Mr. Anup Rau, Chief Executive Officer, Reliance Life Insurance Company announced the launch of its innovative non-participating unit linked pension plan called Reliance Life Insurance Smart Pension Plan. Under this plan an individual can choose various benefits and this plan also helps to save for the retirement.
The salient features of this plan are as under:-
Entry age is between 18 years to 65 years and policy terms ranges from 10 – 30 years. Maturity age ranges from 45 – 75 years.
Due to early entry age (18 years), it benefits from the power of compounding.
It is tailor made to include riders, guaranteed returns, loyalty additions, flexible premium payment benefits and safeguard against unstable market conditions.
It creates capital for after retirement life as well as protect against any life insecurity.
It is the only retirement plan with 5 different types of rider options viz:
Reliance Accidental Death and Total and Permanent Disablement Rider
Reliance Term Life Insurance Benefit Rider
Reliance New Major Surgical Benefit Rider
Reliance New Critical Conditions Benefit Rider; and
Reliance Life Insurance Family Income Benefit Rider
This benefit of rider is available on payment of a nominal premium amount over and above the base premium.
Mr. Anup Rau further added that since life expectancy period is increasing, there is a need for individual to save more. This innovative plan allows an individual to start saving at the early age, create capital for their retirement and take advantage of the all inclusive features available in the plan offering post retirement security.
Reliance Life Insurance is a Reliance Capital Company and is part of Reliance Group. Reliance Group also has presence in Communications, Energy, Natural Resources, Media, Entertainment, Healthcare and Infrastructure. Nippon Life Insurance Company holds 26% shares in the company. Reliance Life Insurance offers products that fulfill savings and protection needs of an individual.
