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Sahara Sanchit Jeevan Bima Plan

Sahara Sanchit - Jeevan Bima Plan is a unit linked plan from Sahara India Life Insurance Company. The plan protects your earnings from market volatility and the risks involved in equity market investment. The plan helps the policyholders in enhancing their savings while keeping them protected with a life cover. The policyholder has the flexibility to choose the investment funds based on his/her risk appetite and desired financial goals.

Eligibility -Who is the Sahara Sanchit - Jeevan Bima Plan for?

In order to be eligible for this policy, Sahara India Life Insurance Company will look into the following eligibility criteria:

Parameters Eligibility
Minimum age at entry 18 years
Maximum age at entry 65 years
Maximum age at maturity 75 years
Minimum sum assured
  • Up to 45 years - 125% of single premium
  • 46 years and above - 110% of single premium
Policy term 5 to 10 years
Minimum premium Rs.30,000
Maximum premium Subject to underwriting (no limit)
Premium payment term Single premium plan

The age is based on the last birthday of the customer.

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

  • Sum Assured–Under the Sahara Sanchit - Jeevan Bima Plan, the sum assured depends on the policyholder’s age and the premium amount. For individuals who are 45 years of age and below, they can earn 125% of the single premium value, whereas, for 46 years and above, 110% of single premium value is applicable.
  • Premium – The policy can be bought for Rs.30,000 as the minimum premium amount. The policyholder can choose to increase and allocate his/her investment in different types of investment funds. For individuals who do not have a regular source of income and wish to buy a policy that offers equity-linked market benefits and life cover, should consider this policy for various benefits. With just one-time premium payment, the policy keeps the family protected from the uncertain financial situation that may arise in the absence of the life insured.

Plan Coverage- What the Sahara Sanchit - Jeevan Bima Plan covers

Death Benefits In case of unfortunate death of the policyholder, the sum assured will be payable to the nominee/beneficiary after the deduction of any partial withdrawal made during the policy term.
Maturity Benefit If the life insured survives till the end of the policy, the total fund value will be paid to the life insured.
Nomination The nominee details can be changed from time to time based on the policyholder’s requirements.During the policy term, if the policyholder decides to change the nominee from what it was at the inception of the policy, he/she will need to get in touch with Sahara India Life Insurance Company.

Riders / Add-On Plans – Additional coverage under the Sahara Sanchit - Jeevan Bima Plan

There are no riders or add-on plans offered under the Sahara Sanchit - Jeevan Bima Plan.

Exclusions - What the Sahara Sanchit - Jeevan Bima Plan doesn’t cover

Suicide Clause – In case the life assured commits suicide during the policy term, whether sane or insane, the nominee will be entitled to the total fund value accumulated till the date of death.

Other Key Features – Free-look Period, Surrender Values, Grace Period etc.

Free-look period The policyholder is provided with an option of 15 days free-look period. If the policyholder doesn't agree to any of the terms and conditions mentioned in the policy, he/she may choose to return/cancel the policy by returning it to Sahara India Life Insurance Company. Once the policy is canceled, a refund will be provided after the deduction of expenses incurred in stamp duty, proportionate risk related charges, and medical test, if any.
Surrender values The policyholder can choose to surrender the policy at any time during the policy term, however, the surrender value is payable only after the completion of five years from the date of policy commencement. If the surrender is within five years from the date of policy commencement, the fund as on the date of surrender will be moved to discontinued policy fund that will earn 3.5% interest rate per annum and will be payable at the end of the 5th policy year.
Investment options The instruments used under various asset classes are equity, debt, and cash. Based on the risk appetite and financial goals, the policyholder can switch their asset classes whenever needed. Each policy year allows two switches free of cost, more than two switches in a policy year will attract a charge.
Partial withdrawal In an emergency situation, the policyholder can consider the option of partial withdrawal of funds from the total policy funds.
Nominee At any time during the policy term, if the policyholder wants to change the details of the nominee or the nominee itself, he/she can get in touch with Sahara India Life Insurance Company to carry out the nominee amendment process.

Tax benefits – How you can save with the Sahara Sanchit - Jeevan Bima Plan

The plan offers tax benefits under the Section 80C and 10 (10D) of the Income Tax Act, 1961. The investment made as premiums qualify for tax benefits while the benefits received from the plan are exempted from tax. The tax benefits are based on the latest tax rules and regulations that are subject to change. Customers are advised to consult a qualified tax advisor before investing in this policy.

Other benefits – How you can save with the Sahara Sanchit - Jeevan Bima Plan

The Sahara Sanchit - Jeevan Bima Plan is single premium unit linked insurance plan that provides a platform to the customers to boost their savings. In addition to the life cover and investment fund options, the policyholder is also entitled to the following advantages:

  • Switching investment funds - The hassle-free switch between the available investment funds makes it easier for the policyholder to choose the best market that suits his/her requirements.
  • Policy information – The individuals who wish to obtain information regarding any of the plans offered by Sahara India Life Insurance Company can connect with the insurer via e-mail, toll-free number, website, and outlets.
  • Policy notifications - The insurer keeps the customers updated about their respective policies through prompt notifications that are sent via e-mail, text SMS, etc. The policyholders get updates regarding their policy renewal date, upcoming premium payments, etc.

Why you should buy the Sahara Sanchit - Jeevan Bima Plan from Sahara India Life Insurance Company?

The Sahara Sanchit - Jeevan Bima Plan protects the gains of the customer against the equity market risks and volatility. Moreover, the policyholder is provided with the flexibility to select from multiple investment funds. In addition to the life cover, the policyholder also enhances the savings through market linked units. Sahara India Life Insurance Company is the first wholly Indian-owned life insurance company in the private sector that specializes in various types of endowment, money back, annuity, unit linked, and group insurance plans. The insurer has a pan-India presence and their customer service team is known to go above and beyond to help their customers.