Reliance General Reviews, Ratings, Best Plans and USPs

Reliance General Insurance

“To satisfy insurance need during critical hour, offer unmatched customer service, to be the most innovative in product development & to keep customers as a focal point in all operations benefitting from affordable & accessible insurance” that is the promising mission of Reliance General. The company is indeed one of the most result driven insurance companies of the country.

The company was formed in August 2000 (operating license received from IRDAI in October 2000) and is promoted by Indian Financial services holding company Reliance Capital. Reliance capital is a part of the Reliance Anil Dhirubhai Ambani Group.

In the last two decades since its inception, they have achieved quite a landmark – holding more than 140 branch offices across 22 states and having approx. 30000 intermediaries sure proves their deep & wide reach across the country. The network is as strong as 4000+ hospitals and 3800+ garages so that quick cashless facility can be availed, and nearby outlet can be tracked easily by GPS through Reliance Self i-app. The company has quite a diverse portfolio and their target audience comprise of individuals, corporates, and Small & Medium enterprises.

Key Highlights of Achievements:

• Awarded as ET Best Brand by ETEdge in 2019
• Awarded as Best BFSI Company by ET Now Modi in 2018
• Awarded as The Best of the Best by Kyoorius Creative in 2018

    Prepare today for a relaxed and secure future.

    Check out the best health insurance plans here:

    Policy Type

    IndividualFloater

    About Reliance General Insurance

    Auto fill sum assured

    The ease to have a continued policy in place is very well developed by the company as they have an option to auto fill the sum assured. It happens in a way that once the base sum assured is exhausted then it gets automatically refilled (if during the same policy period). It provides quick support to the policy holders.  

    High claim settlement ratio of 100%

    Reliance General paid 100% approx. individual claims during the fiscal year 2019-20. This is a staggering number to look at which not only reflects the idea of providing quick services but also customer commitment. This is arrived at in the following manner – the opening claims at the beginning of the year are considered in addition to claims made during the year. Claims for which decision is pending are not shown as Claims pending. However, these pending claims became a part of opening balance for the upcoming year. The total no. of claims settled out of these results into the % number we look at the end of the year.

    Lifelong renewability

    Without any break, for the period of a lifetime Reliance General insurance plans cover your needs. The process for renewal is quick and can be done online from the comfort of our homes.

    Portability option

    During the tenure of the policy, insured is given a chance to switch between similar existing policies. They can analyze the benefits, compare with existing plan, and make an informed decision. This helps to get a better advantage without losing out on current benefits.

    Additional benefit of Regular Free health check ups

    In addition to the wide coverage provided under its plans, the company has ensured that regular free health check ups are provided under all of its plans offered to customers. Going in for checkups at regular periodic intervals helps to monitor our body system and if any need of prospective illness arises then preventive measures can be taken.

    Additional Protection for Employees

    Employees that are covered under group insurance policies have an option to opt for independent plans. This added coverage allows them to benefit from perks of the individual plans as they may not be able to enjoy focused benefits under their employer’s group insurance cover. This helps to have wider coverage and the most lucrative option here is that plans are mostly customizable as per the needs and requirements.

    As we can distinctly see the variety of plans offered by Reliance General Life, we can conclude that it successfully caters to the needs of most of our varied requirements at all stages. This has been achieved over a continued period of time by the company and customer dissatisfaction is something which the company does not accept. It strives to go far and beyond whilst providing services and hence has trained distributors throughout the country with a dedication towards providing effective financial and insurance suggestions to customers.

    The market share of the company of the company is around 3%-4%

    Reliance General Life has also seen steady growth in the Claims ratio. The table below shows the Claims ratio of the company between 2013 and 2020.

