Private life insurer Reliance Life Insurance Company on Tuesday announced the launch of a new policy called 'Reliance Lifelong Savings Plan'.
The new policy is a non-linked, participating endowment-cum-whole life plan which aims at savers who are goal-oriented while offering protection, said the company in a statement.
"The Plan is aimed at providing goal-based long-term financial planning, while providing flexibility to deal with unforeseen life events. Its unique feature offers lifelong cover, bonus, and two-sum assured, one at maturity and one at death," Manoranjan Sahoo, chief agency officer, was quoted as saying.
The plan is available in two options: Standard and Extended Cover.
The Standard option allows the policyholder to plan for a particular financial goal like child's education or retirement savings and enjoy life cover till the end of the policy period.
On maturity, the policyholder receives lump-sum amount including base sum assured plus accrued guaranteed additions (four percent of base sum assured added during the first five policy years).
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The policy also offers enhanced guaranteed savings through simple reversionary bonuses that accrue every year during the policy term starting from sixth policy year, 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 age of entry starts from seven years till 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 comes with five riders offering 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 breadwinner.