Reliance Life Insurance to Launch New Pension Plan

Reliance Life Insurance plans to launch a new pension plan in the next two months, a top company official said.

This will be a pension accumulation plan and the product has already been filed with the Insurance Regulatory and Development Authority (IRDA) for approval, Malay Ghosh, President and Executive Director said.

“We are also giving capital guarantee and an option to take debt, equity or bond whatever is chosen by the policyholder.

“We are also giving a fund which we will be managing depending on the life-stage of the policyholder.”

Ever since IRDA came up with revised pension product guidelines and removed the 4.5 per cent return guarantee requirement, many private insurers have looked at offering pension plans.

Reliance Life plans to hire 5,500 career agents across 200 branches by the end this financial year.