IndiaFirst Maha Jeevan Plan

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Introduction/Overview

The India First Maha Jeevan Plan is a non-linked insurance plan with bonus facility. It offers life cover plus savings and helps to enhance the wealth of the policyholder with the bonuses available under this policy. Protection is provided to the beneficiaries in case of the untimely death of the life insured, while the policyholders themselves receive a lump sum benefit if they survive the policy term.

India First Maha Jeevan - Key Features

This policy is a non-linked insurance plan that has both Maturity and Death Benefits.
The policy helps increase the policyholder’s wealth by way of the Terminal Bonuses and Simple Reversionary Bonus.
The nominee may receive up to ten times the annualized premium on the premature policyholder’s death.You can calculate the life insurance premium here
The policyholder may opt for a loan against his/her policy.
Policyholders may choose to enhance their life cover with a rider that is available under this policy.

India First Maha Jeevan - Benefits

If the life insured outlives the policy’s maturity date, he or she receives a maturity benefit, which is equal to the guaranteed sum assured plus the simple reversionary bonus and terminal bonus (if any).
The beneficiary of the policy receives a death benefit in case of unfortunate death of the insured person. The death benefit paid is the guaranteed sum assured plus the accrued reversionary bonus and terminal bonus. The death benefit is calculated as the following:

When the entry age is less than 45 years, the death benefit is the higher of ten times the annualized premium or 100% of the Guaranteed Sum Assured plus the Accrued Bonus and Term Rider Sum Assured (if any).
When the entry age is 45 years or higher, the death benefit is the higher of seven times the annualized premium or 100% of the guaranteed sum assured plus the accrued bonus and term rider sum assured (if any).

This policy provides Simple Reversionary Bonus and Terminal Bonus that are paid as part of the Maturity Benefit or the Death Benefit.
Under the sections of Income Tax Act 80 C and 10(10D) Tax benefits can be availed.

India First Maha Jeevan - Product Specification:

	Minimum	Maximum
Entry Age of the Life Assured (Last Birthday)	5 years	55 years
Maturity Age (Last Birthday) of the Life Assured	20 years	70 years
Policy Term (PT) in years	15 years	25 years
Premium Paying Term (PPT) in years	Regular pay
Premium Paying Frequency	Yearly, Half-yearly, Monthly
Sum Assured	Rs. 50000	Rs. 200000000

Details About Premium

Benefit illustration @8%

Entry Age (yrs)	Policy Year	Sum Assured (Rs.)	Annual Premium (Rs.)	Guaranteed Maturity / Death Benefit (Rs.)	Variable Total Bonus at end of the year (Rs.)	Death Benefit (Rs.)	Maturity Benefit (Rs.)
30	1	2500000	148989	2500000	50000	2550000
31	2	2500000	148989	2500000	100000	2600000
32	3	2500000	148989	2500000	150000	2650000
33	4	2500000	148989	2500000	200000	2700000
34	5	2500000	148989	2500000	250000	2750000
35	6	2500000	148989	2500000	300000	2800000
36	7	2500000	148989	2500000	350000	2850000
37	8	2500000	148989	2500000	400000	2900000
38	9	2500000	148989	2500000	450000	2950000
39	10	2500000	148989	2500000	500000	3000000
40	11	2500000	148989	2500000	550000	3050000
41	12	2500000	148989	2500000	600000	3100000
42	13	2500000	148989	2500000	650000	3150000
43	14	2500000	148989	2500000	700000	3200000
44	15	2500000	148989	2500000	750000	3250000	3250000

India First Maha Jeevan - Policy Details

Grace Period: A limited timeframe of 30 days is provided to the life insured as a grace period during which the insured person can clear all the premiums. In case of failure of premium payment the term of the policy discontinues. The timeframe for monthly mode of payment is fifteen days.

Policy Termination or Surrender Benefit: The policy may be surrendered after three years of full premium payment. If the premiums of the policy are not paid for two full years, then the policy expires. If the policy is not restored within the renewal period, the policy is terminated. The tenure of policy also comes to an end when the maturity benefit or death benefit is paid to the insured.

Free Look Period: From starting date of policy issued, the insurance owner have a limited 15 days period of free-look during which they can initiate policy cancellation if he/she did not liked the terms and conditions offered by the policy. The customer will receive the paid premium and a proportionate premium for the risk borne by the company is subtracted, including any add-on expenses, like medical examination or stamp duty charges.

Inclusions

The insured can avail policy loan after the policy gains the surrender benefits, on the condition that the loan amount does not exceed 90% of the surrender benefits.

Additional Features or Riders

Policyholders may opt for the India First term rider in order to enhance their life cover, the additional Sum Assured of which is payable on policyholder’s expiry. The Sum Assured under the rider cannot exceed the life cover opted under the policy.
The lapsed policy can be renewed if the insured person submits a request for renewal of policy within a period of 2 years’ of timeframe from the date of the first unpaid premium.
If premiums for three policy years are paid, and subsequently the policyholder fails pay again during this period, then the policy acquires Paid- up Value.

Exclusions

The coverage of the term insurance is nullified if the life insured, ends his/her own life or we can say if he/she commits suicide within 12 months from the date policy is issued and comes into action. The insurer of the policy returns only 80% of the premium paid to the beneficiary of the policy. In case, the policyholder does the same act within a year of policy renewal then the nominee of policy wee receive either the surrender benefits or the 80% of the premium paid whichever is higher.

Documents Required

Apart from the ‘Application form the applicant must submit his/her identity proof, address proof, bank account proof, and a recent photograph. Selected cases may require income proof and medical examination. You can also go for the online process for more convenience.

Written By: PolicyBazaar - Updated: 20 December 2018

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