IndiaFirst Maha Jeevan Plan 2024 Benefits, Features, Details, Reviews

India First Maha Jeevan – Key Features

• A non-linked insurance plan with both Maturity and Death Benefits is this one.
• Through the Terminal Bonuses and Simple Reversionary Bonus, the policy contributes to the policyholder’s wealth growth.
• In the event of the premature policyholder’s death, the nominee may receive up to ten times the annualized premium.
• The premium for life insurance can be calculated here. The policyholder may choose to borrow against the policy.
• A rider included in this policy allows policyholders to increase their life insurance.

Benefits

• A maturity benefit equal to the guaranteed sum assured in addition to the simple reversionary bonus and terminal bonus (if any) is paid to the life insured in the event that they die before the policy’s maturity date.
• In the event of the insured’s untimely death, the policy’s beneficiary receives a death benefit. The guaranteed sum assured, in addition to the accumulated reversionary bonus and terminal bonus, make up the death benefit. The following is how the death benefit is calculated:
• The death benefit is either ten times the annualized premium or 100% of the Guaranteed Sum Assured in addition to the Accrued Bonus and Term Rider Sum Assured (if any) when the entry age is less than 45 years.
• The death benefit is either seven times the annualized premium or 100% of the guaranteed sum assured in addition to the accrued bonus and term rider sum assured (if any) when the entry age is 45 or higher.
• The Simple Reversionary Bonus and the Terminal Bonus, which are included in the Maturity Benefit or the Death Benefit, are provided by this policy.
• Tax benefits are available under Sections 80 C and 10(10D) of the Income Tax Act.

India First Maha Jeevan – Product Specification

Details About Premium

Benefit illustration @8%

India First Maha Jeevan – Policy Details

Grace Period: Life insurance policy holders have a grace period of thirty days within which they can pay off all outstanding premiums. The policy’s term ends if the premiums are not paid on time. The monthly payment method takes fifteen days to process.

Policy Termination or Surrender Benefit: After three years of full premium payment, the policy can be surrendered. The policy will expire after two full years if the premiums are not paid. The policy is canceled if it is not reinstated during the renewal period. When the insured receives either the maturity benefit or the death benefit, the policy’s term also ends.

Free Look Period: The owner of the insurance policy has a limited 15-day free-look period from the date the policy is issued to initiate the cancellation of the policy if they do not agree with the terms and conditions. The customer will get the paid premium, and the company will get a proportional premium for the risk it took on, including any additional costs like stamp duty or a medical exam.

Inclusions

After the policy has received the surrender benefits, the insured can take out a policy loan as long as the loan does not exceed 90% of the surrender benefits.

Additional Features or Riders

• To increase their life insurance, policyholders can select the India First term rider, which pays an additional Sum Assured upon policyholder death.
• The rider’s Sum Assured cannot be greater than the policy’s life insurance.
• If the insured makes a request to renew the policy within two years of the date of the first unpaid premium, the expired policy can be renewed.
• The policy gains Paid-up Value if the policyholder pays the premiums for three policy years but does not pay them again during that time.

Also Read-Aditya Birla Sun Life Insurance

Exclusions

If the life insured takes his or her own life or, more precisely, if he or she does so within a year of the policy’s issuance and commencement, the term insurance’s coverage ceases. Only 80% of the premium that was paid to the policy’s beneficiary is returned by the insurer. If the policyholder does the same thing within a year of renewing the policy, the policyholder’s nominee will receive either the surrender benefits or the greater of 80 percent of the premium paid.

Documents Required

Aside from the ‘Application structure the candidate should present his/her personality evidence, address verification, ledger confirmation, and a new photo. Medical examination and proof of income may be required in some cases. For additional convenience, you can also opt for the online procedure.

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