Reliance Special Credit Guardian Plan

Invest In Tax Saving Mutual Funds Online

Download Tax Saving Mutual Fund Application Forms

Buy Gold Mutual Funds

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
2. 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
3. Small and MicroCap Funds Invest Online

1. DSP BlackRock MicroCap Fund
4. Sector Funds Invest Online

1. Reliance Banking Fund
2. Reliance Banking Fund
5. 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
6. Gold Mutual Funds Invest Online

1. Relaince Gold Savings Fund
2. ICICI Prudential Regular Gold Savings Fund
3. HDFC Gold Fund