Maha Jeevan – Benefits-maha-jeevan-plan

If the life insured outlives the policys maturity date, he or she receives a maturity benefit, which is equal to the guaranteed sum assured plus the simple reversionary bonus and terminal bonus (if any). The beneficiary of the policy receives a death benefit in case of unfortunate death of the insured person. The death benefit paid is the guaranteed sum assured plus the accrued reversionary bonus and terminal bonus. The death benefit is calculated as the following: When the entry age is less than 45 years, the death benefit is the higher of ten times the annualized premium or 100% of the Guaranteed Sum Assured plus the Accrued Bonus and Term Rider Sum Assured (if any). When the entry age is 45 years or higher, the death benefit is the higher of seven times the annualized premium or 100% of the guaranteed sum assured plus the accrued bonus and term rider sum assured (if any). This policy provides Simple Reversionary Bonus and Terminal Bonus that are paid as part of the Maturity Benefit or the Death Benefit. Under the sections of Income Tax Act 80 C and 10(10D) Tax benefits can be availed.