Sahara Sanchit Jeevan Bima
Product Info
UIN
Status
Launch Date
Withdrawn Date
Product Overview
This unit linked plan is a unique single premium ULIP that provides you to protect gains made through your funds invested in the equity markets from its volatility and risk coverage.
Product Description
- It is a Single Premium Unit Linked Insurance plan
- The Fund Value is paid as Maturity Benefit
- There are 5 funds for investment
- At any point of time, the policyholder can be in only one fund
COMPARE & BUY SIMILAR PLANS
Unique Features
- "Sahara Sanchit Jeevan Bima " is a Single Premium Unit Linked, Nontraditional insurance plan without Bonus facility.
- There are 5 variety of funds available, wherein the policyholder is restricted to only one fund at a time.
Eligibility Criteria
| Eligibility Criteria | ||
| Minimum | Maximum | |
| Minimum Issue Age | 18 Years (Nearest birthday) | 65 Years (Nearest birthday) |
| Policy Term | 5 Years to 10 Years | |
| Premium Paying Term | Single Premium Plan | |
| Age at Maturity | 75 Years (Nearest birthday) | |
| Premium | Rs.30,000 Top ups are not allowed | No limit subject to underwriting |
| Sum Assured | Age at Entry (Nearest birthday) | Sum Assured |
| Up to 45 Years | 125% of Single Premium | |
| 46 Years & above | 110% of Single Premium | |
OneInsure App Benefits
Product Benefit
- Maturity Benefit:
Fund value prevailing on the maturity date if the life assured survives to the date of maturity.
- Death benefit:
Death Benefit is payable on receipt of intimation of death of the Life Assured.Sum assured reduced by partial withdrawals, within two years immediately preceding the date of death of the life assured
Other Policy Features
| Feature | Description | ||||||
|---|---|---|---|---|---|---|---|
| Surrender Value | The policy can be surrendered at any time during the term of the policy. | ||||||
| Surrender value will be payable after completion of 5 years from the date of commencement of the policy and on payment of surrender value the policy contract will terminate | |||||||
| Within 5 Years from the date of commencement | Date of surrender will be transferred to discontinued policy fund which will earn a rate of interest of 3.5% p.a. | ||||||
| The accumulated fund will then be payable to the policyholder at the end of 5th policy year. | |||||||
| After five years from commencement | Partial Withdrawal is allowed after five years from the date of commencement. | ||||||
| Maximum partial withdrawal is 50% of fund value subject to the condition that minimum balance in the fund after partial withdrawal should be Rs 30,000. Minimum partial withdrawal amount is Rs. 2,500 | |||||||
| Minimum period elapsed between two consecutive partial withdrawals should be one year | |||||||
| Loan | Loan is not allowed under the plan. | ||||||
| Funds Available | |||||||
| Fund Investment Option |
Shares (Equity) |
Debt | Cash | Risk Profile | |||
| Secured Fund | Nil | Min 80% | Max 20% | Low | |||
| Balanced Fund | Max 40% | Min 40% | Max 20% | Medium | |||
| Smart Fund | Min 40% | Min 20% | Max 40% | High | |||
| Growth Fund | Min 80% | Max 20% | Max 20% | High | |||
| Prima Fund | Min 85% | Max 15% | Max 15% | High | |||
Add-ons
Not Available
Charges
| Charges | |||||||
|---|---|---|---|---|---|---|---|
| Premium allocation charges | |||||||
| Policy Year | Policy Year Allocation Charge | ||||||
| 1st | 3% | ||||||
| 2nd onwards | Nil | ||||||
| Administration fee | Administration Fee of Rs.30/- per month increased by 5% per annum compounding on every policy anniversary will be deducted by canceling appropriate number of Units at the beginning of the month at the prevailing unit values | ||||||
| Administration fee may be increased at the discretion of the company subject to maximum of Rs.100/- per month |
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| Fund management charge | There will be a charge, as mentioned in the chart below, which will accrue and will be charged to the fund on a daily basis from the Policyholder's Unit Account towards Fund management expenses | ||||||
| Fund | Fund Management Charges | ||||||
| Secured | 0.65%p. Fund Value subject to maximum of 0.90% p.a. depending on the experience and subject to approval of IRDA. | ||||||
| Balanced | 0.75% p.a. of the Fund Value subject to maximum of 1.00% p.a. depending on the experience and subject to approval of IRDA. | ||||||
| Smart | 1% p.a. of the Fund Value subject to maximum of 1.25% p.a. depending on the experience and subject to approval of IRDA. | ||||||
| Growth | 1% p.a. of the Fund Value subject to maximum of 1.25% p.a. depending on the experience |
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| Prima | 1% p.a. of the Fund Value subject to maximum of 1.25% p.a. depending | ||||||
| Mortality charge | Refer to the PDF | ||||||
| Switching Charge | Two free switches are allowed every policy year. Additional switches are allowed subject to a charge at the rate of Rs 100/- per switch |
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| The switching charges would be recovered by cancellation of units. | |||||||
Exclusions
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy, the Policy shall be void and the Company will only be liable to pay the premiums paid till date.
Tax Benefits
Tax benefits will be as per prevailing tax laws. Tax laws are subject to change.
Claim Process
Know claim process of Sahara Sanchit Jeevan Bima Plan
Company Overview
Sahara India Life Insurance Company Ltd. (SILICL) is today the first wholly Indian-owned Life Insurance Company in the private sector. We launched our operations on 30 October 2004 after being granted license to operate as a life insurer in India by Insurance Regulatory and Development Authority on 6 February 2004. The company offers an exhaustive range of competitive products that caters to individuals of all ages and segments along with prompt and quality customer services and support.
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