DHFL Pramerica Group Credit Life Plus Plan

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.

Eligibility -Who is the DHFL Pramerica Group Credit Life+ Plan for?

To be eligible for the DHFL Pramerica Group Credit Life+ Plan, customers need to meet certain criteria.

Parameters	Details
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 and Premium Range - What you get and what it costs

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.

Parameters	Details
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)

Plan coverage - What the DHFL Pramerica Group Credit Life+ Plan covers

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.

Exclusions - What the DHFL Pramerica Group Credit Life+ Plan doesn’t cover

 

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.

• If the the insured is permanently disabled while taking part in any hazardous sport.
• If he/she is permanently disabled following any flying activity (except in the case of a commercial licensed pilot).
• HIV+ or similar such viruses.
• Self-inflicted injury, intentional or not.
• If the insured is under the influence of drugs, narcotics, psychotropic substances, alcohol, etc.
• While serving in the military, air force, paramilitary, navy, etc.
• In the case of terrorism, war, civil unrest, etc.
• If the insured has taken part in any criminal activity.
• Nuclear or radioactive contamination.

Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

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.

Tax Benefits – How you can save with the DHFL Pramerica Group Credit Life+ Plan

In accordance with the Income Tax Act 1961, policyholders of the DHFL Pramerica Group Credit Life+ Plan can avail tax benefits under:

• Section 80C of the Income Tax Act, 1961, for the premium contributions made towards the scheme.
• Section 10 (10D) of the Income Tax Act, 1961, for proceeds from death benefits.

Other benefits – How you can save with the DHFL Pramerica Group Credit Life+ Plan

Some of the benefits of the DHFL Pramerica Group Credit Life+ Plan are listed below:

• Depending on the loan they have availed, policyholder can decide the coverage, calculate their premium amount, and make a single premium contribution towards the plan.
• Before availing an insurance product, customers can see if the product actually suits their needs and can make an estimation before buying the product
• On the DHFL Pramerica website, customers can avail insurance products of their choice, make claims, take advice, and check the performance of their investments.
• Customers can also pay online using their credit cards, debit cards, e-wallets, etc. They also make premium calculations.

Why you should buy the DHFL Pramerica Group Credit Life+ Plan from DHFL Pramerica

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.