Sahara Life Traditional Plans

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 range of products offered by Sahara India include Protection plans in the form of term plans, Child Plans, Savings and Investment Plans which are available in both conventional or ULIPs form and Pension plans. With a wide range of products, the company strives to meet every individual’s insurance related requirement at a single source.

What are Traditional / Investment Plans?

Traditional plans, also called Conventional Insurance Plans are plans where money is invested as per the guidelines laid down in the Insurance Act. The whereabouts of the invested premium is not known to the policyholder. The policyholder is simply promised certain benefits payable on death, maturity or as money back. Traditional Investment Plans have some of the basic features which are mentioned below:

• These plans are issued for a longer term perspective and money cannot be withdrawn from the plans.

• In case of stopping the premium payment, the plan becomes paid-up if at least three full years’ premiums have been paid. A paid-up plan has a reduced Sum Assured and the policyholder has a choice to either run the plan at the reduced coverage or surrender the plan.

• The plans may be offered as participating or non-participating plans. Participating plans are entitled to participate in the company’s profits and earn bonuses which are not true for non-participating plans.

• The plans may be issued either as Endowment Plans or Money Back Plans

Sahara Life Traditional / Investment Plans

Sahara India Life Insurance Company offers a range of traditional / Investment plans to its customers to meet all their savings and protection related needs. Let us take a look at the different types of traditional / investment plans offered by Sahara Life and the features and benefits of each of them in details.

• Sahara Dhan Sanchay Jeevan Bima –A traditional Endowment Assurance plan which provides for savings and also life insurance protection. The features and benefits of the plan are as follows:

  • The plan participates in the profits of the company by way of earning bonuses.

  • Premiums under the plan are required to be paid for the entire duration of the plan

  • On maturity, the Sum Assured and the vested bonuses are paid to the policyholder

  • In case of death of the insured during the tenure of the plan, higher of the Guaranteed Sum Assured on death or 10 or 7 times the annual premium depending on the age of the insured is paid along with the vested bonuses subject to a minimum of 105% of all premiums paid till the date of death.

  • Loans can be availed under the plan up to a maximum of 90% of the Surrender Value

  • Rebates in premium are allowed for choosing higher coverage levels of Rs.1 lakh and above

  • Discounts are also allowed for choosing the annual and semi-annual mode of premium payment.

  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

• Sahara Shreshtha Nivesh Jeevan Bima –Another traditional Endowment Assurance plan with a single pay option of premium payment. The features and benefits of the plan are as follows:

  • Premium under the plan is paid in one lump sum at the commencement of the plan under the Single Pay option of premium payment.

  • On maturity the Sum Assured is paid to the policyholder.

  • In case of death of the insured during the plan tenure, the Sum Assured is payable which should be a minimum of 125% or 110% of the single premium paid depending on the age of the policyholder.

  • Loans can be availed under the plan up to a maximum of 90% of the Surrender Value

  • Rebates in premium are allowed for choosing higher coverage levels of Rs.50, 000 and above

  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

• Sahara ShubhNivesh Jeevan Bima –A traditional Endowment Assurance plan which has the following features and benefits:

  • The premium under the plan is paid in one lump sum at the commencement of the plan under the Single Pay option of premium payment.

  • On maturity the Sum Assured is paid to the policyholder.

  • In case of death of the insured during the plan tenure, the Sum Assured is payable which should be a minimum of 125% or 110% of the single premium paid depending on the age of the policyholder.

  • Loans can be availed under the plan up to a maximum of 90% of the Surrender Value

  • Rebates in premium are allowed for choosing higher coverage levels of Rs.1.5 lakhs and above

  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

• Sahara Dhan Vriddhi Jeevan Bima –A traditional money back insurance plan where regular payouts are provided to take care of liquidity requirements. The features and benefits of the plan are as follows:

  • The premium under the plan is paid in one lump sum at the commencement of the plan under the Single Pay option of premium payment.

  • Money back benefits accrue from the end of the 3^rd year and every 3 years thereafter @15% of the Sum Assured

  • On maturity, the premium paid is returned along with a Guaranteed Addition added at the time of maturity calculated as a percentage of the single premium paid and depends on the tenure and the amount of coverage chosen.

  • In case of death of the insured during the tenure of the plan, the Sum Assured is payable which should be a minimum of 125% or 110% of the single premium paid depending on the age of the policyholder.

  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

• Sahara Dhan Varsha Jeevan Bima –A traditional money-back insurance plan which has the following features:

  • Premiums under the plan are paid for a limited tenure which is 5 years less than the corresponding plan tenure

  • For a tenure of 15 years, the money-back benefits start from the 3^rd year and after every 3 years @ 10%, 15%, 20% and 25% of the Sum Assured

  • For a tenure of 20 years, money-back benefits accrue from the 4^th year and thereafter every 4 years @ 10%, 15%, 20% and 25% of the Sum Assured

  • On maturity, the remaining 30% of the Sum Assured is paid to the policyholder

  • In case of death of the insured during the tenure of the plan, the Sum Assured is payable to the nominee subject to a minimum of 105% of all premiums paid till the date of death.

  • Discount is allowed in premium for choosing annual or semi-annual mode of premium payment @3% and 1.5% respectively.

  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

• Sahara Pay-back Jeevan Bima–A traditional money-back plan which provides cash outflows at regular intervals. The features andbenefits of the plan are as follows:

  • Premiums under the plan are paid for a limited tenure under the Limited Pay option of premium payment

  • The plan participates in the profits of the company by way of earning bonuses.

  • Survival benefits are paid @10%, 15% and 25% of the Sum Assured at regular intervals depending on the tenure of the plan chosen.

  • On maturity, 60% of the Sum Assured is paid along with the vested bonuses

  • In case of death of the insured during the plan tenure, a death benefit which is higher of the minimum Sum Assured or 10 or 7 times the annual premium paid depending on the age of the policyholder is payable to the nominee subject to a minimum of 105% of all premiums paid till the date of death

  • Discounts in premiums are given for choosing the yearly and half-yearly mode of premium payment @3% and 5% respectively

  • Rebates in premiums for choosing higher Sum Assured levels of Rs.1 lakh and above

  • Accidental Death Benefit Rider can be availed under the plan for a more enhanced coverage option.

  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

Applying for a Traditional / Investment 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 Traditional Insurance through PolicyBazaar

• On the PolicyBazaar homepage, click on Traditional Insurance 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 plan 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. Fill in the necessary details to buy the plan.

Sahara Life Traditional Plans - FAQ