Excelsior Correspondent
JAMMU, Aug 18: Reliance Life Insurance Company (RLIC), part of Reliance Capital Limited, today launched a new plan ‘Reliance Increasing Income Insurance Plan”.
Reliance Increasing Income Insurance Plan is traditional non-participating plan that secures an assured source of monthly income to meet growing expenses and supports the dreams and aspirations of policyholder.
The key feature of the plan is that it offers a long term regular monthly income after the end of premium payment term that increases every year at 3 per cent under the Income with Maturity Benefit option and 6 per cent under Only Income Option.
“We have carefully designed a plan that will provide a long term income that increases every year. From the protection perspective, the life insurance benefits along with the savings component make Reliance Increasing Income a very relevant proposition”, said Manoranjan Sahoo, Chief Agency Officer, Reliance Life Insurance.
The age of entry in the plan is from 14 years to 60 years with the policy term varying from 12 years to 24 years.
The plan is divided into two phases–Saving phase and Income phase. The Saving phase, the first half of the policy term, is a phase wherein the customer would be paying regular premiums. The Income phase, the second half of the policy term, is the phase wherein customer would start receiving monthly income of as part of the plan.
The plan is available under two options–Income with Maturity Option and Only Income option.
For a 24 year policy, under “Income with Maturity Benefit” option the policyholder starts getting one per cent of sum assured every month as regular income from 13th policy year and earns 12 per cent of the sum assured as total income during the year. The total income for the year will go up to 45 per cent of sum assured in the 24th policy year on the back of annual increment of 3 per cent.
Whereas under “Only Income” option the policyholder starts getting 2% of sum assured every month as regular income from 13th policy year and earns 24 per cent of the sum assured as total income during the year. The total income for the year will go up to 90 per cent of sum assured in the 24th policy year on the back of annual increment of 6 per cent.
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