Sahara Life ULIP Plans

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.

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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.

Sahara India Life Insurance has three different types of ULIP plans each with its own set of advantages. You can select the best ulip plan in India from Sahara India life insurance. Let us take a look at the different types of ULIP plans sold by the company and their features and benefits in details.

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.
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*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

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

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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.

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*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Applying For ULIPs through PolicyBazaar

  • On the PolicyBazaar homepage, click on ULIPs under the Personal tab.
  • Click New Quotes to compare and choose from top insurance providers.
  • 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.
  • Fill in your name, email address, city, country code, and mobile number. Click Continue.
  • 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.
  • After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
  • 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.
  • 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 ULIP Plans - FAQ

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