Mera Jeevan Suraksha Plan

Mera Jeevan Suraksha Plan is an Individual, Non-Linked, Non-Participating, life insurance plan that is  comprehensive and gives the policyholders the option to cover themselves and their spouse under the same plan. It comes with several benefits like in-built terminal illness benefits, and an option to decide the payout between lump sum and income-based. The plan also offers its policyholders a return of premium in case of the survival of the insured person beyond the maturity of the term plan by paying some additional premium.

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Here is the list of some critical aspects related to the Mera Jeevan Suraksha Plan. Policyholders must walk through them diligently and understand all the necessary conditions:

Parameters 

Particulars 

Policy Tenure 

Minimum – 10 years

Maximum – 40 

(30, if 'with a return of premiums' option is opted)

Premium Paying Term 

Regular 

Sum Assured 

Minimum – 2500000

Maximum – No limit (subject to policy documents)

Premium Payment Frequency 

Yearly / Half-yearly / Monthly

Loan Facility 

No provision for a loan facility under this plan

Benefits 

This term plan gives policyholders significant financial protection and distributes additional advantages, making Mera Jeevan Suraksha Plan an all-in-one term insurance plan. 

Some advantages of the policy are:

  • If policyholders decide to opt for higher sum assured, the insurer will offer special premium rates based on the Sum Assured slabs. The existing Sum Assured slabs are Rs. 25 lakhs, Rs. 49.99 lakhs, Rs. 50 lakhs, Rs. 99.99 lakhs, Rs.1 crore, Rs. 1.99 crores, Rs.2 crores, and above.
  • Special premiums rates are available for females 
  • Insurer offers flexible premium payment modes. Policyholders can select to pay premiums by annual, semi-annual, or monthly mode. 
  • At the time of term plan purchase, the policyholders will be given a choice to opt for lump sum benefit in case of death or diagnosis of terminal illness of the person insured under the plan during the policy tenure. The lump-sum benefit will be equal to the sum assured on death.
  • Policyholders can choose single or multiple nominees to receive the term plan benefits. They can also decide which nominee will get what percentage of the sum assured.
  • Policyholders have to decide the amount for the monthly income at the time of policy inception. When the person covered under the plan dies or is diagnosed with a terminal illness, the insurer will pay monthly income over 10 years, equal to the sum assured amount.
  • The insurer also offers increasing monthly income with an increased rate of 10% per annum on a simple interest basis. 
  • Tax benefits under section 80C are also available.

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

Premium Illustration

Now we will see the case of Mahi, who is 40 years old, a non-smoker, and opted for the policy for the tenure of 30 years. She also chooses the additional benefit of the return of premium paid. She nominated three people for sum assured distribution. As per her instructions, 40% of the sum assured will go to her mother, 30% to her daughter, and the rest 30% to her husband.

Annual Premium – 30,580

Monthly income decided at the time of policy purchase – 50,000

Death/Terminal illness cover – equal to 100 times of monthly income 50000x100 = 5000,000

Lump sum – 5000,000

Total income – 6000,000

Total benefit – 1,10,000,00

Conditions:

If she decided not to go for "return of premium paid," then the annual premium will be 16,080.

The Premium amount mentioned above does not include the taxes. 

The term plan will be terminated once the last tranche of a monthly instalment is paid.

If Mahi survived until the end of the maturity period, she would receive the premium paid, excluding extra premiums and taxes.

Additional Riders

Mera Jeevan Suraksha Plan allows its customers to opt for the additional rider as per their requirement to make the term plan even more convenient. With this rider, policyholders can add more value to their plan by paying some extra premium.

Return of Premiums

Under this rider on the survival of the policyholder till the maturity period, the insurer will pay the maturity amount, which will be equal to the sum assured on maturity. 

Three scenarios under " Return of Premiums" maturity benefit:

Survival of both policyholder and spouse 

Sum assured will be paid, which will be equal to 100% of the total premium paid to both policyholder and spouse up till maturity.

In case of death or diagnosis of terminal illness of the Policyholder, and survival of Spouse 

Sum assured will be paid, which will be equal to the total additional premium paid for the spouse. 

In case of death or diagnosis of terminal illness of the Spouse, and survival of the Policyholder till maturity.

