"Online Term is a simple life protection product that is based on - adequate cover and people should be able to buy it with ease. Our new offering empowers customers to make an informed choice vis-a-vis their liabilities and protect their family's financial future at a minimal cost. With this, we aim to provide the most affordable online term life insurance plan," RLIC CEO Anup Rau said in a release issued here.
This plan offers Rs 1 crore of life cover for as low as Rs 15 per day (for a 25 year-old healthy male).
The online life protection plan comes with a minimum annual premium as low as Rs 3,500.
Reliance Online Term begins with a minimum cover of Rs 25 lakh and provides relatively lower premium rates for women and special rates for non-tobacco users.
The insured will also be entitled to get tax benefits on premium payment, as applicable.