Private sector Reliance Life Insurance today launched endowment plan that provides fixed returns.
Reliance Fixed Savings is a non-linked, non-participating and non-variable endowment insurance plan that helps a policyholder create a corpus for securing future goals through systematic savings over a period of time, the insurer said in a statement.
The new insurance plan offers guaranteed benefits, including fixed regular additions that accrue every year, it said.
The plan also offers an additional lump-sum at maturity along with a life cover to protect the family of the insured.
"It 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," Reliance Life Insurance CEO Anup Rau said.
The policyholders will be rewarded with fixed regular additions at 8 per cent of the annualised premium in the first year, at 9 per cent in the second year and at 10 per cent from third year onwards, he said.
The plan is available for customers in the age group 8-60 years with a minimum annualised premium of Rs 25,000.
