Reliance Life launches investment plan with guaranteed return

ADAG group company Reliance Life Insurance today launched a traditional investment plan that provides life protection and regular savings with annual guaranteed investment returns.

"The Reliance Life Traditional Investment Insurance Plan combines life protection and regular savings with complete transparency and flexibility features and advance guaranteed returns," Reliance Life Insurance President Malay Ghosh said in a statement.

It is in line with the company's strategy to maintain a robust portfolio of traditional plans and to offer best-in-class products to its customers, he said.

The new scheme is a regular premium plan offering guaranteed investment returns, which are declared at the beginning of every financial year during the product term, he said, adding that the accumulation rate for the 2010-11 financial year is 7.75 per cent.

The minimum guaranteed accumulation rate will not be less than the savings bank deposit interest rate as declared by the Reserve Bank, he added.

The plan is available to children aged less than 30 days and senior citizens aged up to 70 years, with monthly, quarterly, half-yearly and yearly payment options available.

Besides the maturity and tax benefits, the plan also offers a health-related cover, which will pay a lumpsum to the customer for as many as 33 specific surgeries.