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

Best Investment Plans
  • Save Upto ₹46,800 in tax under Sec 80C

  • Inbuilt Life Cover

  • Tax Free Returns Unlike FD

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

*Please note that the quotes shown will be from our partners
Buy Online & Get upto 4% extra#
Get Guaranteed returns along with life cover
invest in 100% Guaranteed Return Plans Tax benefits under sec 80C & No Tax on returns*
+91
View Plans
Please wait. We Are Processing..
Plans available only for people of Indian origin By clicking on "View Plans" you agree to our Privacy Policy and Terms of use #For a 55 year on investment of 20Lacs #Discount offered by insurance company Tax benefit is subject to changes in tax laws
Get Updates on WhatsApp
We are rated
rating
58.9 million
Registered Consumers
51
Insurance
Partners
26.4 million
Policies
Sold

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

Investment Plan
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Investment Plan 2
Average Rating
(Based on 0 Reviews)
Investment Plan 3

Investment plans articles

Recent Articles
Popular Articles
Investment Calculator

17 Mar 2023

An investment calculator helps an individual to determine the
Read more
Types of Endowment Life Insurance Policy

07 Feb 2023

An endowment plan is an infamous life insurance policy available
Read more
Wealth Creation

06 Feb 2023

The term 'wealth' has different meanings. Wealth could be the
Read more
Best Way to Invest 20,000 Rupees

31 Jan 2023

Saving is a primary goal, especially for a middle-class
Read more
Best Investment Plan for Students

31 Jan 2023

People are dependent on different sources of income for wealth
Read more
Best LIC Policies For Investment in 2023
LIC Policies for investment are the best option to invest your hard-earned money. As LIC is a government-backed
Read more
Post Office Monthly Income Scheme - MIS Interest Rate 2022
Post Office Monthly Income Scheme (POMIS) is an investment scheme of the Indian postal service. It promises the
Read more
Short Term Investments Options
Short-term investments can be described as temporary investments or marketable securities, which can be easily
Read more
Best NRE Savings Accounts for NRIs in 2023
India is a growing economy and is getting a lot of global recognition these days. It has shown immense growth in
Read more
Ways to Double Your invested Money
One of the main reasons we invest money is to save it and watch it grow. However, with low interest rates from
Read more

top
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL