Reliance Insurance

Introduction : Reliance General Insurance Company

Limited is an India-based private insurance company and is
part of Reliance Anil Dhirubhai Ambani Group, wholly
owned through Reliance Capital. As of March 31, 2021,
Reliance General Insurance's distribution network is
composed of over 129 branches with more than 52,595
intermediaries.

History : Reliance General Insurance was incorporated on 17

August 2000. It received the license to conduct general
insurance business in India from the Insurance Regulatory
Development Authority of India (IRDAI) on 23 October 2000.
Unlike most insurance companies, who have foreign partners,
the firm is promoted solely by Reliance Capital. Reliance
General Insurance is a 100% subsidiary of Reliance Capital
Limited (BSE: 500111, NSE: RELCAPITAL) a diversified
financial services holding company promoted by Reliance
Group.
Vision
We want to score perfectly for world standard services &
products, and want to be your first choice in domestic as well
as global markets.

Mission
 Satisfy your need of insurance cover in that crucial hour
 Offer incomparable customer service
 Provide innovative products
 Better reach through presence across India and abroad

Goals
 Make affordable insurance accessible to all
 Keeping you, our customers, as focal point in all our
operations
 Protect policy holders’ interests
 Be the most innovative in product development
 Reliance Nippon Life Insurance

Introduction : Reliance Nippon Life Insurance

Company (RNLI) is a life insurance company in India. The
firm offers life insurance products targeted at individuals and
groups, catering to four distinct segments: protection,
children, retirement and investment plans.

History : The company offers life insurance products aimed

at individuals and groups broadly classified into four distinct
segments: protection, children, retirement and investment
plans. Till year 2014 it was ranked amongst the top five
private sector life insurance companies in terms of individual
weighted received premium (WRP) and new business WRP
and had over 1 crore policy holders with a strong distribution
network of over 900 branches and around 100,000 agents.
2001 AMP Sanmar Life Insurance Company was formed

2002 AMP gets IRDA approval to commence business

2005 Reliance Life Insurance takes over AMP Sanmar

2006 Name changed to Reliance Life Insurance Co. Ltd.

2007 ISO 9001:2000 Certification

2008 Becomes 4th largest private insurer

Becomes the largest private insurer in number of

2010
policies

Nippon Life signs definitive agreement to acquire 26%

2011
of the company.

Nippon acquires 49% stake in Reliance Life Insurance

2016
Company

Reliance Nippon Life Insurance Company Limited is amongst

the leading private sector life insurance companies in India in
terms of individual WRP (Weighted Received Premium) and
new business WRP. The company is one of the largest non-
banks-supported private life insurers with over 10 million
policyholders*, a strong distribution network of 713
offices and 61,036 advisors as on March 31, 2024. The
company holds a Claim Settlement Ratio of 98.74% as on
March 31, 2024. In FY23, Brand Finance recognized the
company as India's 5th Most Valuable Insurance Brand.
Rated amongst the Top 25 companies to work for by Great
Place to Work 2023, the company’s vision is "To be a
company people are proud of, trust in and grow with;
providing financial independence to every life we touch."
Reliance Nippon Life caters to five distinct segments, namely
Protection, Child, Retirement, Saving & Investment, and
Health: for individuals as well as Groups/Corporate entities.

Vision : Planning people's future and standing by them in

their hour of need goes beyond business, it takes a selfless
intent of thinking well for others. Our advisors enjoy high
credibility and stature in society, having helped not only shape
the future of families, but also recuperate in tough times. 'Do
Good' is our intent, our philosophy and belief that we aim to
bring alive through every life we touch.

{ AS PER 31ST MARCH 2024 }

TOTAL PREMIUM : ₹ 5537CR
TOTAL SUM ASSURED : ₹ 91,720 CR
AUM : ₹ 35,508 CR
Services provide by reliance general insurance :
 Vehicle insurance
 Health insurance
 Travel insurance
 Accidental insurance
 Others includes ; marine,machinery and Pradhan mantri
fasal bima yojna

Why is Insurance Important?

