Reliance Nippon Life Insurance

Key Insights

check mark icon Claim settlement ratio (2019-20) check mark icon Inception
98.7% 2001
check mark icon Presence check mark icon Total death benefit paid
713 branches Rs 157.03 Cr
check mark icon Solvency ratio
2.6
check mark icon Claim settlement ratio (2019-20)
98.7%
check mark icon Inception
2001
check mark icon Presence
713 branches
check mark icon Total death benefit paid
Rs 157.03 Cr
check mark icon Solvency ratio
2.6

About Reliance Nippon Life Insurance Company

Nippon life insurance was first founded in 1889 as Nippon Life Assurance Co. Inc. It changed its name to Nippon Life Insurance Company in 1947 after World War II. Reliance Nippon Life insurance company is a part of Reliance Capital, which has various interests such as life & general insurance, stock broking, and other activities in the financial services sector. 

The company boasts of a strong distribution network comprising about 713 branches with over 10 million policyholders. With the vision to ‘Do Good’, Reliance Nippon life insurance company offers its various services to the customers and promises to stand by them in their times of need. 

Through Pazcare, employers can secure their employees’ financial interests by opting to provide Reliance Nippon life group term assurance plus plan. You can get the best quotes for the Reliance Nippon life group term assurance plus plan and manage the policy using Pazcare’s tech-enabled dashboard. With the easy integration of HRMS, the dashboard becomes an easy-to-use tool to keep track of plans and endorse future employees too.

How to buy Reliance Nippon group term assurance plus plan from Pazcare?

The following steps allow you to purchase the Reliance Nippon group term assurance plus plan online from Pazcare.

Step 1: Visit https://www.pazcare.com/ and click on the products drop down and choose group term life insurance.

Step 2: You will be asked to fill out a form on the right side of your desktop screen. Your name, mobile number, work email and employee strength need to be mentioned. Click on the ‘Get Quote’ button below the same.

Step 3: Once the said form is submitted, one of our insurance consultants will get back to you to understand your requirements in detail. Some other employee data like - the employee ID, the CTC, the designation, etc. will also be asked to provide you with quotes. 

Step 4: Once the aforementioned steps are completed, we will get back to you with the best quotes for the Reliance Nippon group term assurance plus plan.

Step 5: You can accept the terms and conditions of the policy and pay the premium quoted for that particular year. The policy gets activated immediately after the purchase.

Step 6: Our team will help you with the whole process and also take you through the Pazcare dashboard where you can manage the Reliance Nippon life group term assurance plus plan.

For further information, write to us at support@getpaz.com or call our customer care at +91 78291 11300. Alternatively, connect with us on Whatsapp using the number +91 81973 79596.

Reliance Nippon Life group term assurance plus plan

The Reliance Nippon life group term assurance plus plan offers financial assistance to your team in unforeseen events. The loss of a person cannot be compensated but with Reliance Nippon life group term assurance plus plan, the family members can be taken care of in these uncertain times. Through this plan, the family members of the insured employee can sustain themselves. 

The Reliance Nippon life group term assurance plus plan also gives the option to increase the base sum assured, subject to the Board approved underwriting policy of the Company, either at inception or on renewal of the Master policy on the Annual Renewal Date. The Reliance Nippon life group term assurance plus plan also gives the option to choose the payment method from the following options - yearly, half-yearly, quarterly or monthly.

Reliance Nippon Life group term insurance renewal

The Reliance Nippon life group term assurance plus plan can be renewed easily with Pazcare at the end of the policy term. Here is how you can go about it - 

Step 1: Get in touch with Pazcare. Submit the form containing details like your name, name of the company, number of employees you wish to insure, work email address, and phone number.

Step 2: Once the form is submitted, one of our insurance consultants will get in touch with you and request you to submit the following documents.

  • Active data of the employees - name, age, gender, designation, CTC, Covid status and vaccination report, etc
  • Claim history of the last 3 years along with the reason for the death of the employees (if any)
  • Policy copy

Step 3: After submitting the above-mentioned details you can choose to add any additional riders to the policy if required. These riders are Reliance Nippon life group accidental death benefit rider and Reliance Nippon life group accidental total and permanent disablement rider. Once you make your decision, we will get back to you with the best quotes for your Reliance Nippon life group term assurance plus policy.

Step 4: The next step is to agree to the terms and conditions of the policy and pay the premium for your Reliance Nippon life group term assurance plus plan. 

Step 5: The policy will get activated immediately after the payment of the premium. Our team will guide you through the whole process and help you with the onboarding process as well.  

We will make sure that your purchase of Reliance Nippon life group term assurance plus plan experience will be seamless using our Pazcare dashboard. Your employees can access their policy using Pazcare’s employee app which is available for iOS and Android both.

