Reliance Life launches Online Term

Plan offers cover of Rs 1 crore for Rs 15 per day

April 21, 2014 5:05 IST | India Infoline News Service
Reliance Life Insurance Company (RLIC), part of Reliance Capital Limited, today announced the launch of ‘Reliance Online Term’, an online life cover plan at an affordable premium.
This is one of the most competitive online life insurance plans currently available in the industry, which offers Rs. 1 crore of life cover for as low as Rs 15 per day (for a 25 year-old healthy male).
The unique proposition of Reliance Online Term is that it offers higher life protection up to the age of 75 years through a transparent and hassle-free online process and provides the convenience of medical tests/check-ups, if any, at the customer’s residence.
“Reliance Online Term is a simple life protection product that is based on two strong beliefs: one, adequate insurance cover should be within every Indian’s reach and two, people should be able to buy it with ease. Our new offering empowers customers to make an informed choice vis-à-vis their liabilities and family responsibilities and protect their family’s financial future at a minimal cost. With this, we aim to provide the most affordable online term life insurance plan to our customers,” said Mr. Anup Rau, CEO, Reliance Life Insurance.
Reliance Online Term offers Rs. 1 crore of life cover at Rs. 450 per month for a 25-year-old male (non-smoker) for the term of 15 years. The online life protection plan comes with a minimum annual premium as low as Rs. 3,500.
The entry age for a customer is a minimum of 18 years and a maximum of 55 years with a minimum policy term of 10 years and a maximum of 35 years. The maximum maturity age is 75 years.
Reliance Online Term begins with a minimum cover of Rs 25 lakh and provides relatively lower premium rates for women and special rates for non-tobacco users.
The company offers home visits to do medical tests/examinations, if required, at the customer’s residence, providing him/her convenience and choice.
“With this online term plan, we are rewarding a healthy lifestyle through lower premium rates for non-smokers and offering home medicals to enrich customer experience and convenience,” he added.
The plan grants a free-look period of 15 days, as mandated by IRDA, to enable policyholder to go through terms and conditions of the policy and reverse the purchase decision if he/she finds it unsuitable.
It offers annual premium payment mode only with a grace period of 30 days from the due date for payment of regular premiums. The insured will also be entitled for tax benefits on premium payment, as applicable.

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