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.
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:
|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|
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.
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.
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.|
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:
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:
|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.|
Since tax rules are subject to change from time to time, it is ideal to consult a tax advisor for the latest regulations.
Customers stand to gain immensely by purchasing an insurance policy from Sahara Life Insurance. Some of these benefits include:
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.