Most parents remain eager to cover an extra mile when it comes to providing for their children. Especially when it comes to education, parents strive to get the best for their kids. In fact, it is in the case of education that parents should plan way ahead to be able to pay for the best of schools and colleges. Life insurance is an option that helps you to attain your financial goals. The Sahara Ankur-Regular Premium is a flexible plan that lets parents plan and save up adequate amount of money for their kid's education, marriage, etc. This unit-linked plan improves the value of your savings over a certain span of time and offers options to you so that you can select a plan that would be suitable to your risk profile and investment exposure at various points during the policy term.
This plan is ideal for anyone who is keen on planning their kid's financial security methodically and meticulously. Let us take a look at the eligibility criteria for this plan:
|Minimum entry age||0 years|
|Maximum entry age||12 years|
|Minimum maturity age||25 years|
|Maximum maturity age||40 years|
Under this plan, the policyholder can pay the premium at regular intervals. As far as the sum assured is concerned, it depends on the age of the life insured to some extent.
Following is a table showing the premium and sum assured break down in case of single as well as regular premium:
|Criteria||Single premium||Regular premium|
|Minimum Premium||Rs.30,000||Rs.8,000 annually, Rs.4,000 half-yearly and Rs.750 per month|
|Sum Assured||Five times of the premium paid in one go||The annual premium will be subjected to the condition that the multiplier will be 20 for a policy term that is above 20 years|
The funding option that can be availed by a policyholder under this plan and the limit of asset allocation according to the fund is as follows:
Single premium: 97.5%
|Percentage of premium that has been allocated||If the premium paying term is 9-12 years||If the premium paying term is 13-16 years||If the premium paying term is 17-21 years|
The Sahara Ankur-Regular Premium provides the following benefits:
|If the policyholder pays the premium for 1 year but for less than 2 years||50% of the fund value|
|If the policyholder pays the premium for 2 years but for less than 3 years||85% of the fund value|
|If the policyholder pays the premium for 3 years but for less than 4 years||95% of the fund value|
|If the premiums are paid for more than 5 years||100% of the fund value|
The Sahara Ankur-Regular Premium Plan has a few exclusions. Exclusions refer to certain aspects that are not covered by an insurance plan. Let us take a look at the exclusions for this plan:
Let us take a look at the other significant features of the Sahara Ankur-Regular Premium Plan:
|Grace period||If you fail to pay your premiums on time by the due date, you can complete your premium payments within the grace period. This is a special facility offered by the plan.|
|Premium payment||Since the Sahara Ankur Plan has two premium options that allow you to pay your premiums in a flexible way, you can use the Sahara Ankur-Regular Premium Plan to pay your premium in regular intervals.|
|Coverage until the policy anniversary||Even if the membership for this group plan ends in the middle of the policy year, the member’s plan will receive coverage until the policy anniversary is completed.|
Insurance plans typically offer tax benefits when one pays the premiums. According to the Income Tax Act 1961, you will receive tax deductions as per these sections: Section 80C or Section 80CCC, and Section 80D or 80DDD. You can reach out to your tax advisor to learn how to make savings on taxes. To know about the tax benefits provided with this plan, you can consult your insurance advisor.
Other benefits – How you can save with the Sahara Ankur- Regular Premium Plan
Let us take a look at the other key benefits provided by this plan:
Sahara India Life Insurance emerged as India's first wholly owned insurance company in India. It is one of the country's fastest growing insurance companies. It was founded in the year 2004 and has been instrumental in promoting the trend of getting financial security for individuals as well as families.
The Ankur-Regular Premium Plan from Sahara Life Insurance is for anybody who is looking for ways to secure the future of their children. It is an amazing plan that will ensure that all the wishes that you had made for your children come true and you lead a life without worries.