Reliance Life Insurance, the insurance arm of Reliance Capital Ltd, on Tuesday announced the launch of a non-linked, participating endowment-cum-whole life plan –Lifelong Savings Plan.
The plan aims to provide goal-based long term financial planning with protection of an insurance cover. The plan offers lifelong cover, bonus, and double maturity benefit– one at maturity and one at death.
The plan is available in two options – Standard and Extended Cover.
The standard option allows the policyholder to plan for specific financial goals such as education or retirement savings whilst enjoying life cover till the end of the policy period or maturity.
On maturity, the policyholder receives lump-sum amount including sum assured plus accrued guaranteed additions which include 4% of base sum assured added during the first five years of the policy period. From sixth year onwards, the plan offers simple reversionary bonuses that accrue every year during the policy term along with a terminal bonus if any.
The extended cover option allows the policyholder to receive the same benefits as the standard option plus an option to extend the life cover post the completion of policy term.
The policy lets the consumer decide the term of their policy as well as the frequency of premium payment. Further, in the event of a financial crisis, the plan can be liquidated to avail a loan.
The eligible age for policy holders is 7- 55 years for policy terms of 15 years to 30 years. Premium starts at Rs. 12,000 per annum while minimum base sum assured is Rs. 80,000.
The policy holder can choose the premium payment term of either 10 years or a regular premium with the policy period ranging from 15 years to 30 years.
For whole life option, the protection benefit continues till death of the life assured.
The policy comes with five riders that can be attached with this plan to enhance the protection benefit. These riders offer protection against death and disability due to accident, 25 critical illnesses, 10 major surgeries, additional life cover through term insurance and an income benefit rider to safeguard against financial loss owing to death of the family’s bread winner.
The policy comes with tax benefits on the premiums paid and benefits received, as per applicable income tax laws.
“We have tried to package maximum benefits in the product that can support the family by providing bonus and sum assured at the time of maturity while continuing the cover for lifetime and another sum assured at the time of unfortunate death of the policyholder. This is in line with our overall strategy to offer innovative products to our customers and support their families in case of an unforeseen event”, said Mr. Manoranjan Sahoo, Chief Agency Officer, Reliance Life Insurance.
Key Highlights of the plan:
Non-linked participating endowment-cum-whole life plan
Flexible life cover options
Maturity benefits and bonus paid at the end of term
Free risk cover for the entire life even after the maturity of policy term
Double sum assured benefit: At maturity and at death
Loan against policy during free risk period
Eligible Age for plan is 7-55 years for policy term from 15 upto 30 years
Premium starts at Rs. 12,000 per annum with minimum base sum assured of RS. 80,000
