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Reliance Life Insurance
Reliance Life Insurance

About Reliance Life Insurance Life Insurance

Reliance Life Insurance is an integral part of Reliance Capital. Reliance capital is one of the leading financial service providers in India. It has a diversified business in terms of asset management, mutual funds, and insurances of all kinds, commercial finance and other such related financial activities.

With over 10 million policy holders, more than 800 branches and over 100000 advisors, the company has proved its worth as the largest non-bank supported private life insurer.

Types of Reliance Life Insurance Plans

Reliance Life has a wide variety of life insurance plans which cater to the insurance requirements of individuals as well as groups. Individuals can fulfill their insurance requirements at a single source with the range of different types of plans offered by the company. The plans are:

  • Protection plans
  • Retirement plans
  • Protection plans
  • Savings and investment plans
  • Child plans
  • Unit Linked Plans
  • Solutions for groups

Let us take a look at the various types of plans.

Protection plans

These plans provide coverage to the policyholder in the event of dealth

Reliance Term plan: This plan is an affordable term insurance plan that provides coverage in case of an unfortunate and untimely death of the plan buyer. The plan also offers riders in order to enhance protection. The plan can be availed as per the needs of the plan buyer.

Reliance Online Term: A term plan which can be bought online by the buyer. This plan offers life coverage amounting up to Rs.1 crore at an affordable premium. This plan offers adequate coverage at low rates through a simpleand hasslefree online application process. The medical tests to be undertaken in order to avail this plan can also be done at home. It also offers rewards for healthy lifestyle by ways of reduced premium. It also offers certain tax benefits as per the applicable tax laws.

Reliance Online Income Protect: A comprehensive insurance plan which not only provides a fixed sum assured in case of untimely death of the plan buyer but also assures a fixed monthly income, thus enabling them to meet their daily needs. This plan offers adequate coverage at low rates through a simple and hassle free online application process. It also offers rewards for healthy lifestyle by ways of reduced premium. It also offers certain tax benefits as per the applicable tax laws.

Retirement Plans

Also called pension or annuity plans, these plans help the indivisual to plan for retirement funding. The different types of retirement plans offered by Reliance Life are as follows:

Reliance Immediate Annuity Plan:It is a single premium plan, whereby, the buyer has to make a onetime premium payment as a lump sum amount in order to receive a regular income as per his selected payout option for the rest of his life post retirement. This plan basically secures the plan buyer and his family after his retirement. The plan offers three different payout options to choose from. The various annuity options areLife Annuity, Life Annuity with Return of purchase price and life annuity guaranteed for 5,10 or 15 years and lifetime payable post that. The buyer need not undergo any kind of medical tests in order to avail this plan. It also offers certain tax benefits as per the applicable tax laws.

Reliance Smart Pension Plan: A non-participating unit linked insurance plan which ensures guaranteed regular income post retirement. With a policy term ranging from 10 to 30 years this plan ensures guaranteed monthly income along with loyalty additions and the flexibility to increase the retirement funds by ways of top ups as and when available. This plan allows the buyer to choose his vesting age starting from 45 years to 75 years and also gives the option to make tax free partial withdrawals amounting up to 1/3rd of the retirement fund. It also offers certain tax benefits as per the applicable tax laws.

Health Plans

In the modern day and age, with a growing need of several health related benefits, financial planning seems incomplete without a proper health insurance and a medi-claim policy. Reliance Life offers a wide range of health insurance plans that meets all the health related needs and requirements of the consumers. The different types of health insurance policies are as follows:

Reliance Easy Care Fixed Benefit Plan:This plan provides complete cover against any kind of expenses to be incurred towards medical illness, sudden hospitalizations or immediate surgeries. It is a complete health package consisting of major diseases. This plan can be renewed up to 99 years of age of the buyer. It also offers certain tax benefits under section 80(D) of the Income Tax Act, 1961.

