Reliance Life Insurance
Overall Rating:  [5/5]Total Votes [ 23 ] |
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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
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
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
- Reliance Child Plan
- Reliance Life Care for You Plan
Employer Liability Solutions
- Reliance Life Insurance Group Leave Encashment Plus Plan
- Reliance Life Insurance Group Gratuity Plus Plan
- Reliance Traditional Group Gratuity Plan
- Reliance Jan Samriddhi Plan
- Reliance Group Term Assurance Plan
- Reliance Group Credit Shield Plan
- Group Term Insurance Plan - EDLI
- 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 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
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 - [email protected]
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