Anil Ambani Group company Reliance Life Insurance on Wednesday launched a unit-linked insurance plan that will provide policyholders the benefits of regular savings with enhanced protection and market-linked returns.
The new unit-linked plan (Ulip), Reliance Life Insurance Classic Plan, would provide protection to policyholders in the age group of 7-65 years.
"The unique proposition of Reliance Life Insurance Classic Plan is that it offers flexibility and triple benefit of savings, insurance and investment - all in one single plan," Reliance Life said in a statement.
The plan also offers liquidity through partial withdrawals and loans, top-up payment option and rider benefits to enhance protection cover, it added.
"The new Ulip offers multiple benefits and protection -from helping policyholders plan their finances wisely at different stages of life, to providing risk cover on loss of life," Reliance Life Executive Director and President Malay Ghosh said.
Under the plan, the beneficiary would get double the base sum assured plus total fund value in the event of accidental death, the statement added.
The plan is available under two minimum payment options – Regular option and the Single Premium option.
Under the Regular Option, the customers would have to pay Rs 20,000 annually -- which can also be paid in monthly, quarterly and half yearly options.
For the Single Premium option, customers will have to pay a minimum of Rs 50,000 only once at the inception during the 15-year policy tenure.
"The flexibility offered to policyholders 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," Ghosh added.
This is the second Ulip scheme launched by Reliance Life after the insurance regulator Insurance Regulatory and Development Authority came out with its revised guidelines on Ulips a few months ago.
In October, the company had launched the Highest NAV advantage Ulip plan, which offers guarantee on maturity with the highest NAV per unit achieved during the entire 15 years policy term.