Private insurance player Reliance Life Insurance Company (RLIC) launched its first online life cover plan, Reliance Life Insurance eTerm, on Wednesday.
“The launch of eTerm Plan is in line with our objective to continuously provide innovative products and value-added services in a cost-effective manner,” Reliance Life Insurance President and Executive Director, Mr Malay Ghosh, said here.
The eTerm Plan offers Rs 1 crore life cover for a premium of Rs 700 per month and is available directly to customers in the age group of 18-60 years, with minimum annual premium as low as Rs 3,500.
The online term plan begins with a minimum cover of Rs 25 lakh with no upper limit and a policy term of 10-30 years.
It provides relatively lower rates for women and special rates for non-tobacco users.
eTerm Plan has two options; the first where death benefit is equal to the sum assured, while option two comes with an accidental death benefit rider where additional sum assured up to Rs 50 lakh is paid to the nominee in case of death due to an accident. The maximum maturity age is 70 years.
“The digital platform is a growing distribution channel in the insurance market and still untapped in India. Through eTerm Plan, we are targeting the expanding Internet user base, as a part of our plans to tap and grow the domestic online insurance market. We would introduce a slew of insurance products in a couple of years,” Mr Ghosh said.
Reliance Life Insurance, a part of Reliance Capital, sold over one million policies in 2011-12.