Reliance Care for You Advantage Plan: A comprehensive insurance plan which provides health cover for the buyer along with his family members. The family members include his children, dependent parents and parents in law. This plan not only provides funds for 150 specific day procedures but also issues regular payouts in cases of major surgeries and illnesses.This plan can be renewed every three years up to 99 years of age of the buyer. The plan also offers an increase in the sum assured by 30% in cases of no claim years as bonus and gives a renewal discount amounting to 15%. It also offers certain tax benefits under section 80(D) of the Income Tax Act, 1961.

Reliance Health total: Complete health insurance plan which reimburses the entire cost of hospitalization. This plan comes with two sum insured options to choose from like Higher Medical reimbursement Benefit or Higher Sum Insured option. . The reimbursement process is trouble-free and also offers cashless claim service at over 4000 networked hospitals.This plan can be renewed up to 99 years of age of the buyer. It also offers certain tax benefits under section 80(D) of the Income Tax Act, 1961.

Savings and investment plans

These plans are developed with the dual purpose of providing a saving avenue to customers and also to provide life insurance coverage at the same time. These plans build a strong corpus slowly over time for the future requirement of the policyholder. Reliance has a large number of saving and investment plans which are:

Reliance Super Money Back Plan: A guaranteed money back plan which provides regular income at periodic intervals along with a lump sum payment every 5 year of the policy till the end of the maturity of the plan. This plan offers loyalty addition points as well as maturity addition points along with a flexible premium payment period

Reliance’s Guaranteed Money Back Plan: A plan issued for a term of 15 or 20 years at limited pay or regular pay which assures guaranteed money back at the last five years of the policy along with loyalty additions amounting up to 40% of the sum assured and maturity additions amounting up to 20% of the sum assured to be paid at the maturity of the policy. The plan offers waiver of premium and an additional life cover in case of sudden and untimely death of the plan buyer.It also offers certain tax benefits as per the applicable tax laws.

Reliance Fixed Savings: A term plan which ensures maturity benefits along with maturity additions and death benefits consisting of the sum assured and 105% of all the paid premiums in case of untimely death of the plan buyer. It secures the plan buyer and his family against any kind of unforeseen incidents.

Reliance Blue chip Savings Insurance Plan: A term plan which ensures maturity benefits along with maturity additions amounting up to 7%per annum of the basic sum insured and death benefits consisting of the sum assured + bonuses if any and 105% of all the paid premiums in case of untimely death of the plan buyer.

Reliance Increasing Income Insurance Plan:A plan which ensures an increase in the monthly income of the buyer. This plan offers two options to choose from; Income with Maturity benefit and Only Income option. The benefits to be received by the plan buyer varies depending upon the option opted for by him.

Reliance Fixed Money Back Plan: A plan issued for a term of 15 or 20 years with a flexible premium payment period which assures fixed money back at the last five years of the policy along with loyalty additions amounting up to 3% of the sum assured certain maturity benefits. The plan offers two options to choose from.The benefits to be received by the plan buyer varies depending upon the option opted for by him.It also offers certain tax benefits as per the applicable tax laws. Reliance Lifelong Savings: A plan which offers two cover options to choose from. One being standard option which provides a lump sum amount on maturity of the plan along with a life cover. The second one being an extended cover which provides an extended life cover for the entire life even after completion of the policy term. It also offers loan facility in case of any unforeseen incident along with tax benefits as per the applicable Tax Laws.

Reliance Future Income: A plan which offers an annual income every year along with a lump sum benefit at the end of the maturity period. The plan offers life cover along with certain riders in order to enhance the protection limit. It also offers loan facility in case of any unforeseen incident along with tax benefits as per the applicable Tax Laws.

Reliance Smart Cash Plus Plan: A plan which offers guaranteed money back benefits every 3 years along with increased payouts and vested bonuses, if any. The plan offers flexible premium payment period along with tax benefits as per the applicable Tax Laws.

Reliance's Money Multiplier Plan: A plan which offers guaranteed benefits at the end of the maturity of the plan in the form of sum assured along with guaranteed loyalty additions and maturity additions. The plan also offers additional benefits to the plan buyer’s family. Issued as a 10, 15 or 20 years term plan, it also offers tax benefits as per the applicable Tax Laws.

