Reliance Life Insurance Launches 'Lifelong Savings Plan'

Reliance Life Insurance Company (RLIC), part of Reliance Capital Limited, has announced the launch of 'Reliance Lifelong Savings Plan'.

The plan is a non-linked, participating endowment-cum-whole life plan aimed to offer goal based saving and protection to policy holders.

"Reliance Life Long Savings Plan is aimed to provide goal-based long term financial planning, while providing flexibility to deal with unforeseen life events. The plan's unique feature offers lifelong cover, bonus, and two sum assured - one at maturity and one at death. This added protection will go an extra mile to protect the future and provide a financial cover for the policyholder and their family" said Mr. Manoranjan Sahoo, Chief Agency Officer, Reliance Life Insurance.

The plan is available in two options - Standard and Extended Cover.

The Standard option allows the policyholder to plan for a particular financial goal like child's education or retirement savings and enjoy life cover till the end of the policy period.

On maturity, the policyholder receives lump-sum amount including base sum assured plus accrued guaranteed additions (4% of Base Sum Assured added during the first five policy years).

The policy also offers enhanced guaranteed savings through simple reversionary bonuses that accrue every year during the policy term starting from 6th policy year, along with a terminal bonus, if any.

The Extended Cover option allows the policyholder to receive the same benefits as the standard option plus an option to extend the life cover post the completion of policy term.

Both the policy options offer a choice to decide the term of the policy as well as the frequency of premium payment. Further, in the event of a financial crisis, the plan provides flexibility to liquidate the policy by availing a loan.

The age of entry starts from 7years till 55 years for policy terms of 15 years to 30 years. Premium starts at Rs. 12,000 per annum while minimum base sum assured is Rs. 80,000.

The product provides flexibility to choose the premium payment term of either 10 years or a regular pay with the policy period ranging from 15 years to 30 years.

In case of whole life option, the protection benefit continues till death of the life assured.

The policy comes with five riders that can be attached with this plan to enhance the protection benefit. These riders offer protection against death and disability due to accident, 25 critical illnesses, 10 major surgeries, additional life cover through term insurance and an income benefit rider to safeguard against financial loss owing to death of the family's bread winner.

The policy comes with tax benefits on the premiums paid and benefits received, as per applicable income tax laws.

"We have tried to package maximum benefits in the product that can support the family by providing bonus and sum assured at the time of maturity while continuing the cover for lifetime and another sum assured at the time of unfortunate death of the policyholder. This is in line with our overall strategy to offer innovative products to our customers and support their families in case of an unforeseen event", said Mr. Sahoo.

Shares of RELIANCE CAPITAL LTD. was last trading in BSE at Rs.406.3 as compared to the previous close of Rs. 407.55. The total number of shares traded during the day was 408448 in over 7559 trades.

The stock hit an intraday high of Rs. 415 and intraday low of 404. The net turnover during the day was Rs. 167522232.

Source : Equity Bulls

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