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Reliance Life insurance is a licensed life insurance company that is a joint venture between Reliance Capital and Nippon Life insurance company. The company has over 10 Million policyholders all over India and abroad and mainly offers financial products like saving, protection, child, retirement, and investment along with health. Let us see the benefits offered by the company to better understand the various Reliance Nippon life insurance policy details.
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Let us take a look at some of the benefits of buying a Reliance life insurance policy:
Financial Security: Reliance life insurance plans offer financial security to your loved ones in your absence by providing them with the death benefit that can help them maintain their lifestyle and take care of their financial obligations.
Grow Corpus: By investing in a life insurance policy you can grow your wealth over time with its savings investment component.
Tax Benefits: Life insurance plans offer tax benefits on your yearly premiums and the death/maturity benefit payout received under sections 80C and 10(10D) of the Income Tax Act of 1961.
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Reliance Life insurance company offers various benefits through its life insurance plans. Some of its prominent features are:
Grace Period: This is the extra time period various companies provide for the policyholders to pay their premiums after the end of the due premium date and not have their policy lapse during this period. The standard grace period for monthly premium payments is 15 days whereas for quarterly, annual, and semi-annual premium payment is 30 days each.
Free Look Period: The free look period for any life insurance plan means the extra period right after policy issuance, during which you can review the policy terms and conditions and return/cancel the policy if unsatisfied.
Rider Benefits: One of the main Reliance life insurance policy detail is that it offers various add-on benefits like critical illness, accidental death benefit, income replacement, waiver of premium, and more that you can include in your base plan to enhance its coverage.
Premium Payment Frequency: Reliance life insurance company offers its customers the option to pay their premiums on an annual, semi-annual, quarterly, or monthly basis, as per their convenience.
Premium Payment Tenure: You can select to pay your premiums throughout the policy term with regular payment mode, for a limited period with limited payment mode, and in a single lump sum with a single payment mode.
Policy Lapse: Your Reliance life insurance plan will lapse if you fail to pay your premiums even during the grace period. At the end of the last day of your premium grace period, your policy will lapse and in case of your unfortunate death, your family will not be eligible to receive any plan benefit.
Policy Revival: In case your policy has lapsed, you have the option to revive your policy during the revival period. This way you can be covered under the policy benefits and your family will receive a death benefit in case of an unfortunate event. In case you do not revive the plan, no benefits will be payable and no premiums will be returned in case of return of the premium term plan.
Reduced Paid Up: In case you don't want to pay premiums for your life plan, you have the option of converting your life insurance plan to a reduced paid-up policy. With this, your death benefit will be reduced according to the premiums you have already paid in keeping the plan active. This is the best way to keep the plan active and be covered under the plan benefits.
You can purchase a Reliance Nippon life insurance plan by following the below-mentioned steps:
Step 1: Visit Policybazaar’s life insurance page
Step 2: Fill in the basic details like gender, name, contact number, and email address
Step 3: Click on ‘View Plans’ to see the available plans
Step 4: Enter your smoking and chewing tobacco habits, yearly income, academic background, and occupation type
Step 5: Choose the most suitable plan and proceed to pay
Note: It is suggested to calculate the term plan premium on the term insurance premium calculator online tool by Policybazaar before buying.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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