Sahara Amar Jeevan Plan enables you to retire in content and live honourably thereafter. You can plan for retirement by saving small amounts while you are employed. These savings accumulate and grow by the power of compounding to create a substantial retirement corpus. You can opt to receive a regular income from these savings throughout your retired life.
If you want to buy the Sahara Amar Jeevan Plan from Sahara Life Insurance, you will have to fulfill certain eligibility conditions with respect to your age and the tenure of insurance. These factors are listed in the table below:
|Minimum Entry Age||25 years|
|Maximum Entry Age||55 years|
|Maximum Coverage Age||65 years|
|Minimum Benefit Term||10 years|
|Maximum Benefit Term||40 years|
|Premium Payment Term||Equal to policy term|
The minimum sum assured under the plan is Rs.50,000.
Premiums can be paid towards the policy at yearly, half-yearly, quarterly, and monthly frequencies. The monthly mode of premium payment is available only for group billing and direct debit.
Premiums vary based on age, policy tenure, location, and other factors.
The Sahara Amar Jeevan Plan offers a host of benefits to the life assured. The coverage of the plan is detailed in the table below:
|Maturity Benefit||The life assured receives the sum assured and all vested bonuses on the date of policy maturity. If the policy has completed 15 years or more, terminal bonus is also offered on eligible policies. This amount can be utilised by the life assured in the following ways:
|Death Benefit||If the life assured faces death during the policy term, the sum assured and all vested bonuses are paid to the nominee. In case the policy has completed 15 years at the time of death, a terminal bonus is also offered in some cases. The spouse of the life assured can utilise the payout to purchase an immediate annuity from any insurer at the rates that prevail at that time. The spouse can also opt to receive 1/3rd of the death benefit as a lump sum amount. The spouse is required to be 40 years old or above in order to buy an annuity using the payout.|
Suicide Exclusion - If the life assured commits suicide during the policy term, the policy will be void and all benefits payable will be forfeited.
Apart from the benefits mentioned above, the Sahara Amar Jeevan Plan offers several other benefits to the life assured. These provisions along with some key features of the plan are explained below:
|Grace period||The grace period under the plan is as follows:
|Discontinuance of premiums||If the policyholder pays premiums for at least 3 years, the policy reaches paid-up value. This amount is the sum assured reduced in proportion to the paid premiums to the total premiums payable under the plan. The bonuses attached to the policy will remain as is, but will not participate in profits in the future.|
|Surrender value||The policy can be surrendered after the premiums for 3 years have been paid. The surrender value is the higher of the Guaranteed Surrender Value and the Special Surrender Value.|
|Policy loan||The policyholder cannot avail a loan under the plan.|
|Riders||The coverage of Sahara Amar Jeevan Plan can be amplified by adding the following riders to it:
|Free-look period||The duration of free-look period under the Sahara Amar Jeevan Plan is 15 days.|
Tax rules are subject to change occasionally. Hence, it is advisable to consult a tax advisor to understand the latest tax rules before investing in the plan.
The policyholder stands to gain immensely by purchasing life insurance from Sahara India Life Insurance Company Limited. In addition to the benefits elucidated above, there are several other perks, as described below:
Sahara Life Insurance is the first insurance company in the private sector that is completely Indian-owned. The aim of the insurer is to enable all sections of the society benefit from life insurance. Hence, the products offered by the company are affordable and easy to understand. The insurer has also been focussing on insurance penetration to the rural sections of the country.
The insurance schemes offered by Sahara Life Insurance cover the specific insurance needs of various age and income profiles in the society. Sahara Life Insurance had a competitive claim settlement ratio of 90% in the financial year 2015-16, one of the best in the industry. The company has also been conferred with several awards for its innovative marketing strategies and customer service initiatives.