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Sahara India Life Insurance |
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Sahara Samriddhi
The Plan
For life´s many ups and downs, for education and marriages of beloved children, providing for a family house, we bring you financial security against unfortunate death & living too long by creating an immediate asset - Our Money Back Policy - Sahara Samriddhi.
This policy returns your money at regular intervals for your recurring financial requirements. This policy is available for terms 15 and 20 years only. This plan is suitable for "Safe" investors who get safety, returns & tax benefits in one package here. It is also suitable for those who want to accumulate funds for future investment opportunities.
Plan details
Minimum Issue Age 15 Years (last birthday)
Maximum Issue Age 60 (nearer birthday) years
What happens if the payment of premiums is discontinued?
If the premiums have been paid for at least 3 years the policy acquires paid-up value, which is reduced, Sum Assured in proportion to the premiums paid to premiums payable less survival benefits already paid. The attached bonuses remain with the policy but the policy does not participate in future profits.
What are the provisions of revival of a lapsed policy?
A lapsed policy can be revived during the life time of the life assured but before 5 years from the date of first unpaid premium on payment of all arrears of premium together with interest at such rate as may be decided by the Company from time to time and submission of proof of continued insurability to the satisfaction of the Company. However the Company reserves the right to accept or decline the revival of lapsed policy. The revival of a lapsed policy shall take effect only after its approval is specifically communicated to the policyholder.
What is the suicide provision?
Policy shall be void and all monies paid under the policy shall be forfeited to the Company and nothing shall be payable except to the extent of a third party bonafide interest acquired in the policy for valuable consideration, notice of which has been given at least one month prior to the death in case life assured commits suicide (whether sane or insane at the time) at any time on or after the date on which the risk under the policy has commenced but before the expiry of one year from the date of this policy.
Can the policy be surrendered?
Yes, after the policy has run and premiums have been paid for at least 3 years. Higher of Special surrender value and Guaranteed surrender value is payable, where
Guaranteed surrender value is equal to 30% of premiums paid (excluding the first year´s premium, extra premiums and rider premiums, if any). In case any survival benefit has been paid or has become payable, the premiums paid prior to the due date of last survival benefit paid or payable shall be excluded while calculating surrender value.
Basis for calculating Special surrender value shall be announced by the company from time to time.
Is loan available?
No loan is available under the policy.
Riders available under the plan
Accident Benefit & Accidental Total & Permanent Disability Benefit Rider
Benefits
On Survival -
Following percentage of the Basic Sum Assured is payable if the policy is in force on dates of survival.
Duration of the policy (yrs)
| after commencement |
15yr plan |
20yr plan |
| 3 |
10% |
10% |
| 6 |
15% |
10% |
| 9 |
20% |
15% |
| 12 |
25% |
15% |
| 15 |
40% |
15% |
| 18 |
- |
15% |
| 20 |
- |
30% |
On maturity -
The survival benefit at the end of policy term as per the above table along with vested bonuses and loyalty addition as may be declared if policy is inforce
Tax Benefits
• Premiums paid under the policy are eligible for Income tax benefits under section 80(c) of the Income Tax Act, 1961.
• The maturity proceeds of the policy are not taxed as income of the policyholder or his dependents under section 10(10d) of the Income Tax Act, 1961.
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