Reliance Nippon's new insurance plan

Hyderabad Reliance Nippon Life Insurance Company Ltd, a leading private life insurance company, announced the launch of its new plan, Reliance Nippon Life NishchitSamrudhi, a non-linked, non-participating, individual, savings life insurance plan that offers superior, tax free, guaranteed returns, the company said.

The plan is suitable for multiple life stage solutions from childbirth to retirement, offers customers the flexibility to invest with a choice between two options, income option and endowment option. Under the income option of this plan, one needs to pay premiums for a limited period of 6 or 7 years, and after 7th or 8th year, the policyholder will enjoy a fixed regular income for a period of up to 20 years. Under the Endowment option of this plan, one can choose to pay the premium once or for a limited period of 6 or 7 years. On maturity, a lumpsum benefit shall be paid in four equal annual instalments. For a male aged 30 years, paying an annual premium of Rs 3 Lakhs for 7 years, yields a return of 5.87 per cent whilst providing life insurance cover throughout the policy term of 20 years. This option is ideal for individuals with long-term financial goals such as business expansion, child's education or marriage, legacy etc.

Ashish Vohra, ED and CEO, Reliance Nippon Life Insurance, said: "In a market that has witnessed fall in interest rates over the last 6-7 years, there is a heightened market expectation for long term, tax efficient, guaranteed financial instruments that are superior to conventional saving plans. This product provides tax free and fully guaranteed benefits, necessary to meet long term goals of salaried, self-employed as well as businesspersons."