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Reliance Credit Guardian Plan

Objective

The plan aims to protect family members from the burden of paying any outstanding loan on demise of the bread earner.

Our View

Loan protection cover is a good way to protect your family from the burden of liabilities in case something happens to you.
When buying such a policy, make sure to match the interest of your loan with the rate at which sum insured reduces under the policy. This ensures that you have the right cover and not one that is higher or lower than your needs.

Suited for

This policy is useful if you have an outstanding loan.

What does it do?

This term insurance plan covers outstanding loans of the policyholder including housing loan, personal loan, outstanding loan on credit cards etc. It is a decreasing term plan where sum assured reduces as the loan is repaid. In case of unfortunate demise of the insured person, the sum assured equal to outstanding loan is paid to the nominee. The policy doesn’t offer any survival benefit.

Pros

Women can avail discount on premium and pay premium equal to 3 years younger male policyholder.

It has a longer policy revival time of 3 years from date of lapse of policy.

Single premium policies are available for a maximum term of 15 years only.

Premiums qualify for taxation benefits.

Cons

It doesnot consider increase in interest rates under floating rate loans.

Eligibility

Entry Age (years)

Minimum
21
Maximum
55 for Regular premium policies and 60 for Single Premium policies
Maximum Maturity Age (years)
64

Policy Term (years)

Minimum
10 fr Regular Premium policies and 3 for Single Premium policies
Maximum
30 for Regular Premium policies and 15 for Single Premium policies

Sum Assured (Rs)

Minimum
250000
Maximum
No limit

Minimum Premium (Rs)

Yearly
1000
Single
3000
Premium Payment Frequency
Single, Yearly, Half-yearly, Quarterly and Monthly (via ECS)
Premium Payment Term
Single, Limited, equal to policy term
Policy Cover
Policy Cover keeps decreasing as the loan is repaid

Other Features

Free Look Cancellation
In case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered.
Grace Period
You are allowed to pay premiums within 30 days of premium due date for Yearly/ Half-yearly/Quarterly premium payment and 15 days from premium due date in case of Monthly premium payment. If a due premium is not received within the grace period, your policy will lapse and the life insurance cover will be terminated.
Lapsed Policy Reinstatement
You may reinstate your lapsed policy within 3 years from date of first unpaid premium by paying due premiums and undergoing underwriting requirements, if any.
Tax Benefits
Section 80C, 10(10D) of the Income Tax Act, 1961 would apply.
Exclusions
In case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable. Further, if the Life Assured under the policy, whether medically sane or insane, commits suicide, within one year of exercising the option to increase the Sum Assured, then the amount of increased Sum Assured will not be considered in the calculation of the Death Benefit

Customer Service

Address
Reliance Life Insurance Company Limited Registered office: H Block, 1st floor, Dhirubhai Ambani Knowledge City, Navi Mumbai, Maharashtra 400710, India
Mail To
[email protected]
Call On
1800 300 08181 & 3033 8181
SMS
INSURE' to 55454

Cost Details

Annual Premium Option for Male
Policy Term (in years)Age (in years)
25303540455055
105880616071609220130601940028320
1560206280732097601414020460NA
206500680079201102016460NANA
2573607700898013000NANANA
308580898010500NANANANA
Premium payment term is 2/3rd of policy term. Figures indicate premiums on a Rs 20 lakh policy with 10% rate of interest on laon for an age over different policy tenures exclusive of service tax
Annual Premium Option for Female
Policy Term (in years)Age (in years)
25303540455055
105780596064407820105601538022440
1559006080658081001130016720NA
20638065807120892012920NANA
2572207440806010300NANANA
30842086809420NANANANA
Premium payment term is 2/3rd of policy term. Figures indicate premiums on a Rs 20 lakh policy with 10% rate of interest on laon for an age over different policy tenures exclusive of service tax
Single Premium Option for Male
Policy Term (in years)Age (in years)
25303540455055
517320176201968024420323404738069560
10305203208037540481206692098560NA
1543680478405824077800110720NANA
Figures indicate premiums on a Rs 20 lakh policy with 10% rate of interest on laon for an age over different policy tenures exclusive of service tax
Single Premium Option for Female
Policy Term (in years)Age (in years)
25303540455055
517000174201812021240269003746055500
10300403090033680410405426078060NA
154248044880511006476088960NANA
Figures indicate premiums on a Rs 20 lakh policy with 10% rate of interest on laon for an age over different policy tenures exclusive of service tax