    Year

    Claim Settlement Ratio

    2013 – 2014

    81.97%

    2014 – 2015

    90%

    2015 – 2016

    93.82%

    2016 – 2017

    94.53%

    2017 – 2018

    95.17%

    2018 – 2019

    97.72%

    2019 - 2020

    98.12%

    As per statistics provided by Policy Bazaar, Reliance General Life enjoys a rating of 4.5 out of 5. Here is a brief insight into its ratings across key parameters:

    Customer Service Premiums Plan benefits Policy coverage
    4/5 4/5 4/5 4/5

    Majority of the customers have quoted to be satisfied with the following-

    • Smooth claim settlement
    • Easy & hassle-free policy renewal
    • Effective plans comparison & detailed summary guidance by agents
    • Authentic Information
    • Specific plans for children/investment purposes

    ICICI Prudential Insurance Life has also seen steady growth in the Claims ratio. The table below shows the Claims ratio of the company between 2013 and 2020.

    Year

    Claim Settlement Ratio

    2013 – 2014

    94.01%

    2015 – 2016

    96.2%

    2016 – 2017

    96.68%

    2017 – 2018

    97.88%

    2018 – 2019

    98.58%

    2019-2020

    97.84%

    As per statistics provided by Policy Bazaar, ICICI Prudential Insurance Life enjoys a rating of 4.0 out of 5 based on 1166 reviews.

    Here is a brief insight into its ratings across key parameters:

    Customer Service Payment options Plan benefits Policy coverage Responsiveness
    4/5 4/5 4/5 4.5/5 5/5

    Majority of the customers have quoted to be satisfied with the following-

    • Smooth claim settlement
    • Easy & hassle-free policy renewal
    • Effective plans comparison & detailed summary guidance by agents
    • Authentic Information
    • Specific plans for children/investment purposes
    • Approachable customer support
    • Secure payment gateway

    Reliance General provides a wide variety of services targeting its various customer segments at large. Health insurance remains to be a continued priority for most of the citizens hence the flexibility plays a huge role when it comes to buying an insurance plan. Most of the plans offered are new-age and designed to be customized so that customers can reap maximum benefits out of the offerings.  

    Here are the top insurance policies offered by Reliance General:

    Individual Plans

    • Motor Insurance
    • Travel Insurance
    • Home Insurance
    • Health Insurance
    • Office Insurance

    Corporate Plans

    • Fire Insurance
    • Engineering Insurance
    • Liability Insurance
    • Package Insurance
    • Marine Insurance

    Small and Medium Enterprises Insurance Plans

    • Fire Insurance
    • Marine Insurance
    • Group Mediclaim Insurance
    • Burglary & House breaking
    • Package Insurance

    Reliance General Individual Plans

    The General Health Insurance Plans are having a vast coverage backed by the superior quality of services provided by the insurer to the beneficiary. They have revolutionized the insurance industry by bringing in power packed innovative plans time and again apart from maintaining the consistency in providing smooth facilities to its existing customers.

    Reliance Health Gain Policy

    This plan provides one of the most comprehensive coverages including in-patient hospitalization costs, domiciliary expenses, donor expenses, pre & post hospitalization expenses for the individual as well as family covered under the plan. It also provides the benefits of family discounts on the premium rates and also an option to reinstate the sum assured once the base limit is exhausted.

    One of the key features of this plan is that it provides an additional discount of 5% to independent women who intend on insuring independent female & girl child.

    Criteria

    Details

    Entry age

    5 years to 65 years

    Entry & exit age for dependent children

    91 days onwards up to 4 years (having at least one member above 21 years age in floater plan)

    Co-payment

    20% if the insured is more than 61 years of age

    Renewability

    Lifetime renewability

    Pre-entrance medical check up

    Medical check up is needed for people above 45 years of age and for those who have any critical illness the limit is 18 years of age

    Sum insured

    Between 3 to 9 lakhs

    Reliance HealthWise Policy

    The HealthWise Policy plan offers a comprehensive coverage but at a comparatively low cost. It is available on both individual and family floater basis. It offers complimentary benefits such as 4% discount for one daughter, 7% discount for two daughters and no claim discount of up to 20%.

    There are three variants available here to choose from – standard, silver, and gold plan. The gold plan acts as an additional cover for critical illnesses. And also, the distinct feature of providing 7% discount for girl child.

