Deterioration of reinforced concrete structures is a widespread problem all over the world Chloride induced corrosion is one of the major causes of time dependent deterioration of reinforced concrete structures. This paper presents a method for the assessment of time dependent reliability of reinforced concrete beams damaged by chloride induced reinforcement corrosion.Reliability is estimated using first order second moment method and Monte-Carlo simulation technique. Serviceability limit state with respect to corrosion based cracks and limit state of flexure and shear are considered. Also the effect of cover on the reliability with respect to corrosion is studied.