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Sahara Pay Back Jeevan Bima Plan

Most customers today prefer to buy an insurance plan that promises both protection and guaranteed returns at regular intervals of time. Sahara Pay Back Jeevan Bima Plan is a unique insurance policy which is not only designed to maximise the wealth of the insured by making sure the insured gets a lump-sum amount on a timely basis but to also provide financial protection in case of any eventuality. This non linked limited premium money-back with profit endowment plan promises guaranteed regular money back and insurance cover to all its policyholders.

The periodic flow of cash helps policyholders to stay financially secure and updated all the time. It also helps them to pay their children’s education fees, build a new home, or invest in property as the lump-sum amount will be given on a periodic basis.

Eligibility – Who is the Sahara Pay Back Jeevan Bima Plan for?

A financial institution has to meet the following eligibility criteria to buy an Sahara Pay Back Jeevan Bima Plan:

Parameter Details
Plan Type Non linked limited premium money-back with profit endowment plan
Minimum Entry Age 16 years as per the nearer birthday
Maximum Entry Age 50 years as per the nearer birthday
Maturity Age 70 years
Policy Term 12, 16, and 20 years

Sum Assured and Premium Range – What You Get and What It Costs

Under the Sahara Pay Back Jeevan Bima Plan, every policyholder would have sum assured benefit. The insured person will have to choose the sum assured amount and the premium range at the inception of the policy. The sum assured will also be decided by the policy term and the premiums paid. For more details on the sum assured and premiums, read on.

Parameter Details
Minimum Sum Assured The minimum sum assured under this plan is Rs.75,000 and thereafter in multiples of Rs.5,000.
Maximum Sum Assured The maximum sum assured is Rs.1 crore which is subject to underwriting.
Premium Payment Modes Annual, half-yearly, quarterly, and monthly.

Plan Coverage – What the Sahara Pay Back Jeevan Bima Plan Covers

Sahara Pay Back Jeevan Bima Plan helps many people protect their loved ones in case of any eventuality. It makes sure that the debt is not passed on to the family members but is rather insured. Other benefits and features of the Sahara Pay Back Jeevan Bima Plan are as follows:

Death Benefit In the event of the death of the insured person, the death benefit will be payable under the Sahara Pay Back Jeevan Bima Plan. Please note that the death benefit is payable only when the policy is active and all premiums are paid. In case of death of the policyholder, the insurance company will be liable to pay a lump sum amount to the nominee or the legal heir. In case of the unfortunate death of the insured person with age of entry less than 45 years of age, the amount that will be payable is higher than the minimum sum assured or 10 times more than the annualized premiums paid plus all vested bonuses. Please note that in this case, the death benefit that is payable will not be less than 105% of the all the premium paid as of the date of the death. If the entry age of the insured is equal to or more than 45 years of age, in the event of any eventuality, the sum assured payable on death will higher than the minimum sum assured or 7 times more than the annualized premium plus all vested bonuses, if any. Please note that in this case, the death benefit that is payable will not be less than 105% of the all the premium paid as of the date of the death. Also, if the policy has lapsed death benefit will not be payable.
Maturity Benefit There is a maturity benefit under the Sahara Pay Back Jeevan Bima Plan. If the life insured is survives till the end of the policy term, he/she is eligible to receive the maturity benefit. In this case, the benefit payable will be 60% of the sum assured amount plus vested bonus, if any. If the policy is paid-up, the sum assured payable will be calculated on proportionate basis. The basic sum assured will be multiplied by the total number of premiums paid divided by the upcoming total number of premiums payable minus the survival benefits(If it is already paid).
Survival Benefit The survival benefit will be paid to the policyholder if the insured person survives throughout the policy term. This benefit will be paid in installments periodically. The survival benefit payable is as follows: For 12 years policy term By the end of 3 years: 10% of the sum assured will be payable. By the end of 6 years: 15% of the sum assured will be payable. By the end of 9 years: 25% of the sum assured will be payable. For 16 years policy term By the end of 4 years: 10% of the sum assured will be payable. By the end of 8 years: 15% of the sum assured will be payable. By the end of 12 years: 25% of the sum assured will be payable. For 20 years policy term By the end of 5 years: 10% of the sum assured will be payable. By the end of 10 years: 15% of the sum assured will be payable. By the end of 15 years: 25% of the sum assured will be payable.
Surrender Value All Sahara Pay Back Jeevan Bima Plan will acquire surrender value as mentioned in the policy document. For 5-year policy term to acquire the surrender value, at least 2 years premiums should be paid in full. For 1 years and 15 years policy term to acquire the surrender value, at least 3 years premiums should be paid in full.
Guaranteed Surrender Value To obtain the guaranteed surrender value amount, a specified percentage of the sum total of premiums paid will be considered. Any survival benefits already paid will be deducted from the total premiums paid.
Special Surrender Value Under this plan, policyholders are also entitled to receive special surrender value. This special surrender value is equal to the total paid-up sum assured that a policyholder has paid from the inception of the policy or from the revival date.
Rebates Under the Sahara Pay Back Jeevan Bima Plan, policyholders who opt for yearly and half-yearly premium payment modes are eligible for a rebate of 3% and 1.5% respectively. The rebates also depend on the sum assured as follows:
Sum Assured Rebate
Sum assured less than Rs.1,00,000 No rebate is available.
Sum assured more than Rs.1,00,000 and less than 3,00,000 2% rebate is available.
Sum assured more than Rs.3,00,000 but less than Rs.5,00,000 5% rebate is available.
Sum assured more than Rs.5,00,000 but less than Rs.1 crore 8% rebate is available.

