Reliance Fixed Savings Plan

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:

Details About Premium

Annual premium in Rupees and benefit illustration

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. 

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