Reliance Nippon Reviews, Ratings, Best Plans and USPs
Reliance Nippon Life Insurance
The Reliance Nippon Life Insurance Company is an integral part of the Reliance – Anil Dhirubhai Ambani Group (ADAG). Reliance Capital is the main holding organization that has a very diverse business and presence in the financial sector of the world.
This organization provides both life insurance policies and general insurance policies to its customers. The Reliance Nippon Life Insurance company has a great reputation when it comes to broking, investment banking, lending, distribution, and other financial products.
One can get profitable life insurance policies that suit one’s requirements throughout all stages of life, including child plans, pure protection plans, and pension plans. The organization has also launched operations without any foreign partners.
The claim settlement ratio reported by the organization in the financial year 2017 – 2018 was 95.17% and the claim settlement ratio in 2018 – 2019 was reported to be 97.71%. The market share value of Reliance Nippon Life Insurance Company in 2017 – 2018 was 0.5 and for the financial year 2018 – 2019, the market share was reported at 0.5.
About Reliance Nippon Life Insurance
With the help of Reliance Nippon Life Insurance Company, customers can get the perfect policy for them. This is mainly due to the fact that the organization provides a wide range of insurance policies to its customers.
According to Brand Equity’s Most Trusted Brand Surgery conducted in 2015, the organization ranked amongst the Top Three Most Trusted Brands for life insurance policies. One can almost get everything from child insurance plans to investment plans and protection plans.
There are also many other benefits that one can get from purchasing Reliance Nippon insurance policies. Some of those benefits are:
- Amazing Claim Settlement Ratio
During the financial year ending on 31 March 2019, the organization reported one of its highest settlement ratios measuring up to 97.71%. This goes to prove that the organization cares a lot about its customers and always comes through for them in their time of need - Wide Network
The Reliance Nippon Life Insurance has a wide network of over 727 branches in India - The Total Assets Value
According to the official reports, the assets under management held by the company amount to more than INR 20,000 crores. This value was calculated on 31 March 2019 - Awards
The organization has also won a number of awards for its high-quality services. In the year 2019 alone, Reliance Nippon won four awards! - High Renewability Rate
The 13th month persistence value has been recorded at 78% as of 31 March 2019. This means that 78% of the policies that are used by the organization in a year have been successfully renewed by the customers.
Reliance Nippon Life Insurance Limited is a private sector organization that holds a good reputation in the Indian market. Currently, the organization has a customer base of over 10 million satisfied policyholders.
The organization is also a joint venture between Nippon Life and Reliance Capital. Nippon Life is a Japanese life insurance provider that has a share of 49% and Reliance Capital holds a 51% stake in the organization. The claim settlement ratio of the organization over the years has also been good. You can go through the values of the claim settlement ratio and market share mentioned in the tables below.
|
Financial Year |
2012 - 2013 |
2013 - 2014 |
2014 - 2015 |
2015 - 2016 |
2016 - 2017 |
2017 - 2018 |
2018 - 2019 |
|
Claim Settlement Ratio |
86.45% |
81.97% |
83.84% |
93.82% |
94.53% |
95.17% |
97.71% |
|
Financial Year |
2012 - 2013 |
2013 - 2014 |
2014 - 2015 |
2015 - 2016 |
2016 - 2017 |
2017 - 2018 |
2018 - 2019 |
|
Market Share Value |
1.3 |
1.6 |
1.8 |
1.1 |
0.6 |
0.5 |
0.5 |
Customers have also left amazing reviews for this organization. Let’s look at some of those reviews below.
The Best Policies 5/5 Ajit Singh
I have been a customer of Reliance Nippon for years. And I have always been very happy with their services. I would 100% recommend Reliance Nippon insurance policies to everyone I know!
Amazing Customer Service 5/5 Biswas Krishan
I have recently purchased a Reliance Nippon policy and I’m blown away by the quality of help I received from the customer service department. I’m very glad that I have chosen to purchase a policy from them.
Excellent Benefits 5/5 Sonu Sharma
I renewed my Reliance Nippon policy almost a month ago. I have yet to place a request for a claim but I’m happy with the benefits that I have received so far from the company.
