Sahara Life ULIP Plans

4.2 / 5 based on 22 User Reviews
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Sahara India Life Insurance Company Limited was founded by the industrial group of Sahara Pariwar to venture into the field of insurance. The company is a wholly owned by an Indian Company i.e. Sahara Pariwar without having any foreign collaborators. The license to sell insurance was granted to the company by the Insurance Regulatory and Development Body (IRDA) on 6th of February 2004 and since then the company is making considerable progress in the insurance market through well-developed products which suit the needs and requirements of individuals universally. The company was launched with an initial paid-up capital of 175 crores with Mr. Subrata Roy Sahara managing the company at its helm as its Chairman. The company sells a range of plans like protection plans, retirement plans, child plans, etc.

What are ULIPs?

ULIPs is an acronym for Unit Linked Insurance Plans which provide the benefit of market participation and life insurance protection under the same plan. The premium paid is collectively invested over a range of investments available in the capital market and different types of securities are purchased. The collective value of all the securities purchased as per the market valuation on any day divided by the number of instruments gives the price per unit of the fund which is also called the Net Asset Value or NAV. The NAV determines the units allotted to every policyholder based on his premium and it changes every day. Other features of a unit linked plan are :

  • The premium which is paid by the policyholder will be invested in funds the company has as per the choice of the policyholder which would be influenced by his risk-taking ability. A company has Equity, Debt or mixed funds depicting high, low or balanced risks respectively.
  • The premium paid will be subject to various charges applicable to maintain the policy.
  • The Sum Assured will be determined based on the premium paid by the policyholder
  • The plan provides the facility of withdrawing money after a 5 years lock-in period to facilitate liquidity
  • Switching option is also available wherein the policyholder can change his fund preferences as per market movements and his investment strategy.

How do Unit Linked Insurance Plans work?

A unit linked insurance plan, or a ULIP, works in a way that combines insurance and investment. The premium you pay is broken up into parts. After deducting the administrative charges, a portion of the remaining premium is invested in the insurance fund. This fund is secured and risk-free. If anything were to happen to you during the policy period, your nominee would get the death benefit that would be paid out of this fund. The remaining amount is put in a fund and invested in the financial markets. There are four basic types of funds, each with its own level of risk, and you have to decide upon the fund yourself. As the policyholder you have the right to switch in between funds if you feel the chosen fund is not functioning well. Ultimately, the return you receive depends on how well the fund worked in the financial market. If your money is invested in a stock that does well, you will get a high sum assured and vice-versa.

How does a ULIP differ from a traditional insurance plan?

There is one major difference between a ULIP and a traditional insurance plan and that is the risk factor. In a traditional plan, you don’t have to worry about the volatility of the financial markets as your money is not invested there. As a result, you earn a fixed return. In a ULIP though, you have the scope to earn a much higher return as your money is invested in the financial market and if it does well, you get a hefty return. On the flip side though, you stand to lose heavily as well if the markets functions poorly. This is something that happened to a lot of people during the recession of 2008, after which the popularity of ULIPs dipped considerably.

Sahara ULIP plans

Sahara India Life Insurance has three different types of ULIP plans each with its own set of advantages. Let us take a look at the different types of ULIP plans sold by the company and their features and benefits in details.

Sahara Sanchit Jeevan Bima

The premium under this linked plan is paid only at the starting under the Single Pay Premium option. The plan features include:

  • Premium after adjusting relevant charges is invested as per the policyholder’s decision in a choice of 5 funds namely Secured Fund, Balanced Fund, Smart Fund, Growth Fund and Prima Fund
  • The fund value on the maturity date is paid in case of maturity
  • If the insured dies, the death benefit will be higher of the chosen Sum Assured deducting any partial withdrawals made in the 2 years prior to death or the Fund Value is paid
  • 2 free switches are available every year
  • Unlimited free partial withdrawals are allowed from the fund value with minimum of Rs.2500 and a maximum of 50% of the fund value provided that the balance in the fund value does not fall below Rs.30, 000 after any withdrawal.

