Reliance life insurance company (RLIC), a part of Reliance Capital, has launched Reliance Life Insurance Classic Plan, a new unit-linked insurance plan (ULIP) that provides benefits of regular savings, protection and market-linked returns, in a single plan.

Reliance life has said that the plan will be offered to the age group of 7-65 years, pays the beneficiary double the base sum assured plus total fund value in the event of accidental death.

Reliance life insurance executive director and president Malay Ghosh said the new ULIP offers multiple benefits and protection from helping policyholders plan their finances wisely at different stages of life to providing risk cover on loss of life.

The plan provides unparalleled investment opportunities with a wide range of eight fund options, allowing customers to vary their asset allocation as per their risk profiles and appetite.

“It also offers 52 free switches in a year to alter fund mix according to requirements and gives an additional flexibility with options like systematic transfer plan and premium redirection to manage funds,” Ghosh said.