Reliance Life Insurance Launches highest NAV advantage ULIP plan

Reliance Life Insurance Company, part of Reliance Capital Ltd, announced the launch of a new unit linked insurance plan (ULIP) that addresses long-term wealth-creation and protection needs of customers. The key highlight of the plan--Reliance Life Insurance Highest NAV Advantage Plan--is that it offers guarantee on maturity with the highest Net Asset Value (NAV) per unit achieved during the entire 15 years policy term.

Company executive director Malay Ghosh said, ''Our new unit-linked plan fulfills the diverse needs of customers across different segments while addressing their need for long-term wealth-creation and increased life protection. Its unique proposition helps the policyholders safeguard their investments with the highest NAV per unit for the longest policy period.'' The plan pays the beneficiary double the sum assured plus total fund value in the event of accidental death for the base cover portion, he said adding that the plan also offers the benefit of up to 100 per cent equity exposure during the policy period.

Under the plan, the premium paid by the policyholder, after deduction of premium allocation charges, is invested in the 'Highest NAV Advantage Fund' and accordingly units are allocated based on the price of units for the fund.

The plan, which is available for customers in the age group 7-65 years, also provides liquidity through partial withdrawals after fifth policy anniversary and loan after the completion of second policy year and top-up option to the policyholder. The guarantee is also available on fund value under top-up premium.

On maturity, the benefit is calculated on the highest NAV per unit achieved during the 15 years of the policy.