Reliance Life Insurance launches Super InvestAssure Plan
Published on Wed, Jun 18, 2008 at 18:32 | Source : Moneycontrol.com
Updated at Wed, Jun 18, 2008 at 19:52
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Reliance Life Insurance launches Super InvestAssure Plan
Reliance Life Insurance, one of the fastest growing life insurance companies in the country, today launched the first-of-its-kind Reliance Super InvestAssure Plan that offers guaranteed additional contribution for policyholders, apart from rich investment returns and maturity benefits.
Reliance Life Insurance, one of the fastest growing life insurance companies in the country, today launched the first-of-its-kind Reliance Super InvestAssure Plan (RSIP) that offers guaranteed additional contribution for policyholders, apart from rich investment returns and maturity benefits.
Unlike others, RSIP is the first and only ULIP product that rewards insured people in terms of guaranteed contributions upto 250% from the company, in addition to earnings growth, as a key differentiator in the domestic insurance market.
''One of the unique propositions of RSIP is that it contributes into a policyholder's account from 50 per cent (in 10th year) to 250 per cent (by 30th year) of the paid annualised premiums. This is the additional income which policyholders will get from the company and it will have compounded growth as well, depending on the market conditions. It is in line with our strategy to offer best-in-class products to our customers" Mr. P. Nandagopal, CEO, Reliance Life Insurance, said while announcing the launch of the RSIP on Wednesday.
This is the first Reliance Life's 'Pure Equity Fund' option, with added features of having no investments into industries like non-banking finance, liquor, cigarettes, tobacco, entertainment, leather and sugar among others.
In fact, RSIP is designed to provide the common man an opportunity to invest their funds in eight different fund options, including the safe GILT fund as well as sectoral funds like infrastructure, energy and mid-cap which provide relatively higher returns. Moreover, RSIP also provides plan even for child of 30 days and covers life of the insured up to 20 times of the annual premium, depending on the age.
With annual premium as low as Rs 5,000, the insured can get a wide array of life insurance and health insurance benefits with maximum range of riders, including term life insurance, major surgical benefit, critical illness and accidental death and total permanent disablement for a nominal additional premium.
"The policyholder can also avail all the benefits with all features of ULIP with unmatched flexibility through free switches and exchange options, liquidity, minimizing risk, maximizing returns and all tax benefits. We aim to make it our top-selling product given the additional values and sound maturity benefits and expect a sales contribution of 20-25 per cent by the end of this financial year,'' said Mr Nandagopal.
Reliance Life Insurance, the fourth largest private insurer, recorded the highest growth in new premium with 196 per cent and registered Rs 2,754 crore through fresh premium collections in 2007-08. Further, the company also achieved the highest in the industry incremental market share of 3 per cent in new premium during the previous year. The company has 745 branches operating in about 650 towns and cities.
