The product is awaiting IRDA approval.
Reliance Life will soon launch a pension fund which will invest in different asset classes like equity, debt or bond as per customer’s requirement. The consumers can select the category and accumulate his invest accordingly.
“Along with pension accumulation, the product will also give capital guarantee according to the nature of investment that one chooses,” said Malay Ghosh, President and Executive Director, Reliance Life Insurance.
The product has been filed with IRDA and is awaiting clearance. The company feels that this innovative product will help people accumulate a good retirement corpus. According to market experts, more insurers are queuing up to tap the pension product market after IRDA waived off 4.5 percent return guarantee clause required to be fulfilled by the insurers.