Reliance Nippon life insurance claim settlement ratio

The claim settlement ratio is simply the number of claims settled to the number of claims received. A higher number indicates that more claims were settled in a financial year. The claim settlement ratio for Reliance Nippon life insurance company has a claim settlement ratio of 98.12% for the financial year 2019-20. 

Reliance Nippon Life group term life insurance premium

Designation & CTC of the employee

The designation and the CTC of the employee determine the premium of the group term insurance. Some organizations choose the term insurance plan based on the CTC of the employees. So, higher CTC automatically means a higher sum assured, hence the premiums may increase. Similarly, you can also be given based on designations.

Sum assured

Premium will also be based on how much sum assured the employer wants to offer. 

Risk category

The nature of the job and the risks involved for the employees also determine the group premium.

Claim history

In the case of renewals, the claims history for the last 3 years, the reason for the death of the employee also determines the premium of  Reliance Nippon life group term assurance plus policy.

Reliance Nippon Life group term insurance benefits 

Tax benefits

The amount that goes towards an insurance plan for the employees can be used to avail tax benefits in a year. 

High claim settlement ratio

A high claim settlement ratio means that your employees’ claims are more likely to get settled successfully. Reliance Nippon life insurance company has a claim settlement ratio of 98.12% for the financial year 2019-20. 

713 offices

A large number of office branches makes it easier to locate one near most locations for easy filing of claims offline and paying the premiums offline. Reliance Nippon life insurance company has 713 offices in total. 

Additional riders

To enhance the total coverage, Reliance Nippon life group term assurance plus plan offers two additional riders, which are - 

  1. Reliance Nippon Life group accidental death benefit rider - In case death occurs because of an accident.
  2. Reliance Nippon Life group accidental total and permanent disablement rider - a lump sum or income for 5 years will be provided in case of an accidental disablement.  

Reliance Nippon Life group life insurance claim

1

Collect the necessary documents

Firstly, collect all the originals of the necessary documents that have to be submitted to raise a death claim.

2

Submit these documents

Submit the supporting documents along with the policy details of the deceased employee.

3

Claim settlement

Once the policy details are verified along with the supporting documents and the information looks credible, the claim is settled directly with the nominee or the employer.

4

Contact us for assistance

Contact Pazcare for any queries or guided claim assistance at support@getpaz.com or call our customer care at +91 78291 11300.

1

Collect the necessary documents

Firstly, collect all the originals of the necessary documents that have to be submitted to raise the rider claim.

2

Submit these documents

Submit the supporting documents along with the policy details of the insured employee.

3

Claim settlement

Once the policy details are verified along with the supporting documents and the information looks credible, the claim is settled directly to the insured employee.

4

Contact us for assistance

Contact us for any queries or guided claim assistance at support@getpaz.com or call our customer care at +91 78291 11300.

Documents required to claim Reliance Nippon life group term insurance

Here are the documents that you require to claim the Reliance Nippon life group term assurance plus insurance policy

  1. Duly filled claim form
  2. Original Death certificate of the insured employee or attested copy (death claim)
  3. Certificate of Insurance
  4. Photo ID proof of the claimant
  5. Current address proof of the claimant
  6. Cancelled cheque of the claimant
  7. Letter/confirmation from the employer

Why buy a group term life insurance
policy online from Pazcare?

  • Choose the suitable policy with our consulting approach
  • Custom-made plan with health and mental wellness add-ons
  • The tech-enabled Pazcare dashboard to manage endorsements
  • Integrate the dashboard with your HRMS tool
Pazcare DashboardPazcare app
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Reliance Nippon Life Insurance customer care number

For any queries or assistance, reach out to us at any time. We provide 24X7 customer assistance.

Reliance Nippon Life Insurance

Call icon
1800-102-1010

Available 24X7

Reliance Nippon Life group term insurance FAQs

What is the customer care number of Reliance Nippon life insurance company?

The customer care number for Reliance Nippon life insurance company is 1800-102-1010.

What is the claim settlement ratio of Reliance Nippon life insurance company?

The claim settlement ratio of Reliance Nippon life insurance company is 98.12% for the financial year 2019-20.

What is the registered office address for Reliance Nippon life insurance company?

Reliance Nippon life insurance company’s registered office is at - H Block, 1st floor, Dhirubhai Ambani Knowledge City, Navi Mumbai, Maharashtra - 400 710. 

How do I go about renewing my Reliance Nippon life insurance policy?

You can now easily renew your Reliance Nippon life insurance policy with Pazcare. Reach out to our insurance consultants. Make sure you submit all the required documents and decide on the riders you need. Team will get back with the best quote shortly. After you agree with terms & conditions, just pay the premium and your policy shall get activated.

What is the grace period of Reliance Nippon Life insurance policies?

Reliance Nippon Life Insurance provides a grace period of 30 days for the premium amount due date for quarterly, half-yearly, and yearly mode of premium and 15 days for monthly mode of premium.