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.
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:
|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|
The Sahara Shrestha Nivesh - Jeevan Bima Plan comes with the following Sum Assured and Premium Range terms.
|Minimum Sum Assured||Rs.30,000|
|Maximum Sum Assured||Rs.1 crore (subject to underwriting)|
|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.|
|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|
This plan comes with a number of coverage features for the life insured. You will read them all in the tabular column below:
|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:
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:
Here are some of the other key features of the Sahara Shrestha Nivesh - Jeevan Bima Plan:
|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:
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.
The Sahara Shrestha Nivesh - Jeevan Bima Plan comes with a few tax benefits. These are as follows:
Here are some reasons why you should buy the Shrestha Nivesh - Jeevan Bima Plan from Sahara Life: