Reliance Life Insurance Company has launhed a pension scheme Reliance Life Insurance Smart Pension Plan. The non-participating unit-linked pension plan offers a range of benefits and encourages early saving for post-retirement financial independence. It is available for individuals in the age group of 18-65 years, with a minimum policy term of 10 years and a maximum tenure of 30 years, while the maturity/vesting age is between 45 and 75 years. It includes riders, guaranteed returns and flexibility of premium payment that allows creation of long-term, post-retirement corpus. In case of the death of the assured before the maturity and vesting date, provided the policy is in force, 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.
ING’s Golden Years Retirement Plan
ING Life Insurance has launched ING Golden Years Retirement Plan to enable customers build a retirement corpus. The plan offers multiple flexibilities to help customers plan their retirement. In addition to the regular premium, one can can pay an additional amount during the policy term (subject to product terms and conditions) to ensure the retirement fund grows faster. One has to choose from the premium payment options of regular, limited or single payment. The Individual Pension Account (IPA) grows at an interest rate declared
every year. It is determined by
the performance of the fund. However, the minimum interest rate on IPA is 5% per annum for the first five policy years and 1.5% per annum for rest of the term. One can choose to pay the premium either monthly or
annually, and one can increase
or decrease the premium payment term by keeping the
premium amount same subject to meeting the applicable minimum premium.
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