Reliance life insurance was voted as “Most Trusted Brands” in the life insurance category in 2015. The reason that can be attributed to the success of this insurance brand is that there is something for everyone.
The top 5 advantages of selecting this life insurance plan have been discussed in this article.
Variety: There are so Many Options to Choose from
One of the advantages of selecting Reliance life insurance is that customers have multiple options to choose from and caters to diverse needs of the clients. Some of the types of life insurance offered by Reliance life insurance include:
- Life Protection Plans
- Online Term Insurance Plan
- Inline Income Protect
The Life Protection Plans are comprehensive coverage plans that are tailor made as per the client’s requirements. The coverage plan even accounts and covers unforeseen events or tragedies.
The Online Term Insurance Plan is popular because it is available online following a simple process. It offers insurance coverage at reasonable costs and there is a 1 crore policy that has several takers.
The Online Income Protect Plan is designed in such a way that it covers the policyholder’s family a lump sum amount if the policyholder passes away. At the same time, the policy guarantees that a regular income for the family is generated to maintain their standard of living despite the demise of the policyholder.
Flexibility: Making the Policyholder’s Life Simpler
Another reason why Reliance life insurance is a popular choice among clients is that the plans they offer are flexible. Some of the several advantages of having a flexible plan include:
- Switch policies
- Add a new member
- Discontinuation of policy
- Payment of gratuity contributors
A major concern that most policyholders encounter is altering or allocating their investments to best suit their needs by switching funds. However, this is not as simple as it sounds but because of the flexibility offered by Reliance insurance plans policyholders can make changes or reallocate funds.
Another advantage to invest in a flexible insurance plan is that it allows the addition of new members while the policy’s tenure is still on. Also, in cases where there are surplus funds then the contracts will not be considered as discontinued funds.
As for past gratuity liability, the contribution can be paid in installments or as a lump sum amount over a period of 5 years. Note that the actuary’s certificate and AS15 (revised) must be matched.
Tax Benefits: Best Way to Save on Income Tax
A tax expert will be able to shed light on how investing in insurance policies can help save on income tax. Policies issued on or post 1st April 2012, is eligible for income tax benefit using section 80C on 10 percent of the minimum sum assured during the lifetime of the policy.
Also, policies issued in the same period are eligible to receive a tax benefit citing section 10(10D) on the premium payable during the policy term a must not exceed 10 percent of minimum sum assured.
In the event of the policyholder’s demise then the sun received by the insurance policy will continue to receive these exemptions.
Option to Add Riders
A rider is an add-on plan that can be added to a policy to best suit the customer’s needs. Some of the riders offered by Reliance life insurance include:
- Major surgical rider benefit
- Critical care rider conditions (25)
- Family income benefit rider
- Accidental death/permanent and total disablement rider
The major surgical rider benefit gives policyholders a lump sum amount that covers surgical expenses from 33 pre-listed surgeries that include kidney transplant, open heart surgery, and lung transplant to name a few. While the critical condition (25) rider provides a lump sum amount that covers 25 pre-listed critical conditions including heart attack, organ transplant, and cancer.
The Family income benefit plan provides financial security with an assured 1 percent benefit each month and is payable at the end of policy term or death of the policyholder. And the fourth rider is accidental death/total and permanent disablement rider that provides additional coverage in case of accidental death or permanent disability caused by an accident.
Simple Claim Process: Effective, Hassle free and Customer Friendly
Another advantage of opting for Reliance life insurance is that the claim process is simple. All the policyholder needs to do is fill up a form.
The first step to initiate the claim process is to file in a claim form correctly along with all the requisite documents. Ensure that the name of the policyholder, death certificate, physician’s statement, and doctor’s certificate are all in place and ready to be filed.
Next, the value of the fund payable to the nominee of the policy needs to be established with the requisite document for death claims. Following this, all documents need to be arranged, both original and copies, and attested duly by a Gazette officer.
The insurance company will review the claim, verify documents, examine the riders, and if everything is in place then the payment will be made via NEFT transfer to the nominee.
These five advantages presented by Reliance life insurance help policyholders remain stress-free and worry about themselves and their family.