Among the private sector life insurance companies, Reliance Nippon enjoys a good reputation. The company has a large customer base of more than 10 million satisfied policyholders. In the Brand Equity‘s Most Trusted Brands Survey 2018, Reliance Nippon Life was voted among the Top 3 Most Trusted Life Insurance Service Brands. The company is a joint venture between the leading Indian conglomerate Reliance Capital and the largest Japanese life insurance provider, Nippon Life. While Reliance Capital holds a 51% stake in the company, the remaining 49% is held by Nippon Life.
Why choose Reliance Nippon Life?
Reliance Nippon Life has a lot of advantages which makes it an ideal life insurance company. These advantages include the following –
- As on the financial year ending 31st March, 2019, the company recorded a high claim settlement ratio of 97.71%. This shows that the company settles the maximum number of claims presented upon it.
- Reliance Nippon Life has a widespread presence across 727 branches in India.
- The Assets under Management held by the company amount to more than INR 20,000 crores as of 31st March 2019.
- The 13th month persistency has been recorded at 78% as of 31st March, 2019 showing that 78% of the policies issued by the company have been successfully renewed.
- The company has various awards in its kitty. In the year 2019 alone, the company has won four awards.
Plans offered by Reliance Nippon Life
Reliance Nippon Life offers a range of life insurance plans for its customers. These plans are categorised into different variants which are mentioned below –
Protection Plans
Protection plans are term insurance plans which create financial security for the family if the insured dies prematurely. Term plans have the lowest premium allowing policyholders to opt for high levels of sum insured to cover the risk of premature death. This high level of coverage provides the required financial assistance to the family in case of death of the bread-winner during the policy tenure.
Reliance Nippon offers the following types of term insurance plans –
Savings and Investment Plans
Savings and investment plans are traditional life insurance plans which help in creating savings while at the same time offering insurance protection. These plans allow a long investment tenure over which policyholders can create guaranteed savings for their financial goals. The insurance component of the plan also covers the risk of premature death allowing the family financial security in case of premature death.
Reliance Nippon has a wide range of savings and investment plans in its bouquet. The offered plans include the following –
Retirement plans
Retirement plans are insurance plans which are especially designed to provide financial protection after the policyholder retires. These plans are called pension plans which create a series of guaranteed income after retirement, taking care of the policyholder’s financial needs.
The list of retirement plans offered by Reliance Nippon Life include the following
Health plans
Health insurance plans are those plans which give financial assistance in case of medical emergencies. Health insurance plans, therefore, help policyholders meet the high medical expenses associated with illness and injuries and gives them financial relief.
Reliance Nippon Life offers the following two types of health insurance plans –
Child plans
Child insurance plans are those plans which have been solely designed to create a financial cushion for the child in case of the parent’s premature death. These plans have an inbuilt premium waiver benefit which waives the premiums in case of the parent’s death. The plan continues and pays the promised maturity benefit when the term comes to an end. This benefit can then be used by the child for its financial requirements.
Child plans offered by Reliance Nippon Life include the following –
Unit Linked Insurance Plans (ULIPs)
ULIPs are life insurance plans which give the benefit of market-linked returns. The premiums paid are invested in market oriented funds which, therefore, grow as per the performance of the capital market. Policyholders can, therefore, enjoy good returns as well as insurance protection through ULIPs.
Reliance Nippon Life offers a variety of ULIPs which include the following –
Group Plans
Group plans are those insurance plans which cover the members of a recognised group. A single master policy is issued in the name of the group and all the group’s members are covered under the plan. Group life insurance plans prove affordable and provide good coverage.
Reliance Nippon Life offers the following types of group insurance plans –
- Reliance Nippon Life Group Credit Assure Plan
- Reliance Nippon Life Group Sarv Samriddhi
- Reliance Nippon Life Group Term Assurance Plus
- Reliance Nippon Life Group Credit Assure Plus
- Reliance Nippon Life Traditional Group Assure Employee Benefit
- Reliance Nippon Life Group Gratuity Plus Plan
- Reliance Nippon Life Group Leave Encashment Plus Plan
- Reliance Nippon Life Traditional Group Superannuation Plan
- Reliance Nippon Life Traditional Group Employee Benefit Plan
- Reliance Nippon Life Group Term Assurance Plan EDLI
Exclusions under Reliance Nippon Life Insurance Plans
Though the life insurance plans offered by the company provide good coverage, they have suicide exclusion. The suicide exclusion clause states the following –
- If the insured commits suicide and dies within 12 months of buying the policy, the premiums paid would be refunded by the company as death benefit.
