Reliance Life Insurance Company (RLIC), part of Reliance Capital Limited, announced the launch of “Reliance Lifelong Savings Plan”.
- The plan is a non-linked, participating endowment-cum-whole life plan aimed to offer goal based saving and protection to policy holders and their family.
- The plan’s unique feature offers lifelong cover, bonus and two sums assured – one at maturity and one at death.
- In the event of a financial crisis, the plan provides flexibility to liquidate the policy by availing a loan.
The plan is available in two options – Standard and Extended Cover
Standard 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.
- It also offers enhanced guaranteed savings through simple reversionary bonuses that accrue every year during the policy term starting from 6th policy year along with a terminal bonus.
Extended Cover – It 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 7 years till 55 years for policy terms of 15 years to 30 years.
- Premium starts at 12,000 per annum
- Minimum base sum assured is 80,000
5 Riders of Policy
- 25 critical illnesses
- 10 major surgeries
- Death and disability due to accident
- Additional life cover through term insurance
- 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.