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Reliance Group Credit Assure Plus Plan

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.

Parameters Details
Entry Age Minimum: 14 years Maximum: 65 years
Maturity Age Minimum: Single pay - 14 years / Limited pay - 22 years Maximum: 70 years
Premium paying years Single pay - Single Limited pay - 5 years to 20 years
Policy Term Single pay - 2 years to 30 years Limited pay - 8 years to 30 years
Group size 20 members minimum
Types of Groups
  • Employer-employee groups
  • Non employer-employee homogenous groups
    • Societies and non financial institutions offering loans
    • Banks and Financial Institutions
    • Micro-Finance institutions providing loans in rural or social sector

*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.

Parameters Details
Sum assured Home loan: Rs.1 lakh minimum Other loans: Rs.10,000 minimum There is no cap on the maximum limit
Policy Term Single pay - 2 years to 30 years Limited pay - 8 years to 30 years
Premium paying years Single pay - Single Limited pay - 5 years to 20 years (2/3rd of policy term)
Premium Payment Frequency Single, monthly, quarterly, half-yearly and yearly

*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.

Benefits Details
Death Benefit Reducing cover - As per the monthly loan schedule, the sum assured paid upon the death of the life insured will be calculated as at the end of the policy month that precedes the date of death Level cover - Upon the death of the life insured, the full sum assured at inception will be paid. This is applicable to interest-only loans
Maturity Benefit No maturity benefit is available with this plan
Surrender Benefit
  • Single Pay - The surrender value will be acquired immediately which will be payable after the completion of first policy year.
  • Greater than or equal to 10 years premium payment term - Surrender value will be acquired only after paying premiums for at least three consecutive years.
  • Less than 10 years premium payment term - Surrender value will be acquired only after paying premiums for at least two consecutive years.
Cover for co-borrower One co-borrower can be added to the policy for the same sum assured on the basis of first death. An additional premiums will be charged.
Continuation Option In the event that the policy is surrendered by the master policyholder, the individual members can continue the plan for the remainder of the policy term as an individual policy. The company will be liable to serve such member till the end of the coverage term

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:

Features Details
Moratorium Period 3 months to 5 years (the sum assured may remain the same or increase as interest accumulates, depending on the choice of the member)
Grace Period Single: Not applicable Monthly: 15 days Others: 30 days
Advance premium Premiums can be paid in advance if it is collected in the same financial year. Commission will be paid on the due date of the premium
Premium discounts Discounts on different payment frequencies are given as follows:
  • Yearly - 4% discount factor
  • Others - 0% discount factor
  • For female lives, 3 years age discount is applied on the base premium
Nomination Allowed as per Section 39 of the Insurance Act, 1938
Assignment Allowed under this plan
Revival A lapsed policy can be revived within 2 years from the date of the first unpaid premium. Revival can be done before the end of the outstanding loan term
Surrender by individual Upon transfer or foreclosure of loan, the member can continue as a member contract or surrender the contract and receive the surrender value. Surrender of policy for any other reason will result in the surrender value being paid and the contract ceasing
Surrender by master policyholder The members can use the cover continuation option or surrender the member contract and receive the surrender value
Free-look period 15 days (30 days for distance marketing)
Service Tax Service tax and education cess is charged as per the applicable rates declared by the Government
Loan No loan facility is available

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.

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