Today we are going to learn more about the policies of Reliance Life Insurance. Life Insurance is a contract policy of a customer (this is you) and an insurance company. It is a kind of protection against the loss of income that would result if the insured (you) will pass away or get sick. You will be able to get this protection in exchange for an agreed premium payments. If the insured dies, it will be the beneficiary who will receive the proceeds or the lump of money which is known as the death benefit. To make it simple, life insurance will give money to your beneficiaries who are usually your family so that they can carry on with their lives without you. It sounds a little harsh, but it isn’t. If you are a parent, I’m sure you wouldn’t want your children to be left alone with nothing in the world. It will protect those who depend on your paycheck.
Reliance Life Insurance Company or RILC is a part of the Reliance Capital of the Reliance Group. It is one of the largest insurance firms in India with over 10 million policyholders. Currently, it is the largest non-bank supported private life insurer in India with a settlement claim ratio of approximately 95%.
Here are the key highlights of Reliance Life Insurance:
1.) 1 Crore Life Cover. You will be able to get I Cr life cover at 15 Lk per day.
2.) You will also be able to avail of a claim settlement ration of 83.84% for the years 2014-2015. I will get back to you for the 2016.
3.) An amazing 98.08% of Grievances were settle in the year 2014-2015.
Are you interested in getting a life insurance from Reliance Life? To be eligible for Life Insurance, you must be above eighteen years of age, but you should be less than 55 years old. Since Life Insurance is a type of protection, it doesn’t come free so you must have money to pay for the premium in exchange for it, which means that to apply for a life insurance you must have a salary, a job, you must be a professional, or you have your own business. Once you have purchased Life Insurance, you will have a maximum tenure of 35 years. The minimum sum assured is at Rs 25 Lakhs while the maximum sum assured has no limit and will only be subjected to underwriting. However, there is one specific exclusion and that is suicide within the first 12 months upon purchasing a policy from Reliance.
So to apply for a policy, you will need the following documents:
- Identity proof. This can be a valid ID or a copy of your birth certificate.
- Age Proof.
- Income Proof.
- Address Proof.
- PAN Number.
You can then choose between seven Life Plans.
- Reliance Life Term Insurance Plans. This one will offer you a variety of term insurance plans to suit your pocket or financial budget. This will help secure the future of your family. This plans have death benefits but there is no maturity benefit.
- Reliance Savings and Investment Plans. This one is basically a market linked plan that will provide dual benefit of life cover as well as returns on the amount of money that is invested in the share market. With this, you are protected at all times as well as earning returns on your money.
- Reliance Retirement Plans. This will help you have a secure life and continue the lifestyle that you have been living. Planning for the future is a must. You will have a channel through which you can plan and save for the time your income won’t be steady anymore.
- Reliance Life Insurance ULIP Plans. This is a unit-linked plan that will provide you with a security of the future of your loved ones as well as returns of your investment.
- Reliance Endowment Plans.
- Reliance Child Plans. If you are a parent, I’m sure you’d want the future of your child secured especially if you aren’t around anymore. This will focus on the education and well-being of your children at all phases of their lives.
- Reliance Group Insurance Plans.
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