The insurance plans and policies rolled out by Reliance Nippon are as diverse as the needs and requirements of their customers. The plans help people of all ages live financially secure and safe lives. This means that irrespective of how much one might have to go through in life, he or she would never have to worry about money if he or she is a Reliance Nippon policyholder. In this section, we will look at all the different Reliance Nippon policies.
- Reliance Nippon Life Protection Plans
- Reliance Nippon Life Protection Plus Plan
The Reliance Nippon Life Protection Plus Plan is provided to individuals. This plan is pure risk, non-participating, and non-linked life insurance plan. The features of this plan are explained in the table below.
|
Variant of Plan |
Basic Sum Assured |
Total Policy Tenure |
|
Level Cover Plan |
INR 1 crore |
35 years |
|
Increasing Cover Plan |
INR 1 crore |
35 years |
|
Level Cover Plus Income Plan |
INR 1 crore |
35 years |
|
The Whole of Life Cover Plan |
INR 1 crore |
35 years |
Reliance Nippon Life Digit-Term Plan
The Reliance Nippon Life Digi-Term plan can be purchased by customers online in a matter of a few clicks. This insurance provides excellent insurance cover at a very affordable premium cost. There are also several variants of this plan. We will look at the details of those variants by referring to the table below.
|
Type of Plan |
Basic Sum Assured |
Total Plan Tenure |
|
Life Secure |
INR 1 crore |
30 years |
|
Enhanced Life Secure |
INR 50 lakh |
35 years |
|
Whole Life Secure |
INR 50 lakh |
- |
|
Life and Income Secure |
INR 50 lakh |
35 years |
|
Life Secure with Increasing Income Benefit |
INR 1 crore |
35 years |
Reliance Nippon Life Savings and Investment Plans
The great selling point of Reliance Nippon Life Savings and Investment plans is that these plans provide whole life cover with returns on the amount of money that an individual has invested. These plans are great for people who have amazing plans made out for the future that might cost a little more than usual.
Reliance Nippon Life Guaranteed Money Back Plan
The Reliance Nippon Life Guaranteed Money Back Plan provides an accidental death benefit. The plan also comes with a waiver of premium benefit in case if the policyholder has a sudden demise and the premiums are still left to be paid.
Reliance Nippon Life Fixed Savings Plan
This plan provides a lump-sum amount on its maturity to the policyholder. Beyond this, one also gets life cover for the policyholder and his or her family. The plan can be categorized as a systematic savings plan that can help an individual in building a large corpus for his or her future needs.
Reliance Nippon Life Bluechip Savings Insurance Plan
The Reliance Nippon Life Bluechip Savings Insurance plan provides life cover to the policyholder. One will also get an assured 7% guaranteed addition on the life cover along with some bonuses.
Reliance Nippon Life Increasing Income Insurance Plan
This policy provides a regular monthly income to the policyholder along with a lump sum at the maturity of the policy. One will also get ten times the annualized premium in case of the unfortunate demise of the policyholder.
Reliance Nippon Life Fixed Money Back Plan
This is an easy insurance plan that comes with a limited paying term. In this policy, customers can get assured fixed money back benefits, loyalty additions, and maturity benefits. It should also be noted that payment of fixed money back is done during the last five years of the plan.
Reliance Nippon Life Super Money Back Plan
The Reliance Nippon Life Super Money Back Plan is an excellent insurance policy that one can get if he or she is looking for regular paybacks at periodic intervals. The premiums are very affordable which also makes it easier on the pockets of the policyholder.
Reliance Nippon Life Endowment Plan
This is a flexible insurance plan that provides life cover to the policyholder. One can pick the sum assured value depending on his or her financial position.
Reliance Nippon Life Lifelong Savings Plan
The Reliance Nippon Life Lifelong Savings Plan has been designed in a manner that provides the entire family of the policyholder with a whole life cover. This is provided in the unfortunate case where the policyholder might meet an untimely demise.
