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Mera Jeevan Suraksha Plan is an Individual, Non-Linked, Non-Participating, life insurance plan that is comprehensive and gives the policyholders the option to cover themselves and their spouse under the same plan. It comes with several benefits like in-built terminal illness benefits, and an option to decide the payout between lump sum and income-based. The plan also offers its policyholders a return of premium in case of the survival of the insured person beyond the maturity of the term plan by paying some additional premium.
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Note: Know more about what is term insurance first before reading this article.
Here is the list of some critical aspects related to the Mera Jeevan Suraksha Plan. Policyholders must walk through them diligently and understand all the necessary conditions:
|
Parameters |
Particulars |
|
Policy Tenure |
Minimum – 10 years Maximum – 40 (30, if 'with a return of premiums' option is opted) |
|
Premium Paying Term |
Regular |
|
Sum Assured |
Minimum – 2500000 Maximum – No limit (subject to policy documents) |
|
Premium Payment Frequency |
Yearly / Half-yearly / Monthly |
|
Loan Facility |
No provision for a loan facility under this plan |
This term plan gives policyholders significant financial protection and distributes additional advantages, making Mera Jeevan Suraksha Plan an all-in-one term insurance plan.
Some advantages of the policy are:
“Tax benefit is subject to changes in tax laws. Standard T&C apply.”
Term Plans
Now we will see the case of Mahi, who is 40 years old, a non-smoker, and opted for the policy for the tenure of 30 years. She also chooses the additional benefit of the return of premium paid. She nominated three people for sum assured distribution. As per her instructions, 40% of the sum assured will go to her mother, 30% to her daughter, and the rest 30% to her husband.
Annual Premium – 30,580
Monthly income decided at the time of policy purchase – 50,000
Death/Terminal illness cover – equal to 100 times of monthly income 50000x100 = 5000,000
Lump sum – 5000,000
Total income – 6000,000
Total benefit – 1,10,000,00
Conditions:
If she decided not to go for "return of premium paid," then the annual premium will be 16,080.
The Premium amount mentioned above does not include the taxes.
The term plan will be terminated once the last tranche of a monthly instalment is paid.
If Mahi survived until the end of the maturity period, she would receive the premium paid, excluding extra premiums and taxes.
Mera Jeevan Suraksha Plan allows its customers to opt for the additional rider as per their requirement to make the term plan even more convenient. With this rider, policyholders can add more value to their plan by paying some extra premium.
Under this rider on the survival of the policyholder till the maturity period, the insurer will pay the maturity amount, which will be equal to the sum assured on maturity.
Three scenarios under " Return of Premiums" maturity benefit:
|
Survival of both policyholder and spouse |
Sum assured will be paid, which will be equal to 100% of the total premium paid to both policyholder and spouse up till maturity. |
|
In case of death or diagnosis of terminal illness of the Policyholder, and survival of Spouse |
Sum assured will be paid, which will be equal to the total additional premium paid for the spouse. |
|
In case of death or diagnosis of terminal illness of the Spouse, and survival of the Policyholder till maturity. |
Sum assured will be paid, which will be equal to the total additional premium paid for the Policyholder. |
There are specific eligibility criteria involved with the Mera Jeevan Suraksha Plan. One must be aware of them before making the term plan buying decision. Here is a list of eligibility criteria:
|
Parameters |
Conditions |
|
Minimum Entry Age |
18 years |
|
Maximum Entry Age |
65 years |
|
Annual Premium |
Minimum – Rs3885 Maximum – No limit (depends on sum assured) |
If someone is interested in buying Mera Jeevan Suraksha Plan, they will be required to submit certain documents. The insurer can ask for additional documents if required.
Here is the list of various required documents:
As of now, Mera Jeevan Suraksha Plan can be bought only through offline mode. The interested people can visit the official website of the insurer, where they will find the three options from where they will get the purchase-related information.
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There are some conditions under which the policy will not work the same way as otherwise. Here is the list of exclusions policyholders must know about:
The person insured committed suicide within 12 months of starting the policy or renewal of the policy. The nominee will receive only 80% of the premium paid till the date of death. The policy must be in force to avail this benefit, and the insurer will not be liable to pay any interest on the amount.
Policyholders are required to choose the benefits at the time of policy purchase. After that, the death or terminal illness benefits cannot be altered any time during the policy term.
Under this term plan, if the policyholders are diagnosed with certain terminal illnesses like AIDS in that scenario, they will not receive any cover.
Note: Check out the best term insurance plan in India and choose one that suits your requirements.
†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. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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