Reliance Life Insurance Company (RLIC)
is amongst the top 5 private sector life insurance companies in India terms of individual WRP (weighted received premium) and new business WRP. 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 94.48% as of December 31, 2015.
Rated amongst the Top 2 Most Trusted Private Life Insurance Service Brands by Brand Equity-Nielsen Most Trusted Brands Survey 2014, the company’s vision is “To be a company people are proud of, trust in and grow with; providing financial independence to every life we touch.” With this in mind, Reliance Life caters to five distinct segments, namely Protection, Child, Retirement, Saving & Investment and Health; for individuals as well as Groups/Corporate entities.
Reliance Life Insurance Company is a part of Reliance Capital of the Reliance Group. 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 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 25% market share is Japan's largest private life insurer with revenues of Rs. 3,81,964 crore (US$ 62 Billion) and profits of over Rs. 31,887 crore (US$ 5 billion) as of Mar 31, 2015. The Company, with over 24 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 operates in Japan, North America, Europe and Asia and is headquartered in Osaka, Japan. It is ranked 138th in Global Fortune 500 firms in 2015.