Reliance Fixed Savings Plan

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

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  • 4.8++ Rated
  • 10.5 Crore Registered Consumer
  • 51 Partners Insurance Partners
  • 5.3 Crore Policies Sold

Investment Plans

  • Plan starting from ₹1,000/month
  • Save upto ₹46,800 in Tax under section 80C^
  • Zero LTCG Tax
  • In built life cover
Top performing plans˜ with High Returns**
Invest ₹10K/Month & Get ₹1 Crore# Tax-Free*
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We are rated++
rating
10.5 Crore
Registered Consumer
51
Insurance Partners
5.3 Crore
Policies Sold
Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

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:

 

Minimum

Maximum

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

25,000

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)

50,000

7 years

20 years

350,000

267,025

617,025

98,500

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.

Inclusions 

    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 

Exclusions

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

˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Average Rating
(Based on 1286 Reviews)

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