Reliance Fixed Savings is a non-linked, limited pay endowment life insurance plan that allows one to build a secure financial future and plan for important goals.
Regular additions add to the growth of investment and along with the sum assured accrued additions ensure the return on investments is sizable. The plan is a limited premium paying policy that offers the option to include additional riders and subsequently increase risk cover.
This plan from Reliance has the following features
This is aimed at providing many benefits to the policyholder and his/her family and focuses on ensuring a healthy financial scenario on retirement or in the case of unfortunate demise. The following are a detailed list of the benefits offered under this policy -
Death Benefit Option | Death Benefit Multiple | Policy Term | Premium Payment Term | ||
5 years | 7 years | 10 years | |||
10x | 10 | 12 | 8-44 years | 8-55 years | 8-59 years |
15 | 8-60 years | ||||
20 | |||||
7x | 7 | 12 | 45-58 years | 45-60 years | N/A |
15 | 45-60 years | ||||
20 | 56-60 years |
Life insured and proposer can be different in this policy and while the life insured can be within the age group of 8 years to 60 years, the proposer must be above the age of 18 years. The minimum age at maturity will be 20 years under this policy and the maximum age will be 80 years.
Mr. B is a 30 year old salaried professional and opts for Reliance Fixed Savings.
He selects a premium payment term of 7 years, policy term of 20 years and pays a yearly premium of Rs. 50,000. Fixed Regular Additions accrue within the policy immediately upon premium payment -
On survival till the start of the last policy year, Mr. B receives the Accrued Fixed Regular Additions. And at maturity, he receives the Guaranteed Sum Assured which is a sum of annualised premium times the premium payment term and fixed maturity addition (annualised premium times the maturity factor).
The scenarios for Mr. B could be as follows -
Scenario 1 - He survives till the maturity period. The total benefits that he receives is to the tune of Rs. 6,17,025 out of which Rs. 3,50,000 is the annualised premium times the premium payment term and Rs. 2,67,025 becomes the fixed maturity addition.
Scenario 2 - Mr. A passes away in an unfortunate accident, and his nominee receives a lump sum amount as death benefit.
This plan can have five optional riders under its wing in order to provide a more . The riders are as follows -
Credit Card:
Credit Score:
Personal Loan:
Home Loan:
Fixed Deposit:
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