Mera Jeevan Suraksha Plan

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

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:

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:

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:

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.

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

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