Sum assured will be paid, which will be equal to the total additional premium paid for the Policyholder.

Eligibility 

There are specific eligibility criteria involved with the Mera Jeevan Suraksha Plan. One must be aware of them before making the term plan buying decision. Here is a list of eligibility criteria:

Parameters 

Conditions 

Minimum Entry Age 

18 years 

Maximum Entry Age 

65 years 

Annual Premium 

Minimum – Rs3885

Maximum – No limit (depends on sum assured)

What Are the Documents Required To Buy the Plan?

If someone is interested in buying Mera Jeevan Suraksha Plan, they will be required to submit certain documents. The insurer can ask for additional documents if required. 

Here is the list of various required documents:

  1. For Identity Proof

    • Adhaar Card 
    • Passport 
    • Driving License 
    • Voter Id 
  2. For Age Proof 

    • Adhaar Card 
    • Driving License 
    • Voter Id 
    • Passport 
    • Birth Certificate
    • High School Marksheet 
  3. For Address Proof 

    • Passport
    • PAN Card
    • Aadhar Card
    • Voter Id
    • Official bank statement
    • Ration card
    • Electricity, telephone, or any other government utility bill
  4. For Income Proof

    • Recent salary slips (last three months) from your employer
    • Official bank statements (last six months)
    • Form 16 or Income tax return (last two-three years)

How To Buy Mera Jeevan Suraksha Plan Online?

As of now, Mera Jeevan Suraksha Plan can be bought only through offline mode. The interested people can visit the official website of the insurer, where they will find the three options from where they will get the purchase-related information.

  • One can ask the insurer to allot a policy advisor who will help the person clear out all the doubts regarding the term plan and produce a policy as per their specific need. 
  • One can also use the in-built feature of locating the nearest branch of the insurer on the official website. 
  • Interested individuals can directly contact the insurer via call, email, and fax. And can get all the necessary details about the policy purchase.

Policy Exclusions

There are some conditions under which the policy will not work the same way as otherwise. Here is the list of exclusions policyholders must know about:

  1. Suicide Exclusion

    The person insured committed suicide within 12 months of starting the policy or renewal of the policy. The nominee will receive only 80% of the premium paid till the date of death. The policy must be in force to avail this benefit, and the insurer will not be liable to pay any interest on the amount. 

  2. No Change in benefits 

    Policyholders are required to choose the benefits at the time of policy purchase. After that, the death or terminal illness benefits cannot be altered any time during the policy term.

  3. Terminal Illness Exclusion

    Under this term plan, if the policyholders are diagnosed with certain terminal illnesses like AIDS in that scenario, they will not receive any cover.

FAQ's

  • Q1. Are there any tax benefits available under the Mera Jeevan Suraksha Plan?

    Ans: Policyholders will be eligible for tax benefits as per the provisions u/s 80C of the Income Tax Act, 1961. Policyholders must consult with their tax advisors for the tax benefits.
    *Tax benefit is subject to change in tax laws*
  • Q2. Does the plan allow policyholders a free look period?

    Ans: Yes, the insurer provides a free look period if the policyholders have any issue with the terms and conditions of the term plan. Policyholders can return the policy by giving a signed written application to the insurer mentioning the reasons for cancellation within 15 days and 30 days if the policy bought through distance marketing mode from the date of receiving the policy and will get a refund of the premiums paid after deduction of stamp duty charges, medical examination expense and other costs. 
  • Q3. How can I calculate the premium of this term plan? 

    Ans: One can visit the official website of the insurer to calculate the premium in advance. They will be required to enter details like gender, date of birth, state of residence, etc. 
  • Q4. What is the claim settlement ratio of the insurer?

    Ans: The insurer has a claim settlement ratio of 96.21% for FY 2018-19. Claim up to rupees 50 lakhs can be claimed within three hours if the policy is active for three straight years after submitting all required documents and no on-ground investigation is necessary. 
  • Q5. What is the Grace Period available under this plan?

    Ans: If policyholders, due to some reason, are unable to pay premiums on their due dates, a grace period for 30 days for annual premium payment mode and 15 days for monthly premium payment mode is given. This is available from the due date of unpaid premium for payment of premium without any interest. During the grace period, the policy will continue to be in force with all benefits.

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