In case of Level Cover option for interest only loans, the Sum Assured remains constant
The plan covers the loan liability as per the monthly loan schedule at the inception of member contract
A Member can opt for level cover or reducing cover
A co-borrower can be added under the plan in case of joint loans
As a member in the group, you can chose to pay single or limited premiums (annually, half yearly, quarterly or monthly) for the term of cover
The loan schedule is maintained for every member at inception of the member contract.
On death, the applicable Sum Assured as at the end of the policy month immediately preceding the date of death of the member as per this loan schedule at inception shall be paid. Please note that the death benefit is payable to the nominee / legal heir of the individual group member.
For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. UIN for Reliance Nippon Life Group Credit Assure Plan: 121N095V01