Reliance Launches First Online Life Insurance Plan

Reliance Life Insurance Company, part of the Anil Ambani-led Reliance Capital, launched its first online life cover plan — "Reliance Life Insurance eTerm" — to meet the protection needs of every individual with higher insurance cover at affordable premiums.

Reliance Life Insurance eTerm Plan is a simple and cost-effective risk protection product and offers instant life insurance cover through a transparent and hassle-free online purchase, the company said in a statement.

This is the first online insurance offering from Reliance Life Insurance and the company plans to introduce more such products in times to come, the statement said.

Reliance Life Insurance eTerm Plan offers Rs 1 crore of life cover from Rs 700 per month and is available directly to customers in the age group of 18–60 years pan-India with minimum annual premium of Rs 3,500.

The online term plan begins with a minimum cover of Rs 25 lakh with no upper limit and a policy term of 10–30 years. The plan provides relatively lower premium rates for women and special rates for non-tobacco users.

Reliance Life Insurance eTerm Plan has two options. In option I the death benefit is equal to the sum assured. Option II comes with an accidental death benefit rider where additional sum assured up to Rs 50 lakh is paid to the nominee in case of death due to an accident. The maximum maturity age is 70 years.