Private insurer Reliance Life Insurance Company on Monday launched 'Online Term', an online life cover plan at an affordable premium.

"Online Term is a simple life protection product that is based on -- adequate cover and people should be able to buy it with ease.

“Our new offering empowers customers to make an informed choice vis-a-vis their liabilities 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," RLIC CEO Anup Rau said.

This plan offers Rs 1 crore (Rs 10 million) of life cover for as low as Rs 15 per day (for a 25 year-old healthy male).

The 'Online Term' also 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.

The online life protection plan comes with a minimum annual premium as low as Rs 3,500.

Reliance Online Term begins with a minimum cover of Rs 25 lakh and provides relatively lower premium rates for women and special rates for non-tobacco users.

The insured will also be entitled to get tax benefits on premium payment, as applicable.