Reliance Life launch investment plan among guaranteed return

by Simranjeet Singh

ADAG group company Reliance Life Insurance on Tuesday launched a traditional investment plan that provides life protection and regular savings with yearly guaranteed investment returns.

"The Reliance Life Traditional Investment Insurance Plan combines life protection and regular savings with full intelligibility and flexibility features and advance guaranteed returns," Reliance Life Insurance President Malay Ghosh said in a statement.

He said, it is in row with the company's strategy to continue a robust portfolio of traditional plans and to offer best-in-class products to its customers.

The new scheme is a regular premium plan contribution guaranteed investment returns, which are confirmed at the beginning of every financial year during the product term, he said, adding up that the accumulation rate for the 2010-11 financial year is 7.75(%) percent.

He added, the minimum guaranteed growth rate will not be less than the savings bank deposit interest rate as declared by the Reserve Bank.

The plan is available to children aged less than 30 days and senior citizens aged up to 70 years, with monthly, quarterly, half-yearly and yearly payment option available.

Besides the maturity and tax benefits, the plan also offers a health-related cover, which will pay a lump sum to the customer for as many as 33 particular surgeries.