Sahara Dhan Varsha Jeevan Bima Plan

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Introduction/Overview

Sahara Dhan Varsha Jeevan Bima Plan is a traditional non-participating Money-back Plan which provides periodical payouts to meet liquidity requirements and at the same time providing life insurance benefits

Key Features

  • It is a non-participating plan with Limited Premium payment option

Benefits

  • On maturity, 30% of the Sum Assured is payable to the policyholder
  • On death of the policyholder ,the full Sum Assured is paid to the nominee subject to a minimum of 105% of all premiums paid
  • Survival benefits accrue in the 3rd, 6th, 9th and 12th policy year @ 10%, 15%, 20% and 25% respectively for a 15 year plan
  • For a 20 year term, survival benefits accrue in the 4th, 8th, 12th and 16th policy year @ 10%, 15%, 20% and 25% respectively
  • Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.

Product Specification:

 

Minimum

Maximum

Entry Age (Nearest Birthday)

15 years

55 years

Maturity Age (Nearest Birthday)

-

70 years

Policy Term (PT) in years

15 and 20

Premium Paying Term (PPT) in years

10 and 15 respectively

Premium Paying Frequency

Yearly, half-yearly, quarterly, monthly

Yearly Premium

Depends on SA, age and term

Sum Assured

75,000

No limit

Details About Premium

Annual premium in Rupees for a policy term of 15 years and PPT of 10 years

Age

Premium

Sum Assured

Survival Benefits

Maturity benefit

35 years

8503

100,000

10,000, 15,000, 20,000 and 25,000 in the 3rd, 6th, 9th, 12th year

30,000

Policy Details

Grace Period: 15 days grace period is allowed for monthly modes and 30 days for other modes

Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy after 3 years. The Surrender Value will be higher of the Guaranteed Surrender Value or the Special Surrender Value.

GSV = 30% of premiums paid if surrendered in 3rd year

          50% of premiums paid if surrendered in 4th to 7th year

          50% and increasing by 6% or 4% if surrendered in 8th year and beyond for 15 or 20 year term respectively

All the values will include GSV of vested bonuses

SSV = 100% of paid-up value including vested bonuses

Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Additional Features or Riders

  • Rebates in premium for yearly and half-yearly mode of premium payment @ 3% and 1.5% respectively

Inclusions

  • Loan facility is not available

Exclusions

  • In case of suicide committed within 12 months of policy inception only 80% of premiums paid are returned to the nominee.

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.