Reliance Life Insurance- Features and Plans at A Glance

In today's unpredictable world, having a feasible solution to support the family is a must. If you love your family and want them to be happy after you, a sum of money can help up to a great extent. It is our sole responsibility to make sure that people who depend on us for bread and butter should never starve in hunger.

Reliance Company is very familiar to almost all of us. We also know that whether it is in the sector of telecom, food, lifestyle, electricity bill or life insurance, Reliance always has a plan.

Yes, it is a fact that most of us are unable to afford its products, but hey, you will never regret investing money in them. Envisaged to perfection, Reliance brings products that are a boon to the common man.

Just like other products, Reliance has also launched many life insurance plans that suit all kind of budget and duration. All it takes is a few steps to follow, and you are done!

Before we dive deep into Reliance Life Insurance review and plans, let us understand what Life Insurance is.

What is a Life Insurance?

A life insurance is a plan or policy that pays back an assured sum of money either after a specified period or upon the unfortunate demise of the customer. Apart from this, there are many benefits to making the insurer feel secured not only in the future but the present as well.

The Economic Times reported a recent survey conducted by Insurance Regulatory and Development Authority of India (IRDAI) it was found that the first-year premium income between April 1 and October 31, 2016, is Rs. 87,344 crores. There is a hike of around 30%, as compared to Rs. 66,997 crores during the same period last year.

Here is the complete data for first-year premium income:

Segment	April-October, 2015 (In Rs Crore)	April-October, 2016 (In Rs Crore)	Growth (%)
Individual Single Premium	6,036	12,662	109.77
Individual Regular Premium	19,531	22,352	14.44
Group Single Premium	37,330	47,234	26.53
Group Regular Premium	4,101	5,096	24.26
Total Amount	66,998	87,344	30.37

Reliance Nippon Life Insurance(RNLI) Company

Now that you know the concept of life insurance, here comes one of the most affordable life insurance businesses in India.

Ever since Nippon Life, a 121-year-old Japanese company has signed a definitive agreement with Reliance, the total valuation of Reliance Life insurance rose to Rs. 11,500 crores.

In the year 2011, Nippon Life had invested Rs. 3,062 crores ($680 million) in an aggregate to occupy a strategic stake of 26% in Reliance Life Insurance.

On this occasion, according to Sam Ghosh, CEO of Reliance Capital, this newly formed alliance would fuel Reliance Life Insurance's vision of turning into a world-class insurance company. And, so far it has come true.

Since then Reliance Life has achieved a strong valuation of Rs. 10,000 crores approximately and so far the highest value among life insurance companies. This step has added a spark to Reliance Life Insurance review.

This year, the total investment of Nippon Life has gone to Rs. 8,630 crores ($1.3 billion) occupying a stake of 49% each in Reliance Capital Asset Management and Reliance Life insurance.

The new share was holding the structure of both the companies ultimately changed and as an accord of partnership, and the RNL Insurance Company came into existence.

Reliance Nippon Life Insurance Policies

Reliance insurance now holds a market share of 5% approximately and has around 1200 distribution centers with more than 1 lakh advisors and more than 10 million customers across the nation.

It caters the need of individuals, groups or families and corporate entities in five unique fragments which are Children, Protection, Health, Retirement and Investment plans.

Key Features:

·         A life covers of 1 crore at Rs. 15 per day

·         83.84% of claims were resolved in the year 2014-15

·         98.02% grievances were resolved for the year 2014-15

Eligibility criteria for Reliance Life Insurance:

·         The customer must be at least 18 years of age and not more than 55 years

·         Customer must be a professional (receiving a monthly salary), or self-employed or own a business.

This scheme can be availed for a maximum tenure of 35 years and minimum sum assured Rs. 25 lakhs.

Documents Required:

1.       Age Proof

2.       Identity Proof

3.       Income Proof

4.       PAN Number

5.       Proof of Present and Permanent Addresses

What are different plans in Reliance Life Insurance?

 Click here to know about the affordable plans and policies offered by RNL Insurance in detail.

Refer the table below for a quick look at all the plans.

Nature of the Plans	Plan	Attractive Features
Protection Plans	RNL Term Policy	At least 5 years of terms of plan and sum assured is Rs. 5,00,000
	RNL Online Term Policy	Multiple policy terms and minimum sum assured is Rs. 25,00,000
	RNL Online Income Protect Scheme	Multiple policy terms, attractive premium and the least sum assured is Rs. 35,00,000
Savings and Investment Plans	RNL's Guaranteed Money Back Policy	At least Rs. 50,000 assured
	RNL Fixed Savings Scheme	5, 7 and 10 years’ terms of payment
	RNL Bluechip Savings Insurance Policy	At least Rs. 77,905 assured
	RNL Increasing Income Insurance Policy	15,000, At least Rs. 60,000 assured (entry age up to 44 years) At least Rs. 1,00,000 assured (entry age from 45 years and above)
	RNL Fixed Money Back Policy	At least Rs. 1,00,000 assured
	RNL Lifelong Savings Policy	Annual Premium of Rs. 12,000 and at least Rs. 80,000 assured
	RNL Whole Life Income	The premium of Rs. 16,328 and at least Rs. 1,00,000 assured
	RNL Increasing Money Back Policy	Min Premium is Rs. 18,000 and at least Rs. 1,00,000 assured
	RNL Super Money Back Policy	At least Rs. 1,00,000 assured
	RNL Smart Cash Plus Policy	Plan terms for 10, 13, 16, 19 and 22 years and at least Rs. 1,00,000 is assured
	RNL's Money Multiplier Policy	Plan terms for 10, 15, and 20 years and at least Rs. 50,000 assured
	RNL Endowment Policy	Plan terms for 10, 15, 20, and 25 years and at least Rs. 65,261 assured
	RNL's Super Endowment Policy	Plan terms available for 14 and 20 years and at least Rs. 1,00,000 assured
Retirement Plans	RNL Pension Builder Scheme	Minimum Rs. 2,00,000 assured
	RNL Immediate Annuity Policy	Purchase Price is Rs. 1,00,000 (Excluding taxes) and Annuity Instalment of Rs. 1,000
	RNL Smart Pension Policy	Minimum ten years of premium paying terms
Unit Linked Plans	RNL Premier Wealth Insurance Policy	No Annual Premium Payment Limit
	RNL Smart Savings Insurance Policy	Variable Premium Payment
	RNL Classic Policy II	Variable Premium Payment
Plans for Children	RNL Education Policy	Multiple Policy Terms and Minimum Rs. 50,000 Assured
	RNL Child Policy	Minimum 10 Years of Policy Payment Term and at least Rs. 25, 000 is assured
Health Plans	RNL Easy Care Fixed Benefit Plan	Fixed for 5 Years
Group Plans	Employers Liability Solutions	Multiple Plans as per Corporate Entities
	Employee Protection Solutions
	Group Saving Solutions

Conclusion

Reliance, life insurance review, have been excellent so far. However, it is a fair warning to stay cautious all the time and Beware of fraudulent look-alike services.

It has multiple stacks of plans which an individual or a group can avail at an affordable price. All they need to do is, register online or contact the insurance agent and request a quote.