Reliance Life launches ULIPs with guaranteed return

Monday 22, December, 2008 NEW DELHI: Reliance Life Insurance has announced the launch of two unit-linked plans under Reliance Guaranteed Return Plan Series I with insurance and pension options, assuring financial security with guaranteed maturity benefit at 6.85 per cent compounded annually plus upside, if any. The single unit linked insurance plan is available for limited period in two options – Reliance Guaranteed Return Plan Series I – Insurance and Reliance Guaranteed Return Plan Series I – Pension – with fixed term of five years. “Both the options guarantee a return on invested funds of 6.85 per cent compounded annually at maturity. Apart from the guaranteed returns, the policyholder also benefits from any growth in the fund value in excess of the guaranteed amount. It is in line with our strategy to offer best-in-class products to our customers,” said P Nandagopal, CEO, Reliance Life Insurance. Under Reliance Guaranteed Return Plan Series I, investment rate of return would amount to 10.4 per cent presuming tax benefits at 10 per cent rate of return and tax rate of 33.99 per cent. Besides maturity additions in insurance option, death benefit comes with sum assured plus fund value. The insured can choose any life cover between 1.25 and 5 times of a single premium. In pension variant, in addition to maturity benefits, the guaranteed return on death is available during the fifth year. The new plan also provides partial withdrawal benefits in insurance option after three years. Minimum withdrawal amount would be Rs 5,000, whereas maximum withdrawal amount should be 20 per cent of the fund value at the time of withdrawal, Nandagopal added. Apart from tax benefits, Reliance Guaranteed Return Plan Series I also has exchange, settlement and surrender options and helps policyholders plan their requirements.

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