Reliance Group Credit Assure Plan
Reliance Group Credit Assure is a non-linked, non-participating group plan that is designed to cover the loans of the life insured. This group credit covers business loans, car loans, commercial vehicle loans, education loans, home loans, loans against assets, and personal loans. With this insurance cover, the next of kin of the life insured need not worry about any outstanding loan repayments or liabilities, in case of the member's untimely death.
Eligibility Criteria for Reliance Group Credit Assure Plan
Minimum entry age | 14 years |
Maximum entry age | 65 years |
Minimum age at maturity Single Pay Limited Pay | 16 years 22 years |
Maximum age at maturity (both single and limited pay) | 70 years |
Key Features of Reliance Group Credit Assure Plan
Parameters |
| Minimum | Maximum |
Group size (per policy) |
| 20 | No limit |
Policy terms | Single Pay | 2 years | 30 years |
| Limited Pay | 8 years |
|
Sum assured | Home loan | 1,00,000 | No limit |
| Other loans | 10,000 |
|
Premium payment term | Single Pay | Single |
|
| Limited Pay | 5 years (2/3rd of the policy term) | 20 years (2/3rd of the policy term) |
Premium frequency | Limited | Monthly/Quarterly/Semi-Annually/Annual |
|
| Single | Single |
|
Benefits of Reliance Group Credit Assure Plan
The Group Credit Assure plan offered by comes with numerous benefits. A few of them are mentioned below:
- Protection against repayment of loan liability by the nominee in the event of the life assured's death.
- Life cover during the loan's moratorium period.
- Flexibility to choose single or limited period payment.
- Co-borrower protection in case of joint loans for the same sum assured.
- Opt for either reducing cover or level cover (for interest only loans).
- Convenient options to pay premiums.
- Hassle-free enrolment.
How Reliance Group Credit Assure Plan Works
The working of this life insurance plan is quite easy to understand. Here is an illustration of how works.
Mr. Sharma, aged 35 years borrows a sum of money as home loan from XYZ financial organisation. This financial organisation, that uses Reliance Group Credit Assure Plan also enlists Mr. Sharma under its programme. The plan is for 10 years, which is similar to the loan's tenure.
One day on his way home from work, Mr. Sharma meets with an accident, and dies on the spot. In the event of his untimely death, the sum assured is paid to the nominee so that the loan can be repaid, without burdening the family.
Premium Payment
The life assured can pay premiums at a frequency of monthly, quarterly, semiannually or annually as per his convenience, under the limited pay scheme. On the other hand, for single pay, the member should pay the premium at one time.
Riders
There are no add-on covers under the Reliance Group Credit Assure Plan.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
Disclaimer
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