Reliance Life Insurance said that it plans to launch a new pension plan in the next two months. According to private insurer, the product will be a pension accumulation plan. Reliance Life has already filed the product with the Insurance Regulatory and Development Authority (IRDA) for approval.
Reliance Life, part of Anil Ambani-led Reliance Capital, is also giving capital guarantee and an option to take debt, equity or bond whatever is chosen by the policyholder, media reports said.
Since IRDA revised pension product guidelines and removed the 4.5% return guarantee requirement, many private insurers are planning to launch pension plans.
Recently, Japan’s Nippon Life with its partner Reliance Life introduced the concept of post-sales services to the Indian insurance industry. As a strategic partner, Nippon Life holds 26% stake in Reliance Life. Post-sales service is a widespread practice followed by many companies to retain their customers. The service involves a continued relationship between the company and its customers through maintenance and advice-like offerings for years after the actual sale of the product.