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Reliance Life Insurance is an integral part of Reliance Capital and Reliance Group. The company offers life insurance products targeted at groups, individuals as well as corporate entities.
The Reliance Life Insurance Company currently provides products across five key segments namely- protection, investment, child, health, retirement and ULIP Plans.
The company works with a customer centric approach and offers a wide variety of comprehensive insurance policies to the customers.
With a claim settlement ratio of 83.84% for theFY 2014-2015, Reliance Life Insurance Company remains one of the top choices among individuals seeking a term plan from a private insurer.
Thequalifying criteria for Reliance term insurance ranges from minimum age of 18 years to maximum 55 years with a maximumpolicytenure of 35 years.
The plans offered by Reliance life Insurance are highly customized in order to fulfill the requirements of the customers.
To help you know more about Reliance Term Insurance, let’s take a look at various plans
This term insurance plan provide high sum assured cover with minimum premium payouts thereby providing financial security to the insured as well as their loved ones from the uncertainties of life. The Reliance Life Insurance protection plan is available as three variants:
- Reliance Term Insurance Plan
This is an economical term insurance plan that provide coverage in case of unfortunate or untimely death of the insured.
In order to enhance the protection, the insured can also buy rider under this plan. Reliance Term Insurance Plan Can Be Customized and bought according to the requirement of the policy holder.
- Reliance Online Term
As the name itself suggests, this is a term plan that can be availed online by the prospective policy holder. This plan offers a life coverage up to Rs1 crore at a fixed premium.
You can avail this plan in a very simple and hassle-freeway. Moreover, this plan is eligible for tax deduction under section 80C of Income Tax Act.
- Reliance Online Income Protector
This is a comprehensive insurance plan which offers a fixed sum assured to the beneficiary of the policy in case of uncertain death of the policy holder along with a fixed monthly income. With simple hassle free online process the plan offers adequate coverage at low rate.
Retirement plans are also known as annuity plans that helps an individual to plan their retirement funding. There are two types of retirement plan offered under Reliance life Insurance.
- Reliance Immediate Retirement Plan
This is a single premium paying plan, under which the buyers have to make one time premium payment as lump-sum amount in order to get a regular income as per their selected payout option.
This plan basically provide security to the life insured and their family after the retirement.
The plan is offered in three different payout options life annuity, life annuity guaranteed with 5,10 or 15 years and life annuity with return of purchase price.
- Reliance Smart Pension Plan
This is a Unit linked non-participating insurance plan that offers guaranteed regular income post retirement.
The term of the policy ranges from 10-30 years.A guaranteed monthly income is paid along with flexibility and loyalty addition to increase the retirement funds in ways of top ups. This plan also provide tax benefit under the section of income tax act.
As in today’s time as medical expenses are escalating at a very rapid speed, keeping yourself secure to deal the health related issues is very important.
With an increasing need of numerous health related benefits, without a proper health insurance your financial planning seems incomplete.
Reliance Life Insurance offers a wide range of health plans to meet the health related requirements of the customers. The various health plans offered by the policy are.
- Reliance Easy Care Fixed Benefit Plan
This plan provide full on coverage against all types of expenses occurred due to sudden hospitalization, medical illness or immediate surgery.
This plan works as a complete health package that covers all the major diseases. The buyer can renew this plan up to 99 years of age and can avail certain tax benefit under section 80D of income tax act.
- Reliance Care for you Advantage Plan
This is a comprehensive insurance plan that provide health coverage for the policy holder as well as the family of the policy holder.
The family member of the purchaser includes spouse, children, parents and parents in law.
For 150 specific days procedure the plan provide funds and in case of major surgeries and illness it also issues regular payouts.
Up to 99 years of age of buyers the plan can be renewed in every three years. In case of no claim year the sum assured amount is increased by 30 % and gives a renewal discount up to 15%.
Under section 80 D of income tax act the insured can also avail the tax benefit and can save on taxes.
- Reliance Health Total
This is a complete health insurance plan that refunds the entire cost of hospitalization. The insured can choose from the two sum assured option given offered by the plan first higher medical refund benefit or higher sum assured options.
The plan provide cashless claim service across 4000 networked hospital across India and offers a trouble free reimbursement process.
The plan can be renewed up to 99 years of age and the insured can avail the tax benefit under section 80 D of income tax act.
4.Saving and Investment Plans:
These policies are designed to fulfill the dual purpose of providing a life insurance coverage to the insured and saving avenues to the customer at the same time.
With minimum premium rates these plans offers goods return at the end of the policy tenure. The Reliance life insurance plan offers a wide variety of saving and investment plans.
- Reliance Super money back plan
- Reliance Guaranteed Money back plan
- Reliance Fixed saving
- Reliance Blue Chip Saving Insurance Plan
- Reliance Increasing Income Insurance Plan
- Reliance Fixed Money Back Plan
- Reliance Life Long saving
- Reliance Future Income
- Reliance smart Cash Plan
- Reliance Money Multiplier Plan
- Reliance Endowment plan
- Reliance super Endowment plan
5.Child Insurance Plan:
This plan is focused to provide financial assistance to the child’s future in case of the demise of policy holder. The plans provided under this category are
- Reliance Education Plan
This plan secures the insured child’s education and allows the insured to invest in multiple funds.
The plan also offers the policy holder a flexibility to switch between various funds depending upon the market conditions.
The plan provide guaranteed maturity benefit along with additional benefit in case of uncertain death of the policy holder.
The plan has a flexible premium payment option and offers tax benefit under section 80D of income tax act.
- Unit Linked Insurance Plan
These plans are linked to market returns and provide life coverage with guaranteed returns at the end of the policy tenure. The numerous ULIP Plan Offered under the policy are
- Reliance Classic Plan II
- Reliance Pay Five Plan
- Reliance Child Plan
Under Child Plan plan a guaranteed sun assured along with a life coverage for the entire term of the policy is available for the insured. The plan also provide tax benefit under the income tax law.