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Last Update: Mon, May 21, 2012 7:36 AM IST (2:06 AM GMT)
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Ahmedabad: Indian private sector life insurer Reliance Life Insurance has introduced a new unit-linked insurance scheme -- Classic Plan II -- which offers customers double benefits of market-linked return and insurance protection, President and Executive Director Malay Ghosh said Thursday.
Notably, the company is introducing a new life cover option in its unit-linked investment plan portfolio for the first time, Ghosh said at the launch of the product, adding that the plan offers customers life cover benefit that is equal to the fund value or the sum assured, whichever is higher.
Both regular and single premium options are available under the new plan, wherein the premium for the regular option starts at Rs 15,000 and for single premium at Rs 50,000.
The policy tenure under Classic Plan II is 15 to 30 years.
Reliance Life Insurance reported a profit of Rs 100 million in the third quarter (October-December) of the current fiscal year 2011-12.
The company's total funds under management was at Rs 165.55 billion as on December 31, and it had a distribution network of 1,252 offices at the end of the third quarter, while its number of agents was at 153,467.
Reliance Life Insurance, part of billionaire Anil Ambani-controlled financial services provider Reliance Capital Ltd, is a 74:26 joint venture between Reliance Capital and Japan-based insurer Nippon Life.
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Reliance Capital Ltd is an India-based financial company. It is engaged in mutual funds, insurance, asset management, commercial finance and stock brokerage. Its services include asset management ...
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