Source: Financial Chronicle

Leading private insurer Reliance Life plans to launch a new pension plan as early as next month and has sought the sector regulator IRDA's approval for the same, a top official said. Several private insurance companies are mulling offering new pension schemes after IRDA (Insurance Regulatory and Development Authority) revised pension product guidelines and removed the 4.5 percent return guarantee requirement. However, Reliance Life Insurance, part of Anil Ambani-led Reliance Group's financial services arm Reliance Capital, would be among the first few to launch a fresh pension plan. "We have filed one accumulation policy with IRDA and are expecting to get approval by this month-end. If everything goes as per our plans, we will be coming up with a new pension plan by next month-end or early November," Reliance Life President and Executive Director Malay Ghosh said. With this new annuity product, Reliance Life is also planning to give capital guarantee and an option to take debt, equity or bond whatever is chosen by the insured.