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Aajeevan Suraksha Plan

Aajeevan Suraksha plan is a financial protection plan offered by the PNB MetLife insurance company to safeguard the financial uncertainties in life. One distinctive quality of the Aajeevan Suraksha plan is that it offers different premium payment methods.

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This plan also comes with an option to cover the spouse as well and select a return of premium option in case both or either survive the policy term. You can buy the Aajeevan Suraksha plan for coverage up to the age of 99 years.

Note: Know more about what is term insurance first before reading this article.

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Salient Features of Aajeevan Suraksha Plan

Sr. No.

Description

feature

1.

Tenure options

Entire life cover option for up to the age of 99.

Fixed-term tenure options ranging from 10 to 40 term years.

2. 

Flexible-Premium Payment options

Limited-term payment from 5 to 15 years.

Pay once and get protected for the entire plan term.

Pay regularly throughout the policy tenure.

3.

Choice for premium return

Premium return option available to get back premium upon survival throughout the policy term.

4.

Different claimable benefits option

Four main benefit options to choose from per specific needs.

Benefits

Several claimable benefits are linked to the Aajeevan Suraksha plan that one can avail of as per the policy terms and conditions. Some of the key benefits are listed below, which are assured under this plan.

  1. Death Benefits

    A lump sum amount is paid to the beneficiary/nominee  by the insurer upon the untimely demise of the policyholder during the policy term

    This benefit also covers terminal illness as an inbuilt feature. The policy expires upon the pay-out of the death benefit or terminal illness benefit, whichever comes first.

  2. Joint life benefit

    One can opt for joint life benefits while selecting the relative plan under the Aajeevan Suraksha plan. Both lives, the primary insured and the spouse of the Primary Insured are covered under this benefit.

  3. Fixed income benefit

    Opting for this benefit pays a fixed monthly income to the family of the life insured for 10 years straight along with the selected lump sum amount equal to 100 times the chosen income.

  4. Increasing income benefit

    Under this benefit, lump-sum amounts equal to 100 times chosen income are paid plus an increasing monthly income is covered for ten years, which increases by 10% every year.

    You can only go for one of the above-mentioned benefits.

  5. Tax benefits

    Aajeevan Suraksha Plan falls under Section 80(c) of the Income Tax Act 1961 to provide tax rebates to the insured person.

    “Tax benefit is subject to changes in tax laws. Standard T&C apply.”

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Premium Illustration

An illustration with specifically elected options under certain conditions is given below to have an idea regarding premium payments.

Let's say a 35 years old male buys the Aajeevan Suraksha plan for him and his wife to get them covered for 30 coming years. And he selects a limited premium payment option and stays covered for the entire policy tenure. Then the said person will have three main premium payment options available in  hand, which are:

Premium Payment Term (in years)

Annual Payable Amount (in rupees)

5

1,01,705

10

55,677

15

41,948

 Premium amounts mentioned in the table are in exclusion with the maturity benefit option. Premiums may increase when you go for the Return of the Premium option linked to the Aajeevan Suraksha plan.

Additional Benefits

There are several extra benefits one can avail of along with the basic structure of this policy. Some of these additional riders are listed below:

  1. Return of premium benefit

    Adding this rider to the basic plan allows you to claim a lump sum amount upon maturity of the policy. If one survives the entire policy tenure without claiming the benefits associated with this policy, he or she can claim the premium return if he has chosen this particular rider while applying for this policy.

  2. Terminal illness rider

    Opting for this rider covers the policyholder against 10 different serious medical conditions. This is an addition to the terminal illness cover benefit inbuilt to the plan.

  3. Accidental death cover benefit

    This rider is laid out to offer an extra amount in case of the policyholder's death caused due to an accident.

    If any of the rider options are selected at the time of buying or renewing the policy, an additional premium must be paid to reap the benefits.

Eligibility Criteria

There are age and amount restrictions needed to be met to be eligible to apply for the Aajeevan Suraksha Plan. The same is listed below:

Minimum age for entry: 18 years

Maximum age for Entry: 65 years

Maximum Age for Coverage

  • For fixed-term: 88 years
  • For entire life: 99 years

Minimum Sum Assured value: Rs 25 lakhs

Minimum Premium Payable

  • Regular Payment Method: Rs 3,885
  • Fixed-Term Payment: Rs 5,000
  • Single Payment: Rs 5,000

What Are the Documents Required To Buy the Policy?

A list of documents to show while applying for the Aajeevan Suraksha plan is as follows:

  • Application form 
  • Proof of identity (Aadhar card, pan card, driving license)
  • Age details (Birth certificate, domicile)
  • Residence proof (utility bills)
  • Latest passport size photographs
  • Bank details (Passbook, chequebook or/and any other relative bank document)

How To Buy the Aajeevan Suraksha Plan Online?

One can buy this policy through a few clicks via the online procedure. The process is simple and doesn't require additional computer expertise to apply for this policy.

The stepwise online process is as follows:

  • Go to any of the insurer's officially authorized websites
  • Enter personal details
  • Click the buy this policy online option. An online application form will appear
  • Fill the online form with relevant details
  • Click the Save and proceed further option
  • Upload copies of all required documents
  • Enter the health details
  • Select the plan that meets your specific needs
  • Choose the premium payment mode
  • Click on 'Pay Online'  and complete the purchase with the first premium
  • All of your plan details will then be sent via mail and text

Please note that you may be contacted by the insurance company’s representative for further procedures and confirmation of your purchase.

Exclusions

  1. Suicide Exclusion

    In case the policyholder commits suicide within the first twelve months of the policy's risk commencement date or revival date of the policy, the insurer shall not be liable to pay any death benefit to the beneficiaries, and the nominees shall not make any cover claims either.

    In such a case, 80% of the premiums paid till the suicide date or the surrender value available, whichever is higher, shall be paid to the family considering the policy is in active mode at the time of suicide. And the amount paid shall not include any interest rates either.

  2. Maturity Benefit Exclusion for policies without the Return of Premium option

    The insurer will not pay any amount upon the maturity of the scheme if the return of the premium rider was not added at the time of buying the Aajeevan Suraksha plan.

Note: Check out the best term insurance plan in India and choose one that suits your requirements.

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