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Reliance Group Credit Assure Plan

Reliance Nippon Life Insurance Company is one of the top insurance companies that is committed to delivering first-class insurance solutions. The company caters to the specific requirements of each individual. The company works with complete dedication to settle claims of several policyholders. The Reliance Group Credit Assure Plan offered by the company is created exclusively for groups of individuals. The group can be a financial institution, a bank, a non-financial institution, or a microfinance institution. The plan covers your loans including car loans, personal loans, home loans, education loans, business loans, commercial vehicle loans, loans against assets, etc.

Eligibility – Who is the Reliance Group Credit Assure Plan for?

Assume one of the members of the group has taken a few loans to meet his or her requirements such as buying a house or a car. During the loan tenure, if he or she dies suddenly, the beloved family members will not have to face the burden of making the remaining repayments for the loans. With this plan, the deceased policyholder’s repayments will be handled completely. Let us take a look at the details regarding the eligibility criteria for this plan:

Minimum entry age 14 years
Maximum entry age 65 years
Minimum maturity age Single pay: 16 Limited pay: 22
Maximum maturity age 70 years
Minimum group size (according to the policy) 20 years
Maximum group size There is no limit.
Minimum policy period (in years) Single pay: 2 Limited pay: 8
Maximum policy period (in years) 30

Sum Assured and Premium Range – What you get and what it costs

The Reliance Group Credit Assure Plan is a group credit life insurance plan that is non-participating and non-linked in nature. You will get life protection during your loan’s moratorium period. You can choose a reducing cover or a level cover. The sum assured remains the same if the level cover is provided for interest-only loans. Let us take a look at the details regarding the sum assured and premium range:

Minimum sum assured for home loans Rs.1,00,000
Maximum sum assured for home loans There is no limit.
Minimum sum assured for other types of loans Rs.10,000
Maximum sum assured for other types of loans There is no limit.
Minimum premium payment term (PPT) Single pay: 1 year Limited pay: 5 years (2/3rd of policy term)
Maximum premium payment term (PPT) Single pay: 1 year Limited pay: 20 years (2/3rd of policy term)
Premium frequency Single: Once Limited: Once a month, once in 4 months, once in 6 months, once in a year
Maximum policy period (in years) 30

Your minimum and maximum premium will depend on the policy period, your age, and your plan term.

Premiums vary based on age, location, plan term and other factors.

Plan coverage – What the Reliance Group Credit Assure Plan covers

With this plan, the nominee of the policyholder will receive protection for paying back the loan after the policyholder dies. With a joint loan, the co-borrower will also get protection. The main benefits provided by this plan include cover for co-borrower and death benefit. The plan does not offer any benefit after maturity.

Benefit Features of the benefit
Death benefit
  • Level cover: This will give you full sum assured fixed at the beginning of the insurance plan. It is given for interest-only loans.
  • Reducing cover: The nominee will get a death benefit according to the monthly loan schedule.
Cover for co-borrower You will be allowed to have one co-borrower for which you will have to pay extra premium. Here, the sum assured will be the same and will depend on who dies the first.

 

Exclusions – What the Reliance Group Credit Assure Plan doesn’t cover

Most insurance plans are provided with a few exclusions. The Reliance Group Credit Assure Plan comes with a general exclusion known as the suicide exclusion. If the policyholder commits suicide within 1 year after taking the policy, 80% of the premiums that have been paid will be provided to the beneficiary or the nominee. When the policyholder commits suicide in 1 year after the policy has been revived, the beneficiary or the nominee will get the surrender value as on the date of the suicide or 80% of the premiums that have been paid until the policyholder died, whichever is higher.

You can get full information about the specific exclusions by reaching out to your insurance advisor.

Other Key Features – Free-look Period, Surrender Values, Grace Period, etc.

Let us take a look at the other important characteristics of Reliance Group Credit Assure Plan:

Nomination You can make nominations according to Section 39 of the Insurance Act, 1938.
Grace period Under this plan, when you go for the limited premium payment option, you will receive a grace period of 30 days. During this period, you can pay your first premium that you failed to pay before the due date. The 30-day period is for all premium frequencies except the monthly premium frequency. When you choose the monthly premium frequency, you will get grace period of 15 days.
Premium payment in advance The Reliance Group Credit Assure Plan enables you to pay your premiums in advance if the payment is made in the same financial year.
Moratorium period This plan will provide you with a moratorium period which will last for 3 to 5 months.
Premium frequency discount Under the limited payment option, you will get premium discounts depending on the premium payment frequency that you choose. The discount factor for annual premium frequency is 4.00%. The discount factor for half-yearly, quarterly, and monthly is 0.00%. This plan provides 3 years age discount for female lives. The discount is given on the basic premium rate.
Surrender value With a single premium policy, you will obtain a surrender value instantly. But it will be paid only after you finish the first policy year.
Cover continuation option Under this plan, you can continue your policy cover even after the policy is surrendered.
Policy revival This plan allows you to revive a member contract that is lapsed. This will have to be done within the revival period that is within 2 years from the last date for paying the first premium and before the unsettled term loan tenure ends.

Tax Benefits – How you can save with the Reliance Group Credit Assure Plan

When you take the Reliance Group Credit Assure Plan, you will be required to pay your premiums as per your agreement. These premium payments will enable you to enjoy tax benefits according to Section 80C, 80CC and 80CCE of Income Tax Act, 1961.

Other benefits – How you can save with the Reliance Group Credit Assure Plan

Let us take a look at some of the other advantages of going for this plan:

  • Reliance Nippon Life Insurance offers excellent insurance solutions for groups of individuals.
  • You can apply for this plan very quickly. The company has minimal documentation procedures and does not take much time to process your application. The claims settlement procedure is also timely and trouble-free.
  • The company has a great facility on its website known as eInsurance which will allow you to have all your insurance policies in the digital form. This facility is very beneficial to everybody as you can analyse and review the status and performance of your policies electronically right from your home. You do not have to go anywhere in order to get details about your policy records. Your policy documents can be stored as files in your system and you can take a look at them anytime you want.
  • The company allows you to select a limited or single payment system for your premiums.

Why should you buy the Group Credit Assure Plan from Reliance Nippon Life Insurance?

Reliance Nippon Life Insurance is a well-established organisation that is highly enthusiastic about delivering world-class insurance services to people in India. Each plan offered by the company is designed after a lot of research. The company strongly believes that every organisation should care for the welfare of all its employees as this characteristic of the employer will definitely inspire all its employees. As a group, you can trust Reliance Nippon Life Insurance to extend distinct and well-outlined insurance covers to your members.

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