MyLife Protection Plan

MyLife Protection Plan is a non-linked, non-participating individual life insurance plan by Ageas Federal Life Insurance. It offers three life cover options as Regular Coverage, Coverage Booster and Smart Coverage.

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Get ₹1 Cr. Life Cover at just ₹411/month*
No medical checkup required
Save more with upto 10% discount
Covers COVID-19
Tax Benefit
Upto Rs. 46800
Life Cover Till Age
99 Years
8 Lakh+
Happy Customers

*Tax benefit is subject to changes in tax laws. *Standard T&C Apply

** Discount is offered by the insurance company as approved by IRDAI for the product under File & Use guidelines

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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

Parameters

Particulars

Plan Options

Premium 

Minimum

Maximum

Policy Tenure 

Regular Coverage

Single

10 years

85 – Age at Entry

Limited 

Regular 

Coverage Booster

Single

10 years

85 – Age at Entry

Limited 

Regular 

Smart Coverage

Single

N/A

N/A

Limited 

65 years – Entry age

85 – Age at Entry

Premium Paying Term

Regular Coverage

Single 

Limited 

7 years

25 years

Regular

10 years

Coverage Booster

Single

Limited 

7 years

25 years

Regular 

10 years

85- Age at Entry

Smart Coverage

Single 

Limited

7 years

25 years

Sum Assured 

Regular Coverage

INR 50,000

No Limit

Coverage Booster

Smart Coverage

Premium Payment Frequency

Monthly, Yearly

Loan Facility

The policy does not offer any loan facility

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. 

Options

Benefits

Regular Coverage

  • Offers basic sum assured as death benefits
  • Sum assured does not change during the policy term

Coverage Booster

  • Basic sum assured increases by 10% as the death benefit 
  • Basic sum assured will increase by 50% for three years up to a maximum of 150% 
  • Does not have any additional medical clauses

Smart Coverage

  • Offers a basic sum assured as the death benefit levels up to the assured sum till policy anniversary as insured individuals turn 60 
  • After that, it reduces the assured sum amount by 50% and continues the level till the end of the policy term.
  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

FAQ's

  • Q. What is the free look period for MyLife Protection Plan?

    Ans: The policy has a 15 days free look period if it is purchased through a direct online platform. It has a 30 days free look period if it is purchased through direct marketing channels.
  • Q. What is the grace period offered under MyLife Protection Plan?

    Ans: The policy has a 15 days grace period if the premiums are paid in a monthly mode. It has a 30 days grace period if the premiums are paid through annual mode.
  • Q. What is the revival period under this plan?

    Ans: The policy offers a 5 years revival period starting from the date of the first unpaid premiums.
  • Q. What are the legal provisions for this plan?

    Ans: The policyholders can follow these key legal provisions if issues are generated:
    • Section 38 of Insurance Act 1938 for assignment issues
    • Section 39 of Insurance Act 1938 for nomination issues
    • Section 45 of Insurance Act 1938 for issues related to fraudulent activities and data misrepresentation
    • Income Tax Act 1961 for taxation issues.
  • Q. When can MyLife Protection Plan be terminated?

    Ans: MyLife Protection Plan will be terminated in the following cases:
    • On the death of the life assured
    • On completion of the policy term
    • On not reviving the lapsed policy during the revival period
    • On free look cancellation
    • On payment of surrender value
    • In case of misrepresentation  or frauds

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