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Reliance launches online life insurance product

Posted on Jun 21, 08:33AM | IANS

Mumbai, June 20 : Reliance Life Insurance Company, part of the Anil Ambani-led Reliance Capital, Wednesday launched its first online life cover plan -- "Reliance Life Insurance eTerm" -- to meet the protection needs of every individual with higher insurance cover at affordable premiums.

Reliance Life Insurance eTerm Plan is a simple and cost-effective risk protection product and offers instant life insurance cover through a transparent and hassle-free online purchase, the company said in a statement.

This is the first online insurance offering from Reliance Life Insurance and the company plans to introduce more such products in times to come, the statement said.

"Our new offering simplifies the process of purchasing an insurance cover and empowers customers to take an informed decision. The launch of our eTerm Plan is in line with the company's objective to continuously provide the customers with innovative products and value-added services in a cost-effective manner," said Malay Ghosh, president and executive director of Reliance Life Insurance.

Reliance Life Insurance eTerm Plan offers Rs.1 crore of life cover from Rs.700 per month and is available directly to customers in the age group of 18-60 years pan-India with minimum annual premium of Rs.3,500.

The online term plan begins with a minimum cover of Rs.25 lakh with no upper limit and a policy term of 10-30 years. The plan provides relatively lower premium rates for women and special rates for non-tobacco users.

Reliance Life Insurance eTerm Plan has two options. In option I the death benefit is equal to the sum assured. Option II comes with an accidental death benefit rider where additional sum assured up to Rs.50 lakh is paid to the nominee in case of death due to an accident. The maximum maturity age is 70 years.