Eligibility Details

 

Minimum

Maximum

Entry Age

18 years

65 years

Maturity Age

-

75 years

Policy Term

5 years

10 years

Premium amount

Rs.30, 000

No limit

Sum Assured

1.25 or 1.10 times the single premium paid depending on the age of the policyholder

Premium Payment Term

Single Pay

 

Sahara Utkarsh Jeevan Bima Plan

Another linked plan where the premiums paid are invested in the market to reap good returns. The plan features are given below:

  • Premiums can be chosen to be paid for the entire duration or in one lump sum
  • Premiums net of charges are invested as per the decision of the policyholder in a choice of 5 funds namely Secured Fund, Balanced Fund, Smart Fund, Growth Fund and Prima Fund
  • Available fund value is payable on maturity
  • On death, the aggregate Sum Assured and the Fund Value is paid with a minimum of 105% of premiums paid till the date of death.
  • Two annual switches are allowed free of cost
  • Unlimited free partial withdrawals can be donewith a minimum value of Rs.2500 and a maximum of 50% of the fund value.
  • The plan can be customized by availing additional riders namely Accident Benefit & Accidental Total and Permanent Disability Benefit Rider. The riders come with a minimum coverage amount of Rs.50, 000 and a maximum amount equal to the Sum Assured up to a limit of Rs.20 lakhs
  • The premiums paid up to Rs.1.5 lakhs are tax-free while there is no limit on the tax free claim amount

Eligibility Details

 

Minimum

Maximum

Entry Age

12 years

55 years

Maturity Age

-

70 years

Policy Term

8 years

20 years

Premium amount

Regular Pay - Rs.20, 000

Single Pay – Rs.50, 000

No limit

Sum Assured

Regular Pay – 10 or 7 times the annual premium paid

Single Pay - 1.25 or 1.10 times the single premium paid

No limit

Premium Payment Term

Single Pay or Equal to policy tenure

Premium paying Frequency

Yearly or half-yearly

 

Sahara Sugam Jeevan BimaPlan

Another unit lnked insurance plan providing the dual benefit of capital appreciation and life insurance coverage under the same plan. The plan has the following features:

  • The premium under the plan is to be paid for the entire plan duration under the Regular Pay option of premium payment.
  • Premium is invested after adjusting the required charges as per the decision made by the policyholder in a choice of 5 funds namely Secured Fund, Balanced Fund, Smart Fund, Growth Fund and Prima Fund
  • The maturity benefit is equal to the fund value of the plan
  • The death benefit paid on death will bean amount which is higher of the chosen Sum Assured deducting any partial withdrawals made in the 2 years prior to death or the available Fund Value is paid with a minimum of 105% of total premiums paid until the date of death
  • Every year two switches are allowed free of cost
  • Unlimited free partial withdrawals from the fund value can be done of a minimum of Rs.2500 and a maximum of 50% of the fund value
  • Premiums paid will be exempted from tax under Section 80C while the claims received will be exempted under Section 10(10D).

Eligibility Details

 

Minimum

Maximum

Entry Age

10 years

55 years

Maturity Age

-

70 years

Policy Term

10, 15 or 20 years

Premium amount

Rs.12, 000

No limit

Sum Assured

10 times the annual premium paid

Premium Payment Term

Equal to policy tenure

Premium Paying Frequency

Yearly

 

Applying for a Unit Linked Plan from the company:

Online

The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued

Intermediaries

Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.

Applying For ULIPs through PolicyBazaar

  1. On the PolicyBazaar homepage, click on ULIPs under the Personal tab.
  2. Click New Quotes to compare and choose from top insurance providers.
  3. Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.
  4. Fill in your name, email address, city, country code, and mobile number. Click Continue.
  5. You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.
  6. After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
  7. You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.
  8. This will take you to the insurer’s website. You will have to fill in the necessary details to buy the plan.

