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Sahara Utkarsh Jeevan Bima Plan

The Sahara Utkarsh Jeevan Bima Plan is unit-linked plan that offers the right blend of market-linked returns and risk coverage. Financial markets in India are at an exciting stage as the economic standard of India is set to grow several folds in the near future. The Sahara Utkarsh Jeevan Bima Plan ensures that the customers get to enjoy direct benefits from these lucrative markets. All objectives of purchasing a life insurance policy are also taken care of by the Sahara Utkarsh Jeevan Bima Plan. The savings values are further enhanced by the unit-linked plan over a specific time period. This also depends on the choices made by the insured person about the investment plans as per the investment horizon and risk profiles.

There are several investment options that can be opted for by the policyholder under the Sahara Utkarsh Jeevan Bima Plan. These options are listed below:

  • Prima Fund
  • Growth Fund
  • Smart Fund
  • Balanced Fund
  • Secured Fund
Fund Option Cash Debt Shares (equity) Risk Profile
Prima Fund Maximum 15% Maximum 15% Minimum 85% High
Growth Fund Maximum 20% Maximum 20% Minimum 80% High
Smart Fund Maximum 40% Minimum 20% Minimum 40% High
Balanced Fund Maximum 20% Minimum 40% Maximum 40% Medium
Secured Fund Maximum 20% Minimum 80% Nil Low

Eligibility – Who is the Sahara Utkarsh Jeevan Bima Plan for?

In order to buy the Sahara Utkarsh Jeevan Bima Plan, a customer has to fulfil certain eligibility criteria with respect to his/her age and the amount of insurance he/she seeks. These conditions are as shown below:

Parameters Criteria for eligibility
Minimum age at entry 12 years
Maximum age at entry 55 years
Term of the policy 8 years to 20 years
Maximum age at maturity 70 years

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

Sum Assured – It is the amount that the policyholder gets when the policy term ends. In case the policyholder dies in an unfortunate event, the nominee or the beneficiary gets the amount. In case of single premium plan, the sum assured that is received by the policyholder under the Sahara Utkarsh Jeevan Bima Plan, up to an age of 45 years is ten times the annualized premium. In case the policyholder is equal to or above the age of 46 years, 7 times the annualized premium can be availed as sum assured under the Sahara Utkarsh Jeevan Bima Plan. In case of single premium plan, the sum assured that is received by the policyholder under the Sahara Utkarsh Jeevan Bima Plan, up to an age of 45 years is 125% of the single premium. In case the policyholder is equal to or above the age of 46 years, 110% of the single premium can be availed as sum assured under the Sahara Utkarsh Jeevan Bima Plan.

Sum Assured up to 45 years (Annualized Premium) 10 times the annualized premium
Sum Assured for policyholder aged 46 years or more (Annualized Premium) 7 times the annualized premium
Sum Assured up to 45 years (Single Premium) 125% of the single premium
Sum Assured for policyholder aged 46 years or more (Single Premium) 110% of the single premium

Premiums – Premium is the amount that the policyholder pays in order to keep the insurance policy active. In case of the Sahara Utkarsh Jeevan Bima Plan, the minimum premium for single premium plan is Rs.50,000. However, there is no limit on the maximum premium under this policy. In case of the regular premium policy, the minimum premium for under yearly mode is Rs.20,000. The minimum premium for under half-yearly mode is Rs.15,000. Throughout the entire term of the policy, the premium remains the same. There is no limit on the maximum premium under this policy.

Minimum Premium under Single Premium Plan Rs.50,000
Maximum Premium under Single Premium Plan No limit
Minimum Premium under Regular Premium Plan
  • Rs.20,000 under the yearly mode.
  • Rs.15,000 under the half-yearly mode.
Maximum Premium under Single Premium Plan No limit

Disclaimer – Premiums may vary depending upon several factors like term of the policy, age, etc.

