Reliance Nippon Term Insurance

Reliance Nippon Life Insurance company (RNLIC) is one of the leading private life insurance companies in India with over 10 million policyholders. The company has one of the largest distribution networks of about 713 branches and over 42000 advisors by 2021. RNLIC is a part of Reliance Capital, a non-banking company in the finance sector, having an interest in term plans, life insurances, stock broking, private equity, and many other activities related to the finance sector.

Reliance Nippon Life Insurance: Protection Plans

These plans are commonly known to the customers as term insurance plans offering high sum assured cover at minimal premium rates. It provides financial support to the family of the policyholder in his/her absence. These protection plans are affordable, and thus anyone can avail benefits out of them. We are well aware of the fact that life is uncertain and thus, it is crucial to protect our loved ones in our absence. Thus, these plans offer security and financial support to your family at the time of misfortunes.

Types of Reliance Nippon Term Insurance Plans

1. Reliance Nippon Life Protection Plus

Reliance Nippon Life Protection Plus is a non-linked, non-participating pure risk life insurance plan offering financial security to your loved ones at very affordable premiums. This also offers the choice to customize the components of the plan as per one's needs and requirements.

Key Benefits of Reliance Nippon Life Protection Plus

Financial support to the family in case of financial uncertainty
Customizable option to customize protection cover as per your requirement
Offers tax benefits under Section 80C of the Income Tax Act, 1961
Offers low premium for non-tobacco consumers with a healthy lifestyle

Plan Options offered by Reliance Nippon Life Protection Plus

Level Cover Plan: This option provides a lump sum amount to the nominee in case of the death of the policyholder during the policy term. After the payment, the policy is terminated. This is also referred to as Death Benefit.
Increasing Cover Plan: In this option, the sum assured increases by 5% per annum (simple rate), where the maximum limit of reach is 100%. In case of death of the policyholder, the sum assured is paid to the nominee as a lump sum amount.
Level Cover Plus Income Plan: Sum assured on death will be payable to the nominee in a lump sum mode along with a monthly benefit of 1% for a fixed period of 10 years in case of death of the life assured.
Whole Life Cover Plan: Lump sum amount to the nominee in case of death of the policyholder during the policy term. After death benefits, the policy is terminated.

Eligibility for Reliance Nippon Life Protection Plus

	Whole Life plan option	Other plan options
Age criteria	25-55 years	18-60 years
Policy term	Whole life	10-40 years
Minimum Sum Assured	Rs 25,00,000
Premium payment	Monthly, Quarterly, Half-yearly, Yearly

2. Reliance Nippon Life Digi-Term Insurance Plan

Reliance Nippon Life Digi-Term Insurance Plan is a non-linked, non-participating pure risk life insurance plan offering flexible premium payments with a customizable life cover facility.

Key Benefits of Reliance Nippon Life Digi-Term Insurance Plan

Financial support to the family in case of financial uncertainty
Flexible premium payment options are offered which can be selected at your convenience
Customizable option to customize protection cover as per your requirement
Tax benefits as per Income Tax Act, 1961

Plan Options offered by Reliance Nippon Life Digi-Term Insurance Plan

Life Secure: A lump-sum amount is payable to the nominee in case of the early death of the life assured or diagnosing him with a terminal illness during the policy term. Maturity Benefit not applicable in this plan option.
Enhanced Life Secure: In this option, the sum assured increases by 5% per annum (simple rate), where the maximum limit of reach is 100%. In case of death of the policyholder or diagnosis with a terminal illness, the sum assured is paid to the nominee as a lump sum amount.
Life & Income Secure (Level Income Benefit): A lump-sum amount along with the monthly benefit is payable to the nominee in this option for a fixed term of 10 years at a simple interest rate of 10% per annum, where the monthly income is 0.5% of the base sum assured.
Whole Life assured: A lump-sum amount is payable to the nominee in case of the early death of the life assured or diagnosing him with a terminal illness during the policy term.

Eligibility for Reliance Nippon Life Digi-Term Insurance Plan

	Whole life cover plan option	Other plan options
Age criteria	25-60 years	18-60 years
Policy term	Whole life	15-40 years
Base Sum Assured	Rs 25,00,000 – Rs 4,99,00,000
Premium payment frequency	Monthly, Quarterly, Half-yearly, Yearly

Frequently Asked Questions (FAQs)

1. Is Reliance Nippon Life Insurance a good and secure investment?

Reliance Nippon Life Insurance has one of the largest distribution networks of about 713 branches and over 42000 advisors by 2021. It offers several options for life covers which makes it more convenient for customers to avail benefits out of the policy. Thus, it is one of the good and secure investment options.

2. How can I pay my premium online?

Reliance Nippon Life insurance provides facility of online premium payment in just a few easy steps as mentioned:

Log in to the official website using your registered customer ID and password.

Then select the policy for which your due is pending.

You can then choose from various payment options including net banking, debit/credit card payment, mobile wallet, etc.

3. What are the benefits of the Reliance Nippon Life Protection Plus policy?

Reliance Nippon Life Protection Plus offers a wide range of benefits to its customers. Some of them are as mentioned below:

Financial support to the family in case of financial uncertainty
Customizable option to customize protection cover as per your requirement
Offers tax benefits as per Income Tax Act, 1961
Offers low premium for non-tobacco consumers with a healthy lifestyle

4. What are the eligibility criteria for Reliance Nippon Life Digi-Term Insurance Plan?

For the Whole life cover plan option, the age limit is 25-60 years whereas, for other plan options, the age limit is 18-60 years.