IndiaFirst Maha Jeevan Plan

(Non Linked, Participating, Endowment Life Insurance Plan)

An endowment plan to safeguard your family's financial future with guaranteed maturity benefits, annual bonuses*, and flexible life insurance coverage options, invest in your family's tomorrow, worry-free.

Flexibility to decide when you need the assured amount - anytime between 15 – 25 years
Get guaranteed maturity benefit + bonuses (if declared)
Policy remains effective in your absence (WOP).
Multiple Premium Payment Options
Tax benefits*

Overview
Key Features
Eligibility Criteria
Customer Feedback
FAQ

Key Features of IndiaFirst Life Maha Jeevan Plan

Flexible Payouts

Get assured amount anytime between 15-25 years to align with your financial goals.

Get assured maturity amount and bonuses

Receive guaranteed sum assured amount along with bonuses (if declared) for added financial security.

Terminal Bonuses

Get terminal bonus (if declared) at the end of the policy term.

Optional Riders

Customize your plan with optional riders for enhanced coverage & support in waiving off your premium during times of need under the base policy.

Accumulate Savings

Gather savings systematically via regular premium contributions based on your income and needs.

Tax Benefits

Enjoy tax benefits on both premium payments and maturity benefits as per prevailing tax laws.

Eligibility Criteria for IndiaFirst Life Maha Jeevan Plan

Age
Policy Term
Premium Payment Frequency
Premium Amounts
Premium Option

Age at Entry

Question: Age at Entry
Sequence
Answer: Minimum - 5 years
Maximum - 55 years
Tags

Age at Maturity

Question: Age at Maturity
Sequence
Answer: Minimum - 20 years
Maximum - 70 years
Tags

Policy Term

Question: Policy Term
Sequence
Answer: Minimum - 15 years
Maximum - 25 years
Tags

Premium Payment Frequency

Question: Premium Payment Frequency
Sequence
Answer: Options to pay your premium Monthly; Half-Yearly; Yearly
Tags

Premium Amounts

Question: Premium Amounts
Sequence
Answer: Minimum Premium : Yearly - ₹6,000, / Half-yearly- Rs. 3,071 / Monthly- Rs. 522
Maximum Premium : Subject to sum assured.
Tags

Premium Option

Question: Premium Option
Sequence
Answer: Regular Premium
Tags

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How people have benefitted from IndiaFirst Life

Hassle-free Onboarding Process

From the onboarding process to the comprehensive medical tests, IndiaFirst Life ensured a hassle-free journey for me. The features of the plan I purchased are as per my expectations, providing me with peace of mind for future.

Mohit Agarwal

(Mumbai, 21st March 2024)

How people have benefitted from IndiaFirst Life

Pleasant Online Buying Experience

Buying IndiaFirst Life's life-insurance policy was a pleasant experience for me. The hassle-free nature of interaction with the company's representative was a boon and so was the inclusion of must-have features in their policy plans.

Satyam Nagwekar

(Mumbai, 22nd March 2024)

How people have benefitted from IndiaFirst Life

Trusted ally in my financial journey

IndiaFirst Life's Radiant Smart Invest Plan has completely won me over! It's like having a trusted ally in my financial journey. With its flexible fund switch options, I've been able to craft my investments just as I envisioned. In just a year, I've seen a remarkable 20% return on my investments! The support from the onboarding team has been absolutely fantastic, making me feel truly cared for and supported.

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(Kolkata, 21st March 2024)

How can we help?

View All FAQ

What is the IndiaFirst MahaJeevan Plan?

Answer: IndiaFirst Maha Jeevan Plan is a non linked, participating, endowment life insurance policy. Under this policy, you can choose how much you would like to insure yourself based on your requirements. We suggest you make sure this amount is what your family needs to avoid cash flow problems in case of the untimely demise of the Life Assured.

What is the term of the policy?

Answer: This is a regular premium policy, with the option of choosing from 15 to 25 year policy term.

Who can save with this policy?

Answer

Any individual can be the life assured, as long as -

Minimum age at entry	Maximum age at entry	Minimum age at maturity	Maximum age at maturity
5 years as on the last birthday	55 years as on the last birthday	20 years as on the last birthday	70 years as on the last birthday

On the Life Assured’s death, the benefit is paid out and the policy ends. In case of minor life, the policy will vest on the Life Assured on attainment of age 18 years.

What is the life cover under this policy?

Answer

You may choose the life cover based on your needs from the table mentioned below. However, the death benefit shall not be less than 105% of the total premiums paid, at any time during the tenure of the policy.

