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Sahara Shrestha Nivesh Jeevan Bima Plan

Not all individuals have the money to pay premiums on a regular basis, but are still in need of insurance cover to secure their family’s finances. While there aren’t as many plans available to cater to such needs, the Sahara Shrestha Nivesh - Jeevan Bima Plan is one of them. This plan was designed keeping in mind that people can’t always afford to pay premiums every year or month. This plan, instead, allows them to pay a one-time premium and keep their family’s financial future safe in case they come to pass. The Shrestha Nivesh - Jeevan Bima Plan is especially suitable for people who have uneven and seasonal income flow.

Eligibility - Who the Sahara Shrestha Nivesh-Jeevan Bima Plan is for

In order to avail the Sahara Shrestha Nivesh - Jeevan Bima Plan, a prospective policyholder needs to meet the basic eligibility criteria. This is as follows:

Particulars Details
Minimum Age at Entry 9 years
Maximum Age at Entry 60 years
Minimum Age at Maturity 19 years
Maximum Age at Maturity 70 years
Plan Type Endowment plan

Sum Assured and Premium Range - What you get and what it costs

The Sahara Shrestha Nivesh - Jeevan Bima Plan comes with the following Sum Assured and Premium Range terms.

Sum Assured:

Sum Assured Amount
Minimum Sum Assured Rs.30,000
Maximum Sum Assured Rs.1 crore (subject to underwriting)

Premium Range:

Premium Range (low - high) Rs.16,992 for 10 year policy term, provided the age at entry is 9 years. Rs.71,17,825 for 5 years policy term, provided the age at entry is 60 years.
Payment Mode Cash/ECS
Policy Term 5 to 10 years depending on the age at entry. Note that the minimum maturity age should at least be 19 years
Premium Payment Term Single premium

Plan coverage - What the Sahara Shrestha Nivesh - Jeevan Bima Plan covers

This plan comes with a number of coverage features for the life insured. You will read them all in the tabular column below:

Features Details
Maturity Benefit Upon maturity of the policy, the Sum Assured at Maturity will be paid to the person insured and his/her nominees.
Death Benefit If the person insured succumbs, Sum Assured at Death will be payable to the nominees. Note that the benefits payable will not be:
  • Less than 125% of the premiums paid if the entry age is less than 45 years.
  • Less than 110% of the premiums paid if the entry age is more than and equal to 45 years.

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

The Sahara Shrestha Nivesh - Jeevan Bima Plan comes with a few exclusions - or conditions - which if met will void the policy without the company needing to pay the benefits assured. Here’s the exclusion under this plan:

  • If the person insured commits suicide within 12 months of purchasing the plan, a sum equal to 80% of the total premiums paid will be provided to the nominees. For instance, if a person had paid premiums worth Rs.1 lakh, the nominees will receive a payout of Rs.80,000.

Other key features - Free Look Period, Policy Loan, Nomination etc.

Here are some of the other key features of the Sahara Shrestha Nivesh - Jeevan Bima Plan:

Features Details
Free Look Period A policyholder can opt to return the policy in case he/she doesn’t like the terms and conditions. However, the return of the policy must be completed within 15 days by submitting the policy document along with the reason for doing the same. The company will deduct proportionate risk premiums and cost it has incurred towards stamp duty and medical expenses before returning the premium.
Policy Surrender The policy can be surrendered at any time during the policy term. Once surrendered, the benefit payable will be the higher of either the Guaranteed Surrender Value and the Special Surrender Value. *Check below for an illustration on the Guaranteed Surrender Value under this policy.
Policy Loan Policyholders can choose to avail a loan on the policy. The maximum loan amount one can avail is equal to 90% of the surrender value of the policy. Also, the company charges a certain interest rate on the loan and reserves the right to deduct the same from the policy fund.

*Here’s what the Guaranteed Surrender Value looks like:

  Policy Term
Policy Year 0 6 7 8 9 10
1 70% 70% 70% 70% 70% 70%
2 70% 70% 70% 70% 70% 70%
3 70% 70% 70% 70% 70% 70%
4 90% 90% 90% 90% 90% 90%
5 90% 90% 90% 90% 90% 90%
6   90% 90% 90% 90% 90%
7 - - 90% 90% 90% 90%
8 - - - 100% 100% 100%
9 - - - - 110% 110%
10 - - - - - 120%

Note that GSV is the percentage of single premium paid while acquiring the policy. This does not include any taxes and stamp duties paid or any extra premiums.

On the other hand, Special Surrender Value is an amount affixed by the company depending on its standing in the market at the time of settling the policy.

Tax Benefits:

The Sahara Shrestha Nivesh - Jeevan Bima Plan comes with a few tax benefits. These are as follows:

  • Deductions on premiums paid will be applicable based on Section 80C of the Income Tax Act.
  • Deductions on death benefit and survival benefit will be applicable based on Section 10 (10D) of the Income Tax Act.

Why you should buy the Shrestha Nivesh - Jeevan Bima Plan from Sahara Life?

Here are some reasons why you should buy the Shrestha Nivesh - Jeevan Bima Plan from Sahara Life:

  • Affordable: This is a single-premium plan and people can avail this plan for as small a premium as Rs.16,000. The plan offers a wide range of coverage and also offers benefits that are more than 100% of the premium amount paid.
  • Only Indian company: This plan comes from the first wholly Indian insurance company. Besides, it was designed keeping in mind the requirements of people who don’t have too much money to spare but are looking for insurance coverage.