Reliance Life launches new traditional product

MUMBAI: Private life insurer Reliance Life Insurance today launched a new traditional product ' Reliance Smart Cash Plus Plan'.

The new plan is a regular premium non-linked scheme that offers a mix of long-term protection and savings along with the benefit of guaranteed lump sum payment every three years, a company release said.

"Smart Cash Plus Plan is designed to provide multiple benefits - long-term security and savings and periodic cash flow - to customers looking for a simple insurance product with guaranteed returns at regular intervals," Chief Executive Officer of Reliance Life Insurance, Anup Rau said.

The company also said the new plan offers guaranteed money back benefit that increases with every pay-out and helps policyholders take care of their increasing needs at every life-stage.

Reliance Life Insurance, which is a part of Reliance Capital, had a business premium that included renewal premium of over Rs 4,015 crore in FY13.