- If the insured commits suicide and dies within 12 months of reviving a lapsed policy, higher of 80% of the premiums paid or the surrender value of the policy is paid as death benefit.
These clauses would apply whether the insured commits suicide in a sane mind or not. Once the above-mentioned benefit is paid, the policy is terminated.
How to buy Reliance Nippon Life Insurance Plans?
Reliance Nippon Life Insurance Plans can be bought online or offline. The process is as follows –
- To buy offline – to buy the plan offline you would have to either visit the nearest branch of the company or request for a financial advisor. If you go to the branch, you would find the company’s executives who would help you in buying the policy easily. Alternatively, if you request for a financial advisor, the advisor would visit you, explain the policy details, help you in filling up the proposal form and then you can pay the premiums and buy the plan.
- To buy online – buying online is the easiest way to buy a Reliance Nippon Life insurance policy. To buy online, you can follow the below-mentioned simple steps –
- Visit the official website of the company which is https://www.reliancenipponlife.com/
- On the home page, choose ‘Buy Online’
- The plans which are available online would be shown
- You can select the desired plan and view the plan benefits
- Once you are satisfied with the plan details, you can proceed to fill in the online proposal form
- Provide all the required information in the proposal form and submit it
- Pay the premium online
- The insurance company would then underwrite the policy and once all the details are found correct, the policy would be issued
You can, alternatively, buy the company’s plans online at Turtlemint. Turtlemint is an online website which allows you to buy the best life insurance policies. You can visit www.turtlemint.com and select the most suitable life insurance plan for your needs. Turtlemint’s personalised helpline number also helps you with your queries when you buy the policy making the purchase easier and informed.
How to renew Reliance Nippon Life Insurance Plans?
Renewing a Reliance Nippon Life plan is also an easy task. All you have to do is to pay the renewal premium online or offline before the due date and the plan would be renewed. If you want to make any changes when renewing the policy, like adding a rider or increasing the sum assured, you can make a request for the change. The company would then process your request and recalculate the premium if there is an increase or decrease. You can then pay the recalculated premium and the plan would be renewed.
Turtlemint also allows renewals of Reliance Nippon’s life insurance plans. You can simply visit Turtlemint’s online website and renew your plan in an instant by paying the renewal premium. Any changes in the existing plan can also be done online with simple clicks of the mouse or your Smartphone.
How to make a claim in Reliance Nippon Life Insurance Policies?
A claim in the policy is said to occur in any of the following instances –
- When the plan matures – maturity claim
- On death of the insured – death claim
- In case of a medical contingency which is covered by the plan – health claim
The process of each claim and the documents required are as follows –
- Maturity claim for Reliance Nippon Life Insurance Policies:
| Process for Maturity Claim |
- The insurance company informs the policyholder about the policy’s maturity 90 days before the policy comes to an end
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- The policyholder should furnish his/her bank account details to the company if not already provided
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- The company processes the claim within 7 days of receiving the policyholder’s bank details
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- Once processed, the claim is paid directly to the policyholder’s bank account
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- The claim can also be paid via an account payee cheque and sent to the policyholder’s registered address
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| Documents required for Maturity Claim |
- Request letter containing the bank details of the policyholder
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- A cancelled cheque of the policyholder’s bank account. Alternatively, self-attested copy of the passbook or bank statement can be furnished if they contain the bank account number and IFSC code
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- Death claim
| Process for Death Claim in Reliance Nippon Life Insurance Company Limited |
- The nominee has to intimate the company about the death of the insured. Intimation can be done at any of the nearest branch of the company or by sending a letter to claim team at the head office which is located in Goregaon, Mumbai
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- The nominee would have to submit all the relevant documents related to the death of the insured
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- The company would verify the documents for their authenticity and check if all the details have been provided or not
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- Additional documents, if required, can be demanded and the nominee would have to submit the required documents
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- If there is an investigation which is required to be conducted to assess the cause of death, the company would inform the nominee about the same and conduct investigation
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- After the documents have been verified and if the investigation, if any, has been completed, the claim would be processed
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- The nominee should provide his bank details for receiving the claim quickly
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- Once the bank details are available, the claim would be transferred to the bank account of the nominee.
