The product, Reliance Fixed Savings, is a non-linked, non-participating and non-variable endowment insurance plan, which enables policyholders to create a corpus for securing future goals using systematic savings over a period of time.
Apart from offering additional lump sum at maturity along with a life coverage to protect the family of the insured, the new insurance policy also delivers guaranteed benefits, including fixed regular additions that accrue every year.
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Reliance Life CEO Anup Rau said: "Reliance Fixed Savings has been designed to provide 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.
"Customers can stop worrying about their long term goals, knowing exactly what they will get in the future."
The life insurer said that the new product offers guaranteed benefits through fixed regular additions from the very first policy year and incremental savings in the first three years.
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By GlobalDataReliance Fixed Savings is available for customers in the age group eight to 60 years with a minimum annualized premium of INR25,000 ($412.81).
