Mumbai, Feb 21 (IANS) Reliance Life Insurance, a part of the Reliance Anil Dhirubhai Ambani Group, Sunday launched a new unit-linked insurance plan that "guarantees high returns" and targets policy holders from 30-day infants to 65-year senior citizens.

"The new plan has been developed with the objective to maximise returns for policyholders and guarantees benefit at the highest asset value ever achieved by the fund during the entire policy term of 10 years," said a company statement.

Under the plan, the premium paid by the policyholder, excluding the charges, is invested in a fund and units are allocated based on the net asset value (NAV). On maturity, it guarantees returns based on number of units multiplied by the highest NAV.

"The new plan simply captures and guarantees the upside of the market with no risk of negative return," said Malay Ghosh, president of Reliance Life Insurance.

"Customers can take advantage of market-linked returns with the satisfaction of getting the highest NAV during the policy term while protecting his wealth from any downturn in the market."

The maximum sum assured provided under the plan is up to 30 times the annualised premium in the case of regular premium option, and up to six times the annualised premium in the single premium option.

The plan also has a host of optional rider benefits like health related expenses to enhance protection cover.