Reliance Life's new Ulip with loyalty additions

Reliance Life Insurance, one of the fastest-growing life insurance companies in the country, today launched Reliance Super Invest Assure Plan (RSIP) – Plus, a plan that offers loyalty additions coupled with investment returns and maturity benefits.

The launch was announced by P Nandagopal, CEO, Reliance Life Insurance, in Mumbai on Thursday.

The company claims that unlike others, RSIP - Plus is the first and only ULIP product that gives loyalty additions of 2.5 per cent of annual premium after the third policy year, apart from earnings growth - a key differentiator in the domestic insurance market.

The new plan has the unique feature of incremental allocation with increase in premium amount. It has four premium slabs (Rs 20,000-50,000, Rs 50001-1,00000, 1,00,001 - 3,00,000 and 3,00,001 and above). As the premium amounts increase, the incremental allocation rates also increase, thereby increasing the average allocation rate for the customer's investment.

The plan provides flexibility of reducing annual premium to as low as Rs 20,000 from the second policy year onwards. It also enables policyholders customize the plan to suit their requirements through an array of additional life and health insurance benefits with maximum range of riders, including term life insurance, major surgical benefits, critical illness and accidental death and total disablement for a nominal additional premium.

RSIP - Plus provides the common man an opportunity to invest their funds in eight different fund options, including pure equity and sectoral funds, with the options of top-ups, fund switches and premium re-direction available.

Moreover, under RSIP – Plus the minimum age at entry is 30 days, to enable parents to make provision for rosy future of their children, while the maximum age at entry has been pegged at 60 years to help those who want to save their hard-earned money from the vagaries of an unpredictable market and also to ensure guaranteed returns.