Reliance Life Insurance launches highest NAV advantage ULIP

October 12th, 2010 - 6:49 pm ICT by IANS  

Mumbai, Oct 12 (IANS) Reliance Life Insurance Company (RLIC), part of Reliance Capital promoted by Anil Ambani, Tuesday announced the launch of a new unit linked insurance plan (ULIP).

The Reliance Life Insurance Highest NAV Advantage Plan offers guarantee on maturity with the highest Net Asset Value (NAV) per unit achieved during the entire 15-year policy term.

“Our new unit-linked plan fulfils the diverse needs of customers across different segments while addressing their need for long-term wealth-creation and increased life protection,” said Malay Ghosh, executive director and president, RLIC.

This is the first ULIP launched by Reliance Life after the insurance regulator, Insurance Regulatory and Development Authority, came out with revised guidelines a few months ago.

The plan pays the beneficiary double the sum assured plus total fund value in the event of accidental death for the base cover portion. The unique plan also offers the benefit of up to 100 per cent equity exposure during the policy period.

The plan, which is available for customers in the age group of 7-65 years, also provides liquidity through partial withdrawals after fifth policy anniversary and loan after the completion of second policy year and top-up option to the policyholder.

It is available under two minimum payment options. The regular option allows customers to pay Rs.20,000 annually, half yearly, monthly and quarterly. In the single premium option, the customer pays a minimum of Rs.50,000 only once at the beginning of the policy tenure.

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