Chennai, July 22 (IANS): Private life insurer Reliance Nippon Life Insurance Company Ltd on Friday launched a new money back policy called "Increasing Money Back Plan", a non-unit linked product.

The non-participating policy provides periodic, guaranteed and incremental money back payouts along with a life cover for the entire policy term, said a company statement.

"Reliance Nippon Life's Increasing Money Back Plan is designed to help policyholders get a guaranteed income at regular interval and insured financial security for the family. The increasing guaranteed pay out provides the additional support to match the increasing expenses and to fulfil the goals for the family," said Chief Agency Officer Manoranjan Sahoo, according to a statement.

The policy offers guaranteed increasing money back benefits to policyholders every three years from the commencement of the policy, it said, adding that the percentage payout increases from 10 per cent to 20 per cent to 30 per cent to 50 per cent and 100 per cent of the base sum assured for the consecutive three years till end of the policy term.

Therefore, the total benefit payout is upto 210 per cent of the base sum assured at maturity, the company said.

This new plan is available for customers in the age group 15-55 years with a minimum base sum assured of Rs 100,000 and minimum premium of Rs 18,000.

The policy offers regular pay and limited premium payment options that allow payment for seven years or full policy term depending on policyholders preference.

However, the policy term is fixed for 15 years in both cases.

In addition, the plan also allows upto 80 per cent of surrender value as loan in case of an emergency ensuring liquidity in case of any eventuality.

In the event of death of a policyholder during the policy term, the nominee would receive full death benefit, irrespective of survival benefits payout already received.

The death benefit amount payable will be highest of either 10 times of annualised premium, guaranteed sum assured on maturity or 105 per cent of total premiums paid, the statement said.