Reliance Nippon Life Future Incomes
The future income plan provides additional annual income to the policyholder and his or her family. This provides the necessary support needed to take care of the increasing needs of the household. The policy also provides financial coverage in the case of the unfortunate death of the policyholder.
Reliance Nippon Life Milestone Plan
The Reliance Nippon Life Milestone plan provides savings during the lifetime of the policyholder. Financial security is also provided to the family of the policyholder in case of his or her unfortunate death.
Reliance Nippon Life Increasing Money Back Plan
The Reliance Nippon Life Increasing Money Back plan provides a guaranteed payout once every three years to the policyholder. This ensures that one can keep up with inflating prices in the market while maintaining a good lifestyle.
Reliance Nippon Life Retirement Plans
The Reliance Nippon life retirement plans provide an individual with the financial aid that one would need to live comfortably even after resigning from their professional duties. In these plans, the policyholder has to make a regular contribution which would result in one getting a regular monthly income even after his or her retirement. Some of these comprehensive plans are discussed below.
Reliance Nippon Life Immediate Annuity Plan
This plan converts the lump-sum savings into a regular income. This helps in maintaining the lifestyle of an individual even after retirement.
Reliance Nippon Life Smart Pension Plan
This plan can be best categorized as a non-participating Unit Linked Insurance Plan (ULIP) that can help an individual save systematically to have a better quality retirement. There are tax benefits available on this policy too. The purchase price of this policy is INR 1 lakh. This value is exclusive of education and service tax. It provides a life annuity.
Reliance Nippon Life Unit Linked Insurance Plans
These plans are also commonly known as ULIPs. These plans provide an opportunity for investment as well as protection. This further means that one gets the dual benefits of returns on investment and life insurance cover.
There is a lot of variety available in terms of the funds that one can invest. There is also a lot of flexibility that would allow one to switch between and manage different funds at the same time. There are mainly four different types of ULIPs offered by Reliance. And we will look at those policies now.
Reliance Nippon Life Classic Plan II
This is a classic plan that provides life cover and long-term investment options that can act as a sponge for the family in case of financial uncertainties. One can choose and manage the funds according to himself or herself. Policyholders can also get life cover and market-linked profits on the premiums paid by him or her.
The minimum sum assured amount for regular pay policies is 10 times the annualized premium or 0.5 times the policy term and annualized premium. This value is 1.25 times the single premium in the case of a single pay policy. The policy term can also vary from 15 to 30 years in the case of regular pay and 20 to 30 years in the case of single pay policies.
Reliance Nippon Life Smart Savings Insurance Plan
The Reliance Nippon Life Smart Savings Insurance plan ensures that the risk appetite is automatically adjusted by drawing a balance between the equity and debt. This is done via the systematic allocation of assets depending on the life stage that the policyholder is in. The minimum annualized premiums for this policy are categorized in the following bands.
Band 1: INR 48,000
- Band 2: INR 1 lakh
- Band 3: INR 2.5 lakh
- Band 4: INR 5 lakh
- Band 5: INR 10 lakh
The policy term is 15 to 30 years for regular pay policies and limited pay policies. Limited pay policies with a tenure of 7 years have a policy period of 15 to 25 years. The entry age of the policy is 1 year to 50 years.
Reliance Nippon Life Premier Wealth Insurance Plan
This plan is designed for individuals who wish to complete their immediate financial needs. This plan also helps in making sure that one is on the right track with handling changing priorities over the course of his or her entire lifetime. There is also a flexibility option in this plan in regards to balancing the investment and protection needs of the policy term in progress. One can gain systematic control over future finances.
Reliance Nippon Life Prosperity Plus Plan
This insurance policy is designed in a manner that allows one to deal with all immediate financial needs.
