Your policy, explained.
An endowment, money-back, guaranteed income or whole-life savings plan, or a ULIP, before you buy or after: the real yearly return of what you pay in, what's guaranteed and what isn't, the life cover, whether the payout will be taxed, and what surrendering, stopping or continuing means, worked out by code from your own benefit illustration and policy.
Your policy, at a glance.
In rupees, from the documents.
On the samples: money you may be owed, could save, or have at risk. Each figure is a finding's own, with its calculation and source; options are never added together.
What to upload, step by step.
Pick what you have. Each one says where to get the document, how to save it, and what must be readable. Myra reads only what you upload; it never signs in to your insurer for you.
A plan you're thinking of buying
Before buying- 1.Ask the agent, bank or insurer for the benefit illustration for your age, premium and term. Insurers must give it before you sign; it's usually part of the proposal pack or the online quote.
- 2.Buying online: on the insurer's quote page, download the illustration, or use the browser's Print → Save as PDF. On a phone, take screenshots of every page of it instead.
- 3.Make sure all its pages are there: the year-by-year table is usually on the second page or later.
- 4.Upload it. If you have the product brochure or sales leaflet, add it to the same check.
Myra will then ask: The yearly premium, if the illustration doesn't show it clearly.
Must be readable
- Plan name and type (endowment, money-back, guaranteed income, ULIP)
- Yearly premium (without GST) and for how many years
- Policy term and sum assured
- The benefits table: guaranteed, and at 4% and 8%
- For a ULIP: the charges and the reduction in yield
If something isn't found, Myra says exactly what's missing and asks for it.
How uploading works
PDF, JPG or PNG, up to 15 MB each; up to 5 files at once and 8 in one check. Sign in first, then drop the files on the upload card at the top of this page. Documents for one policy go in the same check; more can be added later.
Good photos and screenshots
Whole page, flat and in good light; the plan name visible in at least one of them; numbers sharp enough to read. Every page of the benefits table, not just the first.
What's never kept
Only the policy number's last 4 digits. Names, dates of birth, medical details and nominees are never copied. A protected PDF's password is used once and forgotten. Never send your insurer login or an OTP.
What the policy earns a year.
Move the premium, the years and the maturity amount. See the yearly return, and the rate a taxable deposit would need to match it. Free, no sign-in.
Money paid back years later is worth less than money paid in today; the yearly return is what accounts for that. The difference shown above is in rupees, not adjusted for time.
Eight checks, one report.
Each one runs only when your documents support it, cites the line it used, and says what's still to confirm.
Surrender, stop paying, or continue.
The three side by side, and the yearly return of continuing from here. Numbers, not a recommendation.
| You pay from today | You get | Life cover | Based on | |
|---|---|---|---|---|
| Surrender now | ₹0 | ₹2,46,000 now | Ends | Insurer's quote |
| Make it paid-up | ₹0 | ₹4,92,000 at maturity | about ₹4,92,000 | Estimate: ₹3,00,000 reduced sum assured + ₹1,92,000 bonuses added |
| Continue | ₹5,40,000 | ₹9,42,000 over time | ₹7,50,000 | Guaranteed benefits |
The forward figure is the one the choice changes. It can be set beside what ₹2,46,000 would earn elsewhere, along with whether the life cover is still needed: surrendering ends it, paid-up reduces it, continuing keeps it. Numbers, not a recommendation.
Rules, not search results.
IRDAI's product rules and the income-tax rules, applied by the date your policy was sold. Myra never calls a figure wrong without saying which rule and which line of your documents it used.
| Area | What Myra checks on your policy |
|---|---|
| Free look | 30 days from receiving the policy (15 days for most policies sold before Apr 2024) to return it for any reason; the premium comes back less the cover used, stamp duty and medical costs. |
| Surrender value | For savings policies sold from 1 Oct 2024, payable once a full year's premium is paid: the higher of the guaranteed value and a special value at least the paid-up benefits discounted at the 10-year G-sec yield + 0.5%. Older policies: after 2 years' premiums, on their own terms. |
| Life cover | The death benefit must be at least 7 times the annualised premium below age 50 (5 from 50), and 105% of premiums paid (10 and 7 times, split at 45, for policies sold before Apr 2024). |
| Revival | A lapsed policy can be revived within 5 years of the first unpaid premium; a ULIP within 3. |
| ULIPs | A 5-year lock-in; leaving earlier moves the fund, less a capped discontinuance charge, to a fund paid out after year 5. Charges can cut the yield by at most 3 points (terms up to 10 years) or 2.25; fund management at most 1.35% a year. |
| Tax on the payout | Tax-free if no year's premium is above 10% of the sum assured, and premiums on policies issued from Apr 2023 stay within ₹5 lakh a year (ULIPs from Feb 2021: ₹2.5 lakh). Otherwise taxable, with 2% TDS on the income part. The death benefit is always tax-free. |
| Complaints | The insurer's grievance officer first; then the Insurance Ombudsman (Bima Lokpal), free, for amounts up to ₹50 lakh. |
Questions policyholders actually ask.
Answered from your documents, with the line, the calculation and what's still unconfirmed. Drafts an email to the insurer when one would help; you send it.
Before buying
Just bought
Held for years
Know what your policy really earns.
Savings plans and ULIPs from life insurers in India. The samples use invented insurers.