July 10, 2014 8:28 PM ET

Insurance

Company Overview of Reliance Life Insurance Company Limited

Company Overview

Reliance Life Insurance Company Limited provides life insurance products to individuals and corporates in India. It offers solutions for individuals, such as protection, term, credit guardian, endowment, wealth creation with health coverage, cash flow, savings and investment, unit linked investment and insurance, automatic investment, market return, retirement, and child plans. The company also provides solutions for groups, which include employers’ liability, group superannuation, group gratuity, group leave encashment, employee protection, group credit shield, group term assurance, and employee voluntary benefit plans. It offers its products through agents. The company was incorporated in ...

Level 1, Midas Wing - A

Sahar Plaza

Andheri Kurla Road

Andheri (East)

Mumbai,  400059

India

Founded in 2001

Phone:

91 22 3088 3444

Fax:

91 22 3088 6587

Key Executives for Reliance Life Insurance Company Limited

Chief Executive Officer and Executive Director
Age: 40
Chief Financial Officer
Chief Operating Officer
Director
Chief Risk Officer
Compensation as of Fiscal Year 2014.

Reliance Life Insurance Company Limited Key Developments

Reliance Life Insurance Company Limited Launches Reliance Super Money Back Plan

Reliance Life Insurance Company Limited launched Reliance Super Money Back Plan, a traditional non-participating plan which provides periodic guaranteed money back pay-outs and a monthly income along with life cover. The unique plan offers guaranteed money back benefits to policyholders every five years throughout the policy period along with an increasing monthly income that starts after the premium payment term. Reliance Super Money back Plan also provides life insurance cover for the full policy term by paying premiums for just half of the selected policy tenure. For a 50 year policy, the policyholder has to pay premium for only 25 years. The guaranteed money back payouts start from the 5th year and are paid every five years for the policy term. At the end of the premium payment term of 25 years, the policyholder enjoys a guaranteed increasing regular monthly income till the end of the policy term. This new plan is available for customers in the age group 18-55 years with a minimum sum assured of INR 100,000 and the policyholder can opt for policy terms - 10, 20, 30, 40 or 50 years. Apart from offering guaranteed money back benefits to policyholders, it also provides guaranteed loyalty addition at the end of premium payment term and guaranteed maturity benefits at the end of the policy term. An attractive feature of this offering is the regular monthly pay-out after the end of premium payment term that increases every year at 3% and is paid till maturity or death of the life insured, whichever is earlier. For the 50 year policy, the policyholder starts getting 1% of sum assured every month as regular income from 26th policy year and earns 12% of the sum assured as total income during the year. The monthly income for the year will go up to 84% of sum assured in the 50th policy year on the back of annual increment of 3%. In the unfortunate event of death of the policyholder during the premium payment term, provided the policy is in full force, the sum assured or 105% of all the premiums paid or 10 times of annualized premium is payable depending on the case. In the unfortunate event of the death of the policyholder within the policy term, the nominee would receive the full death benefit, irrespective of the survival benefits already paid.

Reliance Life Insurance Reports Earnings Results for the Second Quarter Ended September 30, 2013

Reliance Life Insurance reported earnings results for the second quarter ended September 30, 2013. The New Business Premium was INR 5,090 million ($81 million) for the quarter ended September 30, 2013 - a year-on-year increase of 58%. The Total Premium (net of reinsurance) was INR 10,770 million ($172 million) for the quarter ended September 30, 2013 - a year-on-year increase of 7%. The company achieved a profit of INR 1,360 million ($22 million) for the quarter ended September 30, 2013 - a year-on-year increase of 338%.

Reliance Life May Sell Stake For a Potential Tie Up

Reliance Life Insurance Company Limited may sell a small stake for strategic bancassurance tie up. Reliance Life Insurance Company Ltd is exploring bancassurance partnerships with multiple tiny banks since bigger entities are not available for tie-ups, as the regulator is sitting on proposals to allow banks to sell products of multiple life insurer. Anup Rau, Chief Executive Officer of Reliance Life Insurance, told Economic Times, "We are going for tie-ups with smaller banks." Rau said Reliance Life is even open to stakesale for up to 5% to a bank for strategic bancassurance tie up.

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