Plan Coverage – What the Sahara Utkarsh Jeevan Bima Plan covers

Maturity Benefit The policyholder can enjoy the fund value on the day the policy matures, if the insured individual survives till the maturity date.
Death Benefit In case all the premiums have been paid and the insurance policy is also in force, death benefit is paid out upon unfortunate demise of the life insured. It is the sum of sum assured and the fund value available on the intimation date of the insured’s demise. The death benefit is subject to a minimum of 105% of the premiums paid.
Surrender Benefit The Sahara Utkarsh Jeevan Bima Plan can be surrendered by the policyholder at any point in time. But the Surrender Value is only payable after completion of 5 years from the commencement date of the policy.

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

Accident benefit and Accidental Total and permanent Disability benefit Rider – The Accident benefit and Accidental Total and permanent Disability benefit Rider is available if the insured individual is between the ages of 18 years and 55 years on the commencement date of the policy or the policy anniversary. The Accident benefit and Accidental Total and permanent Disability benefit Rider offers Rs.50,000 as minimum sum assured. The maximum sum assured under the Accident benefit and Accidental Total and permanent Disability benefit Rider is Rs.20,00,000. The benefit under this rider ceases on the day the base policy matures or the policyholder attains the age of 65 years, whichever comes earlier.

Total Permanent disability refers to the disabilities that arise due an unfortunate accident and the insured person permanently becomes unable to earn money from the accident date. The following conditions are considered under permanent disability:

  • Inability to use both feet above or at ankle.
  • Inability to use both hands above or at wrist.
  • Inability to use one foot above or at the ankle and one hand above or at the wrist.
  • Irrecoverable or total loss of both eyes and eyesight.

Exclusions – What the Sahara Utkarsh Jeevan Bima Plan does not cover

Suicide Exclusion – In case the policyholder commits suicide at any point after the policy has commenced, whether sane or insane, the policy will be terminated. Value of the units under the Sahara Utkarsh Jeevan Bima Plan will be paid out to the legal representative or nominee.

Other exclusions:

  • Self-inflicted injuries or attempted suicide, whether insane or sane.
  • Engaging in aerial activities like skydiving and parachuting.
  • Taking part in criminal activities.
  • Engaging in hazardous pastimes or sports like jet skiing, horse racing, martial arts, boat racing, mountaineering, etc.

Other Key Features

Free look period The policyholder can avail a free look period of 15 days after he/she receives the policy bond. In case the policyholder does not like the terms and conditions offered by the Sahara Utkarsh Jeevan Bima Plan, he/she can return the policy document along with a letter of cancellation to the insurer. The letter of cancellation must state the policyholder’s reasons for not accepting the policy. Proportionate risk premium, stamp duty charges and medical exam costs will be deducted from the fund value and the remaining amount will be refunded to the policyholder.
Grace period A grace period of 30 days can be availed by the by the policyholder for half yearly and annual premium payment modes. If the premium instalment has not been paid within grace period and demise occurs within this period, policy will still remain active and the claimant will receive the sum assured.
Switching option The policyholder can choose to switch the total investments to a different fund from the present fund. This can take place at any given point in time. During every policy year, 2 free switching options can be availed by the policyholder. Additional switches comes at a cost of Rs.100 for every switch. The charges associated with switching are recovered by unit cancellations.

Tax Benefits – How you can save with the Sahara Utkarsh Jeevan Bima Plan

  • Premiums under the Sahara Utkarsh Jeevan Bima Plan are eligible for tax benefits under the Section 80C of IT Act, 1961.
  • Death benefit and maturity proceeds are also eligible for tax deductions under Section 10 (10D) if the IT Act, 1961. In case the premiums exceed 20% of Sum Assured in any year during the policy term.
  • Tax benefits can be modified according to statutory provisions.

Why you should buy the Sahara Utkarsh Jeevan Bima Plan from Sahara?

Sahara India Pariwar is one of the top insurance providers in India. The insurance solutions offered by this company comes with immense flexibility and innovation. It is tailored to meet the changing needs and requirements of the customers. The Sahara Utkarsh Jeevan Bima Plan ensures that the customers get to enjoy direct benefits from these lucrative markets. All objectives of purchasing a life insurance policy are also taken care of by the Sahara Utkarsh Jeevan Bima Plan. The savings values are further enhanced by the unit-linked plan over a specific time period. The objective of Sahara India Pariwar is to spread across the country, to the various segments of the society, to offer insurance solutions.