IndiaFirst Maha Jeevan Plan
IndiaFirst Maha Jeevan Plan
IndiaFirst Maha Jeevan Plan is a Participating Endowment Plan. It is a Traditional Plan with Bonus facility.
How it works – In this plan, premium needs to be paid till the end of the Policy Tenure and the policy can be chosen for any period between 10-25 years.
In this plan, there is a choice of opting for a variant where the amount of Life Cover differs
- Classic – In this variant, the amount of Life Cover is the Sum Assured as selected
- Silver – In this variant, the amount of Life Cover is double the Sum Assured as selected
- Gold – In this variant, the amount of Life Cover is triple the Sum Assured as selected
Thus, if the Life Insured dies within the policy tenure, the Death Benefit would be paid according to the Life Cover offered in this plan + Simple Reversionary Bonus, as declared would be paid as Death Benefit and the policy terminates. If the Policyholder dies while the Life Insured is a minor, then the plan gets transferred to surviving parent or legal guardian. If there are no surviving parent or legal guardian, then the plan gets converted to a Paid Up Value and continues.
However, if the Life Insured survives till the end of the policy tenure, then the Sum Assured + Simple Reversionary Bonus + Terminal Bonus, if any would be paid to the Policyholder irrespective of the plan option selected.
Key Features
- This plan provides the benefit of Double and Triple Sum Assured as Death Benefit
- On survival till the end of the Policy Tenure, the Guaranteed Maturity Amount, i.e. the Sum Assured + Bonus is paid as Maturity Benefit
- Classic – In this variant, the amount of Life Cover is the Sum Assured as selected
- Silver – In this variant, the amount of Life Cover is double the Sum Assured as selected
- Gold – In this variant, the amount of Life Cover is triple the Sum Assured as selected
- If the Life Insured dies within the policy tenure, the Death Benefit would be paid according to the Life Cover offered in this plan + Simple Reversionary Bonus, as declared would be paid
- If the Life Insured survives till the end of the policy tenure, then the Sum Assured + Simple Reversionary Bonus + Terminal Bonus, if any would be paid to the Policyholder irrespective of the plan option selected.
Benefits
- Under Classic Option, the Sum Assured + Simple reversionary bonus accumulated till death, as Death Benefit
- Under Silver Option, Double the Sum Assured + Simple reversionary bonus accumulated till death, as Death Benefit
- Under Gold Option, Triple the Sum Assured + Simple reversionary bonus accumulated till death, as Death Benefit
On survival till the end of the Policy Tenure, the Sum Assured along with Simple reversionary bonus accumulated + Terminal Bonus, if any, is paid to the policyholder as Maturity Benefit under all options.
Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.
There are no additional riders in this plan
Eligibility
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Minimum
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Maximum
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Sum Assured (in Rs.)
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50,000
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2,00,000,000
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Policy Term (in years)
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10
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25
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Premium Payment Term (in years)
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Equal to Policy Tenure
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Entry Age of Life Insured (in years)
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5
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65
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Age at Maturity (in years)
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18
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75
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Premium (in Rs.)
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6,000 for Annual Mode
3,071 for Semi-Annual Mode
522 for Monthly Mode
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No Limit
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Payment modes
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Annual, Semi Annual and Monthly
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FAQs
What happen if you stop paying the premium within 3 policy years ?If the policy holder stops paying the premium, the policy lapses and all benefits cease. The policy can however be revived within the 2 years Revival period.
What happen if you stop paying the premium after 3 policy years ?If the policy holder stops paying the premium, the policy is converted to the Paid Up Value and the policy continues for the reduced coverage. The policy can however be revived within the 2 years Revival period.
What happen if you want to surrender the policy ?What happen if you want a loan against your policy ?Loan facility is available under this plan upto 90% of Surrender Value. The Minimum Loan Amount is Rs 1,000. As and when the outstanding loan principal along with interest exceeds Surrender Value, the plan will be compulsorily surrendered.
