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Sahara Dhanversha Jeevan Bima Plan

Sahara Dhanvarsha-Jeevan Bima is a limited premium, money-back endowment “with profits” plan that offers dual protection to the life assured. Apart from life insurance coverage, the policy also provides lump sum funds at specific intervals throughout the policy tenure. The plan is ideal for customers who require guaranteed returns, safety, periodic cash inflow, and tax benefits.

Eligibility -Who is Sahara Dhanvarsha-Jeevan Bima for?

The insurance company has set some eligibility guidelines that a customer has to fulfill, if he/she wants to buy Sahara Dhanvarsha-Jeevan Bima. These factors are listed in the table below:

Parameter Eligibility
Minimum Issue Age 15 years
Maximum Issue Age 55 years
Maximum Coverage Age 70 years
Minimum Policy Term Fixed at 15 years or 20 years
Maximum Policy Term Fixed at 15 years or 20 years, subject to the maturity age not exceeding 70 years
Premium Payment Term (PPT) For policy term of 15 years, PPT is 10 years For policy term of 20 years, PPT is 15 years

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

Sum Assured:

Sahara Dhanvarsha-Jeevan Bima offers various benefits such as maturity benefit, death benefit, surrender benefit, etc. The minimum sum assured under the plan is Rs.75,000, and the sum assured is paid thereafter in increments of Rs.5,000. There is no limit on the maximum sum assured.

Premium:

Premiums can be paid towards the plan at yearly, half-yearly, quarterly, and monthly frequencies. Premiums vary based on the age of the life assured, location, plan term, and several other factors.

Plan coverage - What Sahara Dhanvarsha-Jeevan Bima covers

Sahara Dhanvarsha-Jeevan Bima offers a host of benefits to the life assured, as detailed in the table below:

Death Benefit If the life assured dies during the policy term, irrespective of the survival benefits already paid out, the full sum assured is immediately provided to the nominee. The death benefit will not be less than 105% of all the paid premiums as on the date of death. If the policy was in paid-up status, the paid-up sum assured is immediately offered to the nominee.
Survival Benefit Survival benefit is payable under the plan at intervals predefined at the time of policy inception. This benefit is paid upon survival of life assured: For policy term of 15 years: At the end of 3 policy years - 10% of the sum assured At the end of 6 policy years - 15% of the sum assured At the end of 9 policy years - 20% of the sum assured At the end of 12 policy years - 25% of the sum assured For policy term of 20 years: At the end of 4 policy years - 10% of the sum assured At the end of 8 policy years - 15% of the sum assured At the end of 12 policy years - 20% of the sum assured At the end of 16 policy years - 25% of the sum assured
Maturity Benefit As long as the policy is in-force and the life assured survives till the end of the tenure, 30% of the sum assured is paid to him/her as maturity benefit. If the policy was in paid-up status, the paid-up sum assured is paid at the time of policy maturity.

Exclusions - What Sahara Dhanvarsha-Jeevan Bima doesn’t cover

Suicide Clause - If the life assured dies within 12 months from the policy inception date, the nominee will receive at least 80% of the paid premiums. If the life assured dies within 12 months from the date of policy revival, the nominee will receive the higher of:

  • At least 80% of the paid premiums till death
  • Surrender value

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

There are several other benefits of opting for Sahara Dhanvarsha-Jeevan Bima from Sahara Life Insurance:

