Offering financial security for individuals and families as well as the option to invest, Sahara India Life Insurance Limited has launched the Sahara Sugam Jeevan Bima Plan. The Sahara Sugam Jeevan Bima Plan is a unit linked plan that offers life insurance coverage for the policyholder and the option of investing in funds - depending on the risk profile of the fund. In short, the Sahara Sugam Jeevan Bima Plan offers customers the benefit of earning high returns on their investments as well as gives them the financial security that comes with a life insurance policy.
To be eligible for the Sahara Sugam Jeevan Bima Plan, customers need to meet certain eligibility criteria.
|Entry Age||Minimum: 10 years Maximum: 55 years|
|Policy Term||10 years, 15 years or 20 years|
Sum Assured: The sum assured at maturity of the policy term is 10 times the annualised premiums.
Premiums: The minimum premium for the year is Rs.12,000. The premium towards the Sahara Sugam Jeevan Bima Plan is paid annually.
|Policy Term||10 years, 15 years or 20 years|
|Premium||Minimum: Rs.12,000 Maximum: No limit|
|Sum assured||10 times annualised premium at maturity of the policy term|
The Sahara Sugam Jeevan Bima Plan comes with death and maturity benefits. The details are mentioned below.
|Death benefit||In case of untimely death of the policyholder, the nominee is liable to the total sum assured at that point or 105% of the premiums paid till that point. The nominee will receive the the death benefit within two years of occurrence of death of the policyholder.|
|Maturity||At the point of maturity of the term, the policyholder is liable to 10 times the annualised premiums.|
If the policyholder commits suicide, the nominee will receive only the interest accrued and the value of the units at that point. No other benefits are applicable in the case of suicide.
The key features of the Sahara Sugam Jeevan Bima Plan are listed below.
|Free-look period||Policyholders are granted a free-look period of 15 days from the commencement of the policy. If he/she disagrees with any of the terms and conditions of the policy they can return the policy and receive a refund for the premium paid.|
|Switching funds||Policyholders can switch funds as per their choice - either to invest in a lower or higher risk fund. Policyholders can make two free switches in a year. Rs.100 is charged per switch after the two free switches.|
|Surrender||Policyholders are liable to the surrender value if they surrender the policy after completing 5 years of being enrolled and contributing towards the policy.|
|Partial withdrawal||Policyholder can make a partial withdrawal up to 50% of the fund value only after completing 5 years of holding the policy. The policyholder should be 18 years of age and the minimum withdrawal amount should be Rs.2,500. After completion of 5 years of investing in the policy, policyholders can make withdrawals only once a year.|
|Grace period||Policyholders are granted a grace period of 30 days to pay the premium. All benefits are applicable during the grace period. If death of the policyholder occurs during the grace period, the nominee will receive the value of the funds as well as the sum assured.|
|Discontinuance||If the policyholder fails to pay the premium within the grace period, a notice to revive or withdraw the policy will be issued to him/her. If the policyholder discontinues the policy before completion of 5 years of the policy term, he/she will receive the fund value under the “discontinued policy fund”. If he/she discontinues the policy after 5 years, they will receive the full fund value at that point.|
|Revival||If the policyholder fails to pay the premium within the grace period, he/she will receive a notice to revive the policy within 15 days of the expiry of the grace period.|
Policyholders enrolled with the Sahara Sugam Jeevan Bima Plan are liable to tax benefits under the Income Tax Act of 1961. They can avail benefits under:
Policyholders enrolled with the Sahara Sugam Jeevan Bima Plan have the option of investing on funds depending on their risk profile. The types of fund are listed below:
|Fund Investment option||Shares (equity)||Debt||Cash||Risk profile|
|Secure Fund||0%||Min 80%||Max 20%||Low|
|Balanced Fund||Max 40%||Min 40%||Max 20%||Medium|
|Smart Fund||Min 40%||Min 20%||Max 40%||High|
|Growth Fund||Min 80%||Max 20%||Max 20%||High|
|Prima Fund||Min 85%||Max 15%||Max 15%||High|
Being the first wholly owned insurance company in India, Sahara India Life Insurance is the one of the fastest growing insurance company in the country. Founded in 2004, Sahara India Life Insurance has a wide range of insurance products on offer for customers, catering to different needs. With Sahara India Life Insurance, customers can opt for life insurance coverage as well as invest and gain on long-term returns. To top it all, they have a dedicated customer care unit that works round-the-clock to bring satisfaction to each and every of their customers.