MyLife Protection Plan

These options except the Smart Coverage have three premium payment modes such as single, limited and regular. The Smart Coverage has only single and limited premium modes. 

Salient Features of MyLife Protection Plan

Policy Benefits

MyLife Protection Plan offers a high degree of flexibility life cover options like Regular Coverage, Coverage Booster and Smart Coverage. The policy also offers a high degree of flexibility to choose premium modes and policy terms. Except for the Smart Coverage life cover, all the life cover offers regular, limited, and single premium payment solutions with respective benefits. The Smart Coverage offers only single and limited premium payment modes. 

1. Death Benefit

   MyLife Protection Plan offers death benefits as per different life cover chosen. The life cover option once selected cannot be changed later. The policy option allows different death benefits as per the different premium modes chosen. 

   The death benefits are discussed below:

   • Limited and Regular Pay option: The death benefit is the amount highest among 10 times of annualized premium, 105% of total premium paid till the date of death, or assured sum payable on death.
   • Single Pay Option: The death benefit is the amount highest of 1.25 times the single premium paid and assured sum payable on death.

2. Accidental Death Benefit

   MyLife Protection Plan offers accidental death benefits as per the life cover option chosen. The accidental death benefits are offered if the death takes place within 180 days of the accident or before the expiry of cover. The benefits are offered if the injury does not result from any other causes excluded in the cover. The minimum and maximum entry age for accidental death benefits are 21 years and 60 years respectively. The minimum and maximum maturity age for accidental death benefits are 31 years and 60 years respectively. 

   The key accidental death benefits included in MyLife Protection Plan offers are identified below:

   • Regular Coverage and Coverage Booster Options: offers basic sum assured capped to INR 2 lakhs and maintains premiums capped to 30% of the base plan premium
   • Smart Coverage Option: offers 50% of basic sum assured capped to INR 2 crore and maintains premiums capped to 30% of Base Plan premium

3. Surrender Benefits

   MyLife Protection Plan does not acquire a surrender value, since it is a pure term plan. However, the policy offers refunds if surrendered. The refunds are mentioned below:

   • Regular Pay Option: It does not refund any money
   • Limited Pay and single pay option: insurers refund the money if the premiums are paid for the first three consecutive years successfully. There is no such clause applicable for the single pay option. However, in both limited and single pay options MyLife Protection Plan refunds 70% of the premiums paid till the date of policy surrender. If any accidental death benefit is taken the respective value is deducted from the refund amount.

4. Tax Benefits

   The tax benefits are offered in the MyLife Protection Plan as per the amounts and numbers of premiums paid. The tax benefits are offered as per the Income Tax Act 1961.

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

Premium Illustration

In case a 35 years old policyholder chooses insurance of INR 1 crore, 20 years policy term, and 20 years premium payment term, he can get the following death benefits as per different options chosen.

1. Regular Coverage Option 

   INR 1 crore

2. Coverage Booster Option 

   • 1 to 3 policy years: INR 1 crore
   • 4 to 6 policy years: INR 1.1 crore
   • 7 to 9 policy years: INR 1.2 crore
   • 10 to 12 policy years: INR 1.3 crore
   • 13 to 15 policy years: INR 1.4 crore
   • 16 to 20 policy years: INR 1.5 crore

3. Smart Coverage Option 

   1 to 25 policy years: INR 1 crore

   26 to 40 policy years: INR 50 lakhs

Additional Benefits

1. Premium Savings

   MyLife Protection Plan offers three key saving areas for premiums such as for female life insured, for non-tobacco users, and for marathon runners.

   • For female life insured: If the female life is insured the premium payable for that insured will be similar to the male counterpart of age three years less than that of the female. 
   • For non-tobacco users: The plan offers differential premium rates for non-tobacco users.
   • For marathon runners: The plan offers differential premium rates for marathon runners if they declare themselves as non-tobacco users. It is offered at the time of policy inception.

2. Additional Riders

   MyLife Protection Plan does not have any additional rider options available.

What Documents Are Required To Buy the Policy?

To buy MyLife Protection Plan, the interested individuals are required to provide documents as mentioned below to facilitate the KYC operations of policy management:

• Policy proposal form
• Identity Proof
• Date of Birth Proof
• Address Proof
• Income Details and Bank Details
• Passport Size Photographs

How To Buy MyLife Protection Plan Online?

The interested individuals who want to purchase MyLife Protection Plan are required to follow these key steps:

• They are required to provide contact details, name, date of birth, and other information to go to the next step for generating a policy quote. They must accept the terms of conditions of the insurer as applicable.
• Then they can provide basic details, confirm the eligibility criteria, and choose policy details as mentioned. It will help to generate quotes as per the information related to income, smoking habit, coverage details, assured sum, and policy term provided. 
• The individuals are required to agree with the quoted price suggested, verify the details provided and make an online payment to purchase MyLife Protection Plan.
• Individuals need to provide details related to personal information, nominee information, lifestyle information, family medical history, and individual medical history. They accept the declaration clauses mentioned to purchase MyLife Protection Plan

Policy Exclusions

Suicide Exclusion: MyLife Protection Plan does not offer death benefits in case the insured person dies due to a suicidal attempt. However, they will receive 80% of the total premiums paid till the date of death or surrender value of the policy at the date of death if the incident occurs within the 12 months of the risk commencement date and revival date of the policy.

Exclusion for Accidental Death Benefit: The nominee will not get any benefits in case the insured person dies due to the following reasons.

• If the insured person was under the influence of drugs,  alcohol, or took a suicidal attempt.
• If the insured person participated in the war or warlike events, adventure sports, etc.
• If the person was involved in criminal or unlawful acts
• If the person is associated with flying activity or comes across radioactive or hazardous materials
• If the person took suicidal attempt

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.

FAQs