Reliance Life Insurance

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Reliance Life Insurance specializes in insurance products that help in satisfying the protection and savings requirements of its policyholders. The organization aims at becoming one of the leading international providers of life insurance products and services.

It is a part of the Reliance Capital group, which in turn is a member of the Reliance Group. Reliance Capital is already among the leading privately owned providers of financial services and is among the top 3 organizations in the banking and financial services sector.

Following are some of the areas where Reliance Capital operates:

  • Asset management
  • Communications
  • Mutual funds
  • Energy
  • Stock broking
  • Natural resources
  • Life insurance
  • Media
  • General insurance
  • Entertainment
  • Proprietary investments
  • Healthcare
  • Private equity
  • Infrastructure
Reliance Life Insurance Major Achievements
Following are some of the major accomplishments of Reliance Life Insurance:

  • Till March 31, 2012 it is the biggest privately held life insurer for amount of policies sold for two straight years
  • It has won the Best Non-Urban Coverage Award in the Indian Insurance Awards 2011
  • It has a large network comprising 150,000 counselors and 1230 branches
  • Its Boundaries for Books Campaign has won the Silver prize at the Indian Digital Media Awards 2012 (IDMA) in the Best Use of Social Network - Social Cause and Best Integrated Campaign - Social Cause categories
  • It has sold more than 9 million policies
  • According to the Most Trusted Services Brands 2011 survey of Brand Equity it is one of 3 most trusted brands of the insurance sector
  • It is among the top life insurance providers that have received the ISO 9008:2001 certification
Reliance Life Insurance Management Team
The following officials make up the Board of Directors at Reliance Life Insurance:

Name Designation
Satya Pal Talwar Independent Director
Soumen Ghosh Non Executive Director
Rajendra Chitale Independent Director
Malay Ghosh Executive Director and President
Upendra Joshi Independent Director
Amit Bapna Non Executive Director
Takeshi Furuichi Non Executive Director


The high level management team of the insurer is constituted by the following individuals:

Name Designation
Malay Ghosh Executive Director and President
Saroj K Panigrahi Head - Legal, Compliance and Company Secretary
Andleeb Rabbi Chief Human Resources Officer
Pournima Gupte Appointed Actuary
SV Sunder Krishnan Executive Vice President and Chief Risk Officer
Manoranjan Sahoo Head - Agency
Sunil Agrawal Chief Financial Officer
Murli Nambiar Chief Technology Officer


Reliance Life Insurance Balance Sheet
Category Amount in INR
Share capital 11,963,235
Reserves and surplus 21,980,263
Policy liabilities 17,757,191
Provision for linked liabilities 157,113,331
Funds discontinued for nonpayment of premium 367,100
Non linked funds for future appropriations 495,120
Linked funds - provision for lapsed policies that are unlikely to be revived 1,697,435
Shareholders' investments 9,975,585
Policyholders' investments 18,512,455
Assets held for covering linked liabilities 159,177,866
Loans 317,009
Fixed assets 69,603
Cash and bank balances 1,995,536
Advances and other assets 2,945,484
Current liabilities 6,040,201
Provisions 561,671
Debit balance in profit and loss account (shareholders' account) 24,862,011
Claims, not policies, not regarded as debts 152,725
Disputed and yet to be paid statutory liabilities and demands 163,105
Policy related claims liabilities 180,283


Reliance Life Insurance Profit and Loss Account
Category Amount in INR
Amount shifted from account of policyholders 3,539,967
Gross interest, rent, and dividends 328,897
Profit on investments redemption and sale 258,239
Amortization of discount and premium on investments 30,627
Salaries and other expenditure 122,154
Transfer to policyholders' fund 296,142
Profit/loss before tax 3,725,713
Proposed final dividend 478,529
Dividend distribution tax 77,629

Reliance Life Insurance Products
Reliance Life Insurance provides products for both individuals and groups. For individuals it offers protection plans, child plans, savings and investment plan, and health plan. The products in the individual section may be enumerated as below:

Protection Plans
  • Reliance Life Insurance eTerm Plan
  • Reliance Endowment Plan
  • Reliance Life Insurance Money Multiplier Plan
  • Reliance Super Five Plus
  • Reliance Term Plan
  • Reliance Connect 2 Life Plan
  • Reliance Simple Term Plan
  • Reliance Whole Life Plan
  • Reliance Credit Guardian Plan
  • Reliance Cash Flow Plan
  • Reliance Special Credit Guardian Plan

Savings and Investment Plans

  • Reliance Life Guaranteed Maturity Insurance Plan
  • Reliance Life Insurance Classic Plan
  • Reliance Life Insurance Classic Plan - II
  • Reliance Cash Flow Plan
  • Reliance Life Insurance Guaranteed Money Back Plan
  • Reliance Endowment Plan
  • Reliance Life Insurance Pay Five Plan
  • Reliance Super Five Plus
  • Reliance Life Insurance Classic Plan - Limited Premium
  • Reliance Whole Life Plan
  • Reliance Life Insurance Money Multiplier Plan
  • Reliance Connect 2 Life Plan
Child Plans

  • Reliance Child Plan
Health Plan

  • Reliance Life Care for You Plan
In the groups section Reliance Life Insurance offers two types of plans - employers liability solutions and employee protection solutions. They may be further elucidated as below:

Employer Liability Solutions

  • Reliance Life Insurance Group Leave Encashment Plus Plan
  • Reliance Life Insurance Group Gratuity Plus Plan
  • Reliance Traditional Group Gratuity Plan
Employee Protection Solutions

