Reliance Group Credit Assure Plus Plan

• Reduce taxable income by up to Rs. 1,50,000 deduction under section 80C**
• Convenient payment options - annual, half-yearly, quarterly or monthly premium payments
• Do more with plans that offer pure protection, retirement planning and investment options

This plan was specially designed to provide financial protection on loans so that members of the group do not have to worry about burdening their families with outstanding loan liabilities in case of the member’s untimely demise. The life insurance cover will mirror the outstanding loan and will also cover the spouse in case of joint loans.

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

To be eligible for the Reliance Group Credit Assure Plan, customers have to meet certain criteria.

*Ages mentioned refer to the age last birthday

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

With the Reliance Group Term Assurance Plan, home loans, car loans, educational loans, business loans, personal loans, commercial vehicle loans and loans against assets will be covered. You need at least 20 members to take this plan, but there is no maximum limit.

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

Plan coverage - What the Reliance Group Credit Assure Plan covers

The Group Credit Assure Plan Plan provides flexible protection options with the choice of adding on riders to enhance the benefits. Members also have the option to increase the sum assured. There is a facility available to convert from group coverage to individual coverage. Those opting for this plan stand to benefit from the following.

Riders / Add-On Plans – Additional coverage under the Reliance Group Credit Assure Plan

There are no riders available with this plan.

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

Under this policy, there is only a suicide exclusion that is applicable.

Inception - If the member insured commits suicide, sane or insane, within 12 months from the date of joining the plan, then the nominee will receive 80% of the premiums paid till date.

Renewal - If the member insured commits suicide, sane or insane, within 12 months from the date of renewal of the plan, then the nominee will receive 80% of the premiums paid till date or the surrender value of the policy, whichever is available on the date of death.

This is not applicable for employer-employee groups that have existing cover available.

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

Some of the key features of this plan have been listed out below:

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

As per the prevailing tax laws, tax benefits and exemptions can be availed. You are advised to seek consultation with a tax professional or advisor as tax laws are subject to revisions and amendments from time to time.

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

Purchasing the Group Term Assurance Plan from Reliance carries other benefits as well.

• Hassle-free enrolment into the plan
• Flexibility with premium payment frequencies
• Flexibility with policy terms
• Choose between level or reducing cover
• Enjoy life cover even during the moratorium period
• Covers a wide range of loans

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

Being one of the largest insurers in India, Reliance Nippon Life Insurance company has a range of products spanning across different segments: investment, retirement, children, and protection. The company boasts of over 7 million policyholders over the years. The insurer targets both individuals and groups giving both sections an adequate choice of products to suit their needs. With this plan, your family will never have to worry about repaying outstanding debt in case something were to happen to you. The plan provides comprehensive, adequate and flexible cover at affordable premium rates. This plan allows employers/heads take care of the entire group with minimal effort. Both the main borrower and co-borrower can be covered under this policy.