Reliance Life Insurance Company, part of Reliance Capital Limited, announced the launch of a new traditional product, ‘Reliance Smart Cash Plus Plan’.
The plan offers triple benefits of enhanced protection, periodic liquidity and long-term savings.
Reliance Smart Cash Plus Plan is a regular premium non-linked scheme that offers a perfect mix of long-term protection and savings along with the benefit of guaranteed lump sum payment every three years (starting from the end of fourth policy year).
The key highlight of the new plan is that it guarantees money back payouts – that increases by 5 per cent with every payout – during the policy tenure and pays 100 per cent sum assured as a survival benefit on maturity.
“Smart Cash Plus Plan is designed to provide multiple benefits – long-term security and savings and periodic cash flow – to customers looking for a simple insurance product with guaranteed returns at regular intervals. Its unique proposition is that it offers guaranteed money back benefit that increases with every pay-out and helps policyholders take care of their increasing needs at every life-stage,” said Mr Anup Rau, Chief Executive Officer, Reliance Life Insurance.
This traditional scheme is available for customers in the age group 14-55 years with a minimum sum assured of Rs. 1,00,000 and the policyholder can opt for policy terms – 10, 13, 16, 19 or 22 years.
Apart from the increasing guaranteed money back payouts, Reliance Smart Cash Plus Plan also provides additional benefits to customers choosing higher sum assured.
In the unfortunate event of death of the policyholder during the premium payment tenure, provided the policy is in full force, higher of (10 times of annualized premium or Sum Assured plus High SA addition) plus vested bonuses is payable. Death benefit is guaranteed to be at least 105 per cent of all the premiums paid. The nominee would receive the full death benefit, irrespective of the survival benefits already paid.
The new plan also participates in the profits of the participating fund. Reliance Life Insurance will declare bonus rate at the end of every financial year. Bonus is applicable to policies where all premiums have been paid to date.
About Reliance Life Insurance Company Limited
Reliance Life Insurance Company Limited, associate of Reliance Capital Limited, is one of India’s top private sector life insurance companies with business premium, including renewal premium of over Rs. 4,015 crore for the year ended 31st March 2013.
The company has sold over 7.5 lakh policies during the above financial year and has an asset under management of more than Rs 18,189 crore (as on 31st March 2013).
Reliance Life Insurance offers a comprehensive range of innovative and need-based products, including protection, investment and retirement, targeted at individuals and groups.
