Reliance Life Insurance recently said it has launched an online plan — Reliance Life Insurance eTerm — with a maximum life cover of Rs 1 crore for policyholders in the age bracket of 18-60 years, which will simplify the process of buying an insurance cover.
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The plan provides relatively lower premium rates for women and special rates for non-tobacco users, Reliance Life said in a statement. Apart from tax benefits, the plan also has a free look period of 15 days from the date of receipt of policy bond to continue or return the policy. The online plan would offer a life cover of Rs one crore and also provides accidental death benefit up to Rs 50 lakh, it said.
“Our new offering simplifies the process of purchasing an insurance cover and empowers customers to take an informed decision,” Reliance Life Insurance President and Executive Director Malay Ghosh said.
The product would have a minimum annual premium of Rs 3,500 and provides a minimum cover of Rs 25 lakh with no upper limit and a policy term of 10-30 years.
It offers annual premium payment mode only with a grace period of 30 days from the due date for payment of regular premiums.
Besides, the company also plans to introduce more online products and tap digital insurance distribution channel in future.
“The digital platform is a growing distribution channel in the insurance market and still untapped in India. We see a great potential opportunity in the online space and would introduce a slew of insurance products in a couple of years,” Ghosh said.
Reliance Life Insurance has sold over 1 million policies in 2011-12. It has recorded a net profit of Rs 373 crore for the fiscal ending March 31, 2012 and garnered a total premium of Rs 5,498 crore.
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