CreditAccess Life - Raksha Chakra Poorna

About the product

CreditAccess Life - Raksha Chakra Poorna is a non-linked, non-participating, group credit-linked life insurance product.

The target customer segment for the product is borrowers taking loan for purposes like mortgage loans, housing, vehicles, establishing business etc for a long duration. The product will be sold on the group platform through Small Finance Banks, NBFCs, Micro finance institutions, Banks, other financial institutions, and other lending groups.

This product offers both Single and Annual modes of Premium Payments.

• Single Premium - Premium is paid one-time at the inception of the policy.
• Annual Premium - Premium is paid Annually for the entire policy term.

Product Features

Key Features

• Life Cover: Outstanding Loan Cover (Reducing Cover):The sum assured decreases as per the loan repayment schedule at the time of inception of the policy as stated in the certificate of insurance. This can be reduced monthly or annually.
• Death Benefit: Sum Assured as per the Certificate of Insurance (COI) is payable on death of the Member during the policy term, depending on Life Cover option chosen.
• Moratorium option: Under this Option, Sum assured is fixed for the moratorium period which is selected by customer. This is available under Outstanding Loan Cover Option (Reducing Cover).
• Surrender Value: Surrender benefit will be paid as -
• • Single Premium:
𝑆𝑖𝑛𝑔𝑙𝑒 𝑃𝑟𝑒𝑚𝑖𝑢𝑚 𝑃𝑎𝑖𝑑 𝑥 
{1 − [
𝘕𝘰.𝘰𝘧 𝘮𝘰𝘯𝘵𝘩𝘴 𝘦𝘭𝘢𝘱𝘴𝘦𝘥
𝘛𝘰𝘵𝘢𝘭 𝘱𝘰𝘭𝘪𝘤𝘺 𝘵𝘦𝘳𝘮 𝘪𝘯 𝘮𝘰𝘯𝘵𝘩𝘴
]} 𝑥 [
𝘋𝘦𝘢𝘵𝘩 𝘉𝘦𝘯𝘦𝘧𝘪𝘵 𝘢𝘴 𝘰𝘯 𝘥𝘢𝘵𝘦 𝘰𝘧 𝘴𝘶𝘳𝘳𝘦𝘯𝘥𝘦𝘳 𝘢𝘴 𝘱𝘦𝘳 𝘵𝘩𝘦 𝘉𝘦𝘯𝘦𝘧𝘪𝘵 𝘚𝘤𝘩𝘦𝘥𝘶𝘭𝘦
𝘋𝘦𝘢𝘵𝘩 𝘉𝘦𝘯𝘦𝘧𝘪𝘵 𝘢𝘵 𝘱𝘰𝘭𝘪𝘤𝘺 𝘪𝘯𝘤𝘦𝘱𝘵𝘪𝘰𝘯
] 𝑥 90%
• • Annual Premium:
𝐴𝑛𝑛𝑢𝑎𝑙 𝑃𝑟𝑒𝑚𝑖𝑢𝑚 𝑃𝑎𝑖𝑑 𝑥 
{1 − [
𝘕𝘰.𝘰𝘧 𝘮𝘰𝘯𝘵𝘩𝘴 𝘦𝘭𝘢𝘱𝘴𝘦𝘥
12
]} 𝑥 [
𝘋𝘦𝘢𝘵𝘩 𝘉𝘦𝘯𝘦𝘧𝘪𝘵 𝘢𝘴 𝘰𝘯 𝘥𝘢𝘵𝘦 𝘰𝘧 𝘴𝘶𝘳𝘳𝘦𝘯𝘥𝘦𝘳 𝘢𝘴 𝘱𝘦𝘳 𝘵𝘩𝘦 𝘉𝘦𝘯𝘦𝘧𝘪𝘵 𝘚𝘤𝘩𝘦𝘥𝘶𝘭𝘦
𝘋𝘦𝘢𝘵𝘩 𝘉𝘦𝘯𝘦𝘧𝘪𝘵 𝘢𝘵 𝘱𝘰𝘭𝘪𝘤𝘺 𝘪𝘯𝘤𝘦𝘱𝘵𝘪𝘰𝘯
] 𝑥 90%

Terms and Conditions

• Assignment : Not Applicable
• Freelook period : The Insured has the option to cancel the policy within 30 days of receiving the policy document if they find the terms and conditions unsatisfactory and receive a full refund.
• Grace period :
  • Annual Premium : 30 days is applicable for annual premium cases under this policy from the last unpaid due date.
• Lapse :
  • Annual Premium : Policy will be lapsed after Grace period if premium is not paid.
• Loan rescheduling : Available.
• Nomination : Insured can nominate a person / persons to whom the death benefit will be payable.
• Paid up value :
  • Annual Premium : Paid up Sum Assured will be calculated as below (Not applicable for lapsed policies)
  {

  𝘛𝘰𝘵𝘢𝘭 𝘱𝘦𝘳𝘪𝘰𝘥 𝘧𝘰𝘳 𝘸𝘩𝘪𝘤𝘩 𝘵𝘩𝘦 𝘱𝘳𝘦𝘮𝘪𝘶𝘮𝘴 𝘢𝘳𝘦 𝘱𝘢𝘪𝘥

  𝘔𝘢𝘹𝘪𝘮𝘶𝘮 𝘱𝘦𝘳𝘪𝘰𝘥 𝘧𝘰𝘳 𝘸𝘩𝘪𝘤𝘩 𝘱𝘳𝘦𝘮𝘪𝘶𝘮𝘴 𝘸𝘦𝘳𝘦 𝘰𝘳𝘪𝘨𝘪𝘯𝘢𝘭𝘭𝘺 𝘱𝘢𝘺𝘢𝘣𝘭𝘦

  } 𝑥 𝘚𝘶𝘮 𝘈𝘴𝘴𝘶𝘳𝘦𝘥

• Revival period :
  • Annual Premium : Period of five consecutive years or the policy term, whichever is earlier, from the date of first unpaid premium.
• Suicide : Nominee is entitled to receive premium paid (excluding tax) in case of suicide within 12 months from the risk commencement date.

Contact us at:

CreditAccess Life Insurance Limited

IRDAI Registration No. 163. CIN - U66020KA2019PLC120540

#595, 1st Floor, 15th Cross,1st Phase, Outer Ring Road, J.P. Nagar, Bengaluru, Karnataka, India – 560078

Email – service@calife.in

Telephone number – 080-6997 8070