    Criteria

    Details

    Entry age

    21 years to 65 years

    Entry & exit age for dependent children

    3 months and 21 years

    Co-payment

    There is no co-payment clause

    Renewability

    Lifetime renewability

    Pre-entrance medical check up

    It is mandatory for people over 45 years of age.

     

    However, there is preexisting waiting period:

    Standard plan – 48 months

    Silver plan – 24 months

    Gold plan – 24 months

    Sum insured

    Rs. 1 lakh, 2 lakhs, 3 lakhs, 4 lakhs and 5 lakhs

    Reliance Personal Accident Policy

    The need for a personal insurance is at an all time high as an unforeseen accident not only changes live drastically of the victim but also of the members associated with the victim’s life. The plan covers a wide range of expenses and is categorized as follows:

    • Accidental Death Plan –
      Where insured loses their life after suffering from body injury due to an accident then 100% sum insured is paid to them
    • Permanent Total Disability Plan –
      The permanent disability plan provides 100% coverage of sum assured in case the event of loss of two limbs or two eye sights or one limb and one eyesight as this fall under the area of major life altering disability. However, 50% sum insured benefit is provided if there is an event of loss of one limb and one eye. Under this plan – victim would be disabled to perform any or at least one of the below given actions:
    • Unable to work – Means the insured would not be able to work in any employment or occupation during the course of his life ahead
    • Loss of use of limbs or sight – A case of total or irrecoverable loss of use of two limbs or both of the eye sights or use of one limb and one eyesight
    • Loss of Independent living – Difficulty or impossibility of performing three or more of the below routine tasks of the daily life–
    • Dressing
    • Washing
    • Mobility
    • Toileting
    • Feeding

    Under Temporary total disability plan:

    1% of sum assured will be paid every week total sum not exceeding Rs. 5000 per week for a minimum of 100 weeks.

    As an add on coverage under this plan – Carriage of mortal remains is also included (A total lumpsum payment of 2% of capital sum insured will be borne by the insurer for accidental death outside the residence – Rs. 2500 maximum limit for transportation charge. If additional premium is paid then the plan can be extended to cover medical expenses. The benefit is provided either up to 40% of the compensation paid for the settlement of a claim made or 20% of the said sum insured (whichever is lesser).

    Individuals aged between 5 years to 70 years are covered under this plan and this is even available to employees of any organization/institution/club or society.

    Exclusions under this plan:

    The below are the applicable exclusions from this plan-

    • Compensation due to death or disablement arising out of –
      • Suicide or attempted suicide
      • War and nuclear perils
      • Radiation or radioactivity
      • Pregnancy and/or childbirth
    • Any claims made during the tenure which exceed the sum insured limit
    • Suicide or self-inflicted injury irrespective if the person is sane or insane.

    Reliance General Critical Illness Plan

    The core aim of the plan is to provide required financial assistance against life threatening and disabling diseases. The features of the plan are as follows: The major critical illnesses covered under this plan are:

    • Cancer
    • Major organ transplant
    • Aorta graft surgery
    • Third degree burns
    • Total blindness
    • Multiple sclerosis
    • Coma of a specified severity
    • Heart Valve replacement or repair
    • End stage renal disease requiring diagnosis

    Payouts are given if the insured happens to survive 30 days post diagnosis of life-threatening illness and 60 days in case of life disabling illness.

    Criteria

    Details

    Entry age

    18 years to 65 years

    Co-payment clause

    No co-payment clause

    Policy term

    1 to 3 years

    Renewability

    Lifetime renewability

    Pre-entrance medical check up

    It is mandatory for people over 45 years of age.

    Sum insured

    Rs.5 lakhs, 7 lakhs or 10 lakhs

    Reliance General Small & Medium Enterprises Insurance Plans

    Reliance General Burglary & Housebreaking Plan

    It has been specifically designed to provide coverage to SMEs to safeguard their businesses from house breaking and burglary. It protects the property and keeps its content safe.