Reliance Endowment Plan: A plan issued for a period of 10 to 25 years which offers lump sum amount along with bonuses at the time of maturity. This plan also offers benefits to the plan buyer’s family in case of untimely death of the buyer. . It also offers loan facility in case of any unforeseen incident along with tax benefits as per the applicable Tax Laws.

Reliance's Super Endowment Plan:A plan issued for a period of 14 or 20 years which offers lump sum amount at the time of maturity. This plan also offers benefits to the plan buyer’s family in case of untimely death of the buyer. It also certain tax benefits as per the applicable Tax Laws.

Child Insurance Plans

These plans provide for the child’s future in the form of financial help in case of the policyholder’s death. The range of plans under this category are as follows:

Reliance Education Plan:An insurance plan which secures the buyer’s child’s education. It offers various payout options to choose from. The plan offers guaranteed maturity benefits along with benefits in case of untimely death of the plan buyer. The plan offers flexible premium payment period. . It also offers loan facility in case of any unforeseen incident along with tax benefits as per the applicable Tax Laws.

Reliance Child Plan: This plan offers guaranteed sum assured along with life cover for the entire term policy. It also certain tax benefits as per the applicable Tax Laws.

Unit linked Insurance plans

These plans are linked to market returns which provide life cover along with guaranteed returns. The various kinds of ULIP offered are:

Reliance Classic Plan II: A long term plan which not only allows the buyer to invest in multiple funds but also offers him the flexibility to switch between various funds depending upon the market conditions. Also provides life cover and additional protection against accidental deaths.

Reliance Pay Five Plan:A term plan which offers an investment opportunity in multiple funds along with life cover and additional benefits against accidental deaths. The plan also allows the buyer t make partial withdrawals in case of emergencies and It also certain tax benefits as per the applicable Tax Laws.

FAQs about Reliance Life Insurance Life Insurance:

Are there any advantages in buying Reliance Life Insurance insurance at an early age?

Yes. The premium that you pay on your insurance policy is mainly dependent upon two things - your age and the tenure of the policy. The younger you are, the lower is your insurance premium amount. At younger age, you would be physically sound and may not be suffering from illnesses/ medical. This would entitle you to a lower premium on the policy. Therefore it is advisable to buy insurance at an early age to reduce the cost of insurance.

Do you need life insurance?

If you have dependents and financial responsibilities towards them, then you certainly need insurance. Imagine what would happen if you were to lose your life suddenly or become disabled and cannot earn. Being insured in a situation like this is a necessity. When you insure your life, in effect what you are doing is insuring your earning capacity. This guarantees that your dependents will be able to continue living without financial hardships even in case of your demise. Most insurance plans available today come with a savings element built into it. These policies help you plan not only for protection against death but also for a financially independent future, which would enable you to have a comfortable retirement.

How else does life insurance help?

The primary need is buying financial security for your family. Other aspects that insurance helps fulfill are:

Tax benefits of opting Reliance Life Insurance Life Insurance?

The Tax exemption available under our insurance and pension policies are described below:

Deductions

*The aggregate amount of deduction under section 80C and 80CCC shall not exceed one lakh fifty thousand rupees.

Exemption

  • Benefit is available to individual assessee and Hindu Undivided Family assessee.
  • In case of individual assessee - himself/herself, spouse, children of such individual.
  • In case of HUF assessee - any member of HUF.
  • Premiums paid under a life insurance policy are eligible for deduction under Section 80C* of the Income Tax Act, subject to the provisions of the said section.
  • Contributions to a pension plan are eligible for deduction under Section 80CCC* of the Income Tax Act, subject to the provisions of the said section.
  • The proceeds under a life insurance policy are exempt under Section 10(10D) of the Income Tax Act, subject to the provisions of the said section.
    Note: If the amount of premium paid in a financial year for a policy is in excess of 10% of the actual capital sum assured, then deduction will be allowed only for premiums up to 10% of the actual capital sum assured.

How much do I insure myself for?

One of the simplest rules is to assume that insurance is a replacement for your lost earning capacity. Calculate your total income for the years that you expect to work. Assuming that the prevailing interest rate is 8%, you need to insure your life for at least 12 times your current annual income. Assuming that a family needs Rs.100 annually for household expenditure and the rate of interest would be at 8%, then the breadwinner needs to have a life insurance policy of approximately Rs.1200. If the insurance amount were to be put in the bank by the family, the family would get a comfortable Rs.96 p.a., which would at least let the family maintain the current life style.

