The DHFL Pramerica Group Credit Life+ Plan offers loan liability coverage for the nominee of dependents of the group member in case of untimely death of the group member. With the DHFL Pramerica Group Credit Life+ Plan, policyholders have a choice between two plans - Base Life Cover or Enhanced Life Cover. Policyholders have to make just one premium payment and in return they are insured for a lifetime. In addition, the DHFL Pramerica Group Credit Life+ Plan comes with accidental death or permanent disability cover for the group members.
To be eligible for the DHFL Pramerica Group Credit Life+ Plan, customers need to meet certain criteria.
|Entry Age||Minimum: Plan A - 14 years (for educational loan) 18 years (for other loans) Plan B - 18 years (for all loans) Maximum: 65 years|
|Group Size||Minimum: 50 members|
Sum Assured: The maximum sum assured depends on the plan chosen by the policyholder. The minimum sum assured is Rs.10,000.
Premium: The premium depends on the plan chosen by the policyholder, the loan liability and the policy term. The DHFL Pramerica Group Credit Life+ Plan comes with a single premium payment.
|Policy Term||Minimum: 2 years Maximum: 30 years (for home loans) 15 years (for education loans, loans against property, business loans, commercial vehicle loans. 10 years (for car/two-wheeler/three-wheeler loans, personal loans, consumer durable/tractor/farm equipment loans.|
|Premium Payment Term||Single Premium|
|Sum Assured||Minimum: Rs.10,000 Maximum: No limit (Plan A: Base Life Cover) Rs.2 crore per member (Plan B: Enhanced Life Cover)|
The DHFL Pramerica Group Credit Life+ Plan comes with death benefits and a critical illness cover for group members.
|Death Benefit||Plan A: Base Life Cover: In case of untimely death of the group member, the outstanding loan amount will be paid. Plan B: Enhanced Life Cover: This cover offers coverage for both death and accidental permanent disability. In case of unfortunate death or permanent disability arising from an accident (whichever is earlier) the outstanding loan amount is paid.|
|Critical Illness Cover||Plan A: Base Life Cover: On diagnosis of critical illness, a lump sum amount will be paid to the group member in 6 EMIs (Equated Monthly Installments). Plan B: Enhanced Life Cover: On diagnosis of critical illness, a lump sum amount will be paid to the group member in 6 EMIs (Equated Monthly Installments) as well as an additional benefit if death occurs from the critical illness.|
Suicide exclusion: If the insured member commits suicide within 12 months from the commencement of the policy, the insurer will refund 80% of the premiums paid till the point of death. No other benefits are applicable in the case of suicide.
Accidental Total and Permanent Disability exclusions: No benefits shall be applicable if Accidental Total and Permanent Disability occurs from the following circumstances.
The key features of the DHFL Pramerica Group Credit Life+ Plan are listed below.
|Joint Life First Death Basis||In the case of joint loan borrowers, if any of of the borrowers dies, the outstanding loan will be paid. Once the loan is covered, the policy will be terminated.|
|Loan Share Percentage Basis||In this case, the sum assured will be equally split between the joint burrowers. If death or accidental total or permanent disability occurs to any of the borrowers, the outstanding loan share benefit amount of the deceased or permanently disabled member shall be paid. The policy will carry on with the surviving member.|
|Rebates||Female members are entitled to premium rebates.|
|Moratorium Period||If the disbursal date of the loan and the repayment date are different, insured members are eligible for the moratorium period benefit. During this period, the risk cover is equal to the sum assured. The maximum moratorium period is 5 years.|
|Surrender Benefit||The insured member is entitled to the surrender benefit when he/she makes a foreclosure of the outstanding loan amount.|
|Free-look period||Policyholders are granted a free-look period of 15 days from the commencement of the policy. If the policyholder disagrees with the terms and conditions of the policy, he/she can return the policy and receive a refund for the premium paid.|
|Nominations||Policyholders can make nominations as per Section 39 of Insurance Act, 1938.|
|Assignment||Policyholders can assign the policy as per Section 38 of Insurance Act, 1938.|
In accordance with the Income Tax Act 1961, policyholders of the DHFL Pramerica Group Credit Life+ Plan can avail tax benefits under:
Some of the benefits of the DHFL Pramerica Group Credit Life+ Plan are listed below:
The DHFL Pramerica Group Credit Life+ Plan offers coverage for loan liabilities, to save the burden on the nominee and dependents in case of the untimely death of the policyholder. In addition, the DHFL Pramerica Group Credit Life+ Plan offers its subscribers with the benefit of accidental death or total and permanent disability.
DHFL Pramerica Insurance Company provides protection and quality financial advice with a number of innovative and flexible products ranging from individual and group insurance, retirement products, child future products, etc. in its portfolio. Over the years, DHFL Pramerica has garnered several awards such as Most Popular and Best Website of the Year 2016 in the Insurance Category. Evaluation, Skoch Financial Inclusion Award 2011, and Best Insurer 2011.