Reliance Nippon Life Child Insurance Plans
Caring for a child is a big responsibility. This is why parents can manage their entire lifestyle and that of their child. There are mainly two child insurance plans that one can choose from. These plans are discussed in the table below.
|
Policy Type |
Basic Description |
Basic Sum Assured |
Total Policy Tenure |
|
Reliance Nippon Life Education Plan |
This plan is ideally meant for parents. This plan comes with variable payouts designed to meet the different requirements of a child’s career and future. The plan provides annual income for 10 years |
INR 50,000 |
In the case of regular pay policies, the tenure is from 9 years to 20 years, and in the case of limited pay, the tenure can vary from 12 years to 20 years |
|
Reliance Nippon Life Child Plan |
This plan helps a parent in securing the future of a child. This plan comes in handy when it comes to his or her education, higher studies, home, marriage, or any other time of need |
INR 25,000 |
10 years to 20 years |
Reliance Nippon Life Group Insurance Plans
The Reliance Nippon Life Group insurance policies are ideal for organizations or companies that wish to maintain a good relationship between the employer and the employees. These plans provide life cover to the employees and periodical payments once they have retired from the organization. One can also get pension benefits and gratuity plans. There are mainly two types of group policies. And these policies are discussed below.
Reliance Nippon Life Group Unit Linked Employee Benefits Plan
This plan is a unit-linked plan based on funds. The group product also provides life insurance coverage to the policyholder.
Reliance Nippon Life Group Term Assurance Plus
The Reliance Nippon Life Group Term Assurance Plus is a non-participating and non-linked plan. This plan provides term insurance benefits to a large group of people.
Best Policies of Brand
In this section, we will look at some of the most important policies of Reliance Nippon.
Reliance Nippon Life Digit-Term Insurance Protection Plan
|
Plan Name |
Reliance Nippon Life Digi-Term Insurance Plan |
|
Entry Age |
18 years to 60 years |
|
Policy Tenure |
10 years to 40 years. The policy tenure can also be extended to cover the whole life |
|
Sum Assured |
The minimum sum assured is INR 25 lakh |
|
Premium |
Depending on the sum assured and age, the premium can be selected |
|
Features of the Plan |
|
Reliance Nippon Life Term Insurance Protection Plan
|
Plan Name |
Reliance Nippon Life Term Plan |
|
Minimum and Maximum Entry Age |
21 years to 60 years |
|
Policy Tenure |
5 years to 30 years |
|
Total Sum Assured |
From INR 5 lakh onwards |
|
Premium |
The minimum amount is INR 2000 and the maximum amount will depend on the age and type of plan chosen by the individual |
|
Features of the Plan |
Six additional riders are available in this policy. One can opt for those riders if he or she wants a better coverage
|
Reliance Nippon Life Milestone Plan
|
Plan Name |
Reliance Nippon Life Milestone Plan |
|
Minimum and Maximum Entry Age |
5 years to 75 years |
|
Policy Tenure |
The tenure can range from 10 years, 12 years, 15 years, to 20 years |
|
Sum Assured |
The sum assured value depends on the plan option, premium, and the term chosen |
|
Premium Amount |
The minimum amount is INR 50,000 and there is no limit for the maximum amount |
|
Plan Features |
There are three plan options available in this policy
|
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Reliance Nippon Life Insurance FAQs
1. How can I take out a loan against my Reliance Nippon Life Insurance policy?
There is a basic lock-in process that needs to be completed before one can take out a loan against his or her policies.
2. How can I register for a claim against my Reliance Nippon accidental death benefit and total or permanent disability benefit?
It is important for an individual to fill and submit the claim form A and claim form B to the customer service department. It is also important to submit original policy documents, diagnostic certificates, biopsy reports, and lab reports. If possible, one can also submit an FIR from the police station and other relevant investigation reports.
3. What is the process that I need to follow to make a partial withdrawal from my ULIP policy?
One can make a partial withdrawal on his or her policy after completing the stipulated lock-in period. After that, one has to fill and submit a duly filled in and signed request form, details of the savings bank account, a canceled cheque from the same account, and a self-attested copy of KYC documents.
4. Can I surrender my Reliance Nippon life insurance policy? If yes, then how?
Yes, individuals can surrender their Reliance Nippon life insurance policy. To surrender the policy, the policyholder needs to wait for the lock-in period to pass. After that, he or she needs to submit a duly filled and signed surrender request form. One must mention details of his or her bank account, provide a canceled cheque from the same account, and attract a self-attested copy of the KYC documents.
