Tata AIA Life Insurance
The India First Maha Jeevan Plan is a non-linked insurance plan with bonus facility. It offers life cover plus savings and helps to enhance the wealth of the policyholder with the bonuses available under this policy. Protection is provided to the beneficiaries in case of the untimely death of the life insured, while the policyholders themselves receive a lump sum benefit if they survive the policy term.
India First Maha Jeevan – Key Features
This policy is a non-linked insurance plan that has both Maturity and Death Benefits.
The policy helps increase the policyholders wealth by way of the Terminal Bonuses and Simple Reversionary Bonus.
The nominee may receive up to ten times the annualized premium on the premature policyholders death.
The policyholder may opt for a loan against his/her policy.
Policyholders may choose to enhance their life cover with a rider that is available under this policy.
India First Maha Jeevan – Product Specification
Details About Premium
Benefit illustration @8%
India First Maha Jeevan – Policy Details
Grace Period: A limited timeframe of 30 days is provided to the life insured as a grace period during which the insured person can clear all the premiums. In case of failure of premium payment the term of the policy discontinues. The timeframe for monthly mode of payment is fifteen days.
Policy Termination or Surrender Benefit: The policy may be surrendered after three years of full premium payment. If the premiums of the policy are not paid for two full years, then the policy expires. If the policy is not restored within the renewal period, the policy is terminated. The tenure of policy also comes to an end when the maturity benefit or death benefit is paid to the insured.
Free Look Period: From starting date of policy issued, the insurance owner have a limited 15 days period of free-look during which they can initiate policy cancellation if he/she did not liked the terms and conditions offered by the policy. The customer will receive the paid premium and a proportionate premium for the risk borne by the company is subtracted, including any add-on expenses, like medical examination or stamp duty charges.
The insured can avail policy loan after the policy gains the surrender benefits, on the condition that the loan amount does not exceed 90% of the surrender benefits.
Additional Features or Riders
Policyholders may opt for the India First term rider in order to enhance their life cover, the additional Sum Assured of which is payable on policyholders expiry. The Sum Assured under the rider cannot exceed the life cover opted under the policy.
The lapsed policy can be renewed if the insured person submits a request for renewal of policy within a period of 2 years of timeframe from the date of the first unpaid premium.
If premiums for three policy years are paid, and subsequently the policyholder fails pay again during this period, then the policy acquires Paid- up Value.
The coverage of the term insurance is nullified if the life insured, ends his/her own life or we can say if he/she commits suicide within 12 months from the date policy is issued and comes into action. The insurer of the policy returns only 80% of the premium paid to the beneficiary of the policy. In case, the policyholder does the same act within a year of policy renewal then the nominee of policy wee receive either the surrender benefits or the 80% of the premium paid whichever is higher.