Skip to main content

Reliance Special Credit Guardian Plan

Invest In Tax Saving Mutual Funds Online

Call 0 94 8300 8300 (India)

 

Reliance Special Credit Guardian Plan

Objective

This is a loan protection cover with an aim to protect family members from the burden of loan repayment, in case the insured member dies. The policy also refunds premiums if the policyholder survives to maturity.

What does it do?

This is a decreasing term cover where sum assured reduces in line with the outstanding loan. This term insurance plan covers outstanding loans of the policyholder including housing loan, personal loan, outstanding loan on credit cards etc. It helps repay loans in case of financial fallout due to death of the policyholder.
If insured person outlives the policy term, the insurance company refunds entire basic premium paid.
If premiums are not paid after first 3 years of taking the policy, it will not lapse but acquire a paid-up value. One can surrender the policy only after running the policy for 3 years.
This plan can increase coverage if one chooses the available riders along with the basic plan for some extra premium. These riders can be taken at the time of purchase or added at any policy anniversary.

Pros

Women can avail discount on premium and pay premium equal to 3 years younger male policyholder.
Policy can be surrendered in case of an emergency.
The policy refunds basic premiums if the policyholder survives to maturity.
Riders can be taken at the time of purchase or added at any policy anniversary.
Sum assured under critical illness rider can be increased or decreased by the policyholder.
Premiums qualify for taxation benefits.

Cons

It does not consider increase in interest rates under floating rate loans.

Suited for

Anyone with a loan overhead can take this policy.

Our View

The policy commands high premium for paying accumulated premium on survival of the policyholder. Buy a simple loan protection cover if you need one.

Eligibility

Entry Age (years)

Minimum

21

Maximum

60

Maximum Maturity Age (years)

65

Policy Term (years)

Minimum

10 for Regular Premium policies and 5 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 in line with decrease in outstanding loan

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.

Tax Benefits

Section 80C, 10(10D) of the Income Tax Act, 1961 would apply. Premiums paid for Reliance Critical Illness Rider may qualify for deduction under Section 80D of the Income Tax Act, 1961.

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

Maturity Value

The policy refunds basic premiums paid on survival at maturity

Surrender Value

Surrender is allowed provided premiums for first three policy years were paid in full and after three years have elapsed from date of commencement of the policy.
Regular Premium Payment: 30%* {basic premiums(excluding ridre premiums or extra premiums apid if any) - first years's premium}.
Single Premium Payment: 30%* Single Premium (excluding rider premiums or extra premiums paid if any)

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

rlife.customerservice@relianceada.com

Call On

1800 300 08181 & 3033 8181

SMS

INSURE' to 55454

Additions to the Plan

Available Rider(s)

Reliance Accidental Death & Total & Permanent Disablement Rider: covers Death due to an accident, Accidental dismemberment (loss of limbs and/or eye(s), Permanent total disability due to an accident. The Disablement benefit equal to the basic Sum Assured paid in ten equal annual installments.
Inbuilt Waiver of Premium: In case of total and permanent disability, this inbuilt rider waives off all future premiums under the basic policy and riders upto a limit of Rs 40000 p.a.
Reliance Critical Illness Rider: This rider covers 10 critical illnesses namely Cancer, Coronary Artery Bypass Surgery, Heart Attack, Stroke, Kidney Failure, Aorta Surgery, Coma, Heart Valve Replacement, Major Organ Transplant and Paralysis. There is a waiting period of 6 months and survival period of 30 days to claim benefit under this rider. Policyholder has a choice to increase or decrease Sum Assured under this rider subject to underwriting. Once decreased, increase in Sum Assured will not be allowed.

Rider Conditions

Entry Age (years)

Minimum

18

Maximum

59

Maximum Maturity Age (years)

64

Rider Term (years)

Minimum

Critical Illness Benefit Rider: 5

Sum Assured (Rs)

Minimum

Accidental Death & Total & Permanent Disablement: 25000 Critical Illness Rider: 100000

Maximum

Lower of Base plan insurance or 50 lakh

Happy Investing!!

We can help. Call 0 94 8300 8300 (India)

Leave your comment with mail ID and we will answer them

OR

You can write back to us at PrajnaCapital [at] Gmail [dot] Com

---------------------------------------------

Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

Invest Tax Saving Mutual Funds Online

Tax Saving Mutual Funds Online

These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)

Download Tax Saving Mutual Fund Application Forms from all AMCs

Download Tax Saving Mutual Fund Applications

These Application Forms can be used for buying regular mutual funds also

Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )

  1. ICICI Prudential Tax Plan Invest Online
  2. HDFC TaxSaver Invest Online
  3. DSP BlackRock Tax Saver Fund Invest Online
  4. Reliance Tax Saver (ELSS) Fund Invest Online
  5. Birla Sun Life Tax Relief '96 Invest Online
  6. IDFC Tax Advantage (ELSS) Fund Invest Online
  7. SBI Magnum Tax Gain Scheme 1993 Invest Online
  8. Sundaram Tax Saver Invest Online
  9. Edelweiss ELSS Invest Online

