All About MyLife Protection Plan
Table of Contents
MyLife Protection Plan is an individual life, pure risk, non-linked, non-participating premium policy. This means that if the life assured dies within the policy term, a lump sum payment will be paid to the beneficiary as a death benefit, provided the policy is still in existence. However, like any other term insurance plan, this plan does not provide a maturity benefit. Read on to know more about the features, eligibility criteria and benefits of the MyLife Protection Plan.
Features & Benefits of the MyLife Protection Plan
Here are some of the key features and benefits of the MyLife Protection Plan.
1. Plan Options
Regular Coverage, Coverage Booster, and Smart Coverage are three life insurance options to fit individual needs.
- Regular Coverage Option - The basic sum assured remains equal to the death benefits paid on death and stays at the same level for the duration of the policy.
- Coverage Booster Option - Every three years, the sum assured payable on death will increase by 10% of the initial sum assured, up to a maximum of 150 per cent.
- Smart Coverage Option - The sum assured payable on death equals the basic sum assured and remains constant until the policy anniversary after the life assured's 60th birthday. It drops by half at such policy anniversaries and stays at that level until the end of the policy term.
2. Eligibility
According to different plan options, the eligibility age range of the life assured lies between 21 years to 65 years.
3. Accidental Death Benefit (ADB) Option
Accidental Death Benefit is an optional benefit that you can add to your base plan by paying an additional premium. In addition to the death benefit, the accidental death benefit payment assured is given to the beneficiary as a lump sum. The premium would be determined by the coverage option(s) selected.
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4. Policy Term Flexibility
The plan allows you to specify your policy term or the number of years you want to be covered by a life insurance policy. Based on your life stage, duties, assets, and liabilities, this option allows you to provide financial stability for your loved ones.
5. Premium Payment Options
The plan has a variety of payment alternatives to fit everyone's needs. You have the option of:
- Single Pay - You can enjoy your plan benefits after paying your premium in a lump sum amount.
- Limited Pay - You have a certain amount of time to pay off your plan premium. This can be for 7 years, 10 years, 15 years etc.
- Regular Pay - You have to pay at regular intervals throughout the duration of the insurance plan.
6. Special Discounts
This plan offers a discount on premiums for female policyholders. The premium rate for a female life assured will be the same as for a male who is three years younger. Non-tobacco users can also benefit from the plan's lower charges.
7. Free-Look Period
From the date of receipt of the policy document, the policyholder has a free-look period of at least 15-30 days to study the policy's terms and conditions. All benefits under the policy will be cancelled immediately if the insurance plan is cancelled under the free look period.
8. Surrender Value
My Life Protection Plan does not have a surrender value because it is purely a protection plan. However, if the insurance is surrendered, a portion of the premium is repaid. The policy will end upon payment of the relevant refund, and all rights, benefits, and interests under the policy will be forfeited.
9. Tax Benefits
The premiums paid and the amount received as a death benefit under the policy may be eligible for tax benefits.
Conclusion
The plan provides life insurance for a low cost and allows you to choose the policy term and premium payment period. It gives a person the choice of selecting one of three different types of life insurance. Hence, it is advised to read all the terms and conditions to choose the best plan option to meet your needs and requirements.
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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
