Buying a life insurance plan is one of the most important and responsible investments that you can make using your finances. The inherent benefits that a life insurance policy offers are not only advantageous to you personally but are also valuable for your family you leave behind in the event of an unforeseen mishap.
In this article, we will inform you about Reliance Life Insurance and why it stands to be the best insurance policy to be purchased. We also steer you clear of any common queries with respect to the same.
Why Should You Buy Reliance Life Insurance?
One of the best features of Reliance Life Insurance is that it has a plan for everyone right from children to senior citizens. One can avail them either online or offline.
Here are some compelling reasons to buy Reliance Life Insurance:
1. High Claim Settlement Ratio
The claim settlement ratio of the company has been as high as 95% in the previous years which is worth noticing in comparison to other life insurance companies. Not only does it offer a smooth claim settlement process, the certainty of settling a claim is also quite high.
2. Awards and Accolades
Reliance Life Insurance has received a rating of AAA from Brickworks, a popular SEBI registered credit rating agency. In addition, it has been ranked quite high by several leading magazines and rating agencies.
3. Tax Saving Options
Several life insurance policies offer tax saving under the Income Tax Act, 1961. Talking about Reliance, there are quite a number of schemes that deal with the same and can help you attain deductions under Section 80C of the Act.
Frequently Asked Questions by Insurance Buyers
Insurance is a complex subject matter essentially meaning that a lot of consumers fear from investing in it.
However, you can check out some Frequently Asked Questions (FAQs) that can help you clear your queries.
1. Is there any difference between online and offline life insurance?
There is no difference between the two except for the fact that since the online mode does not involve agents or middlemen; the insurance cover comes at a price lower than the offline mode. In addition, you do not have to undergo extensive documentation while buying a policy online such as uploading your medical history and other related details. It is taken care of by the insurer once you are done with the preliminary registration.
2. What are the things you should know while buying a life insurance policy?
It is imperative that you understand the exceptions that each policy entails for it may help you make a wise judgment. For instance, an exception of any pre-existing disease may not be covered under the policy and therefore no cover might be provided if you contract the same.
3. Can you change the mode of premium payment?
You sure can! All you have to do is intimate the insurer well in time by giving a notice so he can incorporate necessary amendments.
Even in case of renewal of your existing policy, you can communicate your desire to change your mode of payment to the insurer. However, it is the discretion of the insurer to allow the same.
- What kind of plan is an optimal plan?
There is nothing as an optimal plan. Insurance policies vary in terms of benefits and cost. It is for the insured to decide which policy serves best in terms of factors such as age and budget among others.
- Are add-ons compulsory?
No, each add-on comes at a price. Choose only those which are really required by you rather than choosing the complete set of additional benefits.
For instance, if you take an accidental disability add-on, your insurer offers the sum assured in case of such disability so as to help your family maintain a living.
Why is Reliance Life Insurance the Perfect Fit for You?
As mentioned earlier, Reliance Life Insurance has something for everyone in its kitty. The kind of insurance plans that it offers leaves the customer with optimum utilization of their funds.
The various plans available under their life insurance scheme are:
1. Reliance Life Term Insurance
Term insurance plans are pretty simple in their approach. Here, you insure your life by paying a premium at fixed periods. Your family receives the cover amount in the event of your death only if you die within the stipulated period. If you survive the period, no maturity benefit is paid.
2. Reliance Investment Schemes
In this kind, the premium paid is invested in avenues such as mutual funds, meaning that the cover amount comes with extra monetary gains accumulated over the years. In other words, your premium is invested in schemes by the insurer that have the ability to multiply your investment. The benefit of the investment can be reaped once you are paid the lump sum amount at the end. This serves as a good investment offer too.
3. Reliance Life Money Back Schemes
In this kind, lump sum benefits are paid to the insured during the last few years of the policy, depending on the plan. Loyalty Additions, as well as Maturity Additions, significantly increase the corpus received.
4. Reliance Life Child Plans
These plans provide dual benefit: One is that you receive the cover of life insurance just like regular policies.
The other advantage is a long-term benefit with respect to your child’s future such as education. In the event of the death of the policyholder, the future premiums are waived off but the policy runs till the end of its term, still providing the cover amount.
5. Reliance Life ULIP Policy
The premium is invested in ULIP, providing gains in addition to the sum assured. Unit Linked Insurance Plans are avenues that help multiply your corpus by the investment of money into profitable avenues. This money grows over time and is returned alongside the pre-decided cover to the insured.
6. Reliance Life Retirement Scheme
In this scheme, the insured pays the premium in full within his employment period so you can enjoy the fruit of your investment after retirement. This means that once you retire, no premium is required to be paid to the insurer. All you reap is the benefit of such policy post-retirement. The premiums can further be invested in diversified fields to increase the corpus of the cover amount.
7. Reliance Life Health Policy
Apart from the regular cover, you also get health benefits such as reimbursement of hospital bills to protect you from any unforeseen contingency during the course of your life.
Now that you know all about Reliance Life Insurance Policy, choose your plan wisely from aggregator portals like Coverfox.com to avail the best returns possible by looking at all the options to choose from.