Reliance Life Insurance launches Ulip plan

November 10th, 2010 - 5:32 pm ICT by IANS  

Mumbai, Nov 10 (IANS) Reliance Life Insurance, a unit of the Anil Ambani run Reliance Capital, Wednesday launched a new unit-linked insurance plan (Ulip) that combines benefits of regular savings, enhanced protection and market-linked returns.

“The new Ulip offers multiple benefits and protection - from helping policy holders plan their finances wisely at different stages of life to providing risk cover on loss of life,” said Malay Ghosh, executive director and president of Reliance Life Insurance.

The new plan called ‘Reliance Life Insurance Classic Plan’ is available for customers in the age group of 7-65 years. It pays the beneficiary double the base sum assured plus total fund value in the event of accidental death.

“The plan provides unparalleled investment opportunities with a wide range of eight fund options, allowing customers to vary their asset allocation as per their risk profiles and appetite,” Ghosh said in a statement.

The plan is available under two minimum payment options - regular option that allows customers to pay Rs.20,000 annually which can also be paid in monthly, quarterly and half yearly and single premium option wherein the customer pays a minimum of Rs.50,000 only once at the inception during the 15-year policy tenure.

“The flexibility offered to the policy holders by the company allows liquidity through partial withdrawals after fifth policy anniversary, loan after the completion of second policy year and top-up option to increase regular savings,” said Ghosh.

Besides maturity and tax benefits, the plan also offers health-related cover. It will pay a lump sum amount to customers for 33 specific surgeries and 25 critical conditions.

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