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..

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."

The age of entry in the plan is between 14 and 60 years with the policy term ranging from 12 to 24 years.