Reliance Life Insurance Company (RLIC), a part of Reliance Capital Limited, recently announced the launch of Reliance Life Insurance Super Endowment Plan, a non-linked non-participating plan that offers guaranteed life cover and maturity benefits.
Reliance Life Insurance Super Endowment Plan provides life insurance coverage for the full policy term by paying for just half of the selected policy period.
The launch was announced by Mr. Anup Rau, Chief Executive Officer, Reliance Life Insurance.
The value proposition of this policy is that it provides the policyholder with twin benefits of protection and security for his family’s financial future.
“Reliance Life Insurance Super Endowment Plan has been designed to provide customers, who have a lower investment risk appetite, with the twin benefits of saving and Life Cover for the future. This new product is in line with our philosophy to enable customers across all income segments to insure their life and provide security to their dependents,†said Mr. Rau.
The new plan is available for customers in the age group 8-60 years with a minimum sum assured of Rs. 1 lakh. The policyholder can opt for two policy terms – 14 years or 20 years.
An attractive feature of the policy is that the premium payment term is only half the policy term – 7 years for a 14 year policy; and 10 years for a 20 year policy – while the Life Cover is valid for the entire period.
“This is ideal for people who want to limit their premium payment commitment period but like to enjoy Life Cover for a longer time. Policyholders will be entitled for guaranteed maturity benefits at the end of the policy period,†Mr. Rau said.
In case of unfortunate death of the life insured before the maturity date, the basic sum assured will be paid to the nominee, provided the policy is in force and all due premiums have been paid.
Reliance Life Insurance Super Endowment Plan has as many as five optional riders – Reliance Term Life Insurance Benefit Rider, Reliance New Major Surgical Benefit Rider, Reliance New Critical Conditions Benefit Rider, Reliance Life Insurance Family Income Benefit Rider and Reliance Accidental Disablement Rider — to enhance protection cover. These riders can be added in the base plan by paying an additional premium.
These riders provide a host of additional benefits at a nominal premium, which included increased Life Cover, lump-sum payouts in case of specific health-related issues and monthly income to the family in the event of the policyholder’s unfortunate demise.
Besides these benefits, the endowment plan also provides liquidity to the customer with a loan facility to the policyholder up to 80 per cent of the surrender value under basic plan, after the policy acquires a surrender value. The insured will also be entitled for tax benefits on premium payment, as applicable.
