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Sahara Amar Jeevan Plan

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.

Eligibility -Who is the Sahara Amar Jeevan Plan for?

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:

Parameter Eligibility
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

Sum Assured and Premium Range - What you get and what it costs

Sum Assured:

The minimum sum assured under the plan is Rs.50,000.

Premium:

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.

Plan coverage - What the Sahara Amar Jeevan Plan covers

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:
  • Up to 1/3rd of the maturity amount can be received as a lump sum amount when the policy matures.
  • The remaining amount can be used to purchase an immediate annuity from any life insurer at the rates that are prevalent then.
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.

Exclusions - What the Sahara Amar Jeevan Plan doesn’t cover

Suicide Exclusion - If the life assured commits suicide during the policy term, the policy will be void and all benefits payable will be forfeited.

Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

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:

Premium rebates
  • Rebate based on premium payment mode:
    • For policies with annual mode of premium payment, a rebate of 3% of tabular premium is offered.
    • For policies with semi-annual mode of premium payment, a rebate of 1.5% of tabular premium is available.
  • Rebate based on sum assured:
    • If the sum assured under the plan is Rs.2 lakh or above, the insurer offers a discount in premium of Re.1 per Rs.1,000 sum assured on tabulated premium.
Grace period The grace period under the plan is as follows:
  • For policies with quarterly, half-yearly, and yearly premium payment frequencies: 30 days
  • For policies with monthly premium payment frequency: 15 days
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:
  • Accident Benefit & Accidental Total & Permanent Disability Benefit Rider
  • Critical Illness Rider
Free-look period The duration of free-look period under the Sahara Amar Jeevan Plan is 15 days.

Tax benefits – How you can save with the Sahara Amar Jeevan Plan

  • The premiums that you pay towards the policy are eligible for tax benefits under Section 80C of the Income Tax Act.
  • The maturity benefits received from the plan are not taxed as in the case of the policyholder’s income. But the regular pension received from the policy is taxable.

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.

Other benefits – How you can save with the Sahara Amar Jeevan 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:

  • Premium calculator: Customers can calculate the sum assured and premiums using the online premium calculator available at the Sahara Life Insurance website.
  • Insurance advisor: If the customer updates an online request form and submits it on the website, he/she will be contacted by an insurance advisor who will provide guidance on insurance-related procedures.
  • Grievance redressal: Sahara Life Insurance has a dedicated grievance redressal cell that offers resolutions to grievances raised by customers. Grievances are usually addressed within 10 business days. The customer can visit the nearest branch of the insurance company or send Sahara Life Insurance an email at the ID, grievance.life@sahara.in. Alternatively, the customer can call the insurer’s toll-free number for customer service to raise issues.
  • Premium payment: Policyholders can make premium payments through cash deposits or cheques at any branch of the insurer.

Why should you buy Sahara Amar Jeevan Plan from Sahara India Life Insurance Company Limited?

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.