Rel Life Insurance launches two new products

Anil Dhirubhai Ambani Group firm Reliance Life Insurance today launched two new products -- Jan Samriddhi Plan and Super InvestAssure Plan here and aims to garner Rs 600 crore premium from them within this fiscal.

Jan Samriddhi Plan, which is targeted at the rural population, will have premium instalments of Rs 50 per month and will offer guaranteed returns along with accidental cover and maturity benefits.

Available to a group of a minimum 5,000 members, its minimum annualised premium will be Rs 5,000, while maximum limit will be at Rs 10,000.

"We plan to target Rs 100 crore premium from Jan Samriddhi this fiscal itself and will be forging partnerships with NGOs, cooperative societies and banks to reach out to the targeted population," company President Malay Ghosh told reporters here today.

Super InvestAssure is a regular premium scheme, which has been designed to meet regular savings, protection and income needs of customers with a risk-averse profile.

"The product (Super InvestAssure) allows flexibility of top-up payments incremental to the premium under the base plan and liquidity through loan facility and partial withdrawal," he said, adding that the company is aiming to collect Rs 500 crore premium from this plan within this fiscal.

With annual premium of Rs 5,000, this plan will reward insured people in terms of guaranteed contributions up to 250 per cent from the company, in addition to earning growth, he said.

Reliance Life Insurance, which is part of Reliance Capital, has collected a renewal premium of Rs 1,300 crore till November last and has 5.5 million policy-holders.

The company currently manages funds to the tune of Rs 10,900 crore and is aiming to emerge among top three and most profitable life insurance company in India by 2012.