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Life insurance products are designed to suit the requirements of customers. Fundamentally the product provide for:

 Risk cover  Investment

 Health cover

In every product, to a certain degree, risk cover is imperative for it to fall under the category of insurance. Based on the coverage of the product, the premiums are calculated and the customer pays accordingly. In order to suggest the right product, it is essential for an agent to understand the requirements of the customer well.

Reliance Life Insurance Company Limited has offered 9 traditional plans to the customers, which are listed as follows:

1) Reliance Term Plan 2) Reliance Whole Life Plan 3) Reliance Child Plan

4) Reliance Endowment Plan

5) Reliance Special Endowment Plan 6) Reliance Cash Flow Plan

7) Reliance Credit Guardian Plan

8) Reliance Special Credit Guardian Plan

Each of the above traditional plans is discussed as follows: 1) Reliance Term plan: -

This insurance policy is designed for those who only want life cover for the protection of their family, and do not wish to save for themselves. It can also be useful to business firms that wish to provide financial security to their

business against the sudden loss of partners or valuable manpower. Since there is no saving element or bonus provision, the premium is very low. Hence, this is a high-risk plan with a low premium.

 Features: -

a) Purely a term plan

b) Entry age minimum 18 years and maximum 65 year c) Maximum premium paying term is 30 year

d) Loan facility N.A.

e) Maturity amount = Sum assured

2) Reliance Whole Life Plan: -

This insurance policy is designed for people who do not wish to avail of any benefits themselves but wish to create an immediate estate to protect their family by availing of insurance cover on their life at a very low cost.

 Features: -

a) It is a whole life insurance policy with profits b) Low cost life cover

d) Maturity amount = Sum assured + Vested bonus e) Tax benefit is available

3) Reliance Child Plan: -

This insurance policy is designed for people who wish to save money for a future time when there will be a recurring need for substantial amounts of money. This is especially true when it comes to paying large sums of money for higher education as and when your son or daughter is studying to become an Engineer, a Doctor or specialize in some other field, or is perhaps planning to go abroad.

This money is payable in equal installments over the last 4 years of the policy term.

 Features: -

I. Minimum entry age is 20 year and maximum 60 year a) Minimum sum assured is Rs. 25,000.

b) Minimum premium paying term is 5 year and maximum 20 year

c) Tax benefit is available

d) Maturity amount = Four equal installment of sum insured in last four year plus vested bonus in the last year

4) Reliance Endowment Plan: -

Reliance Life Insurance’s Reliance Endowment Plan is the key to all your financial needs. It is an inexpensive and easy way to protect you, your family or your business.

In a nutshell this plan will keep you financially prepared for all the special occasions in your life - your daughter’s wedding, your child’s university education or even a new office for your business - by eliminating the burden that a shortage of money creates.

In the event of your untimely death, Reliance Endowment Plan will also assist your loved ones through this difficult time by the financial support that it provides.

Reliance Endowment Plan also gives you the additional benefit of participating in the company’s profits, which you will receive at the end of the policy period.

 Features: -

b) Maturity age minimum is 18 year and maximum 75 year

c) Minimum premium paying term is 5 year and maximum 35 year in case of regular and in case of single 15 year

d) Minimum sum assured is Rs. 25,000 or as determined by the minimum premium

e) Maximum sum assured is Rs. 5,00,000 (entry age below 18 years and no limit for entry age 18 and above)

f) Premium mode annual, half yearly, quarterly and monthly (by salary deduction only)

g) Loan up to 90% of the surrender value of the policy

h) Maturity amount = Guaranteed sum assured + Reversionary bonus

5) Reliance Special Endowment Plan: -

This insurance policy is designed for people who wish to combine savings with extended security. The unique feature of this policy is that life protection continues for five years after you have stopped the payment of premium. Payment of sum assured at the end of premium paying term and extension of life cover thereafter for the full sum assured for a period of 5 years, are characteristics of the policy.

 Features: -

a) Entry age minimum 12 year and maximum 65 year b) Minimum sum assured is Rs. 25,000

c) Minimum premium paying term is 10 year and maximum 40 year

d) Unique feature of this policy is that five year life protection continues after you have stopped the payment of premium e) Tax benefit is available

f) Under this policy bonus is compounded yearly g) Loan facility is available

h) Maturity amount = Full sum assured before maturity date + Vested bonus at the time of maturity date

6) Reliance Cash Flow Plan: -

This insurance policy is designed for those who have a recurring need for reinvestment in business or look for short-term investment channels. The advantage of the policy is that they need not part with a sizable amount of money at any one time, but create, through regular premium payments, a periodic return of lump sums which become available for reinvestment at higher returns, while providing simultaneously, substantial life cover.

Alternatively, it can be used to meet any immediate financial crisis in the family like your son's college admission, your daughter's engagement, and renovation of your home or perhaps, a holiday abroad.

The money is payable in installments. The first installment is paid at the end of the 4th year and thereafter at the end of every 3rd year.

 Features:-

a) Plan with profits

b) Minimum entry age is 15 year and maximum is 63 year c) Maximum premium paying term is 34 year

d) Loan facility is not available

e) In case of death full sum assured + accrued bonuses up to the date of death is payable immediately

f) In case of survival up to maturity date all premium paid g) Rider accident death and critical illness

h) Mode of payment is available

7) Reliance Credit Guardian Plan: -

This insurance policy is designed for those who not only safeguards individuals but also families and businesses from the financial hardship that could arise from unfortunate and unexpected death.

 Features: -

a) Loan protection against home, home improvement, two wheelers and four wheelers

c) In case of survival no benefit is available

d) Premium payment option for single and regular is available e) Premium paying term is 2/3 of loan period and remaining

period paid by the company

8) Reliance Special Credit Guardian Plan: -

This insurance policy is designed for those who not only safeguards individuals but also families and businesses from the financial hardship that could arise from unfortunate and unexpected death, disability or critical illnesses.

 Features: -

a) Loan protection against home, home improvement, two wheelers and four wheelers

b) In case of death remaining loan amount paid immediately c) In case of survival no benefit is available

d) Premium payment option for regular and single is available

e) Premium payment term is 2/3 of loan period and remaining period paid by the company

f) Maturity amount = All the premium paid amount g) Tax benefit is available