Reliance Life Insurance, the fourth largest private insurer in the country, has introduced 'Reliance Super InvestAssure Plan (RSIP)' that offers guaranteed additional contribution for policyholders, apart from returns on investment and maturity benefits.
This is Reliance Life's first pure equity unit linked insurance plan (ULIP) and has added Shariah compliant features like having no investments into industries such as non-banking finance, liquor, cigarettes, tobacco, and sugar among others, a company statement said.
RSIP is designed to provide an opportunity to invest funds in eight different fund options, including the Gilt and sectoral funds like infrastructure, energy and mid-cap which provide relatively higher returns, it said.
"One of the unique propositions of RSIP is that it contributes into a policyholder's account from 50 per cent (in 10th year) to 250 per cent (by 30th year) of the paid annualised premiums. This is the additional income which policyholders will get from the company and it will have compounded growth as well, depending on market conditions," Reliance Life Insurance CEO P Nandagopal said.
We aim to make it our top-selling product given the additional values and sound maturity benefits and expect a sales contribution of 20-25 per cent by the end of this financial year, Nandagopal added.
It also provides a plan for a child of 30 days and covers life of the insured up to 20 times of the annual premium, depending on the age.