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Sahara India Life Insurance |
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Sahara Kavach
The Plan
For those who have limited savings but desire to safeguard their families against the uncertainties of life, the plan provides the ideal solution. By paying a lower premium a larger risk cover can be purchased. In case of unfortunate death the Sum Assured is payable.
Plan Details
Minimum Issue Age 18 Years (last birthday)
Maximum Issue Age 50 Years (Nearer birthday)
Minimum Sum Assured Rs.5, 00,000/- and there after in multiples of Rs 50,000/-
Maximum Sum Assured Rs. 50,00,000/-
Minimum Benefit Term 15 Years
Maximum Benefit Term 20 Years
Premium Paying Term Same as policy term
Maximum Coverage Age 65 Years
Benefits
Benefit Illustration
For a policy of Sum Assured of Rs. 5 lacs at age of 35 years with a term of 20 years, the annual premium comes to Rs. 2425. We give below the benefit payable on death and maturity:
| Year |
Age |
Annual Premium (Rs.) |
Death Benefit Guaranteed (Rs.) |
| 1 |
35 |
2425 |
5,00,000 |
| 2 |
36 |
2425 |
5,00,000 |
| 3 |
37 |
2425 |
5,00,000 |
| 4 |
38 |
2425 |
5,00,000 |
| 5 |
39 |
2425 |
5,00,000 |
| 6 |
40 |
2425 |
5,00,000 |
| 7 |
41 |
2425 |
5,00,000 |
| 8 |
42 |
2425 |
5,00,000 |
| 9 |
43 |
2425 |
5,00,000 |
| 10 |
44 |
2425 |
5,00,000 |
| 11 |
45 |
2425 |
5,00,000 |
| 12 |
46 |
2425 |
5,00,000 |
| 13 |
47 |
2425 |
5,00,000 |
| 14 |
48 |
2425 |
5,00,000 |
| 15 |
49 |
2425 |
5,00,000 |
| 16 |
50 |
2425 |
5,00,000 |
| 17 |
51 |
2425 |
5,00,000 |
| 18 |
52 |
2425 |
5,00,000 |
| 19 |
53 |
2425 |
5,00,000 |
| 20 |
54 |
2425 |
5,00,000 |
| |
6% p.a. |
10% p.a. |
| Maturity Benefit |
0 |
10,000 |
| Non-Guaranteed |
0 |
0 |
| Total |
0 |
0 |
Tax Benefits
Premiums paid under the policy are eligible for Income tax benefits under section 80 C of the Income Tax Act, 1961.
Sahara Sanchay-R
The Plan
The financial markets in the country today are at a very exciting stage with the Indian Economy poised to grow rapidly in the next several years. We at Sahara India Life Insurance Company felt that our policyholders must be part of this excitement and derive direct benefit from the great potential provided by these markets. The Unit linked plan being offered is a unique blend of risk coverage and market linked returns.
Plan Details
Minimum Issue Age 14 Years(Nearer birthday)
Maximum Issue Age 55 Years (Nearer birthday)
Premium Paying Term Same as policy term except single premium plan
Maximum Coverage Age 70 Years
Modes available for premium payment
1. Single Premium, Yearly, Half-Yearly, Quarterly, Monthly(direct debit and group billing only)
2. Short premiums shall not be accepted. If the premium is received in advance, the same shall be kept in deposit without benefit till adjusted.
Benefits
Benefits under the policy
• On maturity - Fund Value
• On death
Under Single Premium
Maximum of sum assured reduced by partial withdrawals pertaining to base fund within two years immediately preceding the death of the life assured or the basic policy fund value plus top-up fund value on the date of receipt of intimation in writing in an office of Sahara India Life Insurance Co. Ltd.
Under Regular Premium
• If all due premiums are paid i.e. policy is in-force. Maximum of sum assured reduced by partial withdrawals pertaining to base fund within two years immediately preceding the death of the life assured or the basic policy fund value plus top-up 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 pertaining to base fund within two years immediately preceding the death of the life assured or the basic policy fund value plus top-up 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
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.
Group Products
Smooh Suraksha
The Scheme
This product provides only term insurance cover, thus satisfy the insurance need of persons, who are unable to save enough for getting themselves covered through individual insurance plans. Term Insurance means that sum assured shall be payable to nominee only on death of member during continued membership of the group and currency of the policy. Through group term insurance, adequate cover, say 7 times of annual income, is possible with an outlay of just about 3% to 5% of annual income.
Options (Illustrative)
Group Policyholder may choose cover pattern according to his choice of sum assured and/or cost.
(a) Group Term Insurance Scheme: Uniform Cover
| Group size |
Sum assured. (Rs.) |
| 50-99 |
1 lac |
| 100-199 |
2 lacs |
| 200 and more |
5 lacs |
(b) Group Term Insurance Scheme: Graded cover
| Designation |
Sum assured. (Rs.) |
| Senior managers |
5 lacs |
| Middle management |
3 lacs |
| Clerical & supervisory |
2 lacs |
| Subordinate staff |
1 lac |
Other cover patterns may also be designed according to specific requirement of the group.
Highlights of the scheme
As a result of significant saving in expenses, in comparison to individual insurance, cost of term insurance is very minimal. (For example a single proposal form is to be filled by employer and a single group policy is issued to Group Policyholder).
Jan Kalyan
The Scheme
Keeping the interest of the under privileged sections of the society in mind the Sahara India Life Insurance Company Ltd now introduces Sahara Social Security Scheme. This product provides only term insurance cover. Term insurance means that sum assured shall be payable to the nominee only on death of the member during continued membership of the group and currency of the policy. Hence this product satisfies the insurance need of persons, who are unable to save enough for getting themselves covered through individual insurance plans. This is of particular importance for groups belonging to unorganized/informal sectors including economically vulnerable /backward classes.
Groups eligible to purchase this scheme
All groups belonging to unorganized/informal sectors including economically vulnerable /backward classes with at least 50 members are eligible to participate in this scheme.
Benefits Illustrations
| Premium Per annum; |
Sum Assured payable On death due to any cause |
Additional Sum assured Payable on death due to accident |
| Rs 100 |
Rs 10000 |
Rs 10000 |
| Rs 150 |
Rs 15000 |
Rs 15000 |
| Rs 200 |
Rs 20000 |
Rs 20000 |
| Rs 250 |
Rs 25000 |
Rs 25000 |
Since it is only term insurance benefit, no amount is payable at the end of the Term.
Highlights of the scheme
As a result of significant saving in expenses in comparison to individual insurance, cost of group term insurance is very minimal. (For example a single proposal form is to be filled by the employer and a single group policy is issued to the Group Policyholder). Hence premium under this policy is quite low at Rs 10 per thousand. This Premium rate is guaranteed for 1 year only. However, revision in premium rates will be effected only after obtaining approval from the Insurance Regulatory and Development Authority.
Conclusion
As premium works out to be very low it is felt that group as well as members both shall find it hard to resist such an attractive solicitation.
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