India-based Reliance Life Insurance, a subsidiary of Reliance Capital, has introduced a new endowment insurance plan, which provides fixed returns.
Reliance Fixed Savings, which is a non-linked, non-participating and non-variable endowment insurance plan, allows policyholder to create a corpus through systematic savings over a period of time.
The new plan provides guaranteed benefits such as fixed regular additions that accrue every year, and also offers an additional lump sum at maturity along with a life cover to protect the family of the insured.
The plan can be used by the customers in the age group between eight and 60 years with a minimum annualized premium of INR25000.
The policy holders will be provided fixed regular additions at 8% of the annualized premium in the first year, 9% in the second year and 10% from third year onwards.
Reliance Life Insurance CEO Anup Rau said the new plan has been developed to offer risk-averse customers the core value of long-term savings and protection.
"The uniqueness of the plan lies in fixed regular additions that will be rewarded to policyholders throughout the policy tenure, in addition to the life cover," Rau added.