Reliance Nippon Life Term Insurance Plans
Reliance Nippon Life Insurance, established in the year 2001, is one of the leading private sector insurance companies in India. It is a joint venture undertaking between Reliance Capital, a part of the Reliance Group, and Nippon Life, one of Japan’s largest life insurers. With over ten million policyholders, Reliance Nippon Life Insurance offers a wide choice of insurance policies ranging from Life protection, Savings, Retirement solutions, Health insurance, Child insurance, ULIP, and Group Insurance.
Term insurance plans of Reliance Nippon Life Insurance
- Reliance Nippon Life Protection Plus: This is a pure term plan providing financial security for your loved ones at an affordable cost in your absence. It offers multiple plan options to choose from according to your needs, such as Level cover plan, Increasing cover plan, Level cover plus income plan, and Whole of Life cover plan. You can also enhance the coverage amount at crucial milestones of your life to accommodate the growing needs. With the minimum sum assured under this policy as Rs 25 lakhs, the other benefits include a lower premium for non-smokers, multiple premium tenures, and income tax benefits.
- Reliance Nippon Digi-Term Insurance Plan: It is a comprehensive term policy offering lifetime protection with enhanced features such as the flexibility to choose from 5 different options: Life secure, Enhanced life secure, Life & Income secure (Level Income Benefit), Life & Income secure (Increasing Income Benefit), and Whole Life Secure Benefit. It also provides the choice to receive the benefit amount as a lump sum or monthly income. In addition to this, the plan covers significant life risks of death and terminal illness and has optional riders to avail at an additional premium. The minimum sum assured is Rs 25 lakhs with no limit on maximum coverage.
- Reliance Nippon Life Saral Jeevan Bima: A no-frills term insurance policy that assures financial security for the family in case of the policyholder’s untimely demise during the policy term. For those looking for a simple and affordable term plan, this is the best choice as IRDAI mandates the features to prevent confusion and bring more individuals into the insurance fold. Although there are no survival/ maturity benefits or riders available under this plan, one has the flexibility to choose the policy term, premium payment frequency, and claim income tax benefits for the premiums paid and benefits receivable.
Why choose Reliance Nippon Life Insurance?
- To provide comprehensive financial protection at an affordable price range.
- The company offers flexibility to choose life cover according to an individual’s need.
- It gives rewards as low premiums for maintaining a healthy lifestyle.
- Tax benefits applicable for the premiums paid under section 80C of the Income Tax Act.
- Seamless and hassle-free application process.
- Medical tests are arranged at the doorstep of the insured based on their preferred day and time.
- The company has a good claim settlement ratio of 98.12% (IRDAI annual data report 19-20).
For more detailed information on the term insurance plans by Reliance Nippon Life Insurance, visit the website, iiflinsurance.com.