------------------

Best Performing Mutual Funds

    1. Largecap Funds Invest Online
      1. DSP BlackRock Top 100 Fund
      2. ICICI Prudential Focused Blue Chip Fund
      3. Birla Sun Life Front Line Equity Fund
    2. Large and Midcap Funds Invest Online
      1. ICICI Prudential Dynamic Plan
      2. HDFC Top 200 Fund
      3. UTI Dividend Yield Fund
    1. Mid and SmallCap Funds Invest Online
      1. Reliance Equity Opportunities Fund
      2. DSP BlackRock Small & Midcap Fund
      3. Sundaram Select Midcap
      4. IDFC Premier Equity Fund
    1. Small and MicroCap Funds Invest Online
      1. DSP BlackRock MicroCap Fund
    1. Sector Funds Invest Online
      1. Reliance Banking Fund
      2. Reliance Banking Fund
    1. Tax Saver MutualFunds Invest Online
      1. ICICI Prudential Tax Plan
      2. HDFC Taxsaver
      3. DSP BlackRock Tax Saver Fund
      4. Reliance Tax Saver (ELSS) Fund
    2. Gold Mutual Funds Invest Online
      1. Relaince Gold Savings Fund
      2. ICICI Prudential Regular Gold Savings Fund
      3. HDFC Gold Fund

Popular posts from this blog

Post Office Deposits Interest Rates

Best SIP Funds to Invest Online   SIPs are Best Investments when Stock Market is high volatile. Invest in Best Mutual Fund SIPs and get good returns over a period of time. Know Top SIP Funds to Invest Save Tax Get Rich For further information on Top SIP Mutual Funds contact  Save Tax Get Rich on 94 8300 8300 OR You can write to us at Invest [at] SaveTaxGetRich [dot] Com

LIC Leave Encashment Plan

LIC Leave Encashment Plan       Best Tax Saver Mutual Funds or ELSS Mutual Funds for 2015 1. ICICI Prudential Tax Plan 2. Reliance Tax Saver (ELSS) Fund 3. HDFC TaxSaver 4. DSP BlackRock Tax Saver Fund 5. Religare Tax Plan 6. Franklin India TaxShield 7. Canara Robeco Equity Tax Saver 8. IDFC Tax Advantage (ELSS) Fund 9. Axis Tax Saver Fund 10. BNP Paribas Long Term Equity Fund You can invest Rs 1,50,000 and Save Tax under Section 80C by investing in Mutual Funds Invest in Tax Saver Mutual Funds Online - Invest Online Download Application Forms For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call --------------------------------------------- Leave your comment with mail ID and we will answer them OR You can write to us at PrajnaCapital [at] Gmail [dot] Com OR Leave a missed Call on 94 8300 8300 --------------------------------------------- Invest Mutual Funds Online Invest Any Mutual Fund Online Download Mutual Fund Application Forms fro

Tax Slabs 2012

Slab 1 Upto Rs 1.6 Lacs Tax Rate NIL for Men; Upto Rs 1.9 Lacs Tax Rate NIL for Women; Upto Rs 2.4 Lacs Tax Rate NIL for Senior Citizen; Slab 2 Rs 1.6 Lacs to Rs 5 Lacs Tax Rate 10% Slab 3 Rs 5 Lacs to Rs 8 Lacs Tax Rate 20% Slab 4 Rs 8 Lacs onwards Tax Rate 30%   --------------------------------------------- Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.   Invest Tax Saving Mutual Funds Online Tax Saving Mutual Funds Online These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)   Download Tax Saving Mutual Fund Application Forms from all AMCs Download Tax Saving Mutual Fund Applications   These Application Forms can be used for buying regular mutual funds also   Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds ) HDFC TaxSaver ICICI Prudential Tax Plan DSP BlackRock Tax Saver Fund Birla Sun Life Tax Relief '96 R

How Tax Deducted at Source (TDS) works?

    THE tax season is here. And if you are an employee you can't blame your employer for deducting large chunks of money from your salary towards tax deducted at source ( TDS ), which he is legally obliged to do. Your bank will also deduct some percentage from your FD interest of Rs 10,000 or more towards TDS! So what is this TDS all about? How is it computed? Are there any changes this year? Read on... What is TDS? TDS reduces your taxable income and could even provide tax relief! The TDS collections account for 40 percent of the total taxes collected in the country. As the name suggests TDS is the amount of tax that is deducted at source in certain types of income . The TDS thus collected is deposited in the Government treasury within a specified time. How is it computed? Some of the types of income where TDS is applicable include salary, interest, rental fee, interest on securities, insurance commission, dividends from shares and UTI/Mutual Funds, commission and brokerage

What is price deflator?

What is price deflator? A defaltor is used to restate data measured over time to prices prevailing at a particular period or time to make it comparable. Essentially, a deflator removes the effect of inflation from the data. What is the role of price deflator in GDP calculations? Prices are continuously in a state of flux, but generally trend upwards over time. Therefore, even without an increase in the quantity of goods and services produced by an economy, price increase can give the impression of an increase in the gross domestic product, or GDP, the benchmark indicator of economic activity. Therefore, the impact of prices has to be removed at arrive at a true measure of the value of goods and services produced, or real economic growth. A deflator is used to reduce output estimates at current prices to what they would be if calculated with reference to prices in a particular year. Why is GDP deflator considered a good measure of inflation? The ratio between the GDP at current p
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now