Other insurance provided by Sahara Life:

Sahara Life Insurance

Sahara Term Insurance

Sahara Child Insurance

Sahara Investment Plans

Sahara Life ULIP Plans - FAQ

1. How to pay a premium? What are the modes of payment available?

The Sahara Life insurance company Ltd. offers different modes of premium payment namely:

  • Cash/ Cheque payment at the branch
  • ECS ( At certain locations)

2. How can I check policy status for Sahara Life ULIP Plans?

To check the policy status login on the home page with your user name and password.

 

3. What is the policy renewal process for Sahara Life ULIP Plans?

To renew the policy, you can visit the nearest branch during working hours. You can also call on the customer care.

4. What is the company’s process to settle claim for Sahara Life ULIP Plans?

You can visit the nearest branch of the Sahara Life Insurance company between 10 AM to 5PM. You can also call on the toll free number

5. What is the policy cancellation process for Sahara Life ULIP Plans?

You can visit the nearest branch of the Sahara Life Insurance company to surrender your policy between 10 AM to 5PM. Upon succesful completion of the procedure, the refund will be directly debited in your account and the policy will stand cancelled.

Sahara Life ULIP Plans Reviews

TOTAL REVIEWS (22)
Mayur
Dalpur
July 12, 2016

ULIP Policy

My ulip policy is good, it provides good number of benefits. Policy coverage is high and policy covers maximum scenarios. Service is super fast which makes claiming part easy. Online service makes renewals easy and hassle free paperwork and documentations.

Bhuvan
Kaushambi
June 29, 2016

Good

The ulip plan of mine is good in many ways. The premium is low and returns are high. Service is fantastic provided by the company members. Policy coverage is good and updates regarding policy is mailed to my email id. Net service is also easy to use.

Aaravh
Shahabad
May 25, 2016

Fast Service

I buy sahara life ulip plan. The plan works for me completely. Policy coverage is also good 89% with claiming amount of Rs.35 L. Service provided by you is awesome and fabulous with fast interface. Good future investment and taxes saver too. The updates are mailed to me and many other offers too.

Hrithik
Yashwant_nagar
May 25, 2016

Above Average

I have less idea about the insurances, An agent explain me a policy then I purchase ulip insurance plan from sahara life insurance, the policy is great. Premium for my plan is 11 K thrice per year and at the time of maturity the amount might be 33 L. They have send daily update through mails from them. The service provided by you is fast, i like that...

Chandan
Vadodara
May 25, 2016

Best

Sahara life ulip plan is very good policy. The policy coverage is high ~89% and the claims are huge. The policy premiums are low approx. 31 K and the returning amount is 35 L. Services are good and on time too. Executives are doing there jobs very well. And the web services is fantastic. I'm happy to buy this plan.

Anup
Deoli
May 25, 2016

Nice ULIP Policy

The policy coverage is 87%, The claims are high and the claiming is easy because of the executives and the staff members service they provide. Sahara life ulip plans is fantastic. The premiums are less ~29 K and the returns are high ~Rs.34 L and the sum assured will be determined based on the premium paid by the policyholder.

Shubham
Noida
May 25, 2016

Superb Plan

Recently I found the policy that exactly what I needed, i.e., sahara life ulip plan. The policy coverage is high ~86% with very low premium. The service of all staff of your company is great with nice response. The return payback amount is around Rs.32 L at end of the policy. Updates about the policy is send time to time to my inbox. I like the policy and its terms and conditions.

Dinesh
Kolkata
May 25, 2016

Great

My sahara life ulip plan is really very good. The service is bit slow but manageable. The policy coverage is 88% and claims are high but the investments are low. Service facilitate from executives and staff members are nice. Good future investment and saves tax too. Great work, I like it.

Raghav
Meerut
May 25, 2016

Satisfactory Policy

My ulip policy plan is with sahara life insurance and the policy is the best because the plan has many benefits like the accident insurance is inbuilt in this policy. Policy coverage is high 85% and the premiums are low. Claims are 1.25 times of the investment. The service is fast and very quick. Great future investment with tax saving. I'm satisfied with it.

