Reliance Life Insurance Launches New ULIP


Ahmedabad: Reliance Life Insurance (RLI) launched a new unit-linked insurance plan offering investors dual benefits of protection and market-linked returns.

"With the launch of Reliance Life Insurance Classic Plan-II, we are lowering the entry price for customers seeking ULIP products with in-built protection options for their saving needs," RLI President and Executive Director Malay Ghosh told newspersons here.

The minimum policy term under the plan is 15 years and the maximum is 30 years. The plan comes with four protection riders, which can be added at marginal cost.

"The newly launched family income benefit rider is a simple way of providing regular income to the family of the insured in the event of any unfortunate incident," Ghosh said.

"One per cent of the sum assured shall be payable per month to the beneficiary, if one opts for the family benefit rider," he said.

The private insurer, part of Reliance Capital, has mopped up around 4,000 crore premium till January (2011- 12). Of this, nearly 2,700 crore is renewal premium and balance is new business premium (NBP).

The company's NBP stood at Rs 3,033 crore in 2010-11. It has issued around 9 million policies till now, and has assets under management (AUM) of 17,855 crore, a company official said.

Gujarat contributes 13 percent in terms of premium of RLI and 16 per cent of the policies.

According to industry estimates, overall premium collection has been sluggish this year, but it is expected to pick up from the next fiscal.

Source: PTI