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Sahara Dhan Sanchay Jeevan Bima Plan

Life is unpredictable, and it is this unpredictability that compels individuals to secure their financial future, as well as that of their family. One of the most popular methods of saving, is by availing an insurance plan.

The Dhan Sanchay Jeevan Bima plan by Sahara India Life is an endowment assurance plan that also provides profits. This insurance policy provides policyholders with a steady income that is a part of the life cover and benefits package. This plan comes with flexible payment modes as well as rebates. In short, the Sahara Dhan Sanchay Jeevan Bima Plan is a perfect savings and investment plan for individuals.

Eligibility - Who is the Sahara Dhan Sanchay Jeevan Bima Plan for?

In order to avail this endowment insurance plan, individuals will have to meet certain eligibility criteria that is put forth by the company and these are:

Minimum Age of Issuance 14 years
Maximum Age of Issuance 50 years
Minimum Policy Tenure 15 years
Maximum Policy Tenure 40 years, but is subject to a maximum age of maturity of 70 years.
Maximum Coverage Age 70 years

All ages are based on the nearer birthday of the individual.

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

Sum Assured:

This is based on the policy tenure and payment term chosen, among other factors.

Minimum Sum Assured Rs.50,000 and after that in multiples of Rs.5,000.
  • Customers should note that sum assured amount will not be lower than 10x the annualised premium if age of entry is less than 45 years.
  • Customers should note that sum assured amount will not be lower than 7x the annualised premium if age of entry is more than or equal to 45 years.
Maximum Sum Assured No limit, but is based on underwriting.

Premium:

Premium is based on the sum assured that the policyholder opts for along with premium payment term, among other factors.

Premium Payment Tenure Same as policy tenure
Modes of Premium Payment Annual/Semi-annual/Quarterly/Monthly

Premiums may vary depending upon factors like age, location, term of the plan and prevailing taxes/GST.

Plan Coverage - What the Sahara Dhan Sanchay Jeevan Bima Plan covers

This insurance policy provides a number of benefits as illustrated below:

Death Benefit
  • In case the policy is still in-force and age of entry of the policyholder is below 45 years then the sum assured that will be paid on the policyholder’s unfortunate demise will be a higher of 10x annualised premium or minimum guaranteed sum assured.
    • The amount that will be payable will include all vested bonuses but will not be below 105% of all the premiums that have been paid as of date of policyholder’s death.
  • In case the policy is still in-force and age of entry of the policyholder is greater than or equal to 45 years then the sum assured that will be paid on the policyholder’s unfortunate demise will be a higher of 7x annualised premium or minimum guaranteed sum assured.
    • The amount that will be payable will include all vested bonuses but will not be below 105% of all the premiums that have been paid as of date of policyholder’s death.
  • In case the policy has attained paid-up status then paid up sum assured amount along with vested bonuses will be paid to the nominee.
Maturity Benefit
  • In case the policy is in force for the complete sum assured, sum assured amount along with vested bonuses will be paid at policy maturity.
  • In case the policy has attained paid-up status, paid up sum assured will be paid along with vested bonuses.

Riders / Add-On Plans – Additional coverage under the Sahara Dhan Sanchay Jeevan Bima Plan

This plan does not provide additional riders or benefits.

Exclusions - What the Sahara Dhan Sanchay Jeevan Bima Plan does not cover

In case of the policyholder’s death as a result of suicide within a period of 12 months from the date of policy inception, the nominee will receive a minimum of 80% of all premiums that have been paid as long as the policy is still in force.

In case of the policyholder’s death as a result of suicide within a period of 12 months from the date of policy revival, the nominee will receive a higher of a minimum of 80% of all premiums that have been paid or the surrender value as long as the policy is still in force.

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

Free-look period In case the policyholder is not satisfied with the terms and conditions of the said insurance plan, he/she can return the same along with stated reasons within a period of 15 days from receipt of policy.
Loan Loans are available under the this policy. The amount available is 90% of the surrender value and the rate of interest that will be charged will be determined by the company.
Surrender This policy can be surrendered once a minimum of three years premiums have been paid under the policy.
Grace Period The grace period for this policy is 30 days for yearly, half-yearly and quarterly mode of payment. For monthly mode of payment, the grace period available is 15 days.
Policy Revival In case premiums are not paid within the given grace period, the policy will lapse and can be revived during the revival period, which is two years from the date of policy discontinuance.

Tax benefits - How you can save with the Sahara Dhan Sanchay Jeevan Bima Plan

All premiums that have been paid along with the benefits provided by this plan are eligible for tax benefits under the existing income tax laws. However, these laws are subject to change from time to time, hence customers are advised to talk to their tax consultants prior to investing.

Other benefits - How you can save with the Sahara Dhan Sanchay Jeevan Bima Plan

There are number of advantages provided by Sahara Life to all its customers, as listed below:

  • Online Calculator and planner - Customers can utilise the online calculator facility to find information regarding their tax benefits and premiums.
  • Customer Care - Sahara Life has a robust customer care service to help customers with regard to any of their doubts and clarifications.
  • Premium Payment - Thanks to the state-of-the-art technology used by this company, customers can pay their premium, renew their policy or even buy insurance plans online by visiting the website.

Why you should buy the Dhan Sanchay Jeevan Bima Plan from Sahara Life?

One of the most well-known insurance providers in the country, Sahara Life is known for their plethora of unique products and services along with robust customer care. The Dhan Sanchay Jeevan Bima Plan is perfect for those who wish to secure their family’s future, financially. The maturity and death benefit payouts ensure that policyholders can rid themselves of worry regarding their finances.

Additionally, Sahara Life also boasts of additional benefits such as online premium payment and a high claim settlement ratio. As a testament to their success, this insurance company has also won a number of awards.