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MyLife Protection Plan is a non-linked, non-participating individual life insurance plan by Ageas Federal Life Insurance. It offers three life cover options as Regular Coverage, Coverage Booster and Smart Coverage.
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These options except the Smart Coverage have three premium payment modes such as single, limited and regular. The Smart Coverage has only single and limited premium modes.
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Parameters |
Particulars |
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Plan Options |
Premium |
Minimum |
Maximum |
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Policy Tenure |
Regular Coverage |
Single |
10 years |
85 – Age at Entry |
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Limited |
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Regular |
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Coverage Booster |
Single |
10 years |
85 – Age at Entry |
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Limited |
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Regular |
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Smart Coverage |
Single |
N/A |
N/A |
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Limited |
65 years – Entry age |
85 – Age at Entry |
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Premium Paying Term |
Regular Coverage |
Single |
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Limited |
7 years |
25 years |
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Regular |
10 years |
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Coverage Booster |
Single |
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Limited |
7 years |
25 years |
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Regular |
10 years |
85- Age at Entry |
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Smart Coverage |
Single |
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Limited |
7 years |
25 years |
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Sum Assured |
Regular Coverage |
INR 50,000 |
No Limit |
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Coverage Booster |
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Smart Coverage |
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Premium Payment Frequency |
Monthly, Yearly |
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Loan Facility |
The policy does not offer any loan facility |
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MyLife Protection Plan offers a high degree of flexibility life cover options like Regular Coverage, Coverage Booster and Smart Coverage. The policy also offers a high degree of flexibility to choose premium modes and policy terms. Except for the Smart Coverage life cover, all the life cover offers regular, limited, and single premium payment solutions with respective benefits. The Smart Coverage offers only single and limited premium payment modes.
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Options |
Benefits |
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Regular Coverage |
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Coverage Booster |
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Smart Coverage |
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MyLife Protection Plan offers death benefits as per different life cover chosen. The life cover option once selected cannot be changed later. The policy option allows different death benefits as per the different premium modes chosen.
The death benefits are discussed below:
MyLife Protection Plan offers accidental death benefits as per the life cover option chosen. The accidental death benefits are offered if the death takes place within 180 days of the accident or before the expiry of cover. The benefits are offered if the injury does not result from any other causes excluded in the cover. The minimum and maximum entry age for accidental death benefits are 21 years and 60 years respectively. The minimum and maximum maturity age for accidental death benefits are 31 years and 60 years respectively.
The key accidental death benefits included in MyLife Protection Plan offers are identified below:
MyLife Protection Plan does not acquire a surrender value, since it is a pure term plan. However, the policy offers refunds if surrendered. The refunds are mentioned below:
The tax benefits are offered in the MyLife Protection Plan as per the amounts and numbers of premiums paid. The tax benefits are offered as per the Income Tax Act 1961.
“Tax benefit is subject to changes in tax laws. Standard T&C apply.”
In case a 35 years old policyholder chooses insurance of INR 1 crore, 20 years policy term, and 20 years premium payment term, he can get the following death benefits as per different options chosen.
INR 1 crore
1 to 25 policy years: INR 1 crore
26 to 40 policy years: INR 50 lakhs
MyLife Protection Plan offers three key saving areas for premiums such as for female life insured, for non-tobacco users, and for marathon runners.
MyLife Protection Plan does not have any additional rider options available.
To buy MyLife Protection Plan, the interested individuals are required to provide documents as mentioned below to facilitate the KYC operations of policy management:
The interested individuals who want to purchase MyLife Protection Plan are required to follow these key steps:
Suicide Exclusion: MyLife Protection Plan does not offer death benefits in case the insured person dies due to a suicidal attempt. However, they will receive 80% of the total premiums paid till the date of death or surrender value of the policy at the date of death if the incident occurs within the 12 months of the risk commencement date and revival date of the policy.
Exclusion for Accidental Death Benefit: The nominee will not get any benefits in case the insured person dies due to the following reasons.
†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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