MyInsuranceClub
menu

Reliance Credit Guardian Plan

Reliance Life Credit Guardian Plan

As the name suggests, Reliance Credit Guardian Plan is a decreasing Term Plan to ensure that the burden of any of your loans do not befall on your family in case of your unfortunate demise.

This is a Decreasing Term Insurance Policy with regular, limited and single premium options. In this plan, the premium needs to be paid as chosen, i.e. with single, limited or regular.

If Limited Premium Payment Option has been selected, then premium has to be paid for a limited period as specified but the cover continues till the end of the policy tenure. For example, for 20 years tenure, only 13 years premium needs to be paid. The remaining 7 years the policy continues without having to pay any premium for the same.

However, for Regular Premium Paying Option, premium needs to be paid till the end of the Policy Term else the policy would lapse and all benefits would cease.


The Sum Assured keeps decreasing every year as specified in the Policy Document. Thus, if the life Insured dies within the policy tenure, then the corresponding Sum Assured, according to the year of death, is paid to the nominee and the policy terminates. There is no Maturity or Surrender Benefits in this plan and also no Loan facility.

inflation-shield-overview icon
Decreasing Term Insurance Policy
earn-and-burn-overview icon
Covers all types of loans
tax-benefit-overview icon
Discount to woman policyholders.
Compare this plan with other Term Plans
By clicking “Show Premiums”, I authorize MyInsuranceClub to Call/Message & agree to Terms of Use

Key Features

key-feature-header-icon
Decreasing Term Insurance Policy
  •  It is a pure Decreasing Term Insurance Policy with Death Benefit only
Options
  • This plan has single, limited and regular premium paying options
Sum assured keeps decreasing every year
  • The Sum Assured in this plan keeps decreasing every year as specified in the Policy Document.
Covers all types of loans
  • This plan covers all types of loans namely Housing Loans, Personal Loan, outstanding on credit cards, etc.
Discount to woman policyholders.
  • This plan provides discount is provided to woman policyholders.

Benefits

policy-benefits-header-icon
Death Benefit

If the Life Insured dies within the policy tenure, the Nominee would get the corresponding Sum Assured according to the year of death as Death Benefit. The Sum Assured decreases every year since the principle of the loan outstanding also decreases every year and thus the liability of the Life Insured decreases every year.

Maturity Benefit

Being a pure Term Plan, this plan has no Maturity Benefit.

Income Tax Benefit

Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C.

Riders

There are NO Additional Riders available in this plan.

Eligibility

tab-eligibility-header-icon
  Minimum Maximum
Sum Assured (in Rs.) 2,50,000 No Limit
Policy Term (in years) 10 for Regular Premium

3 for Single Premium

30 for Regular Premium

15 for Single Premium

Premium Payment Term (in years) Single Equal to Policy Term
Entry Age of Policyholder (in years) 21 55 for Regular Premium

60 for Single Premium

Age at Maturity (in years) 31 for Regular Premium

26 for Single Premium

64
Premium (in Rs.) 1,000 for Regular Premium

3,000 for Single Premium

No Limit
Payment modes Single, Yearly. Half-yearly, Quarterly, Monthly and SSS

 

FAQs

tab-faqs-header-icon
angle down iconWhat happens if You stop paying the premium?

If the policy holder stops paying the premium, then the policy lapses and the life coverage ceases to exist after the grace period ends. However, the policy can be re-instated within 3 years of expiry provided it is within the policy tenure.

angle down iconWhat happens if You want to surrender the policy?

Being a pure Term Plan, this policy does not provide any surrender benefits.

angle down iconWhat happens if You want a loan against your policy ?

 Being a pure Term Plan, loan facility is also not available under this policy.