That’s it. From now on, it will shut down phone automatically at the time you specified. You can create many rules like the above one at different times for different days (if you need).
Remember that the phone will not boot up automatically. You’ve to manually boot up the phone when you need.
Tap the "My Rules" section to see the rules. If you want to edit your rule, tap on the rule name. Tap the edit rule option to edit the rule.