Reliance Life Insurance Company (RLIC), an India-based insurer, has introduced a new policy, known as Reliance Increasing Income Insurance Plan.
The increasing income plan is a traditional non-participating policy, which has been designed to offer an assured source of monthly income to meet the growing expenses of the policyholder..
Go deeper with GlobalData
The insurance product provides a long-term regular monthly income after the end of the premium payment term.
The income increases every year at 3% under the income with maturity benefit option and 6% under the only income option.
Reliance Life Insurance chief agency officer Manoranjan Sahoo was quoted by The Hindu BusinessLine as saying: "With increasing inflation and demands of a better lifestyle, there is a strong need to save up for an alternative source of income.
"We have carefully designed a plan that will provide a long-term income that increases every year. From the protection perspective, the life insurance benefits along with the savings component make Reliance Increasing Income a relevant proposition."
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe age of entry in the plan is between 14 and 60 years with the policy term ranging from 12 to 24 years.
