Ambar Bhattacharya, abptakmaa, Kolkata, 27th Nov 2019 : Reliance Nippon Life Insurance Company has launched its new term protection plan – The Reliance Nippon Life Protection Plan which is designed specifically to meet the diverse protection needs of India. With this product, RNLIC aims to address the increasing protection gap and improve the insurance penetration in the country.
As per recent research reports, the protection gap in our country stands at
around 70-80% and even for the insured population, the insurance coverage extends to only about 8% of the adequate amount. Commenting on the protection gap in the country, Ashish Vohra – ED & CEO said, “In such a
scenario, it is imperative for life insurers to actively engage in providing protection solutions for the masses and this product is a step in this direction. Further, the product also helps us complete our offline product portfolio and offer solutions to our customers across varying life stages and financial goals.”
This unique protection plan offers four distinct cover options designed to
meet the protection cover of its varied
1. Level Cover Plan –Designed for young customers who would like to enhance their life cover on life-stage transition (marriage/child birth/ availing home loan) without any additional documentation/ medical examination
2. Increasing Cover Plan –Increases Sum Assured by 5% every year without
any increase in premium.
3. Level Cover Plus Income Plan –Designed to provide a lump sum amount
apart from a monthly income of 1% of sum assured for 10 years. The plan is best suited for customers with a large loan (say home loan or business loan).
4. Whole of Life Cover Plan –This option is designed to provide a cover for
a lifetime while paying premiums till age of 65. This is a very effective legacy tool to pass on wealth to the next generation. These options provide the customer with a range of choices to customise their plan tailored to their specific needs. Customers with healthier lifestyle are also awarded with a preferred rate. With its range of comprehensive plan options and competitive premiums, Reliance Nippon Life Protection Plus aims to provide our customers with an ideal plan to fulfil their protection needs.
Commenting on the product launch, Ashish Vohra further added,
“Uncertainties of life warrant that every individual must secure their life. We often ignore long term protection for our families because we want to make a small saving today. The investment made for such savings will go a very long way in securing the future of our next generations.”
He further added, “Insurance is as much about protecting lives as much as
it is about protecting investments. The guaranteed products from RNLIC offers not just protection for live cover but also guaranteed returns and make perfect sense for customers to plan for their long term needs such as children’s education, saving for buying a home, retirement planning etc.”
The company, rated amongst the Top 3 Most Trusted Life Insurance Service Brands by Brand Equity‘s Most Trusted Brands Survey 2018, is planning to further increase its distribution footprint by opening 75-80 new
branches in the near term. The company’s JV partner, Nippon Life, is the largest Insurance company in Japan and one of the largest Japanese investors in India. Nippon Life has deep rooted interests in Life Insurance and Mutual Fund businesses and it recently increased its stake in the Mutual Fund company to 75% and holds 49% (up to maximum FDI cap) in the Life Insurance company. Publicity : Launcherz.