Reliance Nippon Life Insurance Company has launched its new term protection plan
The Reliance Nippon Life Protection Plan
News Desk, News Nation 360: Reliance Nippon Life Insurance Company has launched its new term protection plan - The Reliance Nippon Life Protection Plan which is designed specifically to meet the diverse protection needs of India. With this product, RNLIC aims to address the increasing protection gap and improve insurance penetration in the country. Speaking on the new policy, Ashish Vohra – ED & CEO told, as per recent research reports, the protection gap in our country stands at around 70-80% and even for the insured population, the insurance coverage extends to only about 8% of the adequate amount.
Commenting on the protection gap in the country. In such a scenario, it is imperative for life insurers to actively engage in providing protection solutions for the masses and this product is a step in this direction. Further, the product also helps them complete their offline product portfolio and offer solutions to their customers across varying life stages and financial goals. This unique protection plan offers four distinct cover options designed to meet the protection cover of its varied customer segments that are Level Cover Plan, Increasing Cover Plan, Level Cover Plus Income Plan, Whole of Life Cover Plan. The company, rated amongst the Top 3 Most Trusted Life Insurance Service Brands by Brand Equity‘s Most Trusted Brands Survey 2018, is planning to further increase its distribution footprint by opening 75-80 new branches in the near term. The company’s JV partner, Nippon Life, is the largest Insurance company in Japan and one of the largest Japanese investors in India. Nippon Life has deep-rooted interests in Life Insurance and Mutual Fund businesses and it recently increased its stake in the Mutual Fund company to 75% and holds 49% (up to maximum FDI cap) in the Life Insurance company.
Pic: Krishnendu Kundu
Report: Anustup Kundu