The Dhanvriddhi Jeevan Bima plan by Sahara Life Insurance is a non-profit single premium money back endowment plan which also offers the benefit of life cover till maturity in exchange for a one-time time premium payment. Not only does this plan offer financial protection against unpredictable happenings but also provides a specific percentage of sum insured on a regular basis. Policyholders will also get back the premiums they have paid one the plan reaches maturity along with guaranteed additions, on the basis of the sum assured and term of the plan chosen. The premiums paid towards this plan and the benefits received in return are eligible for tax exemption as per the provisions of the Income Tax Act.
Following is the eligibility criteria for the Sahara Dhanvriddhi Jeevan Bima Plan.
|Minimum entry age||9 years|
|Maximum entry age||60 years|
|Maximum maturity age||70 years|
|Policy term||9, 12 and 15 years; subject to condition that maturity age not be over 70 years.|
Sum Assured is paid under Death Benefit when the life assured policyholder expires during the policy term. The minimum sum assured that is payable under this plan is fixed at Rs.50,000 while the maximum amount of sum assured provided is capped at Rs.1 crore, subject to underwriting.
Premium Payment Mode
This is a single premium payment policy where the premium payment is done one time.
In case the life assured policyholder passes away during the policy term, their nominee/beneficiary will be entitled to the Death Benefit Sum Assured. Death benefit provided varies with the life assured’s age at entry. Death Benefit sum assured is separate from the amount of survival benefits paid.
In the event that the life assured survives the term of the policy, then they are entitled to receive Survival Benefit which is a certain specified percentage of the sum assured payable at regular intervals.
|Policy Anniversary||Policy Term (in years)|
|3||15% of sum assured||15% of sum assured||15% of sum assured|
|6||15% of sum assured||15% of sum assured||15% of sum assured|
|9||-||15% of sum assured||15% of sum assured|
|12||-||-||15% of sum assured|
This policy also provides Maturity Benefit which is return of single premium plus guaranteed one-time addition (if any), as is mentioned in the table given below.
|Sum Assured (SA) bands (Rs)||9 years||12 years||15 years|
|If SA below 80,000||0.00%||0.00%||0.00|
|If SA above or equal to 80,000 but below 1 lakh||4..00%||6.00%||8.00%|
|If SA above or equal to 1 lakh but below 2 lakh||6.00%||9.00%||12.00%|
|If SA above or equal to 2 lakh but below 1 crore||10.00%||15.00%||20.00%|
In case the life assured policyholder commits suicide, whether in a sane or insane state of mind, within a year of policy commencement, their beneficiary or nominee will receive a minimum of 80% of the total premiums paid till the date of life assured’s death. Premium paid will exclude taxes and interest.
|Free Look Period||Policyholders who wish to cancel their policy must do so within the Free Look period provided by the insurance company. A free look period of 15 days is allowed, within which the policyholder must review the policy and return it in case they are not satisfied with its coverage or terms. The cancellation request must be given in writing along with the policy document. Any premiums paid will be refunded after a deduction of proportionate risk premium and other charges like stamp duty or medical examination expenses.|
|Loan Facility||Loan facility is not allowed with this plan.|
Policyholders are eligible for tax benefits towards the premiums paid for the policy and benefits paid by the policy in the hands of the beneficiaries are also eligible for tax benefits as per the provisions of the Income Tax Act.
Some of the benefits which customers can avail with a plan from Sahara Life are as follows:
The Sahara Life Insurance Company is one of the country’s first fully-owned private life insurer which has long enjoyed a trusted presence among its customers. Sahara Life specialized in providing competent and affordable life insurance solutions and is one of the most popular options among customers. The insurer has carved a niche for itself in the insurance industry owing to two very important reasons, which are, a high claim settlement ratio and a higher number of grievances addressed and resolved. For the year 2014-2015, Sahara Life recorded a claim settlement ratio of nearly 90%, which is very impressive for the industry. The company also settled 100% of the grievances put forth by the Sahara Life is currently among the top insurance providers to offer well-appointed insurance solutions with dedicated and reliable customer service.
*Premiums Vary Based On Age, Location, Plan Term and Other Factors