Be it a business or the personal life of a person, the need for
insurance, particularly life insurance plans, plays a vital role
in mitigating risk and reducing financial losses. It helps
assess, manage, reduce and transfer risk to the insurer. Let’s
discuss the benefits of insurance or the importance of
insurance in detail.
Helps Economic Growth
People and businesses pay premiums to get themselves insured. These
premiums are pooled, and then a certain percentage is invested
further.
The money is usually further invested in low-risk, long-term
investments such as government securities that come with steady
returns. In such ways, the government can fund large infrastructural
and other projects which further help in the nation's economic growth.
Generates Long-Term Wealth
Let’s consider an example of life insurance. You pay premiums in
exchange for maturity or death benefits. The yearly premiums are
affordable, but when they get pooled or accumulated over time, it
helps in wealth generation. Upon the policy’s maturity or the
insured’s death, these funds are handed over to him or his nominees.
Provides tax benefits
The premiums you pay and the sum assured you get help to reduce
your tax liability in the present and future. This is generally applicable
in life insurance.
Various sections of the Income Tax Act 19612, like Section 80C and
Section 10 (10D), allow tax deductions on life insurance premium
payments and payouts. These tax deductions may vary from one
policy to another. Hence, it is a great financial tool as well.
Supports Families in Medical Emergencies
Uncertainties of life can lead to hospitalisation, and big medical bills
can make a hole in your pocket. This often leads to stress and adds to
your loved ones’ burden.
In such cases, health insurance is a way to go. While you take care of
yourself or your family, insurance companies take care of your bills.
Recovery becomes easy when finances are taken care of.
 Reliance General insurance

“Car insurance”
Features of Reliance Car Insurance Plans:
 Affordable Car Insurance Premium
 Discount on Online Car Insurance Prices
Up to 90%
 No Claim Bonus in Car Insurance
 Own-Damage Cover
 Wide Range of Add-Ons
 100% Claim Settlement Ratio
 Cashless Repairs
 Mandatory Personal Accident Cover

 Third-Party Damages
Coverage for third-party property and persons

Third-Party Liability vs Comprehensive Car

Insurance Plan

parameter Third party Comprehensive

policy car
Meaning Covers damages to Covers both third-party
third parties caused by liabilities and damages to
your vehicle your vehicle.
Extent of cover Third-party damages Third-party damages,
include legal personal accident cover
responsibility for injury, and damages to the
death, and property vehicle, including theft,
damage to third parties. natural disasters and
accidents.
Legal requirements Yes, as per the Motor No, but it is highly
Vehicles Act. recommended for
comprehensive coverage.
Premium Generally lower as it Higher due to the
provides basic coverage. broader coverage and
protection.
Insurance price decided Regulated by the IRDAI Depends on various
by annually, varies based factors, including vehicle
on the vehicle's engine make and model, age and
capacity. add-ons chosen.
Third party liability cover Covers unlimited Covers unlimited liability
liability for injury/death for injury/death and up
and up to a certain limit to a certain limit for
for property damage. property damage.
Personal accident cover Optional, but Mandatory for the
recommended for the owner-driver.
owner-driver's safety.

A third-party policy is cost-effective for meeting legal requirements. It is

also ideal for older or low-use vehicles.
Comprehensive insurance is recommended for new or high-value cars. It
offers broader protection, covering both third-party liabilities and your
 own vehicle’s damages. It is also suitable for those seeking extra
protection through add-on covers, ensuring extensive security for their
car.
What’s covered What’s not covered
Man made calamities Pre-exisiting damage
Third party liabilities Depreciation
Accident and collision Breakdown or failure
Theft of insured car Illegal driving
Natural calamities Driver negligence
Fire and explosion Driving without valid doc
Animal attack Drunk driving
In transit damage War
Personal accident cover Normal wear and tear

Example : New car

Mahindra XUV 3XO

Cubic capacity : 1197cc
Manufacturing year : 2024
Insured declared value ( IDV) : 7,11,550/-
Comprehensive plan third-party liability coverage

Own damage premium : 30,584

Liability premium : 12,665
Total premium [51,035] includes GST 9%
 Reliance nippon life insurance

Life insurance plan :

‘Reliance nippon life prosperity plus’

