The Sahara Shubh Nivesh-Jeevan Bima Plan is a plan commonly chosen by individuals who are looking for an investment plan that provides security to your family and your finances. This plan helps with meeting future aspirations such as purchasing a house, a vehicle or even financing your children’s education. The deciding factor that helps individuals realize their dreams is if they make financial plans of investing in “Wealth Creation’ schemes. Some of the common features of this plan are:
An individual will have to meet the eligibility criteria listed below to avail the Shubh Nivesh-Jeevan Bima Plan:
|Minimum Age of Entry||9 years (as on nearest birthday)|
|Maximum Age of Entry||60 years (as on nearest birthday)|
|Policy Term (Fixed)||10 years|
|Maturity Age||70 years|
The sum assured is based completely on the premiums that you will be required to pay to avail the benefits of the policy. The sum assured for Sahara Shubh Nivesh-Jeevan Bima Plan is listed below:
|Minimum Sum Assured||Rs.50,000 after which increments of Rs.5,000 shall be made|
|Maximum Sum Assured||No limit|
Sum Assured Rebates
|Sum Assured is less than Rs.1.25 lakhs||No rebate available on tabular premium|
|Sum Assured is equal to or more than Rs.1.25 lakhs and lesser than Rs.2 lakhs||3.5% rebate available on the tabular premium|
|Sum Assured is equal to or more than Rs.2 lakhs and lesser than Rs.4 lakhs||6% rebate available on the tabular premium|
|Sum Assured is equal to or more than Rs.4 lakhs||8% rebate available on the tabular premium|
Premiums are paid to the insurer to purchase a policy from them so that the individual can come under the umbrella of benefits and coverage that this plan has to offer. The premiums that a policyholder will have to pay towards a Sahara Shubh Nivesh-Jeevan Bima Plan are listed below:
|Yearly Premium||This depends on the Sum Assured that the policyholder has chosen|
|Premium Payment Term||Single Premium|
*Premiums paid vary based on age, location, plan term and other factors
Annual Premiums paid:
|Age||Premium||Term||Maturity/Death Benefit||Sum Assured|
|35 years||Rs.43,314||10 years||Rs.80,000||Rs.80,000|
Premiums for a Sahara Shubh Nivesh-Jeevan Bima Plan can be made using any of the following ways:
The Sahara Shubh Nivesh-Jeevan Bima Plan offers a number of different benefits and these are listed in the table below:
|Death Benefits||The Sum Assured at the time of death of the policyholder shall be payable by the company to the nominee or beneficiary of the policy. Sum Assured shall be no lesser than 125% of the Single Premium paid at the time of entry where the entry age is lesser than 45 years and shall be no lesser than 110% of the Single Premium for age of entry that is more or equal to 45 years.|
|Maturity Benefit||The Sum Assured at the time of maturity shall be payable to the policyholder on maturity of the policy.|
|Tax Benefits||As per the prevailing tax laws|
If the policyholder commits suicide within a year from the date of commencement of the policy or revival date, whether the policyholder is sane or insane at the time of death, the nominee or beneficiary of the policy shall be entitled to 80% of the premiums that have been paid.
Other Key Benefits
|Free Look Period||In case the policyholder is not satisfied with the “Terms and Conditions” of the policy, a 15 day period is provided where the insured can return the policy back to the insurer. The company will return any premiums that were made during this period after deducting any expenses incurred by the insurer such as stamp duty charges, medical expenses, etc.|
|Grace Period||Grace Period is not available with Single Pay plans.|
|Nomination||Nomination is allowed as per the existing tax laws under Section 39 of the Insurance Act, 1938.|
|Assignment||Assignment is allowed as per the prevailing tax laws under Section 38 of the Insurance Act, 1938.|
|Loan Facility||Loan facility is available for amount that come up to 90% of the Surrender Value.|
|Surrender Value||The Surrender Value shall be the higher value between:
A policyholder can enjoy tax benefits on any premium that is paid towards Sahara Shubh Nivesh-Jeevan Bima Plan under the prevailing tax laws under Section 80C and for monthly income received by the policyholder under 10(10D) of the Income Tax Act, 1961. Tax benefits are subject to changes without prior notice so it is important that the policyholder consults a Tax Advisor to stay informed about any changes made.
Listed below are the benefits that you can avail by choosing the Sahara Shubh Nivesh-Jeevan Bima Plan:
Sahara India Life Insurance Company Limited is a wholly owned Indian insurance company that entered the Indian life insurance market in the year 2004. The company offers a plethora of insurance products from endowment plans and ULIPs to annuity and money back plans. It offers personal insurance as well as group insurance plans which are designed to cater to the needs and requirements of its customers that hail from different backgrounds. Sahara Shubh Nivesh-Jeevan Bima Plan offers an added level of financial protection to the life assured’s family in the case of any unfortunate event such as accidental death. This plan specifically comes in handy when you intend on purchasing a house or vehicle or if you are in dire need of financial aid to help fund your children’s education.
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