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K.R. Srivats

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New Delhi, June 15 Bringing a type of ‘loyalty bonus’ feature into the ULIP space, Reliance Life Insurance plans to launch a plan, providing guaranteed additional contribution for policyholders during the policy term.

Reliance Life Insurance’s ‘Super InvestAssure Plan’, which will hit the market later this week, is the eighth unit-linked insurance product from the company, targeted at individuals.

Under the additional guarantee contributions, Reliance Life would add 50 per cent of the first year’s basic premium to the fund value on the 10th policy anniversary and every 5th policy anniversary thereafter so long as the policy is in force.

By this, a policyholder could earn up to 250 per cent of first year basic premium as guaranteed additions during the policy term (30 years).

Reliance Life Insurance expects the ‘Super InvestAssure Plan’ to emerge as its flagship product under ULIPs and account for about 25 per cent of the new premium income for the current fiscal. In 2007-08, the company’s new premium collections stood at Rs 2,754 crore.

More Stories on : Life Insurance | New Products & Services | Bonus Announcements

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