reliance life insurance company rlic part of reliance capital limited today launched its first online life cover plan reliance life insurance eterm to meet the protection needs of every individual with higher insurance cover at affordable premiums this was announced by mr malay ghosh president and executive director reliance life insurance reliance life insurance eterm plan is a simple and costeffective risk protection product and offers instant life insurance cover through a transparent and hasslefree online purchase this is the first online insurance offering from reliance life insurance and the company plans to introduce more such products in times to come our new offering simplifies the process of purchasing an insurance cover and empowers customers to take an informed decision the launch of our eterm plan is in line with the companys objective to continuously provide the customers with innovative products and valueadded services in a costeffective manner said mr ghosh reliance life insurance eterm plan offers rs 1 crore of life cover from rs 700 per month and is available directly to customers in the age group of 1860 years panindia with minimum annual premium as low as rs 3500 the online term plan begins with a minimum cover of rs 25 lakh with no upper limit and a policy term of 1030 years the plan provides relatively lower premium rates for women and special rates for nontobacco users reliance life insurance eterm plan has two options option i where death benefit is equal to sum assured and option ii 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 apart from tax benefits the plan also has a free look period of 15 days from the date of receipt of policy bond to continue or return the policy it offers annual premium payment mode only with a grace period of 30 days from the due date for payment of regular premiums mr ghosh said the digital platform is a growing distribution channel in the insurance market and still untapped in india through eterm plan we are targeting the everexpanding internet user base in the country as part of our plans to tap and grow the domestic online insurance market we see a great potential opportunity in the online space and would introduce a slew of insurance products in a couple of years the foray into the online distribution channel will further boost the overall sales of the company he added reliance life insurance which sold over 1 million policies in 201112 has recorded its first fullyear net profit at rs 373 crore for the fiscal ending march 31 2012 and garnered a total premium of rs 5498 crore in the last financial year