Reliance Nippon Life Insurance launched a new deferred annuity plan, Reliance Nippon Life Nishchit Pension, This plan is aimed at ensuring guaranteed lifelong income for customers.

This plan provides assured income for retirees and allowing them to effectively manage their retirement earnings and protect against potential decreases in long-term interest rates.

According to the Government of India's Economic Survey 2024 report, 15.9% of India's population will be above the age of 60 by 2041, a significant increase from 9.7% in 2021. This demographic shift is driving higher demand for retirement solutions.

Reliance Nippon Life Insurance Company's internal research has indicated that individuals preparing for retirement have a growing need to secure a stable, long-term cashflows for themselves and their dependents. RNL Nischit Pension is designed to address this specific customer need.

The RNL Nischit Pension plan is designed to address important retirement challenges, such as ensuring a lifetime income guarantee, providing assured income for the last surviving couple, and creating a legacy for the next generation.

Guaranteed Income for Life: Receive lifelong regular income for yourself and your spouse, child, siblings, or in-laws.

Flexible Annuity Options: Choose from multiple annuity options customized to meet your unique retirement goals.

Convenient Payment Terms: Select from limited accumulation periods of 5, 6, 7, 8, or 10 years to plan according to your needs.

Liquidity in Critical Situations: Access liquidity options in case of critical illness or total permanent disability.

Customers can choose their annuity start date by deferring payouts and select the frequency of income payouts (monthly, quarterly, half-yearly, or yearly) based on their specific needs.

Ashish Vohra, ED & CEO of Reliance Nippon Life Insurance, said, “With nuclearisation of family structures and increased life expectancy, there is a real risk of outliving one’s savings. One should embark on their retirement planning at the earliest possible to ensure a lifelong guaranteed regular income solution for their golden years. That said, it is never too late to plan for one’s retirement. Over the next decade, I see an exponential demand growth for retirement planning,”

Vohra said: “Pension products are effective financial independence and legacy creation tools. Continuous advancements in healthcare, increasing lifespans and inflationary pressures collectively pose the risk of one living too long and exhausting their accumulated savings. We have endeavoured to ensure that a typical 50-year-old customer accumulating Rs. 60 Lakhs over 6 years stands to secure a lifelong annual income of approximately Rs. 6 Lakhs from age 60 and leave behind the original savings of Rs. 60 Lakhs as legacy. I am sure that prudent retirement planning will allow Indians to retire gracefully.”