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- Alternatively, claim can also be paid through an account payee cheque and sent to the nominee’s address
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| Documents required for processing a Death Claim in Reliance Nippon Life Insurance Company Limited |
- Claim Form A which should be filled by the claimant or the nominee
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- Claim Form B which is the Medical Attendant Certificate and should be filled by the medical practitioner who attended the insured. The form should also be signed and stamped by the practitioner
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- Claim Form C which is the identity certificate and should be filled by an individual who knew the insured except the nominee
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- Death certificate in original
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- Copy of all the medical and hospital records of the insured
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- Copy of the Medico-Legal Cause of Death. It should be certified by the doctor who should also confirm the cause of death
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- KYC documents of the claimant or the nominee
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- A cancelled cheque of the nominee’s or claimant’s bank account. Alternatively, self-attested copy of the passbook or bank statement can be furnished if they contain the bank account number and IFSC code
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- In case of death due to accidents, murder or suicide, the following additional documents would also be required –
- Police FIR
- Post mortem report
- Newspaper cutting of the event, if available
- Chemical analysis or viscera report, if available
- Final police investigation report, if applicable
- Driving license of the insured in case of accidental death where the insured was driving
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- Health claims
| Process for Health Claim in in Reliance Nippon Life Insurance Company Limited |
- The claim should be intimated to the TPA of the insurance company for cashless claims. The TPA would then coordinate with the insurance company and get approval. The company would then settle the hospital bills in a cashless manner
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- In case of reimbursement claims, the claim documents should be sent to the insurance company within 15 days of discharge from the hospital. The company then checks the documents, verifies the claim and reimburses the claim amount.
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| Documents required for processing a Health Insurance Claim in Reliance Nippon Life Insurance Company Limited |
- Cashless request form which is available at the TPA’s desk at the hospital
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- Copy of the health card issued by the company
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- KYC documents of the insured
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- Original Discharge Summary
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- Medical investigation reports of the insured
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- For reimbursement claims, Standard Reimbursement Claim Form would be required. Part A of the form should be filled by the insured and Part B by the insured and the hospital.
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- Hospital bills associated with the illness or injury for which the claim has been made
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- Copy of all hospital records
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- Attending doctor’s certificate which supports hospitalisation
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- Police FIR in case of accidental hospitalisation
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- Any other documents as required by the insurance company
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- A cancelled cheque of the insured’s bank account. Alternatively, self-attested copy of the passbook or bank statement can be furnished if they contain the bank account number and IFSC code
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Claim through Turtlemint:
You can also make a claim with the help of Turtlemint. Turtlemint has an online claim handling department. When you raise your claim through Turtlemint, you get complete assistance in getting the claim settled. Turtlemint coordinates with the insurance company on your behalf, helps you with the documents required and ensures that the claim is settled as quickly as possible. To make a claim through Turtlemint all you need to do is to call their claim helpline number which is 1800 266 0101 or drop a mail at claims@turtlemint.com and your claims would be handled at the earliest.
Claim settlement ratio of Reliance Nippon Life Insurance
Claim Settlement Ratio, CSR, measures the ratio of claims settled by an insurance company in a financial year compared to the total claims made upon it. The higher the ratio, the higher would be the claims which the company settled. A high CSR is, therefore, a favourable factor when judging an insurance company.
As on the financial year ending 31st March, 2019, the company recorded a high claim settlement ratio of 97.71%. This shows that the company settles the maximum number of claims presented upon it. Similarly, in the financial year 2017-18, the company’s CSR stood at 95.17% which, again, is a very good number. Here are the CSRs of other insurance companies for the financial year 2017-18 for comparison –
| Name of the insurance company | Claim Settlement Ratio |
| Aditya Birla Sun Life Insurance Company | 96.38% |
| Aviva Life Insurance Company | 94.45% |
| AEGON Life Insurance Company | 95.67% |
| Bajaj Allianz Life Insurance Company | 92.04% |
| Bharti AXA Life Insurance Company | 96.85% |
| Canara HSBC OBC Life Insurance Company | 95.22% |
| DHFL Pramerica Life Insurance Company | 96.62% |
| Edelweiss Tokio Life Insurance Company | 95.25% |
| Exide Life Insurance Company | 96.81% |
| Future Generali Life Insurance Company | 93.11% |
| HDFC Standard Life Insurance Company | 97.80% |
| IDBI Federal Life Insurance Company | 91.99% |
| IndiaFirst Life Insurance Company | 89.83% |
| Kotak Mahindra Life Insurance Company | 93.72% |
| LIC of India | 98.04% |
| Max Life Insurance Company | 98.26% |
| PNB MetLife Life Insurance Company | 91.12% |
| ICICI Prudential Life Insurance Company | 97.88% |
| Sahara Life Insurance Company | 82.74% |
| Shriram Life Insurance Company | 80.23% |
| SBI Life Insurance Company | 96.76% |
| Star Union Dai-ichi Life Insurance Company | 92.26% |
| TATA AIA Life Insurance Company | 98% |
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