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We're happy to know that you're prioritizing your family's future. Our life insurance expert will assist you in finding the best insurance plan. To schedule a call, please share some of the below details.
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Minimum Premium : Yearly - ₹6,000, / Half-yearly- Rs. 3,071 / Monthly- Rs. 522
Maximum Premium : Subject to sum assured.
Regular Premium
Exceptional Customer Support
I appreciate your help in patiently explaining all the details related to the policy and helping me download the forms from your website.
Vinay Kumar Verma
(Mumbai, 16th June 2022)
Excellent Problem-Solving Skills
The Customer Service team of IndiaFirst Life Insurance is excellent. The staff understands the problems of the customers and they have a very cooperative & helping nature.
Ziauddin Malik
(Uttar Pradesh, 4th March 2022)
Amazing Customer Service Team
Your Customer Service team is amazing. I required an invoice urgently to submit to my HR, and as promised by your team I received my invoice on the committed date.
Jathin Rao
(Karnataka, 7th March 2022)
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.
This is a regular premium policy, with the option of choosing from 15 to 25 year policy term.
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.
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.
| 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 |
You may pay your premium Monthly, Six monthly or Yearly.
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.
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.
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 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.
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 –
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.
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.
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.
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.
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.
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.
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
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BEWARE OF SPURIOUS PHONE CALSS AND FICTIOUS/FRADULENT OFFERS
IRDAI or its officials do not involve in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.
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12th and 13th Floor, North [C] wing, Tower 4, Nesco IT Park, Nesco Center, Western Express Highway, Goregaon (East), Mumbai – 400063.
IRDAI Information
IRDAI Regd. No. 143 | CIN: U66010MH2008PLC183679Trade logo displayed above belongs to one of our promoters and shareholders, Bank of Baroda and are used by IndiaFirst Life Insurance Company Limited under License.
For more details on risk factors, associated terms and conditions and exclusions please read the product brochure before concluding a sale.
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