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Reliance Nippon Life Fixed Savings Plan

What is the Plan all About?

Reliance Nippon Life Fixed Savings is non-linked, non-participating, & non-variable endowment insurance plan that helps you save systematically over a period of time. With this plan, you can receive guaranteed benefits that accumulate every year. This plan also offers lumpsum amount at maturity plus a life cover that ensures protection for your family.


What are the Key Features?

  • Fixed regular additions every year
  • Incremental savings in the first 3 years
  • Corpus to fulfill your financial goals
  • Avail guaranteed sum assured on maturity
  • Life cover throughout the policy term

What are the Plan Benefits?

Death Benefit

    In case of demise of the insured during the policy term, the nominee will receive the maximum of 105% of all the premiums paid (till the date of death), Sum Assured on death plus Accrued Fixed Regular Additions (till the time of death).

    Here, Sum Assured on death is highest of Guaranteed Sum Assured on maturity or Annualized Premium * death benefit multiple. Death benefit multiple depends on the death benefit option chosen at the inception of the policy.

Maturity Benefit

    On survival of the life insured at maturity of the policy, Guaranteed Sum Assured on Maturity which is equal to sum of Fixed Maturity Addition = Maturity Factor * Annualized Premium and Annualized Premium * Premium Payment Term.

Fixed Regular Additions

    In case the life insured survives till commencement of the last policy year, Accrued Fixed Regular Additions are paid on first day of the last policy year. For 1st policy year, Fixed Regular Additions is 8% of annualized premium, for 2nd policy year, Fixed Regular Additions is 9% of annualized premium, & from 3rd policy year onwards, Fixed Regular Additions is 10% of annualized premium.

Loan Benefit

    Loan facility cannot be availed under this policy.

Surrender Value

    Surrender Value can be acquired on payment of 2/3 full policy years premium, when the premium payment term is 5 & 7 years/premium payment term is 10 years, respectively. Surrender Value is higher of Guaranteed Surrender Value or Special Surrender Value.

Tax Benefit

    This policy provides tax benefits under section 80C and 10 (10D) of the Income Tax Act, subject to amendments.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 8 Years 60 Years
Age at Maturity 20 Years 80 Years
Policy Tenure 12/15 Years 20 Years
Premium Paying Term 5/7/10 Years -
Premium Paying Mode Annually, Semi Annually, Quarterly & Monthly -
Premium Amount Rs 25000 (Annual) No Limit
Sum Assured - -
Freelook Period 15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period 30 Days (15 Days For Monthly Mode) -
Plan Type Offline -

Is any Rider Available with this Plan?

The plan offers following riders on a payment of an additional rider premium can be opted under this plan.

  • Reliance Nippon Life Term Life Insurance Benefit Rider,
  • Reliance Nippon Life Family Income Benefit Rider,
  • Reliance Nippon Life Major Surgical Benefit Rider,
  • Reliance Nippon Life Critical Conditions (25) Rider,
  • Reliance Nippon Life Accidental Death and Total and
  • Permanent Disablement Rider (Regular Premium)

How the Plan Works?

Mithilesh aged 30 years opts for Reliance Nippon Life Fixed Savings. He chooses policy term of 20 years, premium payment term of 7 years with yearly premium of Rs 50,000.

Scenario I: If Mithilesh survives till maturity of the policy term, following benefit is payable.

Reliance Nippon Life Fixed Savings

Scenario II: In case of unfortunate death of Mithilesh, his nominee receives death benefit as a lump sum amount.