Sahara Life ULIP Plan

Sahara Life ULIP Plan is a comprehensive financial product that provides a unique blend of life insurance coverage and investment options. This plan offers you the flexibility to invest in a diverse range of market-linked funds along with financial protection for your loved ones. This ULIP Plan from Sahara Life is tailored to meet your evolving needs for a secure and growth-oriented financial future.

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Introduction to Sahara Life ULIP Plan

The Sahara Life ULIP Plan is a unit-linked insurance plan offered by Sahara Life Insurance. It combines life insurance coverage with investment opportunities. 

You can allocate premiums to a variety of investment funds based on your risk preferences. The plan provides flexibility and potential for wealth creation, making it suitable for those seeking both insurance protection and investment growth. 

Types of Sahara ULIP Plans

Sahara India Life Insurance has three different types of ULIP plans, each with its own set of advantages. Following are the different types of ULIP plans sold by Sahara Life Insurance:

SaharaLife ULIP Plan Entry Age Maximum Maturity Age Premium Payment Term (PPT) Policy Term (PT) Minimum Premium (in Rs.) Tax Benefits under the Income Tax Act, 1961
Sahara Sanchit Jeevan Bima 18 - 65 years 75 years Single 5 - 10 years Rs. 30,000 Section 80C and Section 10(10D)
Sahara Utkarsh Jeevan Bima 12 - 55 years 70 years Same as PT 8 - 20 years Single: Rs. 50,000;
Regular: Rs. 20,000 per annum
Section 80C and Section 10(10D)
Sahara Sugam Jeevan Bima 10 - 55 years 70 years Same as PT 10/ 15/ 20 years Rs. 12,000  Section 80C and Section 10(10D)

Let us learn about the key features of various types of ULIP Plans offered by Sahara Life Insurance.

  1. Sahara Sanchit Jeevan Bima

    Sahara Sanchit Jeevan Bima is a unit-linked life insurance plan offered by Sahara India Life Insurance Company Ltd. It is a single-premium plan, which means that the entire premium is paid at the time of purchase. The policy term can be chosen from 5 to 10 years.

    Invest more and Get more with ULIP Plan Invest more and Get more with ULIP Plan

    Features of Sahara Sanchit Jeevan Bima:

    • Investment Options: The plan offers five investment options for different risk profiles; they are as follows- 

      • Secured Fund: This fund invests in fixed-income securities, such as government bonds and corporate bonds.

      • Balanced Fund: This fund invests in a mix of fixed income securities and equity securities.

      • Smart Fund: This fund invests in a mix of equity and debt securities.

      • Growth Fund: This fund invests primarily in equity securities. 

      • Prima Fund: This fund is a combination of the Secured Fund and the Balanced Fund.

    • Accident Benefit Rider: This rider provides additional coverage in the event of your demise or total and permanent disability due to an accident.

  2. Sahara Utkarsh Jeevan Bima Plan

    Sahara Utkarsh Jeevan Bima Plan is a Unit Linked Insurance Plan (ULIP) offered by Sahara India Life Insurance. It is a life insurance plan with an investment component. The policyholder can choose from five different funds to invest their premiums. The returns on the investment will depend on the performance of the underlying funds.

    Features of Sahara Utkarsh Jeevan Bima Plan:

    • Investment Options: The plan offers five different investment options, each with its own risk profile and potential return. The options are:

      • Secured Fund: This fund invests in fixed income securities, such as government bonds and corporate bonds.

      • Balanced Fund: This fund invests in a mix of fixed income and equity securities.

      • Smart Fund: This fund invests in a mix of domestic and international equity securities. 

      • Growth Fund: This fund invests primarily in equity securities.

      • Prima Fund: This fund is a combination of the Secured Fund and the Growth Fund.

    • Fund Switching: You can switch between investment options at any time during the policy term. This allows you to adjust your investment strategy as your needs and goals change.

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  3. Sahara Sugam Jeevan Bima Plan

    Sahara Sugam Jeevan Bima Plan is a Unit- Linked Insurance Plan (ULIP) offered by Sahara Life Insurance. It is a regular premium plan, which means that the policyholder needs to pay premiums on a monthly, quarterly, half-yearly, or yearly basis. The policy term can be chosen between 10, 15, or 20 years. The premium paying term will be the same as the policy term.

    Features of Sahara Sugam Jeevan Bima Plan:

    • Investment Growth: The premiums paid under the plan are invested in a variety of funds, including equity, debt, and balanced funds. The investment performance of the funds determines the fund value of the plan.

    • Fund Switching: You can switch between funds without any charges up to twice a year.

    • Waiver of Premium (WOP) Feature: In case of your demise within the first five years of the policy, the balance premiums will be waived.

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Steps to Buy Sahara Life ULIP Plan

Follow the below-mentioned steps to start investing in a chosen Sahara Life ULIP Plan:

Step 1- Compare & Choose: Research Sahara's ULIP plans online, considering factors like investment horizon, risk appetite, and goals.

Step 2- Get a Quote: Enter basic details on Sahara Life's website or insurance aggregators to compare premiums and features.

Step 3- Contact Agent/Platform: Choose your preferred channel - Sahara Life agent or online platform for proposal submission.

Step 4- Fill Proposal Form: Provide accurate personal and financial information in the proposal form.

Step 5- Medical Checkup (if required): Complete any necessary medical tests as per plan terms.

Step 6- Document Submission: Submit KYC documents (ID, address proof, income proof) as requested.

Step 7- Premium Payment: Make the chosen premium payment through preferred online or offline methods.

Step 8- Policy Issuance: Upon approval, Sahara Life will issue your ULIP policy document.

Sahara Life ULIP Plans - FAQ

  • How do I claim my Sahara ULIP Plan maturity amount?

    To claim your Sahara ULIP maturity amount:
    • Contact Sahara Life Insurance: Reach out through their website, toll-free numbers, or nearest branch.

    • Gather Documents: Policy documents, ID proof, and bank details.

    • Fill Maturity Claim Form: Submit the duly filled form along with documents.

    • Verification and Processing: Sahara will verify and process your claim.

    • Maturity Payout: Receive your maturity amount within 15-30 working days (subject to verification).

  • How do I check my Sahara ULIP Plan maturity?

    There are three ways to check your Sahara ULIP plan maturity:
    • Online: Log in to Sahara Life's customer portal using your policy details. The maturity date should be visible under your plan information.

    • Policy Document: Refer to your original policy document. The maturity date will be mentioned under Policy Term.

    • Customer Care: Contact Sahara Life customer care at (0522) 2306955 or 2306966. They can access your policy details and confirm the maturity date.

  • Who merged with Sahara Life?

    Technically, Sahara Life was not involved in a merger. In June 2023, the Insurance Regulatory and Development Authority of India (IRDAI) transferred the policyholder-related assets and liabilities of Sahara Life Insurance to SBI Life. This was not a traditional merger but rather a regulatory intervention due to Sahara Life's financial situation.
  • What is the death benefit of the Sahara Life ULIP Plan?

    The death benefit of a Sahara Life ULIP plan depends on the higher of the following two:
    • Maximum of Sum Assured: If the fund value has fallen due to market fluctuations, you still receive the guaranteed Sum Assured.

    • Fund Value: If the fund value has grown higher than the Sum Assured, your nominee receives the larger amount.

  • 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)
  • 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.
  • 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.
  • 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
  • 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.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Tax benefit is subject to changes in tax laws
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^The tax benefits under Section 80C allow a deduction of up to ?1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ?2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

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