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IndiaFirst Maha Jeevan Plan

What is the Plan all About?

All of us work hard for the financial protection of our family and ensure they are happy and protected. However, with the uncertainties of life, sometimes make the entire dreams go in vain.IndiaFirst offers Maha Jeevan plan which is a traditional linked participating endowment plan to have a secure future for your loved ones.

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What are the Key Features?

  • Comprehensive endowment plan
  • Choose sum assured as per your requirement
  • Family protection by offering death benefit
  • Guaranteed maturity benefit
  • Accumulate savings systematically
  • Affordable premium charge
  • Avail Tax Benefit under IT Act

What are the Plan Benefits?

Death Benefit

    • In case of death event of the policyholder’s demise while the life assured is a minor, the surviving parent or legal guardian who has an insurable interest of the minor life will be the policyholder.
       
    • In case of death of life insured who is <45 years, Higher of (Guaranteed Sum Assured on maturity or 10 times Annualized Premium) + Accrued Bonus till death, if any + Term Rider Sum Assured, if opted is payable.
       
    • In case of death of life insured who is >45 years, Higher of (Guaranteed Sum Assured on maturity or 7 times Annualized Premium) + Accrued Bonus till death, if any + Term Rider Sum Assured, if opted is payable.

Maturity Benefit

    The guaranteed sum assured on maturity plus  the simple reversionary bonus and terminal bonus, if any is paid at the end of the plan term.

Bonus

    The simple reversionary bonus, if any, will be announced by us at the end of the financial year. The rate of the simple reversionary bonus may vary from time to time.

Loan Benefit

    The policy can help you in getting a loan amount up to 90% of the available surrender value.The minimum loan amount should be ` 1,000.

Surrender Value

    The amount payable on surrender will be higher of the Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV).

Tax Benefit

    Premiums paid, are eligible for the tax benefits as per Section 80C  and the death benefit qualify for tax benefits under section 10 (10D) of the Income Tax Act.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 5 Years 55 Years
Age at Maturity 20 Years 70 Years
Policy Tenure 15 Years 25 Years
Premium Paying Term Regular Pay -
Premium Paying Mode Annually,half Yearly And Monthly -
Premium Amount - -
Sum Assured Rs 50,000 Rs 20 Crores
Freelook Period 15 Days/ 30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period 30 Days / 15 Days For Monthly Mode -
Plan Type Offline -

Is any Rider Available with this Plan?

IndiaFirst Term Rider is available under this plan. The additional sum assured will be paid in the case of the untimely death of the Life Assured’s demise.

How the Plan Works?

Let us understand with the help of an illustration for the plan

Policy Holder: Ramesh, 35 years

Policy Term: 15 years

Sum Assured: 3 Lakh

Term Rider : 1 Lakh

Premium: Rs 20,000 annually


Death Benefit:

Higher of (Guaranteed Sum Assured on maturity ( Rs 3 Lakh) or 10 times Annualized Premium) + Accrued Bonus till death, if any + Term Rider Sum Assured  ( 1 Lakh).


Maturity Benefit:

The guaranteed sum assured ( Rs 3,00,000) on maturity plus  the simple reversionary bonus and terminal bonus, if any is paid at the end of the plan term.