  • Reliance Jan Samriddhi Plan
  • Reliance Group Term Assurance Plan
  • Reliance Group Credit Shield Plan
  • Group Term Insurance Plan - EDLI
The following products have been withdrawn by Reliance Life Insurance:

  • Reliance Life Insurance Highest NAV Advantage Plan
  • Reliance Super Golden Year Value Term 10 Plan
  • Reliance Life Traditional Golden Years Plan
  • Reliance Money Guarantee Plan
  • Reliance Life Highest NAV Guarantee Plan
  • Reliance Super Golden Years Plus Term 10 Plan
  • Reliance Wealth + Health Term 10 Plan
  • Reliance Super Golden Years Term 10 Plan
  • Reliance Life Money Guarantee Basic Plan
  • Reliance Super Golden Years Basic Plan
  • Reliance Life Money Guarantee Term 10 Plan
  • Reliance Total Investment Series II Term 10 Plan - Pension
  • Reliance Total Investment Series I Term 10 Plan - Insurance
  • Reliance Super Automatic Investment Term 10 Plan
  • Reliance Life Premier Term 10 Plan
  • Reliance Super Automatic Investment Basic Plan
  • Reliance Life Premier Basic Plan
  • Reliance Super Market Return Plan
  • Reliance Super InvestAssure Basic Plan
  • Total Investment Plan II - Pension
  • Reliance Super Golden Years Basic Plan
  • Reliance Wealth + Health Basic Plan
  • Reliance Imaan Investment Basic Plan
  • Reliance Life Secure Child Basic Plan
  • Reliance Super Market Return Basic Plan
  • Reliance Super Golden Years Plan
  • Reliance Super Market Return Term 10 Plan
  • Reliance Super InvestAssure Basic Plan
  • Reliance Super Golden Years Value Basic Plan
  • Reliance Life Secure Child Term 10 Plan
  • Reliance Traditional Super InvestAssure Plan
  • Reliance Super Golden Years Plan - Value
  • Reliance Premier Life
  • Reliance Wealth + Health Plan
  • Reliance Super InvestAssure Plus Plan
  • Reliance Golden Years Plan - Plus
  • Reliance Life Super Golden Years Term 10 Senior Citizen Plan
  • Reliance Secure Child Plan
  • Reliance Super Invest Assure Plan
  • Reliance Group Gratuity
  • Total Investment Plan I - Insurance
  • Group Leave Encashment Plan
  • Reliance Super Automatic Investment Plan
  • Reliance Imaan Investment Plan
  • Reliance Super Golden Years Value Basic Plan

Reliance Life Insurance Premium Payment Choices
The various ways through which Reliance Life Insurance policyholders can pay their premium may be mentioned as below:
  • Online
  • Easy Bill outlets
  • IVR - 30338181 and 1800 3000 8181
  • Bill Desk accounts
  • Reliance Life Insurance branches
  • Bill Junction accounts
  • Axis Bank branches
  • Electronic bill payment
  • Stock Holding Corporation of India Limited branches
  • Credit card
  • YES Bank branches
  • Electronic Clearing Services
  • IDBI Bank branches

Policyholders can also download the Direct Debit Forms from the following address and pay their premiums:

http://www.reliancelife.com/rlic/PayPremiumOnline/PayPremiumOnline/ECSandDDForm.pdf

Reliance Life Insurance Claims Procedure
The policyholders of Reliance Life Insurance can file their claims under the following categories:
  • Critical illness
  • Survival and maturity benefit
  • Accidental death benefit / total and permanent disability
  • Wealth + Health
  • Death
  • EB claims
The claims can be sent to the closest Reliance Life Insurance branch or the Claims Department may be contacted in this regard:

THE CLAIMS DEPARTMENT
Reliance Life Insurance Co.
Reliance House,
No. 6, Haddows Road, 6th Floor,
Nungambakkam, Chennai - 600 006

They may also visit the following link to download claims forms:

http://www.reliancelife.com/rlic/Claims/ClaimsForms/claims_forms.aspx

Reliance Life Insurance News
The Japan based Nippon Life Insurance Corporation has recently invested approximately INR 4500 crores in various companies belonging to the Anil Ambani Group and Reliance Life Insurance is one of those.

The organization, worth $650 billion, will be looking to make it big at the insurance market in India and so will focus primarily on life insurance policies for families. It will also deal in annuity and health insurance products because most of the insurance products in India are unit linked.

Yoshinobu Tsutsui, the President of Nippon Life Insurance Corporation expects death insurance to be widely availed by Indians in addition to annuity and health insurance.

Tsutsui has revealed that they will be partnering Reliance Life Insurance to stay aware of the newest trends in the market and create products that are in tune with regional requirements.

The group has also stated that it will look to focus on after sales service. Tsutsui has revealed that it is obligatory for the salesmen working with the group to visit every client once a year after selling a policy.

Such a policy helps them in several regards as may be enumerated below:
  • Customer protection
  • Cross selling opportunities
  • Dealing with changing requirements
  • Chance to re-follow customers
The organization has stated its willingness to replicate similar experiences in its partnership with Reliance Life Insurance.

Reliance Life Insurance Contact Details
The contact details of Reliance Life Insurance may be mentioned as follows:

Registered Office:
H Block, 1st Floor,
Dhirubhai Ambani Knowledge City,
Navi Mumbai, Maharashtra - 400710.

Corporate Office:
9th floor/10th floor, Building No. 2,
R-Tech Park, Nirlon Compound,
Next to Hub Mall, Behind I- Flex building,
Goregaon, (East),
Mumbai-400 063
Fax Number - 022- 30002222
E-mail address - rlife.customerservice@relianceada.com

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