Surrender benefit The policy reaches surrender value if the premiums for at least three full years have been paid. The policyholder can terminate a paid-up or in-force policy before maturity or death by surrendering the policy. The surrender value is then paid to the policyholder. This amount is the highest among the Guaranteed Surrender Value and Special Surrender Value. Guaranteed Surrender Value - This amount is calculated as follows:
  • At the end of 3 years - 30% of the paid premiums excluding rider premiums, extra premiums, and tax. The survival benefits already paid are also excluded from this.
  • From 4th to 7th year - 50% of the paid premiums, excluding rider premiums, extra premiums, and tax. The survival benefits already paid are also excluded.
For policy term of 15 years, the Guaranteed Surrender Value is 50%, increasing by 6% per annum of the paid premiums for each year after the 7th. This is subject to a maximum of 90% of paid premiums. For policy term of 20 years, the Guaranteed Surrender Value is 50%, increasing by 4% per annum of the paid premiums for each year after the 7th. This is subject to a maximum of 95% of paid premiums. Special Surrender Value is 100% of the paid-up sum assured under the plan.
Policy loan It is not possible to avail a loan under Sahara Dhanvarsha-Jeevan Bima.
Benefits payable for minor life assured If the life assured is a minor and a claim is raised under the policy, payments are made to the policyholder. When the life assured becomes a major, the policy will automatically vest in him/her.
Grace period If the premium payment frequency of a policy is yearly, half-yearly, or quarterly, the grace period is 30 days. For a policy with monthly premium payment frequency, the grace period is 15 days. Even if the premium is not paid on the due date, the policy will be valid within the grace period. In the event of a claim during this time, the sum assured under the plan is paid out to the claimant after deduction of the outstanding premium amount.
Policy revival If the due premium is not paid within the grace period, the policy moves into lapsed status. A lapsed policy can be revived during the revival period of 2 years from the date of discontinuance of premium payment. The insurance company may accept or reject a policy revival request, as applicable. Once the policy is revived, the policyholder will be intimated of the same.
Non-forfeiture benefit If the premiums under the plan have been paid for at least 3 years and then the premium payment is discontinued, the policy moves into paid-up status. The paid-up sum assured is payable to the policyholder at maturity. This amount is calculated on a proportionate basis, i.e., the number of premiums paid to the total number of premiums payable under the plan.
Free-look period The policyholder can review the terms and conditions within the policy documentation within 15 days of receipt of the bond. If he/she disagrees to any of these terms and conditions, he/she can return the policy back to the insurer within the free-look period. The policyholder should also state relevant reasons for the objection. In this scenario, the insurer will pay the premiums back to the policyholder after deducting stamp duty charges and medical examination expenses.

Tax benefits – How you can save with Sahara Dhanvarsha-Jeevan Bima

  • Premiums paid towards Sahara Dhanvarsha-Jeevan Bima are eligible for tax benefits under Section 80C of the Income Tax Act.
  • The payouts from the policy, such as death benefit, maturity benefit, and surrender benefit are eligible for tax rebates under Section 10(10D) of the Income Tax Act.

Since tax rules are subject to change from time to time, it is ideal to consult a tax advisor for the latest regulations.

Other benefits – How you can save with Sahara Dhanvarsha-Jeevan Bima

Customers stand to gain immensely by purchasing an insurance policy from Sahara Life Insurance. Some of these benefits include:

  • Premium calculator: The Sahara Life Insurance website enables customers to calculate the sum assured and premium under various plans through the online premium calculator.
  • Insurance advisor: An individual can submit an online request form to avail the assistance of an insurance advisor. He/she will be able to guide customers through all insurance related procedures.
  • Grievance redressal: Sahara Life Insurance has a dedicated grievance redressal cell that resolves all issues raised, within the shortest turnaround time. Customers can visit the nearest branch of the company or call the grievance redressal cell at the toll-free number, 1800-180-9000. Alternatively, customers can email their issues to grievance.life@sahara.in. Grievances are usually attended to within 10 working days.
  • Premium payment: Customers can make premium payments through cheques or cash deposits. The payment can be made at any of the company’s branches across the country. If payment is done through cheques, these should be drawn in favour of Sahara India Life Insurance Company Ltd.

Why you should buy Sahara Dhanvarsha-Jeevan Bima from Sahara Life Insurance?

Sahara India Life Insurance Company Limited is the first completely Indian-owned insurance provider in the private sector. The organisation aims to provide affordable life insurance products to the urban and rural segments of the country. Lately, the company has been focussing on insurance penetration into the rural areas.

Sahara Life Insurance offers a wide range of insurance products to cater to the varied needs of customers. The insurance solutions from the company include child plans, pure term insurance policies, group insurance products, and ULIPs.

The company observed a robust claim settlement ratio of 90% in 2015-16. Sahara Life Insurance has also been honoured for its marketing strategies and customer service initiatives in the past.