IndiaFirst Maha Jeevan Plan

The India First Maha Jeevan Plan is a non-linked insurance plan with bonus facility. It offers life cover plus savings and helps to enhance the wealth of the policyholder with the bonuses available under this policy. Protection is provided to the beneficiaries in case of the untimely death of the life insured, while the policyholders themselves receive a lump sum benefit if they survive the policy term.

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  • 4.8~ Rated
  • 7.7 Crore Registered Consumer
  • 50 Partners Insurance Partners
  • 4.2 Crore Policies Sold

Investment Plans

  • Guaranteed Tax Savings^Under sec 80C & 10(10D)
  • Under sec 80C & 10(10D)Invest ₹10k Per Month*
  • Zero LTCG Tax^
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Get Guaranteed returns along with life cover
invest in 100% Guaranteed Return Plans Tax benefits under sec 80C & No Tax on returns*
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rating
7.7 Crore
Registered Consumer
50
Insurance Partners
4.2 Crore
Policies Sold
Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

India First Maha Jeevan - Key Features 

  • This policy is a non-linked insurance plan that has both Maturity and Death Benefits.
  • The policy helps increase the policyholder’s wealth by way of the Terminal Bonuses and Simple Reversionary Bonus.
  • The nominee may receive up to ten times the annualized premium on the premature policyholder’s death.You can calculate the life insurance premium here
  • The policyholder may opt for a loan against his/her policy.
  • Policyholders may choose to enhance their life cover with a rider that is available under this policy. 

India First Maha Jeevan - Benefits 

  • If the life insured outlives the policy’s maturity date, he or she receives a maturity benefit, which is equal to the guaranteed sum assured plus the simple reversionary bonus and terminal bonus (if any).
  • The beneficiary of the policy receives a death benefit in case of unfortunate death of the insured person. The death benefit paid is the guaranteed sum assured plus the accrued reversionary bonus and terminal bonus. The death benefit is calculated as the following: 
    • When the entry age is less than 45 years, the death benefit is the higher of ten times the annualized premium or 100% of the Guaranteed Sum Assured plus the Accrued Bonus and Term Rider Sum Assured (if any).
    • When the entry age is 45 years or higher, the death benefit is the higher of seven times the annualized premium or 100% of the guaranteed sum assured plus the accrued bonus and term rider sum assured (if any). 
      • This policy provides Simple Reversionary Bonus and Terminal Bonus that are paid as part of the Maturity Benefit or the Death Benefit.
      • Under the sections of Income Tax Act 80 C and 10(10D) Tax benefits can be availed. 

India First Maha Jeevan - Product Specification:

 

Minimum

Maximum

Entry Age of the Life Assured (Last Birthday)

5 years

55 years

Maturity Age (Last Birthday) of the Life Assured

20 years

70 years

Policy Term (PT) in years

15 years

25 years

Premium Paying Term (PPT) in years

Regular pay

Premium Paying Frequency

Yearly, Half-yearly, Monthly

Sum Assured

Rs. 50000

Rs. 200000000

Details About Premium

Benefit illustration @8%

Entry Age (yrs)

Policy Year

Sum Assured (Rs.)

Annual Premium (Rs.)

Guaranteed Maturity / Death Benefit (Rs.) 

Variable Total Bonus at end of the year (Rs.)

Death Benefit (Rs.)

Maturity Benefit (Rs.)

30

1

2500000

148989

2500000

50000

2550000

 

31

2

2500000

148989

2500000

100000

2600000

 

32

3

2500000

148989

2500000

150000

2650000

 

33

4

2500000

148989

2500000

200000

2700000

 

34

5

2500000

148989

2500000

250000

2750000

 

35

6

2500000

148989

2500000

300000

2800000

 

36

7

2500000

148989

2500000

350000

2850000

 

37

8

2500000

148989

2500000

400000

2900000

 

38

9

2500000

148989

2500000

450000

2950000

 

39

10

2500000

148989

2500000

500000

3000000

 

40

11

2500000

148989

2500000

550000

3050000

 

41

12

2500000

148989

2500000

600000

3100000

 

42

13

2500000

148989

2500000

650000

3150000

 

43

14

2500000

148989

2500000

700000

3200000

 

44

15

2500000

148989

2500000

750000

3250000

3250000

India First Maha Jeevan - Policy Details 

Grace Period: A limited timeframe of 30 days is provided to the life insured as a grace period during which the insured person can clear all the premiums. In case of failure of premium payment the term of the policy discontinues. The timeframe for monthly mode of payment is fifteen days. 

Policy Termination or Surrender Benefit: The policy may be surrendered after three years of full premium payment. If the premiums of the policy are not paid for two full years, then the policy expires. If the policy is not restored within the renewal period, the policy is terminated. The tenure of policy also comes to an end when the maturity benefit or death benefit is paid to the insured. 

Free Look Period: From starting date of policy issued, the insurance owner have a limited 15 days period of free-look during which they can initiate policy cancellation if he/she did not liked the terms and conditions offered by the policy. The customer will receive the paid premium and a proportionate premium for the risk borne by the company is subtracted, including any add-on expenses, like medical examination or stamp duty charges.

Inclusions

The insured can avail policy loan after the policy gains the surrender benefits, on the condition that the loan amount does not exceed 90% of the surrender benefits.

Additional Features or Riders

  • Policyholders may opt for the India First term rider in order to enhance their life cover, the additional Sum Assured of which is payable on policyholder’s expiry. The Sum Assured under the rider cannot exceed the life cover opted under the policy.
  • The lapsed policy can be renewed if the insured person submits a request for renewal of policy within a period of 2 years’ of timeframe from the date of the first unpaid premium.
  • If premiums for three policy years are paid, and subsequently the policyholder fails pay again during this period, then the policy acquires Paid- up Value. 

Exclusions 

The coverage of the term insurance is nullified if the life insured, ends his/her own life or we can say if he/she commits suicide within 12 months from the date policy is issued and comes into action. The insurer of the policy returns only 80% of the premium paid to the beneficiary of the policy. In case, the policyholder does the same act within a year of policy renewal then the nominee of policy wee receive either the surrender benefits or the 80% of the premium paid whichever is higher. 

Documents Required 

Apart from the ‘Application form the applicant must submit his/her identity proof, address proof, bank account proof, and a recent photograph. Selected cases may require income proof and medical examination. You can also go for the online process for more convenience. 

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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