Reliance Life Insurance Company (RLIC)
Reliance life Insurance is a joint venture from 2011. Before that the company was fully owned by reliance capital. lets see its past history in the below table.
|2001||AMP Sanmar Life Insurance Company was formed|
|2002||AMP gets IRDA approval to commence business|
|2005||Reliance Life Insurance takes over AMP Sanmar|
|2006||Name changed to Reliance Life Insurance Co. Ltd.|
|2007||ISO 9001:2000 Certification|
|2008||Becomes 4th largest private insurer|
|2010||Becomes the largest private insurer in number of policies|
|2011||Nippon Life signs definitive agreement to acquire 26% of the company.|
Reliance Capital is one of India's leading private sector financial services companies, and ranks among the top private sector financial services and non-banking companies, in terms of net worth. Reliance Capital has interests in asset management and mutual funds, stock broking, life & general insurance, proprietary investments, private equity and other activities in financial services.
Nippon Life Insurance Company
Nippon Life Insurance Company acquired 26% interest in equity share capital of the Company effective October 7, 2011 subsequent to receipt of all regulatory approval.
Nippon Life Insurance, also called Nissay, with 28% market share is Japan's largest private life insurer with revenues of Rs. 4,06,502 crore (US$ 66 Billion) and profits of over Rs. 31,145 crore (US$ 5 billion) as of Mar 31, 2015. The Company has over 21 million policies in Japan, offers a wide range of products, including individual and group life and annuity policies through various distribution channels and mainly uses face-to-face sales channel for its traditional insurance products. The company primarily operated in Japan, North America, Europe and Asia and is headquartered in Osaka, Japan. It is ranked 86th in Global Fortune 500 firms in 2013.
Facts and Figures About Reliance Life insurance
|PAID UP CAPITAL||Rs 1196.32 Crores|
|INDIAN PARTNER||Reliance Capital 74%|
|FOREIGN PARTNER||Nippon life insurance 26%|
|MD/CEO NAME||Mr. Anup Rau Velamur|
|SOLVENCY RATIO||4.42 Times|
|NUMBER OF BRANCHES||800+||HEAD OFFICE||Mumbai|
|TOTAL PREMIUM COLLECTED||2011-12||2012-13||2013-14|
|CLAIMS SETTLEMENT RATIO||2011-12||2012-13||2013-14|
|KEY PLANS||CHILD||Reliance Child Plan|
|TERM||Reliance Online Term|
|PENSION||Reliance Smart Pension Plan|
|ULIP||Reliance Pay Five Plan|
|TOLL FREE NUMBER||1800 3000 8181|
|WEBSITE ADDRESS||INDIAN PARTNER||http://www.reliancecapital.co.in/|
The company is by far the largest non-bank supported private life insurer with over 10 million policy holders, a strong distribution network of over 800 branches and over 1,00,000 advisors as on March 31, 2015. Our claim settlement ratio stands at 91% as of June 30, 2015.
In the above table, we had updated the details from the IRDA Annual report 2013-14, 2012-13 and 2011-12. Some details are captured from http://www.reliancelife.com/ The accuracy of the above table content depends on these given sources. This information published is of informative nature and does not guarantee anything about the companies performance or claim records.
The main aim of this post is to simplify the details about Reliance Life insurance. All these information in this post can be seen in http://www.reliancelife.com/ and IRDA website.