Reliance Nippon Life Insurance Company Limited, in which Reliance Capital Limited (NSEI:RELCAPITAL) owns 51% stake, received 16 bids including Bain Capital, LP, National Investment and Infrastructure Fund Limited (NIIF), Arpwood Partners , Dabur Investments, Bandhan Bank Limited (NSEI:BANDHANBNK), and Multiples Alternate Asset Management Private Limited, the first person said.