Indian private sector life insurer Reliance Life Insurance Co Ltd Wednesday said that it has launched a new healthcare product 'Reliance Life Care for You Advantage Plan' that offers coverage for hospitalization, surgeries and critical illnesses for the entire family.

"The plan offers the insured a cover that includes primary member, spouse, children, as well as parents and parents-in-laws," Reliance Life Insurance said in a statement.

The product allows an insured to pay a fixed premium for a three-year policy, irrespective of the number of claims taken by the insured during the validity of the policy, it said.

The policy also covers pre-existing illness, after continuing it for four continuous years, it added.

Reliance Life Insurance, along with its third party administrators, has a network of over 4,000 hospitals across the country to provide cashless hospitalization benefits to the customers.

The life insurer is a 74:26 joint venture between Anil-Ambani-controlled financial services company Reliance Capital Ltd and Japan-based insurer Nippon Life.

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