    Reliance General Group Mediclaim Insurance Plan- Attractive benefits are offered at a reasonable cost under this plan to protect the health of employees of an enterprise. It is customizable depending upon the homogenous qualities of the people in the same group and bulk discounts are also provided to the employers.

    Reliance General Fire and Marine Insurance Plans- It provides coverage to SMEs for storage risks along with industrial and manufacturing risks. There is a general worldwide coverage under these plans.

    Best policies of Reliance General Insurance

    Reliance General Insurance caters to a wide range of life insurance and wealth management plans. The key details of the best policies of Reliance General Insurance are listed in the table below:

     

    Plan type

    Entry age (min)

    Minimum sum assured

    Policy term

    Overseas Travel

    Travel Insurance

    6 months to 60 years

    Individual: Up to 500000

     

    Family: Up to 100000

    Up to 182 days

    Schengen Travel

    Travel insurance

    3 months to 90 years

    Up to 50000

    Up to 180 days

    Asia Travel

    Travel insurance

    3 months to 60 years

    Up to 30000

    Up to 30 days

    Annual Multi trip

    Travel insurance

    18 years to 90 years

    Up to 500000

    Up to 365 days

    Senior Citizen Travel

    Travel insurance

    61 years to 90 years

    Up to 500000

    Up to 180 days

    Student Travel

    Travel insurance

    16 years to 35 years

    Up to 500000

    Up to 2 years

    Two-Wheeler Insurance

    Bike Insurance

    Above 21 years

    Up to 15 lakhs

    Up to 3 years

    Travel Insurance Coverage:

    • Medical expenses
    • Loss of passport
    • Total loss of check in baggage
    • Trip Delay
    • Personal liability
    • Hijack distress allowance
    • Bail Bond
    • Sponsor protection
    • Financial emergency assistance

    Other Insurance Companies

    Reliance General Insurance FAQs

    1. What are the exclusions under Reliance Two-Wheeler insurance?

    The below are the exclusions:

    • Damages incurred when the rider/insured is intoxicated
    • Damages to the vehicle when the rider is not in possession of a license
    • Damages incurred when the vehicle is wrongfully utilized for illegal purposes
    • Expenses due to mechanical or electrical breakdowns
    • Regular generic wear and tear of the bike/scooter

    2. What are the general documents required for claim settlement for Reliance General Insurance plans?

    The below documents are required to make a claim request:
    • Death certificate
    • Proof of age & address of the claimant
    • Copy of passbook
    • Replica of FIR & post-mortem report in case of accidental/unnatural death
    • Claim application – duly filled by policyholder
    • Policy documents
    • Discharge summary along with final report issued by doctor
    • Fitness certificate & KYC documents
    • All bills – consultation, original hospital, and pharmacy bills

    3. Under what circumstances are benefits provided in Home structure insurance plan by Reliance General?

    The plan secures the home from various perils as mentioned below:
    • Fire and lighting
    • Storm or hurricane
    • Explosion and implosion
    • Aircraft damage
    • Riot, strike, or malicious damage
    • Overflowing of water tanks, apparatus, and pipes
    • Bush fire
    • Earthquakes and flood
    • Cyclone, tornado, or missile testing operations

    4. What different policies are offered under Reliance General Insurance Engineering Plan?

    This type of plan covers all the potential risks related to working of plant, machinery, and equipment for corporate clients as they carry high value and parallel high risks in case of any loss or damage during routine functioning.
    ● Contractors all risk policy
    ● Boiler and pressure plant policy
    ● Machinery insurance
    ● Contractor’s plant and machinery policy
    ● Erection all risks erection cum storage policy

    5. What are the features of Reliance General Marine Insurance Plan?

    This plan covers losses or damages to goods being shipped.
    1. Coverage for loss or damage to cargo in transit
    2. There are three variants to choose from – specific policy, open policy, and open cover
    3. Network of surveyors all over the country
    4. Innovative and customized coverage based on the equipment
    5. There is a coverage extension provided for incidental storage, riot and strike perils and multi-transit, etc.

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