Terms & Conditions
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  • *** Tax adjusted Returns - assuming 30% tax bracket

Reliance Fixed Savings Plan

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Reliance Fixed Savings is a non-participating traditional Endowment Assurance plan which provides a host of benefits to build up a high corpus to provide for future needs

Reliance Fixed Savings - Key Features 

  • Limited payment Endowment plan
  • Fixed Regular Additions accrue from the first year itself and payable on the first day of the last policy year 

Reliance Fixed Savings - Benefits 

Fixed Regular Additions are accrued @ 8% in the first year, 9% in the second year and 10% from the third year onwards till the end of policy term

Maturity Benefits: On survival till maturity the Guaranteed Sum Assured and Fixed Maturity Addition is payable.

          Guaranteed Sum Assured = (Annual Premium * policy term)

          Fixed Maturity Addition = Annual Premium * Maturity Factor

Death Benefits: If the insured dies before the maturity, then the nominee gets the sum assured on death subject to a minimum of 105% of the total premium amounts paid till death + accrued Fixed Regular Additions

    SA on death is defined as the higher of, Total Annual Premium x Death Benefit

    Or, Guaranteed Sum Assured on Maturity

Tax Benefits: All the claims that are received and premiums paid are eligible for tax deductions Under Section 80C and 10(10D) of Income Tax Act. 

Reliance Fixed Savings - Product Specification:




Entry Age (Last Birthday)

8 years

60 years

Maturity Age (Last Birthday)

20 years

80 years

Policy Term (PT) in years

12 / 15 / 20

Premium Paying Term (PPT) in years

5 / 7 / 10

Premium Paying Frequency

Annual, half-yearly, quarterly, monthly

Yearly Premium


No limit


Details About Premium

Annual premium in Rupees and benefit illustration

Premium (1)

PPT (2)

Policy Term (3)

Annual Premium * PPT (4)

Fixed Maturity Addition (5)

Total Maturity Payout (4+5)

Fixed Regular Addition (6)


7 years

20 years






Reliance Fixed Savings - Policy Details 

Grace Period: The insured is allowed a grace period of 15 days for his monthly premium payment modes; and, if the insured fails to pay his premiums of other premium payment modes, then he is allowed for a 30 days grace period. However, if the insured fails to pay his premiums even within the allowed grace period then his policy is subject to lapse. 

Policy Termination or Surrender Benefit: The insured is allowed to surrender his endowment plan anytime, given he has completely paid his premiums for 2/3 years since inception. The surrender value shall be a higher of the Guaranteed Surrender Value and Special Surrender Value. 

GSV = (GSV Factor for premiums * total premiums paid – accrued Fixed Regular Additions) + Cash VAlu of Fixed Regular Additions 

Free Look Period: If the insured would not be plan with the cover and its terms and conditions of, then he has the choice to cancel it within 15 days of receiving the policy documents, given no claims have been done yet.


    Loan is not available under the plan 

Additional Features or Riders 

The insured has the benefit to customize his plan with additional rider covers at affordable premium amounts as below: 

  • Term Life Insurance Benefit Rider
  • Critical Conditions Rider
  • Major Surgical Benefit Rider
  • Family Income Benefit Rider
  • Accidental Death, and
  • Total and Permanent Disablement Rider 


Suicide: In the insured commits suicide within first year of plan inception, then his family is settled by paying 80% of the total premiums paid by him till date; and if the insured commits suicide within first year of plan renewal, then a higher of 80% premiums paid till date and acquired surrender value is paid. 

Documents Required 

The policyholder has to submit completely filled Application form proposal form with accurate medical history along with the required KYC documents and the address proof. In some cases the insured might be asked to go for a medical examination, based on the sum assured and the age of the person. 

You may also like to read: Reliance Life investment Plans

Frequently Asked Questions:

Q.  What are the saving benefits under this plan?

The insured is provided a regular fixed addition of:

  • 8% in the 1st year
  • 9% in the 2nd year
  • 10% yearly from 3rd year onwards 

Q.  What are the details of the rider covers available under this plan?

The insured has the benefit to customize his plan with additional rider covers at affordable premium amounts as below: 

Term Life Insurance Benefit Rider:

This rider cover provides additional death benefit based on the sum assured as chosen under the rider. 

Major Surgical Benefit Rider:

This rider offers a lump sum amount to cover the expenses on surgeries from the list of 33 varied surgeries which also includes open heart surgery, cornea transplantation, kidney transplantation, lungs transplant, etc. 

Critical Conditions:

This rider option gives a lump sum benefit amount to cover 25 critical conditions which includes cancer, paralysis, heart attack, major organ transplant, etc. 

Family Income Benefit Rider:

This additional rider cover provides a monthly benefit of 1%  of the sum assured amount which is a 12% p.a. This benefit is paid from the date of death till the date of death till the end of the rider policy term or 10 years whichever is later, in the event of death / total and permanent disability due to accident or sickness, before plan maturity. 

Accidental Death and Total Permanent Disablement Rider:

This rider provides additional death or disability benefits if the death or disability happens directly in the event of an accident. Also, the waiver of premium benefits under the rider continues in the plan in case of disability. 

Q.  What are the provisions of premium payment mode?

The insured has the option to pay his premiums either Monthly, Quarterly, Half Yearly, Yearly modes are allowed only if premiums are paid electronically. For the monthly premium payment mode, first 2 months of premiums will be collected in advance at the time of the plan. 

Q.  What are the provisions of change of policy term or premium payment term?

The plan term and premium payment term cannot be changed after the commencement of the policy. 

Q.  What is the special surrender value under the plan?

The special surrender value shall be based on the expected present value of Guaranteed Sum Assured on maturity and expected present value of Accrued Fixed Regular Additions applicable at the time of surrender. The surrender value provided are based on several factors as approved by IRDA, from time to time and shall be provided on request of the policyholder. .

fixed deposit with life cover
Written By: PolicyBazaar - Updated: 09 November 2017