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Reliance Nippon Life Insurance Life T&Cs
The terms and conditions of Reliance Nippon Life Insurance policy are as discussed below:
1. Free Look Period: Reliance Life Insurance offers a free look period of 15 days where the policyholder has an option to review the policy. The policyholders are allowed to cancel the insurance policy if they find its terms and conditions not in accordance with their choice. The policyholder needs to provide appropriate reasons for cancelling the insurance policy within 15 days of receiving the policy documents.
2. Payment of Premiums: It is necessary for a policyholder to pay premiums regularly for the entire premium term as mentioned in the policy. Reliance Life Insurance offers various convenient renewal premium payment options for the ease of every individual policyholder. A policyholder can select a payment gateway from many available such as cash, cheque, online and so on.
3. Grace Period: Reliance Life Insurance offers a 30 days grace period for premium payments after the due date. If the policyholder fails to pay the premium within the provided grace period the policy will lapse and the policyholder will not be able to avail of the benefits provided with the insurance policy.
4. Revival of Policy: Reliance Life Insurance policies can be revived within the 2 years of policy lapse. The policy can be revived by paying due premiums with the current rate of interest. Rate of interest changes from time to time.
5. Tax Benefits: Premiums paid for Reliance Life Insurance policies are eligible for tax deductions as per applicable tax laws and conditions. The policyholder can gain such tax benefits on the premium amount paid which will be subject to the tax laws prevailing in the country.
6. Nomination: The policyholders are allowed to make a nomination for insurance claim any time during the policy term so that the payment related to benefits are given to the nominee at the time of the unforeseen demise of the policyholder.
7. Proof of Age: The age of the policyholder is acknowledged on the basis of age mentioned in the proposal of the issued insurance policy. The policy will be cancelled if the policyholder’s age is found to be different from the mentioned age in the proposal form of the insurance plan. The insurance company is entitled to adjust the premium amount to recover the balance amount.
8. Suicide: If the policyholder commits suicide within 12 months of issuance/renewal of the policy, Reliance Life Insurance will pay 80% of the total premium paid to the beneficiary.
9. Fraud: Fraud, forfeiture, Misrepresentation would be followed within accordance with provisions of Sec 45 of the Insurance Act 1938 as amended from time to time. In case of any fraud or misrepresentation, the policy is cancelled immediately by paying surrender value.
10. Loss of Original Policy: If the original policy document is lost or destroyed in any case then the policyholder needs to make a request to Reliance Life Insurance to issue a copy of the policy documents. In this case, the insurer investigates to confirm as the original policy document is destroyed or lost. The duplicate policy document is issued by the insurance company with an endorsement that states that it was issued again after the loss of the original documents.
11. Loan: Loans are not applicable under Reliance Life Insurance policies.
12. Death Benefit: At the time of unforeseen death of the policyholder during the policy tenure death benefit equal to the total sum assured amount is paid to the claimant. In the event of accidental death, the total sum assured amount and an additional amount equivalent to the sum assured will be paid to the claimant. The additional amount equivalent to the sum assured will not exceed Rs 1 Crore.
13. Laws and Jurisdiction: The policy shall be governed by the laws of India. All actions and procedures taken under this policy are subject to the jurisdiction of the court whose jurisdiction the company is registered under.
14. Incontestability: If in any case the terms and conditions mentioned in the policy documents conflict/contradict from the terms and conditions mentioned in the sales brochure or marketing material then the terms and conditions mentioned in the policy shall be considered over any other terms and conditions.
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Claim Process at Reliance Nippon Life Insurance
Claim IntimationIn the event of the death of the life assured, the insurance company should be intimated as early as possible.
Submission of DocumentsFor easy claim settlement, claim form, original policy document, death certificate and others documents should be submitted on time.
Claim EvaluationAfter successful submission of documents, the insurance company will thoroughly evaluate the claim filed.
Claim SettlementIf claim request is approved, claim is settled within 30 days. In case of additional investigation, claim process may take 120 days.