CreditAccess Raksha Chakra

UIN: 163N004V02

About the product

CreditAccess Raksha Chakra is a single premium, non-linked, non-participating, pure risk premium, group credit-linked life insurance product.

The target customer segment for the product is low-income rural and urban consumers taking loans for purposes like 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.

Key Features

  • Life Cover: Two options are available as mentioned below: - Initial Loan Cover (Level Cover):The sum assured, which is equal to the initial/outstanding loan amount, stays at same level throughout the Cover Term. - 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 COI is payable on death of the Member during the policy term, depending on Life Cover option chosen.
  • Surrender Value: Surrender benefit will be paid as -

    • 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%

  • Joint Life Benefit: Co-Borrower can be covered in form of Joint Life Cover in the same plan.
  • 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).

Eligibility

Minimum entry age 18 years
Maximum entry age 74 years
Minimum maturity age 18 years
Maximum maturity age 75 years
Minimum sum assured Rs. 10,000
Maximum sum assured Rs. 30,00,000
Minimum policy term 1 month
Maximum policy term 20 years
Minimum group size 10

Terms and Conditions

  • Freelook period: In case the Member does not agree with any of the terms and conditions of the policy, member is entitled to freelook period of 30 days from the time member receives the Certificate of Insurance (COI).
  • Suicide: Nominee is entitled to receive premium paid (excluding tax).

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

Policy Terms & Conditions