Tarun
Haridwar
May 25, 2016

Service Is Bit Slow

This is one of the most convenient insurance policies which provided by sahara life insurance, so i buy ulip insurance plan. As I seen this company is coming generation to generation, so no trust issues. Customer service need to be improved as that is bit slow. Good future investment and save tax too. The updates regarding policy is mailed to me regularly.

Yajan
Panaji
May 25, 2016

Tax Saver Policy

The policy coverage is 87%, The claims are high and the claiming is easy because of the executives and the staff members of the company. The services provided by you guys is very fast and on time. Good work guys on your policy i.e., sahara life ulip plans which i purchase. The premiums are less ~34 K and the returns are ~Rs.32 L. Good future investment which reduces taxes.

Gaurav
Udyapur
May 24, 2016

Quality Investment

The sahara life ulip plan and happy to own it. The policy coverage is 89% and the claims are normal. Services are little bit slow provided by the staff members. Good future investment which saves tax also. Just improve the services and even the web services are better.

Bhavna
Nilgiris
May 24, 2016

Excellent Policy

I have ulip plan from sahara life insurance. The plan works for me very well. Policy coverage is also good approx. 87% with claiming amount of Rs.31 L. Service provided by you is awesome with fast interface. Good behaviour from executives and staff members. Good investment which save taxes.

Harish
Kanpur
May 24, 2016

Awesome

Sahara life ulip plans are very good and they are fantastic in terms and conditions. The premiums are low, the policy coverage is high 88% and the claims are easily sanctioned. The services are really fast and the staff members are responding with good behaviour. There is an inbuilt accidental death benefit feature.

Umakant
Pilani
May 24, 2016

Okay Plan

My ulip policy plan is from sahara life insurance and the policy is the awesome because the policy has many benefits like the accident insurance is inbuilt in this policy. Policy coverage is high ~85% and the premiums are low. Claims are high. The service is fast and very quick.

Nakul
Noida
May 24, 2016

High Coverage

My sahara life ulip plan is nice which have low premiums and the paybacks are high. The policy coverage is good ~87% and the claims are approx. 1.25 times the amount invested. The services is good and on time till date provided by the members. Good future investment which save taxes too.

Jiten
Sonipat
May 24, 2016

Future Security

From sahara life insurance i have taken a ulip policy plan for the tenure of 15 years in which we get lumps um amount after the maturity of the policy plan. Policy coverage is 84% of investment. Accident and natural death is inbuilt secure in this policy. Service is fast and on time which is facilitate from staff members.

Ishita
Kota
May 24, 2016

Good Plan

My sahara life ulip plan is really nice. It has good benefits and services. Policy coverage is 89% and claims are around Rs.35 L. Service is very good and fast that's why the work is done in very shot time period. Behaviour is also nice from staff members and executives.

Mankaran
Ludhiana
May 24, 2016

Damn Good

I had ulip policy plan which i buy from sahara life insurance. The policy coverage is high 87% and the claims are good. The premiums are normal as the returns are huge with respect to investment. Policy plan which has fast service facilitate by company members. Responsive staff members on working hours.

Lokesh
Gangtok
May 24, 2016

Average

Policy premiums are low and the claims are high. Sahara life ulip plan facilitate the people, provide good response. Getting reminders regularly and sum assured is double. Accidental and risk coverage is there. Good service by executives. Great future investment which save tax.

Prashant
Ahmedabad
May 24, 2016

Nice

I purchase ulip policy plan from sahara life insurance. The policy coverage is high around 85% and the claims are huge. The policy premiums are low ~29 K and the recovery returning amount is 31 L. Services are good and on time too. Executives are doing there jobs very well and with nice behaviour too. And the web services are also fantastic. Superb future investment which reduces taxes.

Kamal
Mohali
May 16, 2016

Policy Coverage Is Good

I purchase sahara life ulip plan. The policy coverage is good approx. 90% and the policy claims are high. The premiums are low and the paybacks are really very high. The services provided by the executives and the staff members are good and on time. Good investment and tax saving. The daily updates are mailed to me. Good policy, I like it.