelong Savings Plan
  • Ideal for retirement and child’s education
  • Increase your savings through bonus additions
  • Loan facility available
  • Choose how long you want to pay – for 10 years (limited pay) or for the entire policy term (regular pay)
  • At the end of policy term, get accrued guaranteed additions, guaranteed maturity benefit, and bonuses
  • Two cover options – standard and extended cover
Reliance Nippon Life Immediate Annuity Plan
  • One time premium payment
  • Get guaranteed whole life income 
  • Three options of annuity – life annuity with return of purchase price, life annuity guaranteed for 5, 10, or 15 years (payable thereafter), and life annuity.
  • Annuity payout frequency – monthly, quarterly, half-yearly or yearly
  • No medical tests are required to obtain the policy.
  • No loan facility available
Reliance Nippon Life Smart Pension Plan
  • Build an adequate retirement corpus
  • For single premium, opt for policy term from 10 years, for limited premium – 30 years, and 15 years for regular premium
  • Withdraw up to 60% of the accumulated bonuses upon retirement.
  • Retirement age – 45 to 75 years
  • Tax benefits on investment and returns
  • Get regular income for lifetime
Reliance Nippon Life Saral Pension Plan
  • Pay once and get guaranteed income for your entire life.
  • Get annuities monthly, quarterly, half-yearly, or yearly.
  • Two annuity options – life annuity with return of 100% of purchase price, and joint life last survivor annuity with return of 100% of purchase price on death of last survivor.
  • After 6 months of inception of the plan, you can obtain a loan, if required.
Reliance Nippon Life Cancer Protection Plus Plan
  • Covers two early-stage claims for different organs
  • Provides a major stage payout
  • Future premiums waived for 3 years after an early-stage cancer claim
  • Offers monthly income for 5 years upon diagnosis of major stage cancer
  • Features a relapse benefit
  • Option to increase the sum insured with the Gold Option
Reliance Nippon Life Smart Savings Insurance Plan
  • Provides ample life cover to secure your family's future
  • Allows fund allocation tailored to your life-stage or remaining term
  • Encourages active investment management with rewards for long-term commitment
  • Offers flexibility with partial withdrawals during emergencies
Reliance Nippon Life Prosperity Plus
  • Continuous life insurance cover for the policy's duration
  • Flexibility to select investment strategies aligning with financial objectives
  • Receive Loyalty & Maturity Additions for long-term investments
  • Utilise the Systematic Withdrawal Option to access funds as needed
  • Opportunity to enhance wealth with market-linked returns
Reliance Nippon Life Premier Wealth Insurance Plan
  • Combines wealth management and value in one plan
  • Flexibility to toggle between active and auto-managed investment styles
  • Quick access to investments during urgent situations
  • Avail tax benefits under existing tax regulations
  • Multiple investment options for a customised approach —
    • Self-Managed: Direct control over investments
    • Auto-Managed: Automated investment handling
    • Target Maturity: Tailored asset allocation based on set goals
    • Life-Stage: Strategic asset allocation based on life phase
  • Receive wealth boosters after the 7th policy year.
  • Choose from varied premium payment methods: Single, Limited, or Regular Pay
  • Option for partial withdrawals post 5 policy years
  • Customisable insurance coverage to match individual requirements
  • Reduced charges to maximise investment returns
  • Flexible premium payment modes
Reliance Nippon Life Classic Plan II
  • Continuous life insurance protection during the policy term
  • Option to select suitable investment strategies aligned with financial objectives
  • Enjoy Loyalty and Maturity Additions for maintaining long-term investments.
  • Flexibility to tap into funds when required using the Systematic Withdrawal Option
  • Potential for asset growth with market-linked returns
RNL Group Employee Benefit Plan
  • Entry age for member or employee – 18 years
  • Maximum age – 80 years
  • Minimum age at maturity – Not applicable
  • Maximum age at maturity – 81 years
  • Sum Assured – INR 5,000 per employee
  • Frequency of premium payment – annual, half-yearly, quarterly, or monthly
RNL Group Term Assurance Plus
  • Flexible protection plan with optional rider benefits
  • Option to increase the coverage amount
  • Affordable premium rates with comprehensive coverage
  • No maturity benefit payable
  • Hassle-free enrollment process
RNL Group Unit Linked Employee Benefits Plan
  • Minimum entry age – 18 years
  • Maximum age – 80 years
  • Insured death benefit – INR 5,000 per member
  • Group size – 10 members (minimum) 
  • Minimum contribution – INR 1,00,000

Claim Process for Reliance Nippon Life Insurance

Filing a claim with Reliance Nippon Life Insurance is designed to be a smooth and hassle-free experience. Here's a step-by-step guide for the same -

In-Person Claim Submission

Visit your nearest RNL Branch office with all the necessary documents. The dedicated branch executives will be there to guide and assist you throughout the process.

Digital Submission Options

  • Email Submission: For a quicker process, consider emailing the scanned copies of the filled claim forms and other required documents to rnlife.claims@relianceada.com.
  • Courier Option: If you prefer to send the documents physically, mail them to the following address — The Claims Department, Reliance Nippon Life Insurance Limited, Office no. 701 & 702, 7th floor, Silver Metropolis, Off Western Express Highway, Goregaon East, Mumbai – 400063.

