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Sahara India Life Insurance |
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Sahara Ankur
The Plan
Children are the purpose of our lives. We would go to any lengths to take care of their requirements even at the cost of our own. Their requirements are spread over a long period of time and therefore need to be planned much in advance. Life insurance is an ideal instrument through which this can be achieved. A flexible plan like this makes it even more attractive for the parents since the required finances would be available to them whenever required for their varied needs like education, marriage or for any other purpose.
Plan Details
Minimum Issue Age 0 Years
Maximum Issue Age 13 Years (Nearer birthday)
Premium Paying Term 21 less age at entry i.e. premium is payable up to age 21
Minimum Maturity Age 25 Years
Maximum Maturity Age 40 Years
Minimum Policy Term 12 Years
Maximum Policy Term 30 Years
Maximum Sum Assured Rs. 15 lacs in case life assured is 10 years or below
Rs. 24.75 lacs in case life assured is 11 years or above
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Single Premium |
Regular Premium |
| Minimum Premium |
Rs. 30,000/- |
Rs. 8,000/- yearly |
| |
Rs. 4000/- half yearly |
Rs. 750/- monthly (Group billing only) |
| Sum Assured |
5 times of Single |
Premium Paid Policy Term |
*Annualized Premium, subject to the condition that the multiplier for policy terms above 20 years will be 20 only.
Modes available for premium payment
Single Premium
Yearly
Half Yearly
Monthly (Group billing only)
Short premium shall not be accepted. If the premium is received in advance the same shall be kept in deposit & adjusted on due date only.
Grace period for non-forfeiture provisions
Grace period of 30 days irrespective of any calendar month will be allowed for payment of yearly and half yearly premiums and 15 days in monthly mode of premiums. In case premium installment is not paid within the grace period and death occurs within this period, the policy will be still valid and the sum assured less partial withdrawals within two years preceding the date of death, if the risk under the policy has commenced, or fund value whichever is higher subject to recovery of mortality charge shall be paid to the claimant. If the risk under the policy has not commenced, the fund value shall be payable.
What happens if the payment of premiums is discontinued?
1. If premiums for three years have not been paid and the installment premium is not paid within the grace period, the policy shall lapse. A lapsed policy can be revived during two years on payment of all arrears of premium 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 a lapsed policy. The revival of a lapsed policy shall take effect only after its approval is specifically communicated to the policyholder.
2. If premiums have already been paid for three years the risk under the policy continues for two years (revival period) subject to the condition that when the fund value reaches an amount equivalent to one full year's premium, paying the surrender value shall terminate the contract. If policy is not revived within two years, the policyholder can not revive the policy subsequently and will be offered surrender value as applicable but can opt for continuance of risk which will be allowed till the balance in the fund reaches an amount equivalent to one full year's premium when the contract shall be terminated by paying the surrender value.
What is the revival period and death benefit available during that period?
The revival period is two years from the date of first unpaid premium and death benefit during the period payable is as under:
1. If at least 3 years premiums have been paid-
Maximum of sum assured reduced by partial withdrawals within two years immediately preceding the death of the life assured or the fund value on the date of receipt of intimation of death in writing in the office of Sahara India Life Insurance Co. Ltd;
2. If premium for less than 3 years have been paid-
Is loan available?
Loan is not allowed under the plan.
Fund Options
The fund options available under this plan and the asset allocation limits under each fund are as follows:
| Fund Investment option |
Shares (equity) |
Debt |
Cash |
| Secured Fund |
Max 40% |
Min 80% |
Max 20% |
| Balanced Fund |
Max 40% |
Min 40% |
Max 20% |
| Growth Fund |
Min 80% |
Max 20% |
Max 20% |
Options could be exercised as under:
Single Premium Any one fund at inception
Regular Premium Initial Premium - Choice of any one fund
Subsequent Premiums Units will be allocated to the existing fund at that time
Single premium: 97.5%
Regular Premium
| Percentage of Premium allocated |
Premium Term 8-9 |
PremiumTerm10-15 |
Premium Term 16-21 |
| Year 1 |
90% |
80% |
75% |
| Year 2 |
95% |
90% |
90% |
| Year 3 |
95% |
90% |
90% |
| Year 4+ |
97% |
95% |
95% |
Benefits
Benefits under the policy
| Risk cover |
| Age Nearer Birthday |
Cover |
| 0-6 years |
Risk cover will start after (7- age at entry) years after commencement of the policy |
| 7 years and above |
immediately |
On maturity - Fund Value
On death
Before commencement of risk: Fund Value
After commencement of risk:
Under Single Premium
Maximum of sum assured reduced by partial withdrawals within two years immediately preceding the death of the life assured or the fund value on the date of receipt of intimation in writing in a office of Sahara India Life Insurance Company Ltd.
