Reliance Life Insurance Company today announced the launch of Reliance Life Insurance Super Endowment Plan, a non-linked non-participating plan that offers guaranteed life cover and maturity benefits.
Reliance Life Insurance Super Endowment Plan provides life insurance coverage for the full policy term by paying for just half of the selected policy period. It is 7 years for a 14 year policy and 10 years for a 20 year policy, while the life cover is valid for the entire period.
“Reliance Life Insurance Super Endowment Plan has been designed to provide customers, who have a lower investment risk appetite, with the twin benefits of saving and Life Cover for the future. This new product is in line with our philosophy to enable customers across all income segments to insure their life and provide security to their dependents," said Anup Rau, CEO of the company.
The new plan is available for customers in the age group 8-60 years with a minimum sum assured of Rs. 1 lakh. The policyholder can opt for two policy terms, 14 years or 20 years.
Reliance Life Insurance Super Endowment Plan has as many as five optional riders, including Reliance Term Life Insurance Benefit Rider, Reliance New Major Surgical Benefit Rider, Reliance New Critical Conditions Benefit Rider, Reliance Life Insurance Family Income Benefit Rider and Reliance Accidental Disablement Rider. These riders can be added in the base plan by paying an additional premium.
Besides these benefits, the endowment plan also provides liquidity to the customer with a loan facility to the policyholder up to 80% of the surrender value under basic plan, after the policy acquires a surrender value.
