This is the first time that RLIC is introducing a new life cover option in its ULIP portfolio and it offers customer life cover benefit that is equal to the sum assured or the fund value, whichever is higher, Malay Ghosh, President and ED, Reliance Life Insurance, said here.
"This feature is a clear differentiator from the existing ULIP plans in our portfolio that offer life cover benefit that is equal to the sum assured plus fund value. This new feature allows the customer to get the benefit of enhancing their savings, coupled with insurance protection, at minimal cost," said Ghosh.
Reliance Life Insurance Classic PlanII comes with regular as well as single premium options, while premium for regular option starts at Rs 15,000 and for single premium at Rs 50,000.
The minimum policy term under the plan is 15 years and the maximum policy term is 30 years. The age of entry for this policy can be from 7 years to 60 years and the maturity age can vary from 22 years to 75 years, he said.
The maximum sum assured for regular premium policies ranges from 20 to 30 times annualized premium (depending on age at entry) and for single premium policies it ranges from 2-6 times the single premium.