Add-On Plans- Additional coverage under the Sahara Pay Back Jeevan Bima Plan

If a policyholder is looking for extra protection, he/she can attach a add-on to their base plan, which is the Sahara Pay Back Jeevan Bima Plan at an extra cost. The rider available under this plan is the Accidental Death Benefit.

Accidental Death Benefit: This rider is approved by the insurance regulatory in India, IRDA. This rider can be attached to the base plan at the inception of the policy or on policy anniversary. In case of the unfortunate demise of the insured person due to an accident, the nominee will be eligible to receive a lump sum amount apart from the benefits available under the base policy under this rider.

Exclusions – What is Excluded from the Sahara Pay Back Jeevan Bima Plan

Please read the suicide exclusion under the Sahara Pay Back Jeevan Bima Plan.

Suicide Exclusion: If the insured person commits suicide, whether sane or insane, resulting in death, within one year from the date of issue of the policy, the insurance company will pay 80% of the premiums paid by the policyholder to the nominee or the beneficiary, provided the policy is active.

Other Key Features

Following are some of the other key features of the Sahara Pay Back Jeevan Bima Plan:

Loan Facility There is no loan facility available under The Sahara Pay Back Jeevan Bima Plan.
Free Look Period The Sahara Pay Back Jeevan Bima Plan has a free look period of 15 days within which the policyholder can return the policy after reviewing the terms and conditions.
Grace Period For annual, half-yearly, and quarterly premium payment modes, the grace period is 30 days from the due date and 15 days for monthly mode.
Revival The policy will be discontinued if the premium is not paid within the grace period. Such a lapsed policy can be reinstated by paying the total outstanding premiums plus interest if any within 2 consecutive years from the date of missed payment.

Tax Benefits – How You Can Save with the Sahara Pay Back Jeevan Bima Plan

Policyholders who have purchased the Sahara Pay Back Jeevan Bima Plan will enjoy tax benefits under Section 80C of the Income Tax Act, 1961 and under Section 10(10D) of the Income Tax Act, 1961.

Other benefits – How you can save with the Sahara Pay Back Jeevan Bima Plan

Other benefits that are available under the Sahara Pay Back Jeevan Bima Plan are as follows:

  • Comprehensive life coverage at affordable premium
  • Premium payment can be made via cash, cheque or ECS.
  • Tax deduction on premiums paid under Section 80C and death benefit under Section 10(10D) of the Income Tax Act, 1961.
  • Lapsed policies can be revived within 5 years from the date of first unpaid premium by submitting a written request, paying all premiums due, and providing proof of insurability.
  • Policyholders can call the company toll-free number at 1800-180-9000 for policy related queries.
  • You can calculate premium using the online premium calculator which is available on the company website.
  • The company has a dedicated grievance redressal cell to resolve your grievances at the earliest. Visit the nearest Sahara India Life Insurance branch, call the company toll-free number or mail to grievance.life@sahara.in. Grievances will be acknowledged within 10 business days.

Why You Should Choose the Sahara Pay Back Jeevan Bima Plan from Sahara India Life Insurance?

Sahara India Life Insurance Company Limited is the first fully Indian company to enter the Indian Life insurance market in 2004. It offers a range of insurance products from term plans and annuity to endowment and ULIPs. It offers group insurance as well as personal insurance plans, designed to cater to the specific needs of its customers from urban and rural areas. It also offers riders such as the Sahara Accidental Death Benefit Rider Plan to provide an added level of financial protection to your family in the case of accidental death of the life insured.