Under Regular Premium-
If all due premiums are paid i.e. policy is inforce -
Maximum of sum assured reduced by partial withdrawals within two years immediately preceding the death of the life assured or the fund value on the date of receipt of intimation of death in writing in the office of Sahara India Life Insurance Co. Ltd;
If all due premiums are not paid but the period from the date of first unpaid premium to the date of death is less than two years (revival period):
1. If at least 3 years premiums have been paid -
Maximum of sum assured reduced by partial withdrawals within two years immediately preceding the death of the life assured or the fund value on the date of receipt of intimation of death in writing in the office of Sahara India Life Insurance Co. Ltd;
2. If premium for less than 3 years have been paid - Fund Value
If all due premiums are not paid and the period elapsed from the date of first unpaid premium to the date of death is more than two years and policyholder has opted for continuation of the risk (If the policyholder had not opted for continuation of the risk, the surrender value, as per rules was payable):
Maximum of sum assured reduced by partial withdrawals within two years immediately preceding the death of the life assured or the fund value on the date of receipt of intimation of death in writing in the office of Sahara India Life Insurance Co. Ltd;
Tax Benefits
• Premiums paid under the policy are eligible for Income tax benefits under 80C 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. Section 10(10D) may not apply if the premium including Top up amount exceeds 20% of the Sum Assured in anyone year during the term of the policy.
• These benefits shall be subject to modification as per prevailing statutory provisions from time to time.
Sahara Sahyog
The Plan
It is a micro insurance policy. It is suitable for those who have limited resources but desire to safeguard their families against the uncertainties of life and save for the future. The plan is non-participating and provides the ideal solution. On maturity of the policy or in case of unfortunate death the Sum assured is payable if the policy is in force.
Plan Details
Minimum Issue Age: 18 Years (last birthday)
Maximum Issue Age: 60 Years (nearer birthday)
Minimum Sum Assured.: Rs 50,00/-
Maximum Sum Assured.: Rs. 30,000/-
Minimum Policy Term 05 Years
Maximum Policy Term 15 Years
Premium Paying Term Same as policy term
Maximum Maturity Age 75 Years
What are the benefits of the policy?
• Sum Assured is payable on death during the term of the policy if the policy is in force.
• On survival of the policyholder up to maturity, Sum Assured under this policy is payable if policy is in force.
What are the modes available for payment of premium?
yearly, half-yearly and quarterly
Benefits
For a policy of Sum Assured of Rs. 10,000 at age of 35 years with a term of 15 years, the annual premium comes to Rs. 542. We give below the benefit payable on death and maturity:
| Year |
Age |
Annual Premium (Rs.) |
Death Benefit Guaranteed (Rs.) |
| 1 |
35 |
542 |
10,000 |
| 2 |
36 |
542 |
10,000 |
| 3 |
37 |
542 |
10,000 |
| 4 |
38 |
542 |
10,000 |
| 5 |
39 |
542 |
10,000 |
| 6 |
40 |
542 |
10,000 |
| 7 |
41 |
542 |
10,000 |
| 8 |
42 |
542 |
10,000 |
| 9 |
43 |
542 |
10,000 |
| 10 |
44 |
542 |
10,000 |
| 11 |
45 |
542 |
10,000 |
| 12 |
46 |
542 |
10,000 |
| 13 |
47 |
542 |
10,000 |
| 14 |
48 |
542 |
10,000 |
| 15 |
49 |
542 |
10,000 |
| |
6% p.a. |
10% p.a. |
| Guaranteed |
10,000 |
10,000 |
| Non-Guaranteed |
0 |
0 |
| Total |
10,000 |
10,000 |
Tax Benefits
Premiums paid under the policy are eligible for Income tax benefits under section 80 C of the Income Tax Act, 1961.
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