10-Days Claims Settlement Guarantee

Reliance Nippon offers 10-Days Claims Settlement Guarantee for life insurance death claims where four or more annual premiums have been paid. The company aims to settle such claims within 10 Calendar Days. 

If there are any unforeseen delays that exceed the regulatory turnaround time, the company will provide interest as stipulated by IRDAI regulations.

Documents Required for Reliance Nippon Life Insurance Process

When making a claim with Reliance Nippon Life Insurance, it's essential to provide accurate and complete documentation.

Here's a comprehensive list organised by the type of claim -

Death Claim

  • Nominee or Claimant must fill out Claim Form A.
  • Claim Form B should be completed by the treating doctor (Medical Attendant Certificate).
  • A person familiar with the deceased, other than the nominee or claimant, should complete Claim Form C (Certificate of Identity).
  • Provide the Original Death Certificate from a competent authority or local Municipal Corporation.
  • Submit copies of all related Medical/Hospital Records.
  • Offer a Medico-Legal Cause of Death Certificate.
  • Include the Original Policy Document.
  • Ensure the KYC Document of the Nominee/Claimant is available.
  • Provide Bank Details of the Nominee/Claimant.

For deaths due to Accident, Murder, or Suicide, additional documents include -

  • First Information Report
  • Post Mortem Report
  • Available Newspaper Clippings
  • Viscera Report or Chemical Analysis Report (if applicable)
  • Final Police Investigation Report (if relevant)
  • If the life assured was driving during the accident, a copy of the Driving Licence

Survival Benefit

  • A Request Letter for updating bank details (if not previously provided)
  • Banking details with IFSC and Bank Account Number

Maturity Benefits

  • A Request Letter for updating bank details (if not provided earlier)
  • Banking details with IFSC and Bank Account Number

Annuity Claims

  • Submit a Life Certificate annually.
  • A Request Letter for updating bank details
  • Banking details with IFSC and Bank Account Number

Health & Cancer Protection Plus Claims

  • Provide a Cashless Request Form.
  • Include a Copy of Health Card.
  • Submit the KYC Document of the insured/patient.
  • The hospital will retain the Original Discharge Summary and Investigation Reports.

For reimbursement, include -

  • Standard Reimbursement Claim Form Part A & B
  • Discharge Summary from Hospital
  • All pertinent Investigation Reports and Doctor Prescriptions
  • Detailed Hospital and Pharmacy Bills
  • Break-up of Investigation Charges
  • MLC/FIR for accidental treatments
  • KYC Document of the insured/patient.
  • Banking details with IFSC and Bank Account Number

Group/Employee Benefit Claims

  • Complete the Group Term Claim Form.
  • Provide the Death Certificate.
  • Offer a Medico Legal Cause of Death Certificate.
  • Ensure that the KYC Document of the Nominee is available.
  • Provide Bank Details of the Nominee.

Remember, providing the correct documents promptly can help in the smoother and faster processing of claims.

Given below are some of the most frequently asked questions related to Reliance Nippon Life Insurance.

Frequently Asked Questions

Q1. What types of insurance plans does Reliance Nippon Life Insurance offer?

Ans: Reliance Nippon Life Insurance provides a diverse range of plans, including Term Insurance, Savings & Investment, Retirement, Health, Child, Unit Linked, and Group Insurance Plans.

Q2. How do I make a claim with Reliance Nippon Life Insurance?

Ans: To register a claim, submit the necessary documents at a nearby RNL branch. Alternatively, you can email scanned copies of the forms and documents to rnlife.claims@relianceada.com or send them via courier to the company's Claims Department in Mumbai.

Q3. Are there any specific benefits of staying invested longer with Reliance Nippon Life Insurance?

Ans: Yes, policyholders who stay invested longer are often rewarded with Loyalty & Maturity Additions, depending on the specifics of the policy they hold.

Q4. How can I check the status of my Reliance Nippon Life Insurance policy?

Ans: Policyholders can check their policy status by logging into the customer portal on the official Reliance Nippon Life Insurance website. If you aren't registered, you'll be required to create an account first.

Q5. What documents are required to make a death claim?

Ans: The documents generally include Claim Form A filled by the Nominee, Claim Form B by the treating doctor, an original death certificate, medical records, and KYC and bank details of the Nominee, among others.

Q6. Can I make partial withdrawals from my Reliance Nippon Life Insurance policy?

Ans: Yes, most Reliance Nippon insurance plans, especially the investment-linked ones, allow for partial withdrawals after a certain period subject to the terms and conditions of the policy.

Q7. Are there any tax benefits associated with Reliance Nippon Life Insurance policies?

Ans: Generally, premiums paid for life insurance policies, including those from Reliance Nippon, are eligible for tax deductions under Section 80C of the Income Tax Act. Additionally, the payouts or benefits received are usually tax-free under Section 10(10D), subject to prevailing tax laws.

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