Anil Dhirubhai Ambani Group Company Reliance Life Insurance on Wednesday launched a “Unit linked insurance plan” that will provide policy holders the benefits of regular savings with enhanced protection and market linked returns.
The new unit linked plan, Reliance Life Insurance Classic Plan, would provide protection to policyholders in the age group of 7-65 years.
The plan also offers liquidity through partial withdrawals and loans, top up payment option and rider benefits to enhance protection cover, it added.
In this plan; the beneficiary would get double the base sum assured plus total fund value in the event of accidental death, the statement added. The plan is available under two minimum payment options regular option and the Single Premium option.
Under the Regular Option, the customers would have to pay Rs 20,000 annually which can also be paid in monthly, quarterly and half yearly options. For the Single Premium option, customers will have to pay a minimum of Rs 50,000 only once at the inception during the 15 year policy tenure.
This is the second Ulip scheme launched by Reliance Life after the insurance regulator Insurance Regulatory and Development Authority came out with its revised guidelines on Ulips a few months ago.
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