"Super Money Back Plan is aimed to provide a guaranteed regular income and security for the family. Even as the guaranteed periodic lump sums ensure financial support at crucial junctures of life, the increasing guaranteed monthly income provides an additional support to take care of increasing expenses," Reliance Life Insurance Chief Executive Officer Anup Rau said in a release issued here.
It offers guaranteed money back benefits every five years throughout the policy period along with an increasing monthly income that starts after the premium payment term.
The guaranteed money back payouts start from the fifth year and are paid every five years for the policy term. At the end of the premium payment term of 25 years, the policy holder enjoys a guaranteed increasing regular monthly income till the end of the policy term.
Super Money back Plan also provides life insurance cover for the full policy term by paying premiums for just half of the selected policy tenure.
For a 50 year policy, the policyholder has to pay premium for only 25 years.
Super Money back plan is available for people between 18 years and 55 years with a minimum sum assured of Rs 1,00,000 and for policy terms – 10, 20, 30, 40 or 50 years.
The plan also provides guaranteed loyalty addition at the end of premium payment term and guaranteed maturity benefits at the end of the policy term.
It also offers regular monthly pay-out after the end of premium payment term that increases every year at three per cent and is paid till maturity or death of the life insured, whichever is earlier.
"Super Money Back Plan for those who want to limit their premium payment commitment period but would like to enjoy life protection and regular income and need financial aid periodically during the policy term," Rau added.