However to calculate your insurance need more precisely, use the following steps:
  • Calculate Monthly Livable Income required (Post tax). This is the monthly amount that the survivors of the policyholder will need in the event of his death. This is taken at 70% of the current total family expenses. Denote this as "M".
  • Calculate Monthly Income required (Pre tax) as M/ (100-t)%. Denote this as "M1". Here t = Tax rate.
  • Assume Estimated-earning rate on capital as 8%. Denote this as "r".
  • Calculate Capital livable income required (C ) as A/ r%.
  • Subtract Existing Insurance Cover amount (if any) from "C".
  • The final amount you arrive at is the amount for which you should buy insurance

How much does it cost to buy Reliance Life Insurance life insurance?

Pure protection covers have become fairly affordable over a period of time. Further, the amount of premium depends on the cover and benefits one needs

Is there any policy where I can receive money during the tenure of the policy?

Yes, a MoneyBack Policy. This is an anticipated endowment policy with an additional feature of receiving benefit at regular intervals during the tenure of the policy. The risk cover continues for the entire policy term inspite of the installments already paid. If you outlive the policy, the maturity benefit along with accumulated bonus is paid back to you.

This is suitable for you if
  • You plan to coincide the funds received from the policy with your future anticipated needs like a car, an overseas holiday, children's educational needs, marriage expenses, etc.

What are riders?

Riders are additional benefits that can be attached onto your basic life insurance policy. These riders give you the benefit of increasing your risk cover in case of certain events happening. For instance if you have taken an Accident Death Benefit rider and you die due to an accident then your beneficiaries can get up to a maximum of twice the basic sum assured subject to Claims acceptance. Similarly there are different riders addressing different contingencies like Critical Illness, Permanent Disability Benefit, etc. There are riders available that waive your future premiums in case of death or disability of the proposer. These riders come at a nominal cost and can be availed of depending on the policy taken. These can be taken at the beginning of the policy term or during the policy term.

What are the different premium paying options available?

Nearly all policies provide yearly, half yearly, quarterly and monthly modes of premium payment. In addition, some plans also have the option to pay the premiums only for a limited period of time and not for the full policy term

What is an Reliance Life Insurance Endowment Policy?

An Endowment Policy is a combination of savings along with risk cover. These policies are specifically designed to accumulate wealth and at the same time cover your life. In simple words, these polices are issued for specific time periods during which you pay premiums. If you die during the tenure of the policy, your beneficiaries will receive the death benefit along with the accumulated bonus additions and if you outlive the policy tenure you will receive the maturity benefit along with accumulated bonus additions (if any). This is suitable for you if You want to accumulate capital for anticipated financial needs like buying an asset such as a home, providing for your old age, your children's education, marriage, etc.

What is Life Insurance?

Life Insurance is a contract between you and a life insurance company, which provides your beneficiary with a pre-determined amount in case of your death during the contract term. Buying insurance is extremely useful if you are the principal earning member in the family. In case of your unfortunate premature demise, your family can remain financially secure because of the life insurance policy that you have purchased. The primary purpose of life insurance is therefore protection of the family in the event of death. Insurance is also seen as a tool to plan effectively for your future years, your retirement, and for your children's future needs. Today, the market offers insurance plans that not just cover your life and but at the same time grow your wealth too.

What is Reliance Life Insurance Term Insurance?

Term Insurance, also known as pure life cover, is the cheapest and the simplest form of insurance. Under this insurance policy, against payment of regular premium, the insurer agrees to pay your beneficiaries the Death Benefit in event of your premature death. However, if you survive till the end of the policy term, nothing is payable to you. This policy has no savings component and the premiums you pay are purely a cost to buy you a life cover. This is suitable for you if
• You are looking for a low cost life cover without any savings benefits attached.

What will I receive on maturity of my policy?

On maturity, you will receive the maturity benefit as defined as for respective Plan.

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