Your life cover, explained.
A term plan, before you buy or after: how much cover and until when, what it costs in all, what riders add, whether return of premium is worth the extra, the 3-year rule after which a claim can't be questioned, what a missed premium means, and the tax, worked out by code from your own illustration and policy. With an estimate of your family's needs, if you want one.
For term plans you buy yourself. Group cover isn't covered yet; loan protection is checked with your loan, and critical illness policies have their own page.
Your cover, 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 term plan you're thinking of buying
Before buying- 1.Ask the insurer, agent or bank for the benefit illustration for your age, cover and term. Insurers must give it before you sign; buying online, it's on the quote page or emailed with the proposal.
- 2.Download it as a PDF, or use the browser's Print → Save as PDF. On a phone, take screenshots of every page instead.
- 3.Ask for the Customer Information Sheet (CIS) too: IRDAI's short standard summary of the cover, exclusions, free look and grace period.
- 4.Upload the illustration and the CIS in the same check.
Myra will then ask: If you'd like an estimate of the cover your family would need: what your income pays for them a year, loans and goals. Optional, and kept private.
Must be readable
- Plan name and the cover (sum assured)
- Policy term, or the age the cover ends
- Yearly premium without GST, and for how many years
- Riders added, with their premiums
- How the death benefit is paid (lump sum or income)
- Return of premium, if chosen
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 illustration's table, not just the first.
What's kept, and what isn't
Only the policy number's last 4 digits. The life assured and nominee by age and relationship only: never names, dates of birth, medical details, ID numbers, addresses or phone numbers. Numbers you enter for the cover estimate stay in your check. A protected PDF's password is used once and forgotten. Never send your insurer login or an OTP.
Your numbers, beside the cover.
The family's expenses for the years they'd need them, loans and goals, less cover and savings already there. An estimate from your own numbers, not a recommendation. Free, no sign-in, nothing saved.
| Family's expenses for the years needed, in today's money | ₹1,09,92,019 |
| Loans to repay | ₹40,00,000 |
| Goals (education, a wedding…) | ₹20,00,000 |
| Less cover and savings already there | −₹60,00,000 |
| Estimate | ₹1,09,92,019 |
The years matter most: until the youngest child is independent, or until your spouse retires. Change any number; nothing here is saved.
Nine checks, one report.
Each one runs only when your documents support it, cites the line it used, and says what's still to confirm.
Return of premium, worked out.
Two premiums for the same cover: what the extra buys, its yearly return, and the same extra put aside instead. Numbers, not a recommendation.
The same ₹14,000 a year put aside at 7% would be about ₹14,15,023 after 30 years. The refund is lost if premiums stop; if the person insured dies first, the cover is paid instead of the refund.
Rules, not search results.
IRDAI's rules, the Insurance Act and the income-tax rules, applied by the date your policy started. Myra never calls a term 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 for most policies sold before Apr 2024, 30 if sold online) to return it for any reason; the premium comes back less the cover used, stamp duty and medical costs, within 7 days. |
| Grace and revival | A grace period of 15 days for monthly premiums, 30 otherwise, with the cover continuing; a lapsed policy can be revived within 5 years of the first unpaid premium. |
| The 3-year rule | Section 45 of the Insurance Act: 3 years after the start, a revival or a rider (the latest), a policy can't be called in question on any ground. Before that, the insurer must give its reasons in writing; for an honest mistake, premiums are refunded. |
| First-year exclusion | Death by suicide within 12 months of the start or revival: at least 80% of the premiums paid instead of the cover. |
| Claims | A death claim settled within 15 days of being reported, or 45 days if it needs investigating; if late, interest at the bank rate + 2%. A rejection needs the insurer's claims review committee. |
| Nominee and MWP Act | The nominee can be changed any time; a policy under section 6 of the Married Women's Property Act is held in trust for the spouse and children, beyond creditors' reach. |
| Tax and GST | Section 123 of the Income-tax Act, 2025 (formerly 80C), old regime only: premiums count towards ₹1.5 lakh a year, up to 10% of the sum assured. The death benefit is never taxed. No GST on individual life policies from 22 Sep 2025. |
| Complaints | The insurer's grievance officer first, also through Bima Bharosa; 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 a request to the insurer when one would help; you send it.
Before buying
Return of premium
A policy I hold
A lapsed policy
Know what your cover really is.
Term plans from life insurers in India, bought by you. The samples use invented insurers.