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IndiaFirst Maha Jeevan Plan

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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 of IndiaFirst Maha Jeevan Insurance Plan

  • It is an Endowment Plan without Bonus facility
  • 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
  • The plan offers 3 variants
    • 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.
COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS
 

Benefits you get from IndiaFirst Maha Jeevan Insurance Policy

Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee gets:
  • 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
Maturity 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.
Income Tax Benefit - 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.
 
 
 

Eligibility conditions & other restrictions in IndiaFirst Maha Jeevan Insurance Policy

 
Minimum
Maximum
Sum Assured (in Rs.)
50,000
2,00,000,000
Policy Term (in years)
10
25
Premium Payment Term (in years)
Equal to Policy Tenure
Entry Age of Life Insured (in years)
5
65
Age at Maturity (in years)
18
75
Premium (in Rs.)
6,000 for Annual Mode
3,071 for Semi-Annual Mode
522 for Monthly Mode
No Limit
Payment modes
Annual, Semi Annual and Monthly
 
 

Sample illustration of premium amount in IndiaFirst Maha Jeevan Plan

The below illustration is for a healthy male opting for a Sum Assured of Rs 10,00,000 for 20 years and opts for Silver Option.

IndiaFirst Maha Jeevan Plan Sample Premiums

 

Additional Features and Benefits of IndiaFirst Maha Jeevan Plan

Riders – There are no additional riders in this plan
 
 

What happens 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.
 
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.
 
You want to surrender the policy – There are Surrender Benefits in this plan but only if at least 3 policy years’ premiums have been paid.
Guaranteed Surrender Value= 30% of all Basic Premiums Paid till date -1st years’ premium
There is Special Surrender Value in this plan as well.
 
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.



 
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