Reliance Life launches Classic Plan II

Reliance Life Insurance Company (RLIC), part of ADAG’s Reliance Capital Ltd, on Thursday launched a new unit-linked plan, called Classic Plan II, that offers customers dual benefits of insurance protection and market-linked return.

Announcing the launch here, Mr Malay Ghosh, President and Executive Director, Reliance Life, told reporters that this was the first time that the company is introducing a new life cover option in its unit-linked investment plan portfolio that offers the customer life cover benefit equal to the sum assured or the fund value, whichever is higher.

The existing ULIP plans in RLIC’s portfolio offer life cover benefit equal to the sum assured plus fund value.

The plan offers regular as well as single premium options. The premium for the regular option starts at Rs 15,000 and for the single premium at Rs 50,000. The policy terms under the plan will be 15 to 30 years.

Reliance Life has Rs 17,855 crore worth of assets under management. Seventy per cent of its premium comes from the traditional policies and 30 per cent from ULIPs.