Unit linked plan provides the benefit of life insurance coverage protection and wealth maximization. The part of the premiums the policy holder pays are invested in the market and rest of them used in the maturity and death benefit. Sahara India Life Insurance Company is the first wholly Indian life insurance provider in the private sector. Let’s discuss the ULIP plans by this insurance company
Types Of Sahara Life Ulip Plans
Under Sahara Life Ulip Plans, there are total three ULIP plans
- Sahara Sanchit Jeevan Bima
- Sahara Utkarsh Jeevan Bima
- Sahara Sugam Jeevan Bima
Features And Eligibility Criteria Of Sahara Life Ulip Plans
Sahara Sanchit Jeevan Bima
It is a single premium Unit linked plan which helps to protect your profits which the policyholder has gained from investing in the equity markets from the market volatility. This single premium insurance plan gives the flexibility to the policyholder to choose the funds they are
interested in to invest as per their risk appetite and along with it, it increases the value of savings over a period of time during the policy term.
- The policy holder can choose to invest in Secured Fund, Balanced Fund, Smart Fund, Growth Fund, and Prima Fund.
- The fund value will be paid to the policyholder as maturity benefit
|Issue Age||18 Yrs-65 Yrs (Nearest Birthday)|
|Maximum Age At Maturity||75 Yrs Nearest Birthday|
|Policy Term||5 yrs-10 Yrs|
|Premium Paying Term||Single Premium Plan|
2) Sahara Utkarsh Jeevan Bima
This unit linked insurance plan is a blend of risk coverage and market linked returns.
- This plan is available for single premium, yearly and half-yearly. Short Premiums are not accepted in Sahara Utkarsh Jeevan Bima.
- Under this plan, the policyholder can choose the additional rider called Accident benefit & Accidental Total & Permanent Disability Benefit rider
Eligibility Criteria Sahara Utkarsh Jeevan Bima
|Issue Age||12 Yrs-55 Yrs (Nearest Birthday)|
|Maximum Age At Maturity||70 Yrs Nearest Birthday|
|Policy Term||8 yrs-20 Yrs|
|Premium Paying Term||Same As Policy Term Except Single Premium Plan|
3) Sahara Sugam Jeevan Bima
This is another Unit linked insurance plan provided by Sahara ULIP to give the dual benefits of wealth maximisation and life cove to the customer. This plan is available for yearly premium and short Premiums.
|Issue Age||10 Yrs-55 Yrs (Nearest Birthday)|
|Maximum Age At Maturity||70 Yrs Nearest Birthday|
|Policy Term||10 Yrs/15 Yrs/ 20 Yrs|
|Premium Paying Term||Same as policy Term|
|Premium||INR 12,000- No Limit|
Points To Consider Before Buying Sahara Life Ulip Plans
- Select investment option or funds as per your risk appetite
Since ULIPs are market linked product, fixed return is not fixed. One can look at the performance of specific fund they are investing in but always clear of those funds which are under performing in the market consistently.
- Always check the additional charges
Along with providing dual benefits like investment and life cover, ULIP plans also come with additional charges like discontinuation charges, surrender charges, mortality charges, premium allocation charges and many more. It is very important to understand these charges as they can reduce the amount given to you or the nominee as maturity or death benefit.
Documents Required to Claim Insurance
In case of death of the policyholder, nominee has the responsibility to claim death benefit by first intimating the insurance company by filling and submitting the claim form. The claim form will include basic details about the claimant.
- Copies of death certificate
- Claimant’s photo ID and address proof
- Police FIR as well as post-mortem report in case of accidental death
- Medical records from the doctor in case of death due to illness
In case the policyholder commits suicide, nothing shall be payable except the value of units allocated under the policy to the nominee or legal representative.
Q1 What if I got to know this ULIP plan is not for me?
Sahara Life Insurance gives the policyholder a free look period wherein the policyholder can review the terms and conditions within 15 days from the date of issued policy. In case, there is a disagreement with any of terms and conditions , S/he have the option to return the policy and entire non allocated premiums and fund value minus the expenses incurred for stamp duty charges will be refunded.
Q2 Is it possible to switch between funds in Sahara Life ULIP Plans?
Yes, the policyholder can switch his or her total investments from one fund to another at any time during the life of a policy. Under the Sahara Life ULIP Plans, two free switches are allowed in a policy year and additional of that will be INR 100/- per charge.
Does this ULIP plans offer tax benefits?
All the paid premiums and maturity proceeds under this policy are eligible for income tax benefits under 80C of the income tax act 1961.
Is loan allowed in this ULIP policy?
No, it is not allowed in a Sahara Life ULIP Plans.
When one can withdraw their funds?
Partial withdrawals are not allowed within first five years from the date of policy. The minimum partial withdrawal amount is INR 2,500
Can one surrender the policy in the mid?
One can surrender the policy at any time during the term of the policy; however it will be paid after the completion of 5 years from the date of policy start.