A pension/retirement insurance plan provides you a safety net for the future so that you can retire without worrying about financial stability. An optimum retirement plan also enables you to live according to your current lifestyle post retirement, without any compromises.
Sahara Life Insurance has configured a pension plan that helps you follow an investment strategy to accumulate wealth that will grow throughout your working years. This ensures that you will be able to retire rich. Pension plans offer you good savings, as your premiums are locked in financial instruments that provide you substantial returns.
Benefits of Sahara Life Insurance Pension Plan
- The pension plan from Sahara Life Insurance provides you free-look cancellation facility.
- Guaranteed maturity and death benefits are offered by Sahara Life Insurance pension plan.
- Customers can avail premium rebates for choosing a high sum assured. Rebates are also offered for policies with yearly and half-yearly premium payment facility.
- Premiums can be paid annually, semi-annually, quarterly, and monthly. The monthly mode of premium payment is allowed only for group billing and direct debit.
- Grace period of 30 days is allowed for the payment of outstanding premiums.
Pension Plan provided by Sahara Life Insurance
A customer can choose to buy the Sahara Amar Jeevan plan to accumulate a good retirement corpus that will give him/her regular payouts post retirement.
Sahara Amar Jeevan Plan is a one-of-a-kind insurance solution that enables you to retire honorably and live in content for the rest of your life. You can save for your retirement in small amounts during the period you are employed. These little savings grow through the power of compounding to create a substantial retirement corpus that helps you maintain your current lifestyle even when you stop earning.
Benefits and Features of Sahara Amar Jeevan Plan
Death Benefit - If the policy is in force and the life assured succumbs to death during the policy term, the nominee is paid the death benefit. At the time of death, if the policy has completed 15 years or more, a terminal bonus (if any) is also paid. The payout can be utilised by the spouse of the life assured (if he/she is 40 years old or above) to buy an immediate annuity from any insurer. The rates on annuity will be as per the prevailing norms. The spouse of the life assured can also choose to receive 1/3rd of the death benefit as a lump sum amount.
Maturity Benefit - If the life assured survives the policy term, the sum assured and all vested bonuses are paid out to him/her as maturity benefit. A policy that has completed 15 years is also eligible for terminal bonuses that are paid out along with the maturity benefit. This benefit can be utilised in the following way:
- Up to 1/3rd of the amount can be withdrawn as a lump sum.
- The remaining amount can be utilised to buy an annuity from any insurance company at the rates that are prevalent then.
Surrender benefit - If the policy has completed 3 years, it can be surrendered. The surrender value payable is the highest among the guaranteed surrender value and the special surrender value.
Riders - Sahara Amar Jeevan Plan can be enhanced through the use of the Accidental Benefit & Accidental Total & Permanent Disability Benefit Rider. The policyholder is only required to pay an extra premium of Re.1 per Rs.1,000 sum assured to add on the rider to the base policy. The policyholder may also choose the Critical Illness Rider to amplify the life coverage, based on his/her specific insurance needs.
||Entry Age (yrs)
||Minimum age for pension to start (yrs)
|Sahara Amar Jeevan Plan
||Minimum - 25
Maximum - 55
||Minimum - Rs.50,000
Why do you need Sahara Life Insurance Pension Plan?
The pension plan from Sahara Life Insurance, in addition to the benefits detailed above, provides tax rebates on payouts received and premiums paid. These benefits are provided as per Section 10(10D) and Section 80C of the Income Tax Act. Since tax rules are subject to regular changes, it is optimum to consult a tax advisor to get an understanding of the latest tax benefits.