Sum Assured	Limit
Minimum	RS 50,000
Maximum	RS 20,00,00,000

You may choose to enhance your life cover by an amount equal to the Sum Assured under the plan by opting for IndiaFirst Term Rider offered along with this plan.

How much can I pay for this policy?

Answer

Premium Paying Mode	Minimum Premium
Monthly	₹ 522
Six Monthly	₹ 3,071
Yearly	₹ 6,000

The following premium frequency factors for monthly and six-monthly policies will apply on the yearly premium to get instalment premium.

Premium Frequency	Factor To Be Applied To Yearly Premium
Monthly	0.0870
Six-monthly	0.5119

What are the premium paying modes available?

Answer: You may pay your premium Monthly, Six monthly or Yearly.

What happens in case of the life assured’s demise?

Answer

A lump sum amount will be paid to the nominee(s)/ appointee / legal heir in the untimely event of the Life Assured’s demise. The lump sum amount payable will be as mentioned below:

Death Benefit, provided the policy is in force	Higher of (Guaranteed Sum Assured on maturity or 10 times Annualized Premium) + Accrued Bonus till death, if declared + Term Rider SumAssured, if opted

However, the death benefit payable at any point of time shall not be less than 105% of the total premiums payable.

In case you have opted for IndiaFirst Term Rider on inception an additional sum assured, as mentioned above, will also be payable to the nominee(s) / appointee / legal heir. However, the additional death sum assured cannot be more than the sum assured under the Policy.

In case you have opted for IndiaFirst Life Waiver of Premium Rider, all your future due premiums of the base policy, will be waived off, subject to rider and base policies being in force.

What happens in case of the policyholder’s demise?

Answer

In case of untimely event of the policyholder’s demise while the life assured is a minor, the surviving parent or legal guardian who has insurable interest of the minor life will be the policyholder.

In case there is no surviving parent or legal guardian and the policy has not acquired surrender value then the policy terminates, else the policy will be continued as paid-up policy and proceeds will be paid as per terms and conditions.

What do I receive at the end of the policy term?

Answer

The guaranteed sum assured on maturity along with the simple reversionary bonus, if declared and terminal bonus, if declared is paid at the end of the policy term.

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

What is a simple reversionary bonus?

A simple reversionary bonus, if declared, is a percentage of the sum assured declared by us. The rate of bonus or percentage of the sum assured is not fixed and may change from time to time.

What is a terminal bonus?

It is the bonus that may be announced by us at the end of the financial year. This bonus, if declared will be credited into the policy at the end of the policy term.

Tax benefits under this policy

Answer: Tax benefits may be available on premiums paid and benefits receivable as per prevailing Income Tax Laws. These are subject to change from time to time as per the Government Tax laws. Please consult your tax consultant before investing.

What are the options if I miss paying my premiums?

Answer

Within two policy years

The policy does not acquire any value, if you stop paying your premium during the first two policy years.

We offer a five year revival period during which you can revive your policy. No benefits will be payable during this period.

Third policy year onwards

The policy acquires a guaranteed paid up value, if you stop paying your premiums after two full years. The paid up value will be the proportional sum assured plus the accumulated bonus, if declared. We will pay the paid up value at the date of maturity or on death of the life assured before the maturity date. The policy stops participating in the profit once it becomes paid up.

The proportional sum assured is equal to – (Sum Assured* X No. of Premiums Paid) / Total Number of Premiums Payable.

*where our sum assured is same irrespective of death and maturity.

What are your options to revive the policy?

You may revive your policy within a specified period by –

Simply paying the pending premium amount along with interest/Late fees from the due date of first unpaid premium
Begin the payment of premiums

You may revive your policy as long as you do it within five years from the due date of the first unpaid premium or before the expiry of the policy term, whichever is earlier. No benefits will be payable during this period other than the paid up value, if any, in the event of death. The revival is subject to satisfactory medical and financial underwriting as per Board approved underwriting policy. If you do not revive your policy by the end of the revival period and if you have paid your regular premiums for less than two years, then the policy does not acquire any paid up value and the policy terminates

Note: The current interest charged for delay in premium payment is 10% p.a. Any change in revival interest rate is subject to prior approval from IRDAI.

Is there a grace period for missed premiums?

Answer: We provide you a grace period of 15 days for payment of all premiums under the monthly mode and a period of 30 days for payment of all premiums under the six monthly and yearly modes. This period starts from the due date of each premium payment. All your policy benefits continue during this grace period. In case of death of the life assured during this period death benefit after deducting due premiums will be paid to the nominee(s)/appointee/legal heir.

