Reliance Life launches Smart Pension Plan

India Infoline News Service | Mumbai |

The plan allows saving from age of 18 years to help create large corpus till retirement

Reliance Life Insurance (RLI) on Monday launched Smart Pension Plan. The plan is a comprehensive non-participating unit-linked pension plan that offers a range of benefits and encourages early saving for post-retirement financial independence.

Anup Rau, chief executive officer, RLI, said, “With increasing life expectancy, there is a need to encourage long-term savings habit amongst 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”.

Smart Pension Plan’ offers a range of unique benefits including: starting as early as 18 in order to benefit from the power of compounding; the only retirement plan that offers rider options to customers to safeguard against accidental death, illnesses and even life insurance; guaranteed returns and loyalty additions safeguard against volatile market conditions.

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, while the maturity/vesting age is between 45 and 75 years.

It is tailor-made to include riders, guaranteed returns and flexibility of premium payment that allows creation of long-term corpus for post-retirement and provide safeguards against life’s uncertainties.

This is the one-of-its-kind product in the insurance industry with a host of rider options that help customers enhance their ambit of benefits during the policy term,” Rau added.

Smart Pension Plan provides five rider options – accidental death and total and disablement rider, term life insurance benefit rider, new major surgical benefit rider, new critical conditions benefit rider and family income benefit rider. The optional riders are available on payment of additional premium over and above the base premium.

In case of death of the life assured before the maturity and vesting date, provided the policy is in force as on the date of death, the higher of the total balances in the unit account or 105% of the total premiums paid will be paid to the nominee.

On survival of the life assured, up to the end of the policy term, the higher of the total balance in the unit account or 101% of the total premiums paid will be paid to the policyholder.

The pension plan also offers guaranteed loyalty additions from the sixth policy anniversary. Loyalty additions are added in the fund at the end of every three years till the end of 30th year. In 30 years, 45% loyalty additions of annualised premium would be given on a cumulative basis.
 

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