Reliance Life Insurance Company has launched a new pension product ‘Reliance Life Insurance Smart Pension Plan’.
It is a non-participating unit-linked pension plan that offers a range of benefits and encourages early saving for post-retirement financial independence.
Reliance Life is among the few life insurers who have launched a pension plan after the release of new pension regulations.
"With increasing life expectancy, there is a need to encourage long-term savings habit among the youth.
We have carefully created this innovative pension plan that allows individuals to start early, create a long term corpus, and benefit from comprehensive features built in the plan to offer post-retirement security", Mr Anup Rau, Chief Executive Officer, Reliance Life Insurance, said in a statement on Monday.
Reliance Life’s pension product is now the only retirement plan in the market that offers riders option to customers to safeguard against accidental death, illnesses and even life insurance; guaranteed returns and loyalty additions safeguard against volatile market conditions
Reliance Life Smart pension Plan is available for individuals in the age group of 18-65 years with a minimum policy term of 10 years and a maximum of policy tenure 30 years. The maturity/vesting age is between 45 and 75 years