Can I surrender my policy?

Answer

Yes. While we do not encourage you to surrender your policy, you may choose to surrender the same for immediate cash requirement, in case of an emergency any time after the payment of two full year’s premiums.

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

The GSV is GSV factor for premium multiplied by total premium paid (is the total of all premiums received, excluding any extra premium, any rider premium and taxes) till date of surrender plus the GSV factors for accrued bonus multiplied by total subsiding bonus accrued to the policy till date of surrender The GSV factors are as mentioned in Annexure A.

The SSV is Paid up value X SSV factor at the time of surrender
The SSV factor will be determined by us from time to time.

Can I cancel my policy?

Answer

Yes, you can cancel your policy if you disagree with any of the terms and conditions within the first 15 days (free look period) from receipt of your policy document. In case of Distance Marketing or Electronic mode you have 30 days to decide the same. You can return the policy to us, while stating your specific objections.

Do you get any refund when you cancel your policy?

Yes. We will refund an amount equal to the –

Premium paid

Less: i. Pro-rata risk premium for the time the policy was in force

Less ii. Any stamp duty paid

Less iii. Expenses incurred on medical examination, if any

Distance Marketing includes every activity of solicitation (including lead generation) and sale of insurance products through the following modes: (i) Voice mode, which includes telephone calling; (ii) Short Messaging service (SMS); (iii) Electronic mode which includes e-mail, internet and interactive television (DTH); (iv) Physical mode which includes direct postal mail and newspaper & magazine inserts; and, (v) Solicitation through any means of communication other than in person.

Can I avail a loan under this policy?

Answer

Yes, you may benefit from a loan facility under this policy.

The amount of the loan that you may avail at any point of time will depend on the surrender value. You may avail of a loan amount up to 90% of the available surrender value. The minimum loan amount should be Rs.1,000. As and when the outstanding loan principal along with interest exceeds the surrender value, the policy will be compulsorily surrendered. The outstanding loan along with interest will be recovered from the surrender proceeds or paid-up value. Compulsory surrender will not apply when you are paying your premium. In case of untimely demise of the life assured, maturity or surrender, any outstanding loan principal along with interest will be recovered before making the payout. We will charge interest at a rate of 10% p.a. Any change in loan interest rate is subject to prior approval from IRDAI.

What happens in case the life assured commits suicide?

Answer: In case of death due to suicide within 12 months from the date of commencement of risk under the policy or from the date of revival of the policy, as applicable, the nominee or beneficiary of the policyholder shall be entitled to at least 80% of the total premiums paid till the date of death or the surrender value available as on the date of death whichever is higher, provided the policy is in force.

What happens in case of submission of information which is false or incorrect?

Answer

Fraud/ Misstatement would be dealt with in accordance with provisions of Section 45 of the Insurance Act 1938, as amended from time to time.

Section 45 of the Insurance Act 1938, as amended from time to time states

No policy of life insurance shall be called in question on any ground whatsoever after the expiry of three years from the date of the policy, i.e., from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later
A policy of life insurance may be called in question at any time within three years from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later, on the ground of fraud: Provided that the insurer shall have to communicate in writing to the insured or the legal representatives or nominees or assignees of the insured the grounds and materials on which such decision is based.
Notwithstanding anything contained in subsection (2), no insurer shall repudiate a life insurance policy on the ground of fraud if the insured can prove that the mis-statement of or suppression of a material fact was true to the best of his knowledge and belief or that there was no deliberate intention to suppress the fact or that such mis-statement of or suppression of a material fact are within the knowledge of the insurer: Provided that in case of fraud, the onus of disproving lies upon the beneficiaries, in case the policyholder is not alive.
A policy of life insurance may be called in question at any time within three years from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later, on the ground that any statement of or suppression of a fact material to the expectancy of the life of the insured was incorrectly made in the proposal or other document on the basis of which the policy was issued or revived or rider issued: Provided that the insurer shall have to communicate in writing to the insured or the legal representatives or nominees or assignees of the insured the grounds and materials on which such decision to repudiate the policy of life insurance is based: Provided further that in case of repudiation of the policy on the ground of misstatement or suppression of a material fact, and not on the ground of fraud, the premiums collected on the policy till the date of repudiation shall be paid to the insured or the legal representatives or nominees or assignees of the insured within a period of ninety days from the date of such repudiation.
Nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the Life Insured was incorrectly stated in the proposal.

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