Reliance Life Insurance and Career Opportunity 21 January 2019


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Reliance Life Insurance and Career Opportunity: Reliance Life Insurance provides not only growth opportunities to grow on the professional and personal front but also a diverse work environment to provide a well-rounded experience.In order to work with the leading insurance company, one should have expertise in product pricing (both retail & group), system implementation, reinsurance, modelling, business planning, valuation & EV reporting. So, In this article, we are going to know about Reliance Life Insurance and its Management Team, Balance Sheet, Products, Premium Payment Choices, Claims Procedure & News.

Reliance Life Insurance and Career Opportunity

Reliance Life Insurance is a part of the Reliance Capital group, which is a member of the Reliance Group. Reliance Capital is already not only one of the privately owned leading providers of financial services But also one of the top 3 organizations in the financial services and banking sector. The insurer aims to become one of the leading international providers of life insurance services and products. Reliance life insurance makes a specialty of insurance products in order to satisfy the savings requirements and protection of its policyholders. Some of the areas where Reliance Capital operates are Asset Management, Communications, Mutual funds, Energy, Stockbroking, Natural resources, Life insurance, Media,  General insurance, Entertainment, Proprietary investments, Healthcare, Private equity & Infrastructure.

Reliance Life Insurance Major Achievements
Here is the list of some of the major accomplishments of Reliance Life Insurance:

  • Till 31st March 2012, It is the biggest privately held life insurance company for the number of policies sold for two straight years.
  • Received the ‘ Best Non-Urban Coverage Award ‘ in the Indian Insurance Awards 2011.
  • It has a huge network comprising 150,000 counselors and 1230 branches
  • Received Silver Prize at the Indian Digital Media Awards 2012 (IDMA) in the Best Use of Social Network – Social Cause and Best Integrated Campaign – Social Cause categories for its Boundaries for Books Campaign.
  • It has succeeded in selling over than 9 million policies.
  • According to the Most Trusted Services Brands 2011 Survey of Brand Equity, It is one of the third most trusted brands in the insurance sector.
  • It is one of the top life insurance company that has received the ISO 9008:2001 Certification.

Reliance Life Insurance Management Team
The Board of Directors at Reliance Life Insurance is formed with the following officials:

Name Designation
Satya Pal Talwar Independent Director
Soumen Ghosh Non-Executive Director
Rajendra Chitale Independent Director
Malay Ghosh Executive Director and President
Upendra Joshi Independent Director
Amit Bapna Non-Executive Director
Takeshi Furuichi Non Executive Director

The High-Level Management Team of the Reliance Life Insurance is constituted by the following individuals:

Name Designation
Malay Ghosh Executive Director and President
Saroj K Panigrahi Head – Legal, Compliance and Company Secretary
Andleeb Rabbi Chief Human Resources Officer
Pournima Gupte Appointed Actuary
SV Sunder Krishnan Executive Vice President and Chief Risk Officer
Manoranjan Sahoo Head – Agency
Sunil Agrawal Chief Financial Officer
Murli Nambiar Chief Technology Officer

Reliance Life Insurance Balance Sheet

Category Amount in INR
Share capital 11,963,235
Reserves and surplus 21,980,263
Policy liabilities 17,757,191
Provision for linked liabilities 157,113,331
Funds discontinued for nonpayment of premium 367,100
Non linked funds for future appropriations 495,120
Linked funds – Provision for lapsed policies that are unlikely to be revived 1,697,435
Shareholders’ investments 9,975,585
Policyholders’ investments 18,512,455
Assets held for covering linked liabilities 159,177,866
Loans 317,009
Fixed assets 69,603
Cash and bank balances 1,995,536
Advances and other assets 2,945,484
Current liabilities 6,040,201
Provisions 561,671
Debit balance in profit and loss account (shareholder’s account) 24,862,011
Claims, not policies, not regarded as debts 152,725
Disputed and yet to be paid statutory liabilities and demands 163,105
Policy-related claims liabilities 180,283

Reliance Life Insurance Profit and Loss Account

Category Amount in INR
Amount shifted from the account of policyholders 3,539,967
Gross interest, rent, and dividends 328,897
Profit on investments redemption and sale 258,239
Amortization of discount and premium on investments 30,627
Salaries and other expenditure 122,154
Transfer to policyholders’ fund 296,142
Profit/loss before tax 3,725,713
Proposed final dividend 478,529
Dividend distribution tax 77,629

Reliance Life Insurance Products
Reliance Life Insurance provides products not only for individuals but also for groups as well. The products in the individual section could be as given below:

  • Protection Plans: Reliance Life Insurance eTerm Plan, Reliance Life Insurance Money Multiplier Plan, Reliance Endowment Plan, Reliance Term Plan, Reliance Super Five Plus, Reliance Connect 2 Life Plan, Reliance Simple Term PlanReliance Connect 2 Life Plan, Reliance Credit Guardian Plan, Reliance Whole Life Plan, Reliance Cash Flow Plan and Reliance Special Credit Guardian Plan.
  • Savings and Investment Plans: Reliance Life Insurance Classic Plan, Reliance Life Guaranteed Maturity Insurance Plan, Reliance Cash Flow Plan, Reliance Life Insurance Classic Plan – II, Reliance Endowment Plan, Reliance Life Insurance Guaranteed Money Back Plan, Reliance Life Insurance Pay Five Plan, Reliance Life Insurance Classic Plan – Limited Premium, Reliance Super Five Plus, Reliance Life Insurance Money Multiplier Plan, Reliance Whole Life Plan and Reliance Connect 2 Life Plan.
  • Child Plans: Reliance Child Plan.
  • Health Plan: Reliance Life Care for You Plan.

