Reliance Life Insurance, a part of Reliance Capital, today announced a new plan that offers guaranteed life cover and maturity benefits.

The plan Reliance Life Insurance Super Endowment Plan would provide life insurance coverage for the full policy term by paying for just half of the selected policy period, a company statement said.

"This new product is in line with our philosophy to enable customers across all income segments to insure their life and provide security to their dependents," Reliance Life Insurance Chief Executive Officer Anup Rau said.

The new plan is available for customers in the age group 8-60 years with a minimum sum assured of Rs 1 lakh. The policyholder can opt for two policy terms – 14 years or 20 years.

An interesting feature of the policy is that the premium payment term is only half the policy term - 7 years for a 14 year policy; and 10 years for a 20 year policy – while the Life Cover is valid for the entire period.

"This is ideal for people who want to limit their premium payment commitment period but like to enjoy Life Cover for a longer time. Policyholders will be entitled for guaranteed maturity benefits at the end of the policy period," Rau said.

Reliance Life Insurance is one of India's top private sector life insurance companies with business premium, including renewal premium of over Rs 5,498 crore for the year ended March 31, 2012.