Reliance Life Insurance has launched their new Income Protect Plan, this plan is offered online. The plan is a mix of protection + income replacement in form of monthly income. It’s a term plan that protects family with a lump sum to pay off large liabilities and a monthly income till retirement.
Income Protect Plan at a glance:-
Particulars
Minimum
Maximum
Entry age (in years)
18
55
Maturity Age (in years)
28
75
Sum Assured (in Rs.)
35,00,000
No limit
Annual Premium (in Rs.)
3,500
No limit
Premium Payment Frequency
Annual
Policy Term (in years)
10,15,20,25,30,35
Death Benefit
Sum Assured on Death, Monthly Income Benefit
Maturity Benefit
No Maturity Benefit is payable under this plan.
Loan
Loan facility not available under this plan
Surrender Benefit
Since it’s a term plan, it does not acquire any surrender value
Riders
Not available under this plan
Reliance Life Insurance Company is a part of Reliance – Anil Dhirubhai Ambani Group (ADAG). Reliance Life Insurance is one of the few private life insurance companies in India which have launched operations without a foreign partner. Apart from its stand-alone distribution network the company has access to its large distribution which already is into the consumer finance business in a big way. Reliance entered into online insurance with its “Sabse Sasta Online Term Plan”.