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Reliance launches maiden insurance product

Reliance Connect aims to provide products that makes life insurance hassle-free and an upgradable policy.

india Updated: Aug 17, 2006 19:32 IST

Anil Dhirubhai Ambani Group company Reliance Life Insurance on Thursday, announced the launch of Reliance Connect 2 Life Plan, its first product since acquiring the life insurance business of AMP Sanmar in October last.

Reliance Connect 2 Life is a 15 year insurance-cum-savings plan for individuals in the age group of 18 to 45 years with a minimum sum assured of Rs one lakh. The insurance cover can be upgraded in the second and third year up to a sum of Rs 10 lakh.

"Reliance Connect aims to provide products that makes life insurance hassle-free and the policy can be upgraded to keep pace with individual lifestyle", said Reliance Life Insurance's Chief Exective Officer P Nandagopal.

Reliance Life Insurance has 30,000 insurance advisors spread over 158 branches across 143 locations and a call centre to service its customers.

HDFC and UTI bank would act as a collection network. The company is in the final stages of negotiation with banks for selling its products through the bank assurance channel.

The company plans to add another 10,000 to 12,000 advisors who are under training, said Nandagopal.

Reliance Capital has infused Rs 166 crore in Reliance Life Insurance, which has a capital base of Rs 383 crore and an employee strength of 3,654, including 822 employees of AMP Sanmar.

Currently, the company has 16 ULIP and conventional products in its portfolio.