In the group’s section,  Reliance Life Insurance offers two types of plans – employers liability solutions and employee protection solutions. They may be further explained as below:

  • Employer Liability Solutions: Reliance Life Insurance Group Gratuity Plus Plan, Reliance Life Insurance Group Leave Encashment Plus Plan, and Reliance Traditional Group Gratuity Plan.
  • Employee Protection Solutions: Reliance Group Term Assurance Plan, Reliance Group Credit Shield Plan, Reliance Jan Samriddhi Plan and Group Term Insurance Plan – EDLI.

Here is the list of products that have been withdrawn by Reliance Life Insurance:

  • Reliance Life Super Golden Years Term 10 Plan for Senior Citizens
  • Reliance Total Investment Series I Term 10 Insurance Plan
  • Reliance Total Investment Series II Term 10 Pension Plan
  • Reliance Life Insurance Highest NAV Advantage Plan
  • Reliance Super Automatic Investment Term 10 Plan
  • Reliance Super Automatic Investment Basic Plan
  • Reliance Super Golden Years Plus Term 10 Plan
  • Reliance Super Golden Year Value Term 10 Plan
  • Reliance Super Golden Years Value Basic Plan
  • Reliance Life Money Guarantee Term 10 Plan
  • Reliance Life Traditional Golden Years Plan
  • Reliance Life Highest NAV Guarantee Plan
  • Reliance Super Golden Years Term 10 Plan
  • Reliance Life Money Guarantee Basic Plan
  • Reliance Super Golden Years Basic Plan
  • Reliance Wealth + Health Term 10 Plan
  • Reliance Life Premier Term 10 Plan
  • Reliance Money Guarantee Plan
  • Reliance Life Premier Basic Plan
  • Reliance Super Market Return Plan
  • Reliance Super InvestAssure Basic Plan
  • Total Investment Plan II – Pension
  • Reliance Super Golden Years Basic Plan
  • Reliance Wealth + Health Basic Plan
  • Reliance Imaan Investment Basic Plan
  • Reliance Life Secure Child Basic Plan
  • Reliance Super Market Return Basic Plan
  • Reliance Super Golden Years Plan
  • Reliance Super Market Return Term 10 Plan
  • Reliance Super InvestAssure Basic Plan
  • Reliance Super Golden Years Value Basic Plan
  • Reliance Life Secure Child Term 10 Plan
  • Reliance Traditional Super InvestAssure Plan
  • Reliance Super Golden Years Plan – Value
  • Reliance Premier Life
  • Reliance Wealth + Health Plan
  • Reliance Super InvestAssure Plus Plan
  • Reliance Golden Years Plan – Plus
  • Reliance Super Invest Assure Plan
  • Reliance Secure Child Plan
  • Reliance Group Gratuity
  • Total Investment Plan I – Insurance
  • Group Leave Encashment Plan
  • Reliance Super Automatic Investment Plan
  • Reliance Imaan Investment Plan

Reliance Life Insurance Premium Payment Choices
Reliance Life Insurance policyholders can pay their premium through various ways like Online, Easy Bill outlets, IVR – 30338181 and 1800 3000 8181, Bill Desk accounts, Reliance Life Insurance branches, Bill Junction accounts, Axis Bank branches, Electronic bill payment, Stock Holding Corporation of India Limited branches, Credit card, YES Bank branches, Electronic Clearing Services and IDBI Bank branches. Policyholders can also download the Direct Debit Forms from the and pay their premiums

Reliance Life Insurance Claims Procedure
The policyholders of Reliance Life Insurance can file their claims under the Critical illness, Survival and maturity benefit, Accidental death benefit/total and permanent disability, Wealth + Health, Death & EB claims categories. The claims can be sent to the closest Reliance Life Insurance branch or they may also visit the to download claims forms.

Reliance Life Insurance News
In recent times, The Japan-based Nippon Life Insurance Corporation has invested nearly INR 4500 crores in various companies belonging to the Anil Ambani Group and Reliance Life Insurance is one of them. The organization, worth $650 billion, will be looking to make it big at the insurance industry in India and so will focus primarily on life insurance policies for families. Because most of the insurance products in India are unit linked, It will also deal in annuity and health insurance products. Yoshinobu Tsutsui, the President of Nippon Life Insurance Corporation expects death insurance to be availed by Indians to a wide extent in addition to annuity and health insurance. Tsutsui has explained that they will be partnering with Reliance Life Insurance not only to stay aware of the newest trends in the market but also to create products that are in tune with regional requirements.

The group has also stated that they are planning to focus on after-sales service. Tsutsui has explained that it is compulsory for the salesmen working with the group in order to visit every client once a year after selling a policy. Such a policy helps them in customer protection, cross-selling opportunities, dealing with changing requirements and the chance to re-follow customers. The organization has stated its desire to replicate similar experiences in its partnership with Reliance Life Insurance.

We hope that this article will not only help you to get information about Reliance Life Insurance but also prepare you for career opportunities in a leading insurance company. For more Government & Private Jobs related articles, keep visiting


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