About : IN THIS POLICY, THE INVESTMENT RISK IN

INVESTMENT PORTFOLIO IS BORNE BY THE
POLICYHOLDER. The Linked Insurance Products do not offer any
liquidity during the first five years of the contract. The Policyholder
will not be able to surrender/withdraw the monies invested in Linked
Insurance Products completely or partially till the end of the fifth year
An ideal financial plan should be one that helps you achieve your
desired goals while also protecting them from any adversities that
arise along the way. Life Insurance cover is thus, one of the most
important aspects of one’s financial planning. Financial goals need to
be planned carefully with the right amount of savings as well as an
adequate amount of life insurance cover to ensure that they are met in
all circumstances. With Reliance Nippon Life Prosperity Plus, aim to
provide you with a plan which helps you save regularly providing you
with the option of managing your own savings or choosing from a
variety of pre-designed investment strategies to suit your financial
needs. With Loyalty Additions to boost your fund along with the
advantage of minimal charges, Reliance Nippon Life Prosperity Plus
helps you meet your financial goals along with the added benefit of
life insurance cover throughout the tenure of your policy.

BENEFITS:
 Life Insurance Protection: Safeguard your family, throughout
the Policy Term with a life insurance cover of your choice.
 Systematic Withdrawal Option: An option designed to help
you access your accumulated wealth as per your financial needs.
 Charge Structure: Give your investments the advantage of no
premium allocation charge as well as a return of Policy
administration charges at maturity.
 Loyalty and Maturity Additions: Get a boost to your fund as
you stay invested for longer with Loyalty Additions from the
end of the 6th Policy year till one year before maturity and
Maturity Addition at the end of the Policy Term.
 Return of Policy Administration Charges at Maturity: We
will return the total Policy administration charges deducted
during the term of the Policy at maturity
 Flexibility of Payment: Customise your premium payment
options - pay premiums one-time or for 5, 10, 15 years or for the
entire Policy Term.

Mr Aggarwal, a healthy individual, aged 35 years, opts

for Reliance Nippon Life Prosperity Plus plan with an
annual premium of `5,00,000. He chooses a Policy Term
of 10 years and opts to pay premiums annually for the
entire term (Regular Pay option). He opts for Base Sum
Assured of `50,00,000 under the plan. He chooses the
Self-Managed Option with 100% allocation in Life
Equity Fund 3 throughout the Policy Term.

Scenario 1 :
Mr Aggarwal is aware that his investments in Reliance Nippon
Life Prosperity Plus plan will be enhanced through Loyalty
Additions from as early as the end of the sixth Policy year.

Maturity benefits : 8% p.a 72,82,495/-

4% p.a 58,47,753/-

Premium paid – 50,00,000/-

Annual premium- 5,00,000/-
Scenario 2:
In the unfortunate event of Mr. Aggarwal’s demise, his wife,
who is the nominee under this plan, receives the Death Benefit
which is highest of the Base Sum Assured or Base Fund Value
or 105% of the premiums paid.

Death year 8% P.A 4%P.A

5 50,00,000 50,00,000
9 62,10,519 50,84,275

Eligibility criteria :

Entry age : min-18 uears

Max-60years

Maturity age limit-85years

Policy term- 85years-entry age

Premium payment term- 5,10,15 years

Annualised premium- min: 1,00,000/-

Max: no limit

Sum assured
Entry age Sum assured
18 to 45 35,00,000
46 to 50 20,00,000
51 to 60 5,00,000
Maturity Benefit:

On survival of the Life Assured till the end of the Policy Term,
the maturity benefit will be payable.

a. Total Fund Value, which is the sum of the Base Fund Value
and Top-up Fund Value, if any
b. Maturity Additions
c. Return of Policy Administration Charges at maturity

Death Benefit:

In unfortunate event of death of the Life Assured, while the

Policy is in force, we will pay to the nominee(s)/ beneficiary(s).

• Base Sum Assured net of all ‘Deductible Partial

Withdrawals/Deductible payments under Systematic Withdrawal
Option’, if any from the Base Fund Value

• Base Fund Value; and

• 105% of the total premiums paid (excluding Top-up premiums)

less ‘Deductible Partial Withdrawals/ Deductible payments
under Systematic Withdrawal Option’ (if any) from the Base
Fund Value.