Reliance Nippon Life Insurance Launches a New Deferred Annuity Plan, ‘Nishchit Pension’ to help Indians secure Guaranteed Income during their golden years

Mumbai, October 4, 2024: Reliance Nippon Life Insurance Company Limited, a leading private life insurer has launched a new deferred annuity plan, the Reliance Nippon Life Nishchit Pension, designed to ensure a guaranteed lifelong income, enabling customers to streamline their retirement income and safeguard against any decline in long term interest rates.

As per a report by the Economic Survey, Govt of India, by 2041, 15.9% of India’s population is estimated to be above 60 years of age (up from 9.7% in 2021). Such a large demographic shift is the key driver of accelerated demand for retirement solutions. As per company’s internal research, securing stable, long term cashflows for self and dependents is emerging as a predominant need for customers planning for retirement. The RNL Nischit Pension has been curated with this specific customer need in mind.

Commenting on the launch of the new product, Ashish Vohra – ED & CEO, said, “With nuclearization 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.”