You work hard in life to ensure that your family is safe and comfortable. You make all of life’s important decisions with these priorities which is why you may worry about a day when they do not have you to depend on. Predicting the future is not possible, but it is possible with IndiaFirst Maha Jeevan Plan to make sure that your family’s future needs are met even if you are not around to provide them. IndiaFirst Maha Jeevan Plan offers policyholders an assured maturity amount as well as simple reversionary bonus declared by the Company every financial year end. You can also avail any terminal bonus, if any. You can plan your future needs by deciding exactly when you need the assured amount (anytime between 15 and 25 years).
Eligibility Conditions for IndiaFirst Maha Jeevan Plan
|Minimum age at the time of applying for the plan||5 years as on the last on the last birthday|
|Maximum age at the time of applying for the plan||55 years as on the last on the last birthday|
|Minimum age at end of the plan term||20 years as on the last birthday|
|Maximum age at end of the plan term||70 years as on the last birthday|
Key Features of IndiaFirst Maha Jeevan Plan
|Plan type||Non Linked Participating Endowment Plan|
|Free look period||15 days|
|Nomination||This policy allows you to nominate a person who will benefit from the policy. The nominee can be a minor.|
|Surrendering the policy||It is possible to surrender the policy for immediate cash requirement, any time after three full year’s premiums have been paid. The amount payable on surrender will be the higher of Special Surrender Value (SSV) and the Guaranteed Surrender Value (GSV).|
|Loan||You can avail of a loan amount up to 90% of the available surrender value.|
In case you cancel a plan, you can get a refund which is equal to the Premium amount paid minus the following:
|Revival of plan||
It is possible to revive your plan within a specified period. You can do this by either:
|Grace period||15 days|
|Suicide clause||If the life assured happens to commit suicide, whether sane or not, within 12 months from the date of revival, the benefit payable will be equal to the higher of 80% of total premium paid or surrender value.|
|Simple reversionary bonus||You may be able to avail a simple reversionary bonus, if any. It is a percentage of the sum assured declared by the company. The rate of bonus or percentage of the sum assured is not fixed and may change from time to time.|
|Premium Paying Mode||Premium Paying Mode||Minimum Premium|
|Six monthly||Rs. 3,071|
|Premium Frequency||Factor To Be Applied To Yearly Premium|
|Life cover||Sum Assured||Limit|
Benefits of IndiaFirst Maha Jeevan Plan
Death Benefit: A lump sum amount will be paid to the nominee/ legal heir/ appointee in the untimely demise of the Life Assured. The lump sum amount payable will be as mentioned below:
|Less than 45 years||45 years or more|
|Death Benefit, provided the plan is in force.||Higher of (10 times Annualized Premium or Guaranteed Sum Assured on maturity), Accrued Bonus till death (if any) as well as Term Rider Sum Assured, if opted.||Higher of (7 times Annualized Premium or Guaranteed Sum Assured on maturity), Accrued Bonus till death (if any) as well as Term Rider Sum Assured, if opted.|
The death benefit payable will not be less than 105% of the total premiums paid, at any point of time.
Tax Benefit: You can enjoy tax benefits on the premium you invest under Section 80(C). As per Section 10(10D) of the Income Tax Act, 1961, you can also get tax benefits on the benefits you receive at maturity of your plan.
Terminal Bonus: The Company will announce this bonus at the end of the financial year. At the end of the plan term, this bonus amount will be credited into the plan.
IndiaFirst Term Rider can be chosen under the plan to enhance the life cover. In case of untimely event of the Life Assured’s demise, the additional sum assured which has been opted under the IndiaFirst Life plan will be payable. Please note that the sum assured under IndiaFirst Term Rider cannot be more than the sum assured opted for under the Plan.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017