Mumbai, April 21 (IANS): Reliance Life Insurance Company, a unit of Anil Ambani-led Reliance Capital, Monday launched an online life cover plan called “Reliance Online Term”.

“This is one of the most competitive online life insurance plans currently available in the industry, which offers Rs.1 crore of life cover for as low as Rs.15 per day (for a 25 year-old healthy male),” Reliance Life Insurance Company said in a statement here.

The unique proposition of Reliance Online Term is that it offers higher life protection up to the age of 75 years through a transparent and hassle-free online process and provides the convenience of medical check-ups, if any, at the customer’s residence.

“Reliance Online Term is a simple life protection product that is based on two strong beliefs: one, adequate insurance cover should be within every Indian’s reach and two, people should be able to buy it with ease,” said Anup Rau, chief executive officer of Reliance Life Insurance.

“Our new offering empowers customers to make an informed choice vis-à-vis their liabilities and family responsibilities and protect their family’s financial future at a minimal cost. With this, we aim to provide the most affordable online term life insurance plan to our customers,” said Rau.

Reliance Online Term offers Rs.1 crore of life cover at Rs.450 per month for a 25-year-old male (non-smoker) for the term of 15 years. The online life protection plan comes with a minimum annual premium of Rs.3,500.

The entry age for a customer is a minimum of 18 years and a maximum of 55 years with a minimum policy term of 10 years and a maximum of 35 years. The maximum maturity age is 75 years.

The new policy begins with a minimum cover of Rs.25 lakh